Australia behaves the same way, exports ore to China and buys back the refined products. Both countries have abundant energy (hydro and solar) but have old fashioned mining interests in charge.

> Is it because there's not the energy capacity to run smelters?

Most mines are in the north, but the hydro capacity is far from them in the south. That's one challenge, but to me doesn't explain why. Chile nationalised copper with aims to develop our industry, but then the US decided to sabotage our democracy.

These systems aren't in place by accident. The US doesn't typically purchase roasted coffee beans or chocolate bars from South America either.