Santiago, January 14, 2026. The silver ingots that Codelco obtains as a byproduct of copper and that are produced at the Metals Recovery Plant (PRM) — a joint venture between the Korean company LS-MnM (66%) and Codelco (34%) — obtained the Good Delivery certification promoted by the London Bullion Market Association (LBMA), the most demanding standard for precious metals globally.

With this, Codelco's silver bars are the first in the country to be accredited under this standard and position the company within the international club of the most relevant silver producers, along with brands such as Peñoles (Mexico), KGHM (Poland) and Aurubis (Germany).

Specifically, this certification guarantees that the silver produced by the Corporation, currently around 200 tons annually, meets the highest standards of purity (99.99%), physical quality and responsible traceability, allowing it to sell to global banks and institutional investors with significant commercial advantages, including premiums on the base price compared to non-certified products.

What LBMA does is publish a list of Good Delivery producers of gold and silver, which now includes 84 refining plants for silver and 66 for gold. Codelco cannot certify its gold due to its low production, as LBMA only certifies companies with production exceeding 10 tons, and Codelco produces approximately two tons annually.

“This certification for our silver not only integrates us into a select global group, but also reinforces our commitment to production excellence, greater transparency in our operations, and highlights our leadership in the mining industry, consolidating our position as a leading player in added value and sustainability,” emphasized Braim Chiple, Vice President of Marketing at Codelco. He noted that the precious metals Codelco markets are obtained as a byproduct of the anode sludge, or residue left after the ore passes through the refineries.

He explained that the current silver market context reinforces the significance of this milestone: in 2025, the price of silver grew almost 150% internationally—today it trades at around US$75 per troy ounce—given that it is considered a safe-haven asset in the face of global uncertainty and its industrial demand has also grown, associated with electromobility, renewable energies, and digital technologies. “This combination has made silver a strategic metal, and Codelco is prepared to meet that demand with a certified and competitive product,” the executive emphasized.

The accreditation process

The PRM joint venture has been operating since 2016 through a plant located in Mejillones. There, anode sludge from the Chuquicamata, Ventanas, and Potrerillos (Salvador) refineries is processed. Gold and silver are returned to Codelco, which sells them directly, while other metals such as palladium, platinum, and selenium are sold by PRM, which then transfers a portion of the proceeds to Codelco.

To obtain PRM certification, it had to wait several years because the LBMA requires precious metals refineries to operate for at least four years before seeking accreditation, a period that was fulfilled just as the pandemic emerged, which postponed the process, which was resumed a little over two years ago.

Angelo Rabagliati, Codelco's Byproduct Marketing Manager, explains that the certification process involved several stages, including repeated visits to the facilities and exhaustive testing procedures conducted by LBMA specialists. “These procedures included several on-site inspections, verification of supplier documents, and physical tests. Our silver bars were examined and evaluated by independent arbitrators, who reviewed many details, such as dimensions, surface area, stacking, and chemical purity tests,” he described.

Codelco