Santiago, August 28, 2026 - Codelco reported its results at the close of the first half of 2026, a period marked by lower production levels and higher costs, but with significantly higher financial results, driven by the favorable copper price scenario.

Between January and June, production reached 564,000 metric tons of fine copper (tmf), 11% less than the 634,000 tmf produced in the first half of 2025. The decline is concentrated mainly in the El Teniente division (27%)—as a consequence of the July 2025 accident, which restricted operational continuity—; Chuquicamata (22%), due to major maintenance carried out between April and May; and Ministro Hales (21%), due to lower ore grades. On the other hand, Salvador, Andina, and Radomiro Tomic improved their production by 18%, 7%, and 6%, respectively.

Considering the Corporation's minority stakes in El Abra (49%), Anglo American Sur (20%) and Quebrada Blanca (10%), the attributed production totaled 619 thousand tmf, 10% less than in the same period last year.

Costs reflect lower production and higher input costs

Direct cost (C1) – the main indicator used by the global mining industry to measure competitiveness and efficiency – rose 6.7% to 231.6 cents per pound, due to lower production volumes, the appreciation of the exchange rate which increases costs in pesos (salaries, third-party services, among others), and higher energy and fuel prices.

Net cost to cathode (C3) rose 9.9% to 403.3 cents per pound, due to the factors that affected C1, plus the impact of higher depreciation, financial costs, and other non-operational costs.

Higher copper price boosts financial results

In contrast to the decline in production, key financial indicators showed improvements due to higher prices for copper and its byproducts. Codelco's average realized price was 653.2 US cents per pound in the first half of this year, up from 461.7 cents per pound in the same period of 2015.

Thus, EBITDA (earnings before interest, taxes, depreciation, and amortization) reached US$4.648 billion, a 68% increase (US$1.886 billion) compared to the same period in 2025. Consolidated profit reached US$669 million in the period, representing an increase of US$558 million compared to the same half of 2025. Codelco's consolidated profit, comparable to its mining peers in Chile (excluding the Reserved Law contribution and the additional 40% tax), reached US$1.841 billion. Meanwhile, contributions to the Treasury totaled US$933 million, 15% higher than in the same period of the previous year.

“The results for the first half of the year reflect the contribution of a favorable copper price environment, but they also clearly show us the challenges ahead. Our priority is to recover productivity and improve the performance of our assets, with safety as an essential condition, greater cost discipline, and more efficient use of capital. We want a simpler, more aligned organization, capable of consistently fulfilling its commitments, to better transform Codelco's resources into greater value for Chile,” said Jorge Gómez, CEO of Codelco.

Decisions to strengthen the future

While Codelco is working on a new strategic plan to strengthen its performance in the medium and long term, management has already begun to implement decisions aligned with the four pillars defined by the board: safety, maximizing contributions to the State, getting the house in order, and comprehensive sustainability.

One of these achievements is the finalization of the agreement to implement the Andina-Los Bronces Joint Mining Plan, which will allow for more efficient use of existing resources and enable an estimated additional production of 2.7 million tons of copper over 21 years. This is a concrete example of how collaboration and leveraging synergies can be a tool for productivity and efficiency.

Another relevant fact is the capitalization of 100% of the 2025 profits, announced by the government, which strengthens the company's financial position and gives a strong signal of support for Codelco from the State of Chile.

Regarding safety, Codelco has decided to temporarily suspend activities at the Andes Norte project while it deepens its understanding of the geomechanical and seismic conditions of the area. This measure reflects the company's commitment to prioritizing safety for all operational and development decisions.

Finally, the creation of the Puntilla Mining Company together with Pucobre to develop the Tovaku project, an alliance that reflects the decision to continue exploring collaborative formulas that allow the efficient development of mining resources, sharing capabilities and generating long-term value.

Progress of structural projects

Regarding Codelco's structural projects, the first phase of the continuity infrastructure for Level 1 of the Chuquicamata Underground mine (which has been operational since 2019) has reached 94% completion. Meanwhile, at the Salvador Division, the Rajo Inca open pit project has reached 97% completion. This project began production in December 2024 and is currently in its ramp-up phase, with design capacity expected to be reached during 2027.

Meanwhile, in the El Teniente Project Portfolio, Diamante shows a progress of 59%, while Andesita continues only with critical maintenance activities, and Andes Norte is temporarily stopped.

Codelco