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Mineral Resource Trade in Chile: Contribution to Development and Policy Implications

Author

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  • Jane Korinek

    (OECD)

Abstract

Mineral resources present a formidable source of wealth but a formidable challenge to regulate in order to maximize social welfare from their extraction. Some resource-rich countries, such as Chile, have been successful in developing their economies and managing their revenue streams effectively. Strong institutions and regulatory oversight have helped to capitalize on the benefits of the mining sector for economy-wide growth and development in Chile. This paper identifies some of the good practice areas in mining regulation in Chile whose economy has shown strong growth over most of the last two decades. Some of the areas touched on in this paper are the taxation of the minerals sector, management of the tax revenue, and policies designed to foster spillovers into other sectors of the economy and make the most of Chile’s comparative advantage as a long-time global leader in the copper industry. The paper concludes that there is much to be learned from the Chilean experience in regulating its mining sector and many areas where it could be well used as a model for other mineral rich economies wishing to develop their mining sectors to enhance economy-wide growth.

Suggested Citation

  • Jane Korinek, 2013. "Mineral Resource Trade in Chile: Contribution to Development and Policy Implications," OECD Trade Policy Papers 145, OECD Publishing.
    • Handle: RePEc:oec:traaab:145-en
    DOI: 10.1787/5k4bw6twpf24-en
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    Citations

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    Cited by:

    1. Nicholas A. Phelps & Miguel Atienza & Martin Arias, 2015. "Encore for the Enclave: The Changing Nature of the Industry Enclave with Illustrations from the Mining Industry in Chile," Economic Geography, Taylor & Francis Journals, vol. 91(2), pages 119-146, April.
    2. Jane Korinek, 2015. "Managing the Minerals Sector: Implications for Trade from Peru and Colombia," OECD Trade Policy Papers 186, OECD Publishing.
    3. Bravo-Ortega, Claudio & Muñoz, Leonardo, 2021. "Mining services suppliers in Chile: A regional approach (or lack of it) for their development," Resources Policy, Elsevier, vol. 70(C).
    4. Ebert, Laura & La Menza, Tania, 2015. "Chile, copper and resource revenue: A holistic approach to assessing commodity dependence," Resources Policy, Elsevier, vol. 43(C), pages 101-111.
    5. Correa Mautz, Felipe, 2016. "Encadenamientos productivos desde la minería de Chile," Desarrollo Productivo 39975, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    6. Sven Renner & Friedrich W. Wellmer, 2020. "Volatility drivers on the metal market and exposure of producing countries," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 33(3), pages 311-340, October.
    7. Stubrin, Lilia, 2017. "Innovation, learning and competence building in the mining industry. The case of knowledge intensive mining suppliers (KIMS) in Chile," Resources Policy, Elsevier, vol. 54(C), pages 167-175.
    8. Navarro, Lucas, 2018. "The World Class Supplier Program for mining in Chile: Assessment and perspectives," Resources Policy, Elsevier, vol. 58(C), pages 49-61.
    9. Stubrin, Lilia, 2018. "Reprint of: Innovation, learning and competence building in the mining industry. The case of knowledge intensive mining suppliers (KIMS) in Chile," Resources Policy, Elsevier, vol. 58(C), pages 62-70.
    10. Castaño, Andrés & Lufin, Marcelo & Atienza, Miguel, 2019. "A structural path analysis of Chilean mining linkages between 1995 and 2011. What are the channels through which extractive activity affects the economy?," Resources Policy, Elsevier, vol. 60(C), pages 106-117.
    11. Marañon, Matias & Kumral, Mustafa, 2021. "Empirical analysis of Chile's copper boom and the Dutch Disease through causality and cointegration tests," Resources Policy, Elsevier, vol. 70(C).

    More about this item

    Keywords

    capital-intensive; Chile; copper; exchange rates; exploitation permits; exploration; export restrictions; extractive industries; fiscal responsibility; geological service; government revenue; industry standards; innovation; legal framework; Ley Reservada del Cobre; mineral deposits; mineral wealth; mining; mining services; natural resource; non-renewable; price volatility; regulation; resource curse debate; resource-rich; royalties; sovereign wealth funds; spillovers; structural balance rule; SWF; tax revenue management; taxation; world-class suppliers;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)
    • Q37 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Issues in International Trade
    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)

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