Chile’s Congress has approved sweeping legislation to slash permitting times for mining and energy projects, aiming to boost investment in the world’s top copper producer and second-largest lithium supplier.
The amendments, which passed with 93 votes in favour, 27 against, and 17 abstentions, amends over 40 sectoral regulations and now awaits the president’s signature to become law. The government says it will cut permit processing times by 30% to 70% without lowering environmental or regulatory standards.
“This will allow us to substantially reduce permitting times while maintaining our regulatory rigour,” Economy Minister Nicolás Grau said in a statement.
The long-awaited overhaul responds to pressure from the mining industry and renewable energy companies, which argued that protracted approval processes were stifling billions in potential investment. In the mining sector alone, project approvals can take up to 12 years.
Jorge Riesco, president of the National Mining Society (SONAMI), called the reform a step in the right direction but said more work is needed.
“We value the efforts by the Executive Branch, particularly the Ministry of Economy, but we believe this is just the beginning,” he said.
[More]
