As Chileans prepare to vote on a national referendum on a draft new constitution, some are concerned that approval could lead to an effort to nationalize the country's prolific copper and lithium extraction industry.
... [+]Chile is a nation that is incredibly rich in natural resources. In particular, it is rich in two minerals that are most needed by renewable energy and electric vehicles: Copper and lithium.
Chile has long been the world’s largest producer and exporter of copper, the super-conductive metal that is integral to pretty much every device, gadget, appliance and means of transportation that creates, uses or moves electricity. Other than oil, copper is perhaps the single most important mineral resource that enables our modern way of life.
highlands of San Luis, near the border with Chile, in the Uyuni salt flats, Bolivia on October 7, 2009. The Uyuni salt flats are estimated to contain 10 billion tons of salt - of which 25,000 tons are extracted every year - as well as 100 million tons of lithium, making it one of the largest global reserves of this mineral, according to state officials at the Bolivian Mining Corporation .
This energy transition literally cannot happen without cheap and plentiful supplies of these two critical minerals. As governments of the west attempt to subsidize wind, solar and EVs into critical mass, demand for these two minerals is projected to explode in the coming decades. Copper demand is expected to at least double by 2035, according to
, while the International Energy Agency projects lithium demand to escalate by an almost unimaginable 4,000% by 2040.
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