Codelco Surges on Copper Price Rally Despite Output Dip

Codelco, Chile's state-owned miner, reported significantly stronger first-half earnings due to higher copper prices. The company posted pre-tax profit of $1.97 billion for the first half of 2026, more than four times the $429 million seen in the same period a year earlier.

The copper price rally lifted Codelco's realized copper price to 653.2 cents per pound from 461.7 cents a year ago, but weaker output and higher costs offset some of these gains.

Codelco's own copper production declined 11% to 564,000 metric tons in the first half of this year, compared with 634,000 tons during the same period last year, mainly due to operational restrictions at El Teniente mine, lower output at Chuquicamata, and weaker ore grades at Ministro Hales.

The company's direct cash cost increased by 7% to 231.6 cents per pound.

Codelco did not release its 2026 production forecast in the report, but it had previously targeted 1.33 million tons to 1.36 million tons for this year.