Codelco expects to lift copper output by 10,000t this year

Chilean state-run miner Codelco is expected to produce 1.344 million metric tons of copper in 2026, up about 10,000 tons from last year, chairman Maximo Pacheco said on Monday.

Speaking to Reuters on the sidelines of the Future Minerals Forum in Riyadh, Pacheco said that Codelco, the world’s largest copper producer, achieved copper output of 1.33 million tons in 2025. It also produced 100,000 tons in partnerships with other companies.

“Our strategy has been to find copper and develop structural projects to expand and extend the life of our copper mines, so that’s where we’ve been investing our capital,” Pacheco said, adding that the company plans to invest $150 million in exploration in 2026.

Several of Codelco’s mines are undergoing overhauls to counteract a decline in ore grades while problems and delays at some of its big projects have pressured the company’s finances.

The company has about $24 billion of debt, which has been increasing because of its $5 billion of annual capital expenditure, Pacheco said.

Codelco also needs to reinforce operations at flagship mine El Teniente, where production was hit by a deadly accident last July.

An internal Codelco document seen by Reuters showed that El Teniente’s annual output dropped 13% from 2024 to 310,100 tons.

Pacheco added that the company’s joint lithium venture with Chile’s SQM is expected to produce 250,000 tons in 2026, up from 230,000 tons last year.

“Our first commitment is to increase lithium production with new technologies, using less water and less brine,” he said.

(By Clara Denina, Fabian Cambero and Alexander Vilegas; Editing by David Goodman)