Copper, lithium, gold, and strategic minerals across LATAM South
LATAM South is a cornerstone of the global mining industry. Peru and Chile together produce over 40% of the world's copper. Argentina holds the third-largest lithium reserves globally, while Colombia is actively developing its copper and gold potential. As the energy transition accelerates demand for transition minerals, the region's geological endowment, established regulatory frameworks, and growing infrastructure create compelling opportunities for European investors seeking long-cycle exposure to real assets.
However, execution risk remains real. Permitting timelines, social license requirements, political dynamics, and infrastructure bottlenecks require on-the-ground expertise and active project oversight. This is where Montis Silva adds value: bridging European capital standards with local operational realities.
Peru is the world's second-largest copper producer after Chile, and ranks among the top global producers of silver, gold, zinc, tin, and molybdenum. The country's mining project pipeline includes 51 initiatives representing a total investment of USD 54.5 billion. Key copper projects advancing in 2025 include the Zafranal project (Teck, 133,000 t/y copper), Tia Maria (Southern Peru Copper, 120,000 t/y), and the Chalcobamba expansion at Las Bambas (360-400 kt expected output). Peru's copper production is forecast to reach approximately 2,790 kt in 2025, with a CAGR of 3.9% projected through 2030.
Gold exports reached USD 15.5 billion in 2024, though the sector faces challenges from illegal mining, estimated to account for approximately 40% of production. Major gold projects include the San Gabriel project (Buenaventura, 150,000 oz/y). Peru has also announced a "deregulatory shock" comprising over 400 measures to streamline permitting and attract investment.
Sources: EY Peru Mining Guide 2025/2026; USGS Mineral Commodity Summaries; GlobalData; AX Legal Peru Mining Projects 2025.
Chile is the world's largest copper producer, with 5.5 million tonnes produced in 2024 (5% increase year-on-year) and the world's largest copper reserves at 190 million tonnes. The country also holds 36% of global lithium reserves (9.3 million tonnes), with production reaching 49,000 MT of lithium content in 2024. Investment projects in Chilean mining for 2024-2033 total USD 83.2 billion, with over half undertaken by state-owned Codelco, which aims to increase output to 1.7 million tonnes of copper annually by 2030.
Chile's National Lithium Strategy, launched in 2023, promotes public-private partnerships and prioritizes Direct Lithium Extraction technologies. The NovaAndino Litio joint venture (Codelco-SQM) will govern lithium operations in the Salar de Atacama through 2060. A new Mining Royalty Law (2024) imposes ad valorem taxes of 1% on copper sales exceeding 50,000 MT, with additional taxes up to 46.5% for large producers. InvestChile reported a record project portfolio of USD 56.23 billion in 2024.
Sources: EY Chile Mining Guide 2025; U.S. Trade.gov Chile Mining Report; USGS Lithium 2024; InvestChile.
Colombia is a significant gold producer with exports valued at USD 4.1 billion in 2024, concentrated in the Antioquia department with major operations by Aris Mining, Zijin Gold, and Soma Gold. The country is South America's leading nickel producer (41,000 tonnes/year from Cerro Matoso) and holds the largest coal reserves in Latin America (fifth-largest global thermal coal exporter). Coal accounts for 64% of Colombia's mining GDP.
Colombia's emerging copper sector presents the greatest growth opportunity. Estimated copper resources of 7.7-9.7 million tonnes along the Andean metallogenic belt have prompted the National Mining Agency to launch tenders for 14 strategic copper regions. A growing project pipeline includes Quebradona (AngloGold Ashanti), Alacrán (Cordoba Minerals), and Mocoa (Copper Giant Resources, 4.6 billion pounds inferred copper). The 2024-2035 National Mining Development Plan designates copper as a strategic mineral for the energy transition.
Sources: Mining.com Colombia Analysis; ColombiaOne.com; USGS; BNAmericas; Fraser Institute 2025 Mining Survey.
Argentina is undergoing a mining renaissance driven by pro-mining reforms under the RIGI (Incentive Regime for Large Investments) framework, which offers tax, customs, and legal stability for projects exceeding USD 200 million. Mining exports reached a record USD 6 billion in 2025, led by gold (USD 4.1 billion) and lithium (USD 905 million). The country holds 18.6 million tonnes of lithium carbonate equivalent reserves (third globally) and 17.1 million tonnes of copper reserves.
Argentina has the potential to become the world's sixth-largest copper producer by 2035, with over 50% of its 100+ mining projects being copper-focused. Key projects include Los Azules (McEwen Copper, ~USD 4 billion), Taca Taca (First Quantum, USD 3.5 billion), El Pachón and Agua Rica (Glencore, combined CAPEX exceeding USD 13 billion). Rio Tinto's Rincon lithium project (USD 2.7 billion, RIGI-approved) targets 60,000 tonnes/year of battery-grade lithium carbonate. Total RIGI-submitted mining investment has reached USD 50.7 billion.
Sources: Mining.com Argentina Analysis; Oregon Group; Reuters; USGS; Argentine Mining Chamber (CAEM).
The mining and metals sector across LATAM South presents compelling opportunities for European investors:
On-the-ground due diligence, stakeholder management, and active monitoring are essential to translate these opportunities into protected investments.
Contact us for detailed sector analysis, due diligence support, or on-the-ground project assessment.
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