How is the mining division evolving to meet the changing landscape in Chile?

In mining, we have been growing in all regions, and South America has been the engine for this. In Chile, we work with key clients such as Antofagasta Minerals, BHP and Codelco, but we are in the process of diversifying our client base. For example, we are working with Freeport-McMoRan at El Abra on studies of different technologies to help them process minerals. Our main project remains Nueva Centinela, and we began the execution phase there in May 2024, with ramp-up beginning in August 2025. We hope that this project will serve as a model of project execution for other large projects in the years to come.

Wood has also been expanding in Argentina with two offices in the country, and whilst up until now they have been focused on oil and gas, we are seeing an increase in interest in copper and lithium projects. How does Wood engage with junior mining companies and support their development?

Our business has been mostly focused on design, engineering and project execution. We realized, however, that if we can identify projects in the initial stages of exploration and development, there is work to do in estimating resources, mine planning and design, and conducting studies. These are the areas in which Wood offers the most value to juniors. We now have a dedicated team for digitization and another for decarbonization. These teams are working hard on solutions for the energy transition, incorporating sustainable mining into our operations and establishing autonomous and carbon-free projects. The Project Development Group (PDG) is then looking to bring this into mines at the earliest stage possible. Another way that Wood works with juniors is supporting them with NI43-101 and JORC reports to get on the stock market and raise capital. In what ways are the macroeconomic and geopolitical conditions of the world affecting mining companies?

First and foremost, an important development in recent decades, particularly in Chile, has been the rising demand for copper, and we expect this trend to continue. Currently, there is a gap that needs to be filled by new projects coming online, but this process can take 15 to 20 years. Amid the uncertainty in the broader world, markets often seek refuge in gold. We have witnessed a resurgence in gold projects here in Chile as a result, and we are advising our clients to proceed with their studies, engineering and permitting, as we believe the increase in gold prices is likely to persist.

At Wood, we have a global group of experts focused on lithium, and this mineral did not take flight as many in the industry believed. Despite this, it is still a very interesting market and has the potential to rise again given its importance to the green transition. What challenges does Chile’s robust regulatory environment present?

The regulations in Chile are the most comprehensive in Latin America; however, this sometimes means it can take decades to bring a mine into development and then into production. That said, I believe our strong regulations demonstrate the robustness and maturity of the mining market in the country. Many of our clients focus heavily on their studies and engineering before applying for permits, since these can take up to two years to process, and the outcome is uncertain. We are increasingly optimistic about permitting nowadays and view it as something beyond the control of both Wood and our clients. What are your plans for Wood and its mining division in 2025?

Our growth strategy is focused on the early stages of projects, as well as their execution, and we are a firm believer in the mining market, especially in Chile, as a very favourable, geopolitically stable nation. We are seeing big mining companies with investment plans in Chile, and that is good for us at Wood as we can bring our experience of more than 60 years in mining projects. One challenge we have is to retain and strengthen our talent, and also attract new talent. Now is a good time to address these challenges because of the few projects that are being executed, and we are developing our mining team here at Wood to be even better heading into 2026.