In the mining division, second-quarter iron ore sales rose 16% from a year ago.

Anglo American Plc indicated it needs greater regulatory clarity before proceeding with major investments.

Prices of the fertilizer ingredient have soared this year on fears of a shortage caused by the Russian invasion of Ukraine.

The world is headed for a severe shortage of copper as new mines become increasingly difficult to build, said Duncan Wanblad.

Building new roads to reach mines would allow illegal loggers, land grabbers and ranchers easier access to relatively untouched parts of the forest, study says.

Left-wing President Luis Arce is pushing to industrialize its vast lithium resources before the end of his term in 2025.

Anglo joined rival miners, including Rio Tinto and Freeport-McMoRan, in reporting lower profits.

Twelve people died in mining accidents in Chile in 2021.