Codelco reported a 2.1% increase in copper production for the first nine months of 2025, reaching 937,000 tons, driven by divisions like Ministro Hales. However, its consolidated profits fell 30%, from US$227 million in 2024 to US$157 million this year. Executive president Rubén Alvarado highlighted the growth despite the fatal accident at El Teniente.
On Tuesday, Chile's state-owned Codelco released its financial results for the third quarter of 2025. Own copper production rose to 937,000 tons by September, 2.1% above the 918,000 tons from the same period in 2024. This increase was mainly due to the Ministro Hales division, up by over 40,000 tons; Salvador, with 27,000 additional tons; and Radomiro Tomic, with 17,000 more tons. In contrast, divisions like Chuquicamata (-25,000 tons), Gabriela Mistral (-18,000 tons), Andina (-12,000 tons), and El Teniente (-11,000 tons) saw declines.
Revenues totaled US$13.229 million, 7% higher than the US$12.314 million in 2024. EBITDA increased 3.4% to US$4.159 million. However, consolidated profit fell 30% to US$157 million, partly due to higher operational costs. The direct cost (C1) rose 4.4% to 214 cents per pound, explained by operations at Rajo Inca, increased activity at Radomiro Tomic, and inflation, though offset by lower input prices like energy and fuel.
Executive president Rubén Alvarado stressed: "maintaining the trend of growth in production, despite the complex scenario" from the El Teniente accident on July 31, which killed six workers. Fiscal contribution grew 17% to US$1.240 million.
By division, Ministro Hales stood out with a 1,516% profit increase, from US$5 million to US$86 million, thanks to mining development and post-slide stabilization. Radomiro Tomic rose 69% to US$139 million, while Andina fell 87% to US$4 million and Chuquicamata 44% to US$30 million.
Codelco revised its annual production forecast to 1.310-1.340 thousand tons of fine copper, below the previous 1.340-1.370 thousand range, impacted by the accident. The 2030 target remains at 1.7 million tons. Projects like Andes Norte (80% progress), Diamante (49%), and Andesita (77%) are advancing, as are Rajo Inca (93%) and the desalination plant (87%), with operations slated for 2026.