Chile Launches Initiative to Extract Strategic Minerals from Mining Waste

As Chile continues to cement its position as a global mining powerhouse, initiatives like this underscore the country's commitment to sustainability and technological innovation in the extractive industries.

Chile's national development agency, Corfo, announced on Tuesday a groundbreaking initiative to promote the extraction of strategic minerals, such as cobalt and rare earth elements, from mining waste.

With an investment ranging between $3 million and $4 million per project over a three-year period, the program aims to foster innovative solutions that support sustainable mining practices and technological advancements.

Strategic Opportunity for Chile

The call for proposals, open until March, represents Chile's latest effort to capitalize on its vast reserves of tailings—estimated at nearly 800 sites nationwide. The initiative aligns with the expected surge in demand for critical metals needed for the global energy transition. This demand has heightened interest in commodities such as lithium and cobalt, widely used in electric vehicle batteries, and rare earth elements, essential for renewable energy technologies.

"These are strategic minerals, especially cobalt and rare earths, where we have great potential," said Mining Minister Aurora Williams at the event. She highlighted that older tailings, often disregarded in the past, now possess substantial economic value.

Regulatory Reforms on the Horizon

In addition to the extraction initiative, Williams announced forthcoming regulatory reforms aimed at modernizing the construction, management, closure, and reuse of tailings. The reforms, expected to be introduced in March, are designed to ensure that Chile, already the world's leading copper producer, can exploit its underutilized mineral resources sustainably.

Focus on Innovation and Scalability

Fernando Hentzschel, Corfo's head of Technological Capabilities, emphasized the agency's commitment to fostering innovation and scalability within the extraction process. "We're looking for triggers for technological development," Hentzschel stated, noting that small-scale technologies for extracting cobalt are already available. "We aim to scale up these types of technologies," he added.

Challenges and Future Prospects

While Chile has made modest progress in extracting copper from mining waste, the recovery of cobalt and rare earth elements remains largely untapped. The new initiative represents a significant step forward in addressing this gap, reflecting a broader push within Chile's mining sector to enhance resource efficiency while tackling the environmental challenges posed by tailings.