Salares Norte’s Key Contribution to Gold Output Reaches Decade-High Levels
So far this year, the price of gold has surged nearly 25%, breaking a series of records along the way and surpassing the US$3,500 per ounce threshold.
Driven by its role as a safe-haven asset amid heightened geopolitical uncertainty, gold has reignited mining interest worldwide—including in Chile, where approximately 70% of gold is extracted as a byproduct of copper. National gold production is forecast to increase by at least 25% in 2025.
This rise will mark a return to output levels not seen in over a decade, potentially elevating
Chile into the ranks of the world’s top 20 gold-producing countries.
Juan Carlos Guajardo, Executive Director of Plusmining, refrains from calling it a “gold rush,” noting that “the increase in production has a more structural component; it’s not merely driven by favorable prices,” he explains.
Indeed, investments and standalone gold mining projects—not copper-gold hybrids—announced years ago in Chile are now beginning to bear fruit. Recent announcements also reflect “renewed interest in districts that form part of major gold belts,” Guajardo adds.
Salares Norte and the Road to the Top 20
Inaugurated in 2024, the Salares Norte gold mine—owned by South African mining giant Gold Fields and the first greenfield project in the sector in a decade—is projected to produce 350,000 ounces (approximately 10 tonnes) of gold in 2025.
This volume is significant. According to Cochilco, Chile produced 36 tonnes of gold in 2024, meaning Salares Norte alone accounts for a 25% increase this year. The last time Chile’s gold output exceeded 40 tonnes was in 2016, while the highest historical figure dates back to 2000, with 54 tonnes.
Gold Fields told Diario Financiero that the 10 tonnes from Salares Norte represent around 15% of its total global output and “will enable Chile to position itself among the top 20 gold- producing countries in the world.”
Currently, Chile ranks between 28th and 30th globally, contributing approximately 1.2% of global production. China leads with 380 tonnes, followed by Russia (310 t) and Australia (290 t).
“Chile is indeed aiming for a Top 20 position, although it will depend on the performance of other producers. Nevertheless, we are certainly getting closer,” says Guajardo.
Gold Fields’ plans are long-term. “Especially in a country like Chile, which boasts a world-class mining district and offers political and economic stability for new investments. For instance, Gold Fields is planning a US$50 million investment for 2025 and 2026,” the company stated.
Other Key Projects
Located within the Maricunga gold belt, Rio2 has reached 19% completion of its US$235 million Fénix Gold project, which is expected to commence production in early 2026.
The company anticipates an initial annual output of approximately 62,000 ounces (1.8 tonnes) of gold, increasing to 109,000 ounces (3 tonnes) by 2027.
“These levels represent a significant contribution to Chile’s production, and we are confident that Fénix Gold will consolidate its role as an important player in the gold industry,” Rio2 stated.
Additionally, last week Mantos de Oro—fully owned by Kinross—submitted a US$113 million project aimed at extending the life of its La Coipa and Purén operations by at least five years.
Other projects still in the pipeline, though lacking approved studies, include Kinross’ Lobo- Marte and Kingsgate Consolidated’s Nueva Esperanza.
From a long-term perspective, Álvaro Merino, Executive Director of Núcleo Minero, noted that projected investment in gold mining has dropped significantly: while it accounted for 19% of the mining sector’s total investment between 2012 and 2024, that figure is expected to fall to just 2% for the 2024–2033 period. Nevertheless, he added that “gold mining holds a promising position,” and that “once bureaucratic bottlenecks in project permitting are cleared, gold will shine in Chilean mining.”
Source: Diario Financiero