Santiago, August 10, 2026 – In a historic decision for the Corporation and the State of Chile, Codelco will be able to capitalize 100% of its profits corresponding to the 2025 fiscal year. The measure, agreed upon by the Ministers of Finance, Jorge Quiroz, and Mining, Daniel Mas, will allow Codelco to allocate these resources to its operational continuity and project portfolio, reducing the need to increase its debt.

The capitalization materializes an initiative promoted by the chairman of the board, Bernardo Fontaine, since his arrival at Codelco, and constitutes concrete support from the Government for the Strategic Recovery Plan that is being developed to strengthen the company.

The President of the Republic, José Antonio Kast, highlighted the measure at a ceremony held at the Andina Division: “We stand with Codelco. That is why we will capitalize 100% of its 2025 profits. We announce this today, on Miners' Day, as recognition of their selfless and vital work. The Corporation is key to the development of Chileans and to the financing of the State.”

“The decision by President José Antonio Kast’s government is a sign of support for Codelco and the roadmap we have established to strengthen the company. There is no better time to receive this news than on Miners’ Day. Chilean mining has been built thanks to generations of men and women who have often worked far from their families, facing demanding conditions and making this activity an essential part of Chile’s history and development,” stated Bernardo Fontaine, Chairman of the Board of Codelco.

“This capitalization allows us to move forward with greater solidity, but it also imposes an enormous responsibility on us: to manage these resources with austerity, efficiency and financial discipline, prioritizing truly strategic investments to recover productive capacity and maximize our contribution to the country and the State,” Fontaine added.

For his part, Codelco's CEO, Jorge Gómez, emphasized that “this support requires us to transform resources into concrete results. Our focus is on safety and restoring cash flow through operational discipline and efficient management, in order to build a stronger Codelco and generate more value for Chile.”

“Codelco faces many challenges, and the State will have to make an effort. And when we do this—and I speak as Minister of Finance, representing the interests of all Chileans—it is because we believe Codelco is a good business. With these resources, we aim to help it contain its debt and undertake relevant projects,” stated Finance Minister Jorge Quiroz.

“The Government is making a clear political decision: Chile believes in Codelco and will support it so that it can once again deploy its full productive capacity and enormous potential for the country,” said Mining Minister Daniel Mas.

Capitalization of US$ 2.422 billion

The profits for fiscal year 2025 that will be capitalized amount to US$2.422 billion, resources that will remain within the company. This figure includes the accounting valuation of the Corporation's stake in NovAndino Lithium.

Fully consistent with this capitalization, Codelco's board of directors has defined four strategic pillars for its management: greater safety for people; maximizing Codelco's contributions to the State while seeking not to increase indebtedness; getting the house in order with transparency; and comprehensive sustainability.

“We are working to strengthen Codelco and regain the trust of Chileans. In the coming months, we will present a Strategic Recovery Plan that will comprehensively review our operations and all the decisions necessary to build a more robust and sustainable company, capable of generating the greatest possible value for Chile. Our goal is for Codelco to regain the leadership it deserves,” concluded Bernardo Fontaine.

Codelco