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Bloomberg
Major copper producers from BHP to Freeport-McMoRan will likely avoid drastic changes in the way they do business in Chile as writers of a new constitution wrapped up deliberations on mining proposals.
In a vote on the Constitutional Convention floor, a plan to replace the nation’s investor-friendly concession model with a system of temporary and revocable permits fell short of the two-thirds threshold needed to be included in a document that will be put to a referendum on September 4.
While the article had been moderated from iterations that required the state to have majority ownership of projects, the mining industry warned it still failed to deliver the legal certainties needed for investments that are crucial for supplying clean-energy transition.
Chile boasts the biggest deposits of the wiring metal used to electrify economies. To be sure, Saturday’s vote means the draft constitution will lack a dedicated mining statute, leaving legislation more vulnerable to changes in the future.