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Chile’s new constitution, which is due to be voted on in September this year, looks set to upend the country’s market economy, undermining the legal safeguards enjoyed by private companies for decades.

The biggest victim of the new charter could be the country’s main source of income: the mining industry.

The newly drafted constitution promises sweeping rights to indigenous groups, potentially giving them the power to block mining operations in their area.

According to local media, indigenous groups will be so empowered that they will be allowed to set up their own justice systems.

Chile exported $37 billion worth of minerals in 2020, with the sector accounting for nearly 13% of the country’s GDP.

Chile is also unveiling a public pension fund, which analysts say could prove a drag on government finances, prompting international ratings agencies to downgrade the country’s sovereign debt bonds.

Moreover, reports suggest that the new constitution could even weaken the central bank governor, giving Congress the power to fire him. With more than 10% inflation, Chile is already in economic recession.

The country’s newly elected leftist President Gabriel Boric Font favors the new constitution, but a large majority of Chileans are less likely to support the charter, according to local publications citing Cadem sonar data.

Legal uncertainty has already begun to affect the investment climate in Chile. Freeport McMoran Inc., a US-based mining company, suspended investments, according to the Wall Street Journal.