I’m a bit late in getting to this, but last week, JF String had a great piece that reveals just how vital to the Chilean economy copper continues to be. Among other data:
The labor of every Chilean miner is today, on average, responsible for producing ~ $60 million (chilean pesos) in mineral wealth per year. That’s four times greater than a Chilean working in the banking sector ($15 million/year) and six times greater than someone working in the country’s retail sector ($10 million/year). […]
In terms of the total percentage of federal budget revenues, the industry’s contribution represented 20.7% in 2011 compared to 10.5% in 1991. However, the 2011 figure is down from its peak in 2006 when the copper industry represented 34.1% of federal budget revenues. […]
The wealth generated by copper in Chile has not been distributed equally across the nation. According to Meller’s study, per capita GDP in Chile’s copper regions is around 163% greater than in non-mining regions. The money that does leave, says Meller, is unsurprisingly concentrated in the wealthiest neighborhoods of Santiago.
Sting also has some interesting observations on the ways in which copper in Chile and oil in Venezuela compare and contrast with regards to their respective national economies. The whole piece is not too long and definitely worth checking out..