Codelco
Máximo Pacheco, outgoing president of Codelco's board, delivered a 45-minute speech on Monday at the ordinary shareholders' meeting, rejecting government criticisms and stating that 'Codelco is not in crisis'. He addressed his successor, Bernardo Fontaine, appointed by President José Antonio Kast, and Mining and Economy Minister Daniel Mas. He insisted that the state-owned company remains 'Chile's best business'.
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A total of 648 companies reported their 2025 financial results to the Comisión para el Mercado Financiero (CMF) on Tuesday, March 31, totaling profits of US$32.231 million, a 28.57% year-over-year increase. Codelco posted the highest earnings at US$2.422.4 million, boosted partly by its lithium business. Overall revenues reached US$373.920 million, with cash equivalents rising to US$49.667 million.
Chinese firm Tianqi, owner of 22% of SQM shares, filed an appeal with the Supreme Court against a ruling that upheld the board-only approval of the Codelco-SQM agreement. The company argues it violates Chile's corporations law and harms minority shareholders' rights. Tianqi stresses it does not aim to halt the deal but to ensure proper legal scrutiny.
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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.