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Economy, Mining

Strait of Magellan, Fuego, Tierra, iodine, economic sectors

Mining continues to play a critical role in Chile’s economy, although the mineral component of exports is decreasing due to gains in other economic sectors. Chile has some of the world’s largest known copper deposits and is the world’s leading producer of this metal. Copper is the leading export, accounting for nearly 40 percent of all annual exports by value. Some 4.6 million metric tons (metal content) were produced in 2000. Petroleum and natural gas (first discovered in 1945) are extracted on Tierra del Fuego and in the Strait of Magellan. In 1999 Chile produced 5.8 million barrels of petroleum and 2 billion cu m (70 billion cu ft) of natural gas. Iron ore, with production of 5 million metric tons, is the country’s other leading mineral product. Chile also has large deposits of nitrates, iodine, sulfur, and coal, as well as silver, gold, manganese, and molybdenum.

Article key phrases:

Strait of Magellan, Fuego, Tierra, iodine, economic sectors, metric tons, molybdenum, critical role, Iron ore, sulfur, manganese, metal content, natural gas, coal, gains, silver, percent, gold, Mining, accounting, value, production


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