Heavy Rains in Chile Cause Mining Tailing Overflow

• As heavy rains continue to pummel Chile, cutting off areas of the country and damaging thousands of homes, one community is dealing with a tailings dam rupture that has sent heavy metals throughout the community and nearby water supplies.
• A tailings dam belonging to copper miner Las Cenizas in central Chile began overflowing overnight on June 13 due to heavy rains and put nearby water sources, including the La Ligua River at risk of "adverse effects," Chile's environmental SMA agency said in a statement.
• Residents of Cabildo, an agricultural area known for producing avocados are worried about the impact the overflow will have on their livelihood. Citizens expressed their worries in meetings with government officials and representatives from the mining company, which were working to rebuild the containment wall that overflowed.
• After yielding 0% growth in 2023, Chile’s growth is expected to pick up to close to 2% in 2024 and 2-2.5% in the medium term. This growth will be supported by Chile’s comparative advantage in renewable energy production, as it is the world’s largest copper producer, second largest lithium producer, and richly endowed with solar and wind resources.
• However, if current weather conditions persist, it could impact Chile’s economic growth by reducing copper output and agricultural production.

 (Sources: Reuters & NCBCM Research)