Codelco reports 937 Kt of copper production and US$4.16 billion EBITDA in first nine months of 2025

Codelco reports 937,000 tonnes of copper and US$4.16 billion EBITDA by Q3 2025, with solid project progress, treasury contributions up 16.5%, and key advances in copper and lithium partnerships.

Chile’s state-owned copper giant Codelco announced a solid operational and financial performance for the first nine months of 2025, with own copper production reaching 937,000 tonnes—a 2.1% increase compared to the same period in 2024. Total output, including stakes in El Abra (49%), Anglo American Sur (20%), and Quebrada Blanca (10%), reached 1.016 million tonnes, up 1.4% year-on-year.

During the period, EBITDA rose 3.4% to US$4.159 billion, equivalent to more than US$15 million generated per day, while contributions to the Chilean Treasury climbed 16.5% to US$1.24 billion.

“This increase is especially significant because it comes despite the complex situation we faced after the accident at El Teniente. We focused on our Safe Return Plan, prioritizing safety and well-being across all our operations,” said Rubén Alvarado, Codelco’s Chief Executive Officer.

El Teniente accident and safety reinforcement

The July 31 accident at the El Teniente Division, caused by a rockburst triggered by a Mw 4.3 seismic event, resulted in the deaths of six workers. Codelco responded with an extensive Safe Return Plan, developed jointly with unions and contractors, to reinforce critical safety controls.

A preliminary internal report led by Julio Díaz, Vice President of Mining Resources, concluded that the event was of greater scale and complexity than any in the past 35 years, and recommended upgrading the company’s geomechanical monitoring and modeling systems.

Despite the tragedy and a production loss of 22,100 tonnes in the quarter, Codelco maintained positive year-to-date production growth—driven mainly by Ministro Hales Division and the Rajo Inca project in Salvador, which produced 21,200 tonnes during its ramp-up phase.

Operational and financial performance

• C1 direct cash cost: 214¢/lb (+4.4%)
• C3 net cathode cost: 368.5¢/lb (+6.4%)

Higher operational and start-up expenses at Rajo Inca, increased mine activity at Radomiro Tomic, and general inflation were partially offset by lower energy and fuel costs.

The EBITDA increase was mainly driven by higher copper prices and stronger prices for by-products such as molybdenum and gold.

Progress in structural projects

Codelco continues advancing its multi-billion-dollar structural project portfolio, key to ensuring long-term production:

• Rajo Inca (Salvador Division): 93% completion; concentrator commissioning finalized in July 2025.
• Northern District Desalination Plant (Tocopilla): 87% overall progress; commissioning planned for 2026.
• Andes Norte & Diamante (Teniente Projects): 80% and 49% progress, respectively, with authorization from Sernageomin and the Labor Directorate for phased workforce reintegration.

Codelco’s Capex reached US$3.614 billion, up US$89 million year-on-year. Physical progress stood at 112% of plan, with over 45 million work hours executed across its project portfolio—comparable in scale to the combined construction of Santiago Metro Lines 7, 8, and 9.

Strategic Partnerships and New Business Developments

Joint Mining Plan with Anglo American

Codelco and Anglo American signed a definitive agreement for a Joint Mining Plan covering the Andina–Los Bronces mining district, expected to yield an additional 2.7 million tonnes of copper over 21 years once permitted (by 2030). 

The collaboration could deliver 120,000 tonnes of annual copper production at 15% lower unit costs, increasing pre-tax NPV by at least US$5 billion, 75% of which will benefit the Chilean State.

Exploration agreement with BHP

Codelco and BHP advanced the “Anillo Project,” allowing BHP to invest up to US$40 million in exploration. The Supreme Decree enabling the partnership was signed in September and is currently under review by the Comptroller General’s Office (CGR).

Lithium partnership with SQM

Significant progress was also reported in Codelco’s lithium alliance with SQM for the Atacama Salt Flat:

• Approval from CChEN of a lithium extraction quota for Minera Tarar SpA (starting 2031).
• Corfo completed the Indigenous Consultation for contract amendments covering 2025–2060.

The lease agreement between Corfo and Minera Tarar SpA was formalized in September and is now under CGR review.

Outlook

Despite facing one of the most challenging years in its operational history, Codelco remains on track to stabilize production, accelerate structural projects, and strengthen partnerships in copper and lithium, two pillars of Chile’s energy transition strategy.

With EBITDA above US$4 billion and solid project execution, the world’s largest copper producer continues to demonstrate resilience and its central role in Chile’s fiscal and industrial development.