Chile speeds up permitting for mining and other investment projects

Chile's congress approved long-awaited legislation to speed up the permitting process for investment projects in the country on Tuesday.

The law was a key demand from the country's mining industry as well as renewable energy companies and others who said the lengthy permitting process was holding back investment. Chile is the world's largest copper producer and one of the largest lithium producers.

The legislation passed with 93 votes in favor, 27 against and 17 abstentions, and now awaits the president's signature to be enacted.

"This will allow us to substantially reduce permitting times, reducing processing times between 30% and 70%, and we'll do it without reducing regulatory standards," economy minister Nicolas Grau told reporters after the law was passed.

A reform to the environmental assessment system, the main requirement for investment projects, is also pending but the process has faced setbacks and delays.