The economy of Chile is a market economy and high-income economy as ranked by the World Bank. The country is considered one of South America's most prosperous nations, leading the region in competitiveness, income per capita, globalization, economic freedom, and low perception of corruption. Although Chile has high economic inequality, as measured by the Gini index, it is close to the regional mean. Among OECD nations, Chile has a highly efficient and strong social security system; social welfare expenditure stood at roughly 19.6% of GDP.
The economy of Bolivia is the 95th-largest in the world in nominal terms and the 87th-largest in purchasing power parity. Bolivia is classified by the World Bank to be a lower middle income country. With a Human Development Index of 0.703, it is ranked 114th. Driven largely by its natural resources, Bolivia has become a region leader in measures of economic growth, fiscal stability and foreign reserves, although it remains a historically poor country. The Bolivian economy has had a historic single-commodity focus. From silver to tin to coca, Bolivia has enjoyed only occasional periods of economic diversification. Political instability and difficult topography have constrained efforts to modernize the agricultural sector. Similarly, relatively low population growth coupled with low life expectancy has kept the labor supply in flux and prevented industries from flourishing. Rampant inflation and corruption previously created development challenges, but in the early twenty-first century the fundamentals of its economy showed unexpected improvement, leading Moody's Investors Service to upgrade Bolivia's economic rating in 2010 from B2 to B1. The mining industry, especially the extraction of natural gas and zinc, currently dominates Bolivia's export economy.
The Antofagasta Region is one of Chile's sixteen first-order administrative divisions. The second-largest region of Chile in area, it comprises three provinces, Antofagasta, El Loa and Tocopilla. It is bordered to the north by Tarapacá, by Atacama to the south, and to the east by Bolivia and Argentina. The region's capital is the port city of Antofagasta; another one of its important cities is Calama. The region's main economic activity is copper mining in its giant inland porphyry copper systems.
Chuquicamata is the largest open pit copper mine in terms of excavated volume in the world. It is located in the north of Chile, just outside Calama, at 2,850 m (9,350 ft) above sea level. It is 215 km (134 mi) northeast of Antofagasta and 1,240 km (770 mi) north of the capital, Santiago. Flotation and smelting facilities were installed in 1952, and expansion of the refining facilities in 1968 made 500,000 tons annual copper production possible in the late 1970s. Previously part of Anaconda Copper, the mine is now owned and operated by Codelco, a Chilean state enterprise, since the Chilean nationalization of copper in the late 1960s and early 1970s. Its depth of 850 metres (2,790 ft) makes it the second deepest open-pit mine in the world, after Bingham Canyon Mine in Utah, United States.
The National Copper Corporation of Chile, abbreviated as Codelco, is a Chilean state-owned copper mining company. It was formed in 1976 from foreign-owned copper companies that were nationalised in 1971.
The economy of South America comprises approximately 434 million people living in the 12 sovereign states and three dependent territories of South America, which encompasses 6 percent of the world's population. South America ranks fifth in terms of nominal GDP by continent, behind North America and after Oceania.
Mining in Western Australia, together with the petroleum industry in the state, accounted for 94% of the State's and 46% of Australia's income from total merchandise exports in 2019–20. The state of Western Australia hosted 123 predominantly higher-value and export-oriented mining projects and hundreds of smaller quarries and mines. The principal projects produced more than 99 per cent of the industry's total sales value.
Sociedad Química y Minera de Chile (SQM) is a Chilean chemical company and a supplier of plant nutrients, iodine, lithium and industrial chemicals. It is the world's biggest lithium producer.
Mining in Iran is still under development, yet the country is one of the most important mineral producers in the world, ranked among 15 major mineral-rich countries, holding some 68 types of minerals, 37 billion tonnes of proven reserves and more than 57 billion tonnes of potential reserves worth $770 billion in 2014. Mineral production contributes only 0.6 percent to the country's GDP. Add other mining-related industries and this figure increases to just four percent (2005). Many factors have contributed to this, namely lack of suitable infrastructure, legal barriers, exploration difficulties, and government control.
Salar de Atacama, located 55 km (34 mi) south of San Pedro de Atacama, is the largest salt flat in Chile. It is surrounded by mountains and lacks drainage outlets. To the east, it is enclosed by the main chain of the Andes, while to the west lies a secondary mountain range called Cordillera de Domeyko. The landscape is dominated by imposing volcanoes such as Licancabur, Acamarachi, Aguas Calientes, and Láscar, the latter being one of Chile's most active volcanoes. These volcanoes are situated along the eastern side of the Salar de Atacama, forming a north–south trending line that separates it from smaller endorheic basins.
El Salvador is a mining town in the commune of Diego de Almagro, Chañaral Province, Atacama Region, Chile. Located at an elevation of more than 2,400 meters in the foothills of the Andes and in the middle of the Atacama Desert, it has a population of approximately 7,000 inhabitants. At its peak, El Salvador once had a population of 34,000 inhabitants.
El Teniente is an underground copper mine located in the Chilean Andes, 2,300 m (7,500 ft) above mean sea level. It is in the commune of Machalí in Cachapoal Province, Libertador General Bernardo O'Higgins Region, near the company town of Sewell. This was established for the workers and their families.
The mineral industry of Peru has played an important role in the nation's history and been integral to the country's economic growth for several decades. The industry has also contributed to environmental degradation and environmental injustice; and is a source of environmental conflicts that shape public debate on good governance and development.
El Salvador mine is a combined open pit and underground copper mine located in Chile and owned by the state owned copper mining company Codelco. The mine is located in the company town of El Salvador.
Mining in Bolivia has been a dominant feature of the Bolivian economy as well as Bolivian politics since 1557. Colonial era silver mining in Bolivia, particularly in Potosí, played a critical role in the Spanish Empire and the global economy. Tin mining supplanted silver by the twentieth century and the central element of Bolivian mining, and wealthy tin barons played an important role in national politics until they were marginalized by the industry's nationalization into the Bolivian Mining Corporation that followed the 1952 revolution. Bolivian miners played a critical part to the country's organized labor movement from the 1940s to the 1980s.
Mining in the United States has been active since the beginning of colonial times, but became a major industry in the 19th century with a number of new mineral discoveries causing a series of mining rushes. In 2015, the value of coal, metals, and industrial minerals mined in the United States was US$109.6 billion. 158,000 workers were directly employed by the mining industry.
Mining in Argentina includes primary aluminum, lead, copper, zinc, silver, and gold. In 2019, Argentina was the 4th largest world producer of lithium, the 9th largest world producer of silver, the 17th largest world producer of gold and the 7th largest world producer of boron.
During most of Chile's history, from 1500 to the present, mining has been an important economic activity. 16th century mining was oriented towards the exploitation of gold placer deposits using encomienda labour. After a period of decline in the 17th century mining resurged in the 18th and early 19th century this time revolving chiefly around silver. In the 1870s silver mining declined sharply. Chile took over the highly lucrative saltpetre mining districts of Peru and Bolivia in the War of the Pacific (1879–83). In the first half of the 20th century copper mining overshadowed the declining saltpetre mining.
The Lithium Triangle is a region of the Andes that is rich in lithium reserves, encompassed by the borders of Argentina, Bolivia, and Chile. The lithium in the triangle is concentrated in various salt pans that exist along the Atacama Desert and neighboring arid areas. The largest areas three main salt pans that define its vertices are the Salar de Uyuni in Bolivia, Salar de Atacama in Chile, and Salar del Hombre Muerto in Argentina. Of these, the Salar de Atacama in Chile has the highest concentration of lithium among all world's brine sources. The shape of the area of interest for lithium resources in salt pans is however not a triangle but more of a crescent starting with Salar de Surire in the north and ending with Salar de Maricunga in the south. Because of this it has been proposed to rename the area Lithium Crescent.
Mining has been conducted on an industrial scale in present-day Canada since the late 18th century. The industry remains an important aspect of the economy of Canada to this day, particularly in the North, and Canadian-domiciled mining companies have increasingly expanded their operations globally.
