Santiago, August 25, 2026 – Codelco and Pucobre finalized the formation of the company to develop the Tovaku project, located 70 kilometers east of Tocopilla, in the Antofagasta Region. In this new company, Pucobre will hold a 60% stake and Codelco the remaining 40%, marking a key milestone that continues this partnership initiated in 2009.

The signing ceremony for the new company took place at Codelco's offices in Santiago and was led by Chairman of the Board Bernardo Fontaine and CEO Jorge Gómez. Representing Pucobre were Vice President Cristián Arnolds and General Manager Sebastián Ríos.

The company formation will accelerate the next phases of project development, including detailed engineering, obtaining environmental and sectoral permits, and the execution of early works. These activities include site work, tendering for major equipment, securing critical permits, and the engineering necessary to enable the future construction of the project. These activities are part of the roadmap that aims to bring the project to production by 2030, with an investment of approximately US$870 million.

“Partnerships are a pillar of Codelco’s growth strategy. They allow us to accelerate value creation from our mining resources, incorporate the capabilities and expertise of good partners, and achieve efficient structures to add new production. Tovaku is a very good example of this: an initiative that mobilizes investment and captures value for Codelco and for Chile,” commented Bernardo Fontaine.

Jorge Gómez added that “Tovaku reflects a project with a clear path and a focus on value creation. The challenge now is to move forward responsibly to transform this resource into new copper production, in a safe, competitive and sustainable manner, while also generating employment opportunities and local development.”

Meanwhile, Cristian Arnolds, speaking on behalf of Pucobre, added that “Tovaku demonstrates the potential and capacity of Chilean medium-sized mining companies to develop demanding projects. As the Pucobre board, we embrace this challenge, convinced that this alliance with Codelco will create value for both companies and for Chile.”

Meanwhile, Sebastián Ríos emphasized that “this milestone reflects the technical work carried out over the last few years to transform a geological opportunity into a viable project. Today we have advanced studies, a completed feasibility engineering study, and a development plan that allows us to confidently face the next stages.”

Details of the alliance and the project

The new partnership combines complementary capabilities. Codelco will contribute the project's mining concessions, while Pucobre will contribute the existing studies and will be responsible for financing the development and construction phases. For Codelco, this structure allows it to participate in the project without making any capital contributions, since the resources committed by Pucobre will be recovered through future distributions to Codelco.

Tovaku will be an open-pit operation with an estimated annual production of 46,000 tons of copper cathodes. It has reserves of 633 million tons and a mine life of 21 years. Key attributes of the project include the presence of minerals at shallow depths and low acid consumption for processing, along with the use of untreated seawater. These factors will contribute to efficient operation with less strain on continental water resources, reducing risks and shortening the initial operational phases.

Codelco