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Chapter 06

Business Model

Industrial sector

We operate in the mining industry and we sell copper and copper by-products, supported by a marketing strategy that allows us to supply the world’s main markets. In 2024, lithium was integrated into our business model. We made progress on projects in the Atacama, Maricunga, Pedernales and Ascotán salt flats, based on our business model of creating public-private partnerships that attract financial resources, new process technologies and expertise in lithium exploration and exploitation.

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Our national and global market share

Our national and global market share

Our portfolio is marketed worldwide, mainly among manufacturers of semi-finished products, which transform it into a wide range of goods - from cables and pipe to machine parts and specialised alloys. 
Currently, production from our divisions, which in 2024 was 1 million 328 thousand fine metrictons (fmt), represents 5.8% of the world’s mined copper production and 24.4% of national production (without considering our stake in Minera El Abra and Anglo-American Sur).

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Presence in the main markets

We havea presence in key markets - China, the United States, United Kingdom and Singapore.

Physical sales by region

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Intellectual Property

Our Corporate Innovation Policy sets as an objective the safeguarding of the value and knowledge generated through an intellectual property strategy, with a focus on supporting our business strategy, identifying industry trends, promoting a collaborative model, exploring the relevant environment, and reducing technological risk

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Geological resources and mineral reserves

Our corporate mineral resource inventory (which includes mineral reserves) consolidates oxide and sulfide mineral data from all divisions. This data is taken from reserves calculations of economic envelopes in open-pit mines and the ore volumes to be extracted in underground mines.

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Subsidiaries, associates and investments in other companies

Our network of subsidiary and affiliated companies covers sectors such as mining, mineral exploration, processing plants, investment vehicles, trading companies, health entities, port operations, and energy. Several of these companies sell products or provide servicesto Codelco. Our network had an approximate workforce of 13,800 as of December 31, 2024 (includinb both in-house and third-party employees).

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Participation in international forums

Certificación energética

Bank of America, Miami, May.

The main leaders of world mining met in April at the Global Conference on Metals, Mining and Steel, organized by Bank of America in Miami, United States, under the theme “The future is now”. The president of our board of directors was one of the exhibitors at the meeting, which was attended by the CEOs of world-class mining companies, such as Rio Tinto, Anglo American, BHP, Glencore and Freeport, as well as investors in the global mining market. Máximo Pacheco highlighted the importance of partnerships with other players in the industry and commented that Codelco has already begun to conduct studies for its next structural projects.

Certificación energética

Chilean German Economic Forum, Berlin, June.

The chairman of the board accompanied the President of the Republic, Gabriel Boric, on his trip to Germany, where he spoke about the copper and lithium market in Chile and the possibilities of mutual cooperation with the European country. In addition, it signed a collaboration agreement with Wismut, on matters such as site closure management, soil restitution and best practices pertaining to sustainability.

Certificación energética

Strategic Meeting with Suppliers 2024, Santiago, August.

We brought together 160 representatives from more than 90 companies and trade associations of goods and services, to discuss challenges and new opportunities for collaboration.
At the event, CEO Ruben Alvarado highlighted the crucial role of suppliers in helping us achieve our sustainable development goals. Meanwhile, the Vice President of Supply Chain, Mauricio Acuña, presented new initiatives such as more flexible contractual models and the Single Accreditation and Labor Control System (SUCAL).

Certificación energética

7th Forum for the Study on Women in Mining, Santiago, September.

At the event, Mary Carmen Llano, Vice President of People Management at Codelco, stated that “we are working to streamline our hiring processes, create more opportunities for flexibility, and provide training initiatives. This is key to fostering a diverse talent pool,” she said, “which, in turn, has a tremendous impact on productivity and in the social development of our country.”

Certificación energética

Annual meeting with Japan’s steel industry, Tokyo, November.

In the Japanese capital, the Vice Presidency of Marketing, led by Braim Chipe, held its annual meeting with the steel industry, our main client for molybdenum exports, with whom we have maintained strong business ties since 1981.

Certificación energética

Meeting with Suppliers from China, Shanghai, November.

Our objective at the Supplier Meeting in China, held in Shanghai by the Vice Presidency of Supply Chain, led by Mauricio Acuña, was to showcase Codelco’s entire business and our requirements to strategic suppliers in order to drive innovation and new technologies that ensure responsible mining. The event brought together nearly 70 representatives, mostly presidents and general managers, from 30 companies in goods and services. This gathering also included the participation of the Vice President of Marketing, Braim Chiple.

Certificación energética

European Union–Chile Seminar on Critical Raw Materials, Santiago, November.

The Chairman of the Board was the keynote speaker at the meeting that brought together members of the European Commission, investors and representatives of the most important mining companies operating in Chile. On this occasion, Máximo Pacheco spoke about the countless possibilities that exist in mining to promote investment and innovation in sustainable and responsible value chains associated with the production of critical minerals.

Certificación energética

Latin American Meeting of Associations of Tunnel Builders and Underground Spaces, Santiago, December.

In addition to highlighting the history of our main underground deposits, Máximo Pacheco emphasized a series of technological and innovative solutions that have supported the development of various mines and structural projects, while also outlining the requirements for future projects. The meeting was attended by more than 200 people representing associations from Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico and Peru.

Certificación energética

73rd Convention of Mining Engineers of Chile (IMMCh), Viña del Mar, December.

Our CEO, Ruben Alvarado, was a keynote speaker at the meeting that focused on the innovations required in mining. At the event, he stated that Codelco’s key areas of collaboration in this field include high-effort deep mining, metallurgical processes, decarbonization, electromobility, as well as technology and digitization, stating “We also need partnerships to accelerate innovations that allow us to produce lithium responsibly”.

Report anual 2024

01 Corporate profile

02 Governance

03 Corporate Governance

04 Strategy

05 People

06 Business model

07 Supplier Management

08 Legal and regulatory compliance

09 Sustainability

10 Key or essential facts

11 Comments from shareholders and directors' committee

12 information finance