Codelco's Copper Price Windfall Masks Productivity Woes
Codelco, Chile's state-owned copper giant, reported improved financial results for the first half of 2026 despite lower production levels and higher costs. The company benefited from a favorable copper price scenario, which drove key financial indicators up.
The corporation produced 564,000 metric tons of fine copper (tmf) between January and June, an 11% decline compared to the same period in 2025. However, this decrease was mainly concentrated in the El Teniente division, Chuquicamata, and Ministro Hales due to various operational issues.
In contrast, Codelco's average realized price for copper reached 653.2 US cents per pound, a significant increase from 461.7 cents per pound in the same period of 2025. This led to a substantial boost in EBITDA (earnings before interest, taxes, depreciation, and amortization), which rose by 68% to $4.648 billion.
Jorge Gómez, Codelco's CEO, emphasized that while the results reflect a favorable copper price environment, they also highlight challenges ahead. He prioritized recovering productivity, improving asset performance, and maintaining safety as essential conditions for achieving better financial results in the future.