logo
Head of BHP's Escondida mine says Chile must do more to spur investment

Head of BHP's Escondida mine says Chile must do more to spur investment

Reuters22-05-2025
SANTIAGO, May 22 - Chile needs to make greater regulatory and legal changes to boost investment, Alejandro Tapia, head of Escondida, the world's largest copper mine, said on Thursday at ChileDay investment conference in New York.
Chile is the world's largest copper producer, accounting for nearly a quarter of the world's global supply in 2024. Miners have complained about the country's regulatory process and delays.
As ore grades drop around the country and global demand increases, large-scale investment is needed to boost output and help offset global shortages.
"The significant increase in demand for copper could attract major new investments to Chile, provided we can ensure legal certainty, fiscal stability, and a modern, faster permitting system."
"I would like to recap by stressing the central message: growth, permits, and environmental legislation should be an urgent priority if we want to take advantage of the immense opportunity we have as a country when, in 2050, the world will need 70% more copper than it does today."
"It's a regulatory issue that I'm sure we can improve to unlock investment," he added.
Escondida is the world's largest copper mine and BHP announced a $10 billion investment plan in the country if environmental permits are approved. BHP said it would start the 10-year investment plan with a $2 billion optimization of its concentrator.
Chile's copper production grew 4.9% to 5.5 million metric tons in 2024 according to Chilean state copper commission.
Escondida produced 1.28 million tons in 2024.
BHP said global copper demand in 2023 was 31 million tons and expects it to grow by 1 million tons a year until 2035.
A bill that would expedite several permitting processes is making its way through Chile's Congress.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump hits Brazil with 50% tariffs, excludes aircraft, OJ, energy
Trump hits Brazil with 50% tariffs, excludes aircraft, OJ, energy

Reuters

time31 minutes ago

  • Reuters

Trump hits Brazil with 50% tariffs, excludes aircraft, OJ, energy

WASHINGTON, July 30 (Reuters) - U.S. President Donald Trump on Wednesday slapped a 50% tariff on most Brazilian goods to fight what he has called a "witch hunt" against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice. That came as a relief for many in Brasilia, who since Trump announced the tariff had been urging protections for major exporters caught in the crossfire. Shares of planemaker Embraer and pulpmaker Suzano rose. "We're not facing the worst-case scenario," Brazilian Treasury Secretary Rogerio Ceron told reporters. "It's a more benign outcome than it could have been." In a factsheet about Trump's executive order on Wednesday, the White House tied the tariffs to Brazil's prosecution of Bolsonaro, who is standing trial on charges of plotting a coup to overturn his 2022 electoral loss. The executive order came as the U.S. also announced sanctions on a Brazilian Supreme Court justice overseeing Bolsonaro's trial, accusing the judge of authorizing arbitrary pre-trial detentions and suppressing freedom of expression. Still, Trump's executive order formalizing a 50% tariff excluded dozens of key Brazilian exports to the United States, including civil aircraft, pig iron, precious metals, wood pulp, energy and fertilizers. Among the top concerns in the government of President Luiz Inacio Lula da Silva were aircraft produced by Embraer ( opens new tab, which exports 45% of its commercial aircraft and 70% of its executive jets to the United States. Analysts had also warned of a serious potential impact on Suzano ( opens new tab, one the world's largest wood pulp producers. Embraer shares rose 11% in Sao Paulo and Suzano gained over 1% in afternoon trading. Former Brazilian trade secretary Welber Barral warned it was too soon to celebrate, however. He estimated that the list of Brazilian products exported to the U.S. comprises approximately 3,000 items, and only a fraction of these received exclusions. "There will be an impact," he said of the tariffs. Wednesday's executive order did not include exemptions for beef or coffee, two key exports to the United States, he noted. Brazilian meatpacking lobby Abiec, which represents beef producers including JBS and Marfrig ( opens new tab, did not immediately comment on Wednesday's executive order. On Tuesday, the group said the new tariffs would make sales to the U.S. "inviable." Despite language exempting "energy and energy products" from the tariffs, energy companies operating in Brazil suspended oil shipments to the United States, citing uncertainty, industry group IBP told Reuters.

President Lula hits back as Trump tariffs threaten US-Brazil trade showdown
President Lula hits back as Trump tariffs threaten US-Brazil trade showdown

The Guardian

time34 minutes ago

  • The Guardian

President Lula hits back as Trump tariffs threaten US-Brazil trade showdown

Brazil's president, Luiz Inácio Lula da Silva, has said he does not fear getting on the wrong side of Donald Trump, as South America's largest economy braces for the introduction of 50% tariffs. Trump announced plans to slap Brazil with tariffs on 1 August earlier this month, partly in retaliation for a supposed political 'witch-hunt' against his far-right ally Jair Bolsonaro. The former Brazilian president faces decades in jail for allegedly plotting a military coup to stop Lula from taking office after the former lost the 2022 presidential election. On Wednesday, Trump signed an executive order confirming that the US would impose 50% tariffs on Brazil. The order did not mention the previously-cited 1 August deadline, but indicated that the new duty would be enforced from next week. In a rare interview with the New York Times, clearly designed to send a message to the White House on the eve of a potential trade war, Lula urged the US president to avoid creating a 'lose-lose' relationship between two of the largest economies in the Americas and said he did not fear publicly criticizing Trump, whom he recently called an 'emperor'. 'There's no reason to be afraid. I am worried, obviously, because we have economic interests, political interests, technological interests. But at no point will Brazil negotiate as if it were a small country up against a big country. Brazil will negotiate as a sovereign country,' said Lula, who has enjoyed a bounce in the polls after Trump's threat. Lula indicated his officials were willing to negotiate economic issues with the US: 'In politics between two states, the will of neither should prevail. We always need to find the middle ground. This is achieved not by puffing out your chest and shouting about things you can't deliver, nor by bowing your head and simply saying 'amen' to whatever the United States wants.' But Brazil's president indicated that the political future of Bolsonaro – whose plot allegedly included plans to assassinate Lula – was a judicial matter and therefore non-negotiable. 'Brazil has a constitution, and the former president is being tried with a full right to a defense,' Lula insisted. The 79-year-old leftist said his message for Trump was 'that Brazilians and Americans do not deserve to be victims of politics, if the reason President Trump is imposing this tax on Brazil is because of the case against former President Bolsonaro'. Trump's decision to cite Bolsonaro's plight as one of the main justifications for his move against Brazil has left many observers doubting that the 'Trump always chickens out' (Taco) maxim will apply to the Friday deadline facing Lula's government. The US president has likened Bolsonaro's 'disgraceful' treatment to attempts to prosecute him after he unsuccessfully tried to overturn the result of the 2020 presidential election. Bolsonaro has denied plotting a coup but has admitted seeking 'alternative ways' of stopping Lula from taking power. 'I'd be very surprised if Trump pulled back in this case, not just because of his friendship with the Bolsonaro family … but above all because in Trump's mind it reflects his own trauma,' the American Brazil specialist Brian Winter told the Estado de São Paulo newspaper this week. Lula hinted he believed a retreat might be possible, comparing the current situation to unfounded fears over the millennium bug. 'Do you remember when we were about to turn from 1999 to 2000, and there was worldwide panic that the computer systems were going to crash? Nothing happened,' said Lula, although he admitted he could not be certain 'nothing will happen'.

RRA Capital Closes Record $224.3 Million Fundraise
RRA Capital Closes Record $224.3 Million Fundraise

Reuters

timean hour ago

  • Reuters

RRA Capital Closes Record $224.3 Million Fundraise

PHOENIX, AZ, July 30, 2025 (EZ Newswire) -- RRA Capital, opens new tab, a Pheonix-based private real estate debt investment manager, today announced the final close of RRA Real Estate Debt Fund III at $224.3 million — the largest fundraise in the firm's history. With the close complete, Fund III is approaching the midpoint of its five-year term, with approximately one year of investment activity remaining before entering the two-year harvesting phase. The fund continues RRA's strategy of originating short-term bridge loans for value-add and transitional commercial real estate assets across the U.S. 'This is an exciting milestone for our team and our investors,' said Marc Grayson, opens new tab, co-founder and president of RRA Capital. 'The success of Fund III reflects growing demand for flexible capital solutions in today's market and reinforces our position as a leading participant for middle-market bridge financing.' Fund III attracted commitments from a diverse group of institutional investors — including pension funds, insurance companies, and university endowments — and is expected to deploy over $800 million of capital over the course of its five-year term. 'The closing of Fund III demonstrates optimism that values have bottomed out,' said Boots Dunlap, opens new tab, CEO and co-founder of RRA Capital. 'It is expected to provide liquidity options for borrowers unable to qualify for DSCR-based refinances in today's higher-rate environment, as well as flexible acquisition financing for buyers targeting distressed sellers.' RRA Capital has originated over $2 billion in commercial real estate loans, opens new tab since inception, with a focus on multifamily, industrial, retail, hospitality, healthcare, and select office assets. The firm is headquartered in Phoenix and lends nationwide. About RRA Capital RRA Capital is a leading commercial real estate debt fund manager specializing in structured bridge financing for transitional properties nationwide. Since its founding in 2008, RRA has originated over $2 billion in loans, providing flexible capital solutions to value-add and opportunistic real estate investors. The firm focuses on complex, time-sensitive transactions and offers customized structures that support property repositioning, lease-up strategies, and recapitalizations. With a disciplined investment approach and a proven track record through market cycles, RRA is a trusted partner to borrowers and institutional investors seeking performance, transparency, and alignment. Learn more at opens new tab. Legal Disclaimer This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Offers are made only to verified accredited investors pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933 and are subject to final offering documentation. Media Contact Hallie Whitehwhite@ ### SOURCE: RRA Capital Copyright 2025 EZ Newswire See release on EZ Newswire

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store