Latin America Looks Beyond Mining to Unlock Wider Economic Growth

The event, titled From Resources to Jobs: The Value of Minerals for Latin America, focused on helping countries transform their natural resources into broader economic gains.

Latin America's vast reserves of copper and lithium are placing the region at the centre of the global energy transition. Yet, experts say the greatest economic benefits will come from what happens beyond the mine itself. That message shaped discussions at a regional dialogue in Santiago, Chile, where government leaders, mining companies, international organisations and industry experts explored how mineral wealth can drive jobs, innovation and sustainable development.

The event, titled From Resources to Jobs: The Value of Minerals for Latin America, focused on helping countries transform their natural resources into broader economic gains. With global demand for critical minerals rising, participants discussed practical ways to expand local industries, strengthen infrastructure and create opportunities that reach communities across the region.

Chile's Minister of Economy and Mining, Daniel Mas, said employment remains the starting point for building long-term value from the mining sector. He noted that mining supports far more than large companies, creating work for thousands of small and medium-sized businesses involved in engineering, software development, transport, metalworking and other specialised services. He stressed that strengthening this wider business network is essential for lasting economic growth.

Value Lies Beyond Mineral Extraction

According to the World Bank Group, extracting minerals is only one part of the economic picture. Much of the long-term value comes from processing industries, supply chains, logistics, workforce development and supporting infrastructure that grow alongside mining operations.

Namrata Thapar, Global Director for Metals and Minerals at the World Bank Group, said Latin America has a major opportunity to convert its mineral resources into stronger economic growth and quality employment. She explained that countries able to combine rich natural resources with stable legal systems, responsible environmental and social practices, and attractive investment conditions will be best positioned to benefit from increasing global demand.

Discussions during the event centred on four priorities that can help countries capture greater value from their mineral resources. These included creating quality jobs, expanding industrial activity, investing in strategic infrastructure and encouraging balanced regional development that spreads economic benefits beyond mining sites.

Partnerships Seen as Key to Sustainable Growth

Speakers repeatedly highlighted that cooperation among governments, private companies, universities, suppliers, and local communities will determine how effectively mineral wealth supports long-term development.

Julio Pertuzé, President of Fundación Chile, described the global demand for critical minerals as a rare opportunity for Latin America and said regional cooperation will be essential to overcoming shared challenges. He encouraged stronger coordination between all stakeholders to maximise the benefits created by the mining industry.

The World Bank Group also reaffirmed its commitment to supporting Chile's efforts to strengthen the sector. Country Manager for Chile Jean-Marc Arbogast said the institution wants to help build a more competitive mining industry that creates skilled jobs, attracts investment and promotes innovation. He added that sustainable mining also depends on reliable infrastructure, responsible water management and clean energy systems, all of which contribute to broader national development.

Participants concluded that expanding local supply chains and building stronger relationships with communities will play a central role in ensuring that Latin America's mineral wealth delivers lasting economic opportunities across the region rather than remaining limited to resource extraction alone.