Hot Chili CEO Sees Chile as Next "Saudi Arabia for Electrification"

“Chile sits in this very unique position that it is almost the Saudi Arabia of what is about to occur in the electrification of the world,” said Hot Chili Managing Director and CEO Christian Easterday.

With current political events unfolding in Chile that could impact the country’s mining sector, Hot Chili (ASX:HCH,TSXV:HCH,OTCQX:HHLKF) CEO and Managing Director Christian Easterday is optimistic that the country’s government will remain committed to maintaining a stable mining industry.

“The world’s eyes are on Chile,” he said. “Chile sits in this very unique position that it is almost the Saudi Arabia of what is about to occur in the electrification of the world.” The country is the world’s top copper producer and the second largest producer of lithium.

Hot Chili is advancing its Costa Fuego copper project in Chile with an indicated resource of 2.8 million tonnes of copper and an inferred resource of 0.6 million tonnes of copper.

“As history will serve, the reforms that occurred through the Pinochet era, and a lot of the modern reforms of the Chilean economy that is often referred to as the period that created the Latin American miracle and the strength of the Chilean investment framework, has brought the world’s largest resource companies to unlock all of the revenue for the state through copper in particular,” said Easterday.

He is doubtful the country will move back to nationalising its copper sector given the metal's strategic role in global electrification.

Chile recently held a vote for a new assembly to draft a new constitution for the country, with members of right-wing parties winning a majority in the soon-to-be established 50 seat Constitutional Council, effectively placing the incumbent President Gabriel Boric’s leftist party in the minority. The country is also a step closer to enacting new mining royalty legislation that aims to raise taxes on Chile’s large copper producers.

Watch the full interview with Hot Chili Managing Director and CEO Christian Easterday above.

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