Santiago, March 27, 2026 - Codelco reported its results for the end of 2025 with improvements in its financial and production indicators compared to 2024. In the period, the copper company reported its own production of 1,334,445 metric tons of fine copper (tmf) and a total production of 1,439,732 tmf, considering the production attributed to El Abra (49%), Anglo American Sur (20%) and Quebrada Blanca (10%); an EBITDA (earnings before interest, taxes and depreciation) of US$ 6.67 billion and a contribution to the Treasury of US$ 1.778 billion.

“2025 was a year of stabilization and adaptation of production to a complex operational environment marked by the accident at El Teniente and other contingencies that impacted extraction rates, ore feed, and certain industrial processes at some operations. In response, we have decisively reinforced safety, reliability, continuity, and operational discipline to consolidate the progress made during this period and resume a path of sustainable growth,” described Codelco's CEO, Rubén Alvarado.

However, the divisional production of 1,334,445 metric tons for the period is 0.5% higher than that achieved in 2024, meaning approximately 6,000 additional metric tons were produced. Meanwhile, attributed production was 0.1% lower than in 2024.

Looking at production by division, Ministro Hales stood out with a 25.1% increase compared to 2024, totaling 153,000 metric tons, mainly due to progress in mine development and improved ore grades. Radomiro Tomic, meanwhile, showed a 9.2% increase, reaching 295,000 metric tons, due to higher sulfide shipments to the Chuquicamata concentrator; while in Salvador, Rajo Inca contributed 47,000 metric tons. The Andina Division maintained its production compared to the previous year, reaching 182,000 metric tons by the end of 2025.

Production at El Teniente fell 13% to 310,000 tons due to operational restrictions following the fatal accident; Chuquicamata declined 8% to 265.8 tmf, mainly due to lower feed of its own ore to the plant, especially from the open pit mine; and Gabriela Mistral fell 20.3% to 82 tmf due to the deterioration in ore grades.

During the period, direct costs (C1) reached 208.6 US cents per pound (c/lb), a 4.8% increase compared to the previous year. This increase is mainly due to higher costs associated with production support services and the recovery of mine development through equipment rentals, as well as the effect of a greater variation in the Consumer Price Index (CPI) and increased operational activity at Rajo Inca and Radomiro Tomic. These effects were partially offset by lower input prices, particularly for electricity and diesel.

Meanwhile, the net cost to cathode (C3) rose 13.55% to 372.9 c/lb, which, in addition to the factors considered in C1, includes impacts from the effect of the exchange difference on liabilities denominated in pesos.

As of December 2025, EBITDA reached US$6.67 billion, 23% higher than in 2024, when it reached US$5.439 billion. This increase was partially offset by higher non-operating losses. In line with the improved results, consolidated contributions to the Treasury increased by 16%, reaching US$1.778 billion, compared to US$1.534 billion in 2024.

Consolidated net income at year-end was US$2.423 billion, an increase of US$2.178 billion compared to 2024, resulting from the recognition of the fair value of the acquisition of 50% plus one share of Novandino Litio, the joint venture with SQM for lithium mining in the Atacama Salt Flat, which generated a net profit of US$2.035 billion after taxes. Excluding the exceptional gain from the acquisition of this stake, Codelco's net income reached US$388 million, US$143 million higher than in 2024 (a 58% increase).

Record investments and progress on structural projects

The year closed with record investment figures, totaling US$5.073 billion in capital expenditures, the largest annual deployment in Codelco's history. Overall, the Corporation's project portfolio achieved 98% physical and financial progress compared to the budgeted amount.

“The level of physical and financial execution achieved is unprecedented. It is a concrete sign that Codelco is strengthening its capacity to execute, fulfill, and develop its commitments with discipline, which in turn extends the useful life of its deposits and guarantees their production and contributions for the future,” Alvarado described.

During the period, Rajo Inca reached a total progress of 94%, the concentrator plant achieved a treatment of 27 thousand tons per day (ktpd), and a plan was executed to ensure the operational continuity and reliability of the plant to reach 37 ktpd of design.

At El Teniente, the Andesita, Andes Norte, and Diamante projects experienced uneven progress due to the effects of the July earthquake. Andesita had reached 80% completion before construction was halted. As of the end of December, it was still subject to restrictions, geomechanical monitoring, and review. Andes Norte, which resumed construction in September, reached 81% completion by the end of 2025. Meanwhile, Diamante had achieved 51% completion by December.

Meanwhile, Chuquicamata Underground completed the infrastructure project focused on ensuring continuity in seven major areas. Of particular note are the dust collection and suppression works, which achieved a 40% reduction in PM10 airborne dust in the Crushing cavern (Lines 2 and 3) and a 70% reduction in the main conveyor belt transfer area. The Phase 1 Continuity Project, which addresses the North and South Macroblocks of Line 4, has reached 90% physical completion, with its most significant milestone being the completion of the first crushing room in October.

Main milestones of the year

• Historic alliance with Anglo American for the joint operation of the Andina-Los Bronces district. Among the year's positive developments, the CEO highlighted the signing of a Memorandum of Understanding (MoU) with Anglo American to collaborate on the development of the Andina-Los Bronces mining district. The goal is to strengthen a Joint Mining Plan that will increase production by approximately 120,000 tons of fine copper per year on average between 2030 and 2051, creating value exceeding US$5 billion. "This agreement is a historic and strategic step to increase value and optimize resources for both companies," he commented.
• Nova Andino Lithium. The joint venture Nova Andino Lithium was established with SQM, which will develop the exploration, exploitation, production and commercialization activities of lithium in the Atacama Salt Flat until 2060, configuring itself as a historic milestone in Codelco's entry into the production of this mineral.
• New public-private partnership agreements. Several other alliances were signed with world-renowned mining companies. These include a partnership agreement with Rio Tinto to advance lithium development in Maricunga, establishing the terms for a joint venture in which Rio Tinto will contribute up to US$900 million; an agreement with BHP for the exploration of the “Anillo” project in the Antofagasta Region; a Memorandum of Understanding (MoU) with India’s Adani Group for the exploration of three copper projects in northern Chile; and a MoU with Glencore to advance the development of a new copper smelter in Chile.
• Development of more technologies and innovation. Public-private partnerships also extended to the technology and innovation sectors. With the US-based I-Pulse, a world leader in the application of high-power pulsed technologies, we signed an agreement to explore innovation alternatives ; with the Sustainable Minerals Institute – International Centre of Excellence Chile, at the University of Queensland, we agreed on a partnership to develop projects focused on sustainable mining ; with the Federico Santa María Technical University, we signed a technology agreement geared towards highly complex mining projects and advanced metallurgy; with the Japanese company NTT DATA, we developed a partnership to accelerate the digital and sustainable transformation of our operations, incorporating artificial intelligence and data analytics solutions; and with Huawei, an agreement to explore cutting-edge solutions in connectivity at mining sites, power generation, and the use of artificial intelligence to automate processes.
• Sustainability Advances. The Corporation published its first Climate Change Report, which systematizes the progress, challenges, and next steps of its climate action strategy. We celebrated 10 years as the leader in ESG Responsibility among mining companies in Chile. We formed an alliance with Maggotteaux Andino to reduce the carbon footprint at El Teniente by 40,000 tons of CO₂ annually through the use of grinding balls made from recycled material. We became the first mining company in Chile to measure its blue water footprint, that is, the amount of freshwater directly used in the production of each ton of copper. This calculator, which followed the highest international standards to generate the metric, will be certified this year.
• More women at Codelco. We closed 2025 with 2,935 women in the Corporation, the highest number of female employees in the entire national mining industry. Of those hired, 40% were women, contributing to a female workforce of 18.6%.

2026 Projections

 Codelco