1905
El Teniente
US firm The Braden Copper Co., using the cutting-edge technology of its time, commences ore extraction at El Teniente mine.
Chapter 02
Governance
National Copper Corporation
We are a Chilean state-owned company and the main copper producer in the world. Since 1971, we have contributed to our country’s economic growth and development. We continually strive to lead in the responsible production of high quality copper, minimizing our impact on the environment and local communities.
Learn moreOur purpose
Today we assume our key role in delivering the critical minerals for the energy transition that allow us to face climate change and we work to fulfill our purpose, which is to be a cornerstone for sustainable development in Chile and worldwide.
Learn moreOur updated mission
We are strengthening a business model that not only focuses on our own operations but also emphasizes partnerships with third parties.
To clearly reflect our purpose and how we intend to fulfill it, we have updated our missions tatement: ‘To sustainably maximize the economic, environmental, and social value of Codelco and its contribution to the State,through our own operations and strategic partnerships in copper, lithium, and theirby-products.’
Learn more
Charter of Values
After an in-depth analysis and a collaborative process between thousands of our workers, we define the values that represent and drive us, which are also connected to our purpose and mission. In 2024 we launched the new Charter of Values and took it to every corner of our work sites:
Learn moreOur history
Prior to the Copper Nationalization Law, the Chilean mining industry was dominated by foreign companies that controlled the production and export of copper.
El Teniente, Andina, Exótica, Chuquicamata and Salvador were in the hands of American companies until the “Chileanization of copper”, initiated in 1966, during the government of Eduardo Frei Montalva.
During this period, the Chilean Congress passed Law 16.425, which established the creation of joint ventures with foreign companies, granting the State a 51% ownership stake in the deposits.
This marked a preliminary step toward the nationalization of copper mining, which was unanimously approved by Congress in July 1971, officially declaring the mineral as property of the State.
With the enactment of Law 17.450, the assets and facilities of foreign companies became fully state-owned, and the Copper Corporation was tasked with managing and organizing the subsidiaries (El Teniente, Chuquicamata, Exótica, Salvador, and Andina).
In 1976, Decree Laws 1.349 and 1.350 were issued, dividing the organization into two independent entities: the Comisión Chilena del Cobre (Chilean Copper Commission) or “Cochilco”, as a technical and advisory service agency; and Codelco, as a productive business that grouped all the deposits into a single mining, industrial and commercial enterprise with legal personality and its own assets.
Timeline
1915
Chuquicamata
US engineers hired by the Chile Exploration Company, owned by the Guggenheim family from New York, inaugurate operations.
1959
Salvador
The Andes Copper Mining Co. from the United States discovers a new copper ore deposit in the Indio Muerto Mountain in Chile’s Atacama region. Today this is Codelco’s Salvador division.
1966
"Chileanization"
The Chilean State becomes the owner of a 51% share of Chuquicamata, El Teniente, Salvador and Andina. The Corporación del Cobre is established to manage production and sale of minerals.
1970
Andina Division
The Andina Division commences operation of the Río Blanco site, whose rich deposits have been recognized since 1920. Attempts to commence exploitation fell short until half a century later, in 1970, with the creation of the company Minera Andina.
1971
Nationalization
Congress unanimously approves state expropriation of the assets and facilities of foreign companies exploiting deposits at Chuquicamata, Exotica, Salvador, Andina and El Teniente. The Corporación del Cobre assumes the administrative control of these mines.
1976
Codelco
On April 1, the Corporación de Cobre was divided into the Comisión Chilena del Cobre ‘Cochilco’ as a technical and advisory agency; and Codelco, as a productive company (Decree Law 1.350).
1998
Radomiro Tomic
Codelco launches the Radomiro Tomic Division, the first mine designed and built by Chilean engineers.
2005
Ventanas
The Ventanas Division is incorporated after the state ordered Codelco to acquire the smelter and refinery that until then belonged to the Empresa Nacional de Minería (Enami).
2008
Gabriela Mistral
In May 2008, what was initially known as ‘Project Gaby’ (a 100% subsidiary of Codelco) began operations at the Gabriela Mistral mine. By 2010, Gabriela Mistral became a division of Codelco and the first to operate with 100% autonomous trucks.
2009
Corporate Governance Law
Our organic statute was amended to include the composition of the Board of Directors. The new guidelines entered into force on March 1, 2010.
2013
Ministro Hales
Production began at the Ministro Hales Division, a project that was previously called Mansa Mina, due to the large amount of reserves it holds.
2019
Inauguration of Chuquicamata Subterránea
After 104 years of operation, the world’s largest open pit mine became a cutting-edge underground operation prepared for the environmental and safety standards of the 21st century.
2022
Startup of Traspaso Andina
After eight years of construction, the Sistema Traspaso Mina Planta project commenced operations that will give continuity to the Andina Division for 30 more years.
2023
Closure of Ventanas smelter
After 58 years of operation, we closed operations at the Ventanas smelter and began the refinery modernization project with a sustainable approach.
2024
Public-private agreement with SQM
Through our subsidiary Minera Tarar we entered into a partnership that includes the steps, stages, rights, obligations, terms and conditions of a public-private partnership that will assume the production of refined lithium in the Salar de Atacama from 2025 to 2060.
2024
Purchase of 10% of Quebrada Blanca
We acquired 10% of the Quebrada Blanca mining company. With the unanimous agreement of our Board of Directors, we finalized the purchase of 10% of Quebrada Blanca, an asset owned by the Empresa Nacional de Minería (Enami).
