Chile vote marks first step in long path to seizing mines Chile vote marks first step in long path to seizing mines
A proposal that opens the door to nationalizing some of the biggest copper and lithium mines in the world was approved in first instance by a committee as part of the drafting of a new constitution in Chile.
Tuesday’s 13-to-6 vote by members of an environmental committee is the first of several hurdles that the controversial proposal would need to clear before becoming a reality. It would require support from two thirds of the full assembly to become part of the draft charter that will be put to a referendum later this year.
The risk of that scenario playing out appears low in a nation known for its clear, stable and investor-friendly rules. But if it is implemented, the measure would disrupt Chile’s economy, metal markets and the global transition to clean energy. Shares in some companies with mines in Chile, including Albemarle Corp. and Anglo American Plc, pared gains after the vote, while the peso dropped.