Modern features of mining development open up new opportunities for local national companies, which, unlike large foreign corporations, have better knowledge of local mining conditions can more efficiently adapt existing technologies to such conditions and successfully integrate into global mining value chains. The article presents the index of countries' dependence on the mining sector, as well as an analysis of activities done by the leading mining companies and suppliers of mining industry in the leading Latin American countries. The study demonstrated that large-scale leading mining companies are reluctant to build strong links and jointly implement innovations with local suppliers in developing countries. Contacts and relationships between foreign mining corporations and companies in developing countries are mainly informal and irregular. Incentives to innovation among national companies in developing countries arise from their own innovative solutions related to the specific features of natural resource extraction in specific local conditions, rather than from interaction with leading large-scale foreign corporations.