Key facts
- Codelco anticipates its copper production will remain flat in the coming years.
- The company's production fell to two-decade lows in 2022 and 2023.
- Last year's output from Codelco's own mines was 1.33 million tons.
- Structural projects aimed at addressing declining ore grades have encountered delays and cost increases.
- Investment in the El Abra copper mine, where Codelco has a 49% stake, is being considered.
- Cochilco will release a preliminary audit of Codelco's production in September.
Chile's state-owned copper giant Codelco expects its production levels to remain largely unchanged in the coming years, according to Chairman Bernardo Fontaine. This projection comes as the company grapples with production challenges and delays in its structural projects aimed at counteracting declining ore grades.
Last year, Codelco's own mines produced 1.33 million tons of copper, a significant drop from previous periods and far below its target of 1.7 million tons annually by 2030. Fontaine indicated that the company might focus investment on the El Abra copper mine, in which Codelco holds a 49% stake alongside majority owner Freeport McMoRan, which has a substantial expansion project planned.
Chile's copper agency, Cochilco, is set to release a preliminary audit of Codelco's production figures in September, following scrutiny over potential inaccuracies in a 2025 production report.