Chile

Elevated Risk

Chile · Country · Last assessed Apr 2026

Composite Score 17/25

Higher = lower risk. 22–25 LOW · 18–21 MODERATE · 13–17 ELEVATED · 8–12 HIGH · 5–7 EXTREME.

Permitting Timeline & Predictability

3/5

Capable but slow regulator; environmental review timelines have stretched.

Fiscal Regime Stability

3/5

Royalty reform 2023 raised top-end rates on copper producers materially.

Political & Security Risk

4/5

Stable democracy; centre-left government has tested (but not broken) the pro-mining consensus.

Infrastructure & Power

4/5

Excellent ports, power grid, and rail in copper belt; high desert water scarcity.

Indigenous, Community & ESG

3/5

Indigenous consultation framework codified; Atacameño and other community processes active.

Assessment Summary

Chile is the world's largest copper producer and a Tier-1 mining jurisdiction by most metrics. Infrastructure is excellent, the technical workforce is deep, and the rule of law is the best in Latin America. The constitutional reform attempts of 2022–2023 failed and the existing framework remains intact.

The 2023 mining royalty reform raised top-end effective tax rates on copper producers meaningfully and represents a real fiscal shift even if it falls short of the more aggressive proposals from earlier in the cycle. Water scarcity in the Atacama is increasingly the binding physical constraint on new development. Permitting timelines are longer than the historical norm.

Jurisdiction risk is one input — geology, capital structure, and management still matter. See the Verdict Framework for full company scorecards.