Santiago, April 2026.- In the framework of its 2026 Ordinary Shareholders Meeting, the Chairman of the Board of Directors of Codelco, Máximo Pacheco, presented to the Ministers of Finance, Jorge Quiroz, and of Economy and Mining, Daniel Mas, as representatives of the President of the Republic, the main results and transformations of the management from 2022 to 2025.

The session, which was broadcast publicly, began with a reflection on security by Pacheco, in which he reiterated that the protection of life constitutes a fundamental operational requirement for the Corporation.

In that context, the actions implemented after the accident that occurred in the El Teniente Division in 2025 were addressed, including internal and external investigations, the strengthening of risk governance and a structural reorganization that raised safety to the highest level of corporate decision-making.

Productive horizon in recovery phase

During 2025, Codelco achieved its own production of 1,334,445 tons of fine copper, and a total production of 1,439,732 tons, incorporating the attributed production of its stakes in El Abra, Anglo American Sur and Quebrada Blanca.

According to Pacheco, these results reflect the stabilization process of the operational base after the productive valley of 2023, as well as the contribution of relevant operational milestones and the progress of structural projects, in a context marked by the age of century-old deposits, the sustained drop in ore grades and greater geotechnical demands.

“This 2025 production balance reflects a Corporation in transition, whose goal remains to recover a total production, including its own and that of subsidiaries and affiliates, of 1.7 million tons by 2030, as announced in 2019. We are handing over a Corporation with a transparent, stabilized, and recovering production outlook, based on responsible mining planning, without optimistic biases,” the Chairman of the Board stated.

The projects are progressing with clear and realistic timelines.

Between 2022 and 2025, Codelco maintained an average annual investment of approximately US$4.3 billion, with US$5.054 billion in the last year, thanks to the strengthening of the governance of structural projects and the significant improvement in the levels of physical and budgetary execution during this period.

Projects such as Chuquicamata Underground and Rajo Inca, which were received in 2022 with progress levels close to 20%, were completed in 2025 exceeding 90%; while the structural portfolio of El Teniente advanced after technical reformulations that corrected designs, adjusted deadlines and reinforced financial planning, ensuring its viability.

Pacheco emphasized that in 2022 the board received “a portfolio of projects that suffered from the strain of a late start and simultaneous execution at the limit of market capacity; today we deliver an investment roadmap with realistic technical foundations, adjusted schedules and management control that assumes the volatility of the global environment.”

“Codelco is and continues to be the best business for Chile”

“Contrary to interpretations suggesting that the Corporation generates debt rather than wealth, historical and operational data present the opposite reality. Codelco is, and has been, the fundamental pillar of Chilean development: throughout its history, it has contributed US$164 billion in current currency to the Treasury,” Pacheco emphasized.

The chairman of the board explained that the copper company's EBITDA, an indicator that measures earnings before interest, taxes, depreciation, and amortization and allows for comparisons between companies in different industries and countries, demonstrates that "Codelco is not in crisis." He added that "on the contrary, the data shows that Codelco is and continues to be the best business for Chile."

The US$6.67 billion in EBITDA projected for 2025 equates to US$18 million in daily cash flow. “We inherited a company shrouded in doubt about its financial future and delivered an organization with stronger EBITDA than the average of the last decade, a more robust and solid company with a renowned international reputation,” he emphasized.

A copper and lithium conglomerate

One of the strategic milestones of the period mentioned by the chairman of the board was the transformation of the company into a critical minerals conglomerate, through a hybrid growth model that combines its own operations with strategic partnerships with global industry leaders.

Pacheco highlighted the creation of NovAndino Litio, a public-private partnership with SQM, along with relevant agreements in copper and lithium with international companies, such as Rio Tinto, Anglo American, Teck and BHP, among others, which allow sharing risks, accelerating decisions and strengthening technological capabilities in a context of growing global demand for critical minerals.

The Chairman of the Board emphasized that the period's management was conducted under a robust, autonomous, and professional corporate governance structure, with strategic decisions adopted unanimously and adhering to high standards of integrity and transparency. Furthermore, dialogue with employees and communities was strengthened, promoting social peace as an enabling condition for project execution and operational continuity.

“For decades, it was said that Codelco is Chile’s livelihood. Today, we also understand that mining is part of geopolitics: producing critical minerals is a technical challenge, but it is even more of a strategic responsibility. Chile has strengthened its position thanks to its resources and human capital, but mainly because it has Codelco, its most strategic asset. Protecting this legacy is not an option; it is an obligation. Subjecting this Corporation to the instability of political cycles or short-term visions is a risk the country cannot afford,” he stated, concluding his remarks with, “Protecting Codelco is protecting Chile.”

At the close of the meeting, the Minister of Economy and Mining, Daniel Mas, affirmed that it was very important to attend this meeting “with the conviction that Codelco must be a benchmark in terms of good management and safety for its workers, and that it is a state-owned company that operates with the resources of all Chileans.” He also reiterated that the Government will announce in the coming days the three directors chosen by President José Antonio Kast.

For his part, Finance Minister Jorge Quiroz assured that the presentation made at the board meeting would be incorporated into the government's analysis, and that the company's future is a cause for concern due to the increase in investment and the decrease in production. "We view the company's future with concern and close attention," he stated.

Codelco