As copper prices hit their highest level in almost a decade, Chile’s mining industry is preparing for a new cycle of expansion.

“We hope that if the price cycle remains high, which is what most analysts expect, that this accelerates the development of new mine projects,” Chile’s Mines and Energy Minister Juan Carlos Jobet said in an interview with The Northern Miner.

The government has identified mining projects worth US$74 billion in development, of which almost a third are already in construction. They include Teck’s (TSX: TECK.A/TECK.B; NYSE: TCK) US$4.5 billion Quebrada Blanca project, an expansion of Antofagasta plc‘s (LSE: ANTO) Los Pelambres mine and Codelco’s massive program to overhaul its aging mine operations.

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