Chile’s Congress has approved sweeping legislation to slash permitting times for mining and energy projects, aiming to boost investment in the world’s top copper producer and second-largest lithium supplier.

The amendments, which passed with 93 votes in favour, 27 against, and 17 abstentions, amends over 40 sectoral regulations and now awaits the president’s signature to become law. The government says it will cut permit processing times by 30% to 70% without lowering environmental or regulatory standards.