Latin America’s ability to meet the growing global demand for critical minerals is not in question. The challenge lies in timing. Today, project development timelines remain one of the main bottlenecks for the mining sector. This was highlighted by Iván Arriagada, CEO of Antofagasta Minerals and Chair of the ICMM, who pointed to the lack of efficiency in permitting and authorization processes.
“In most of our countries, that cycle is roughly measured at ten years. It is a very long time for a mining project to take ten years to be developed,” he said in an interview with the Peruvian Institute of Mining Engineers (IIMP). In Peru, timelines can be even longer, sometimes extending over several decades before reaching operation.
The executive, who will be a speaker at the World Mining Congress 2026, noted that authorization processes are one of the key factors affecting timelines. “Many procedures involve overlapping or duplication,” he explained. In this context, the main challenge is not to lower requirements, but to make the system more efficient.
“The ability to implement public policies that help streamline permitting processes, without weakening sustainability, environmental, or community standards, is critical,” he said.
Urgency to seize the opportunity
The pressure to shorten these timelines comes at a pivotal moment for the industry. The energy transition, electrification, and technological advancement have driven demand for critical minerals, creating a significant opportunity for producing countries across Latin America.
However, as Arriagada warns, that opportunity requires speed. “That opportunity exists now, and the challenge is the urgency with which we can implement transformations to effectively respond to this demand for critical minerals,” he stated.
This discussion will be part of the panel “From Urgency to Action” at the upcoming World Mining Congress (WMC), where the executive will join global leaders to analyze how to accelerate sector development in response to rising demand. The event will take place from June 24 to 26 at the Lima Convention Center, and registrations are now available through its official platform: https://wmc2026.org/
