Chile’s Codelco, one of the world’s largest copper producers, on Friday posted a pre-tax profit of $825 million for the first quarter of 2026, nearly four times more than the $213 million reported in the same period last year, due to strong prices for the red metal.
Codelco said its own copper production totaled 272,000 metric tons in the January-March period, down 8% from the same quarter a year earlier.
CEO Ruben Alvarado said the company benefited from higher prices in global markets for copper and by-products like molybdenum. Copper is a key metal for myriad industrial processes, including construction and electrification.
Output, however, was weak in major mines El Teniente and Chuquicamata, as well as in smaller divisions Ministro Hales, Gabriela Mistral and Andina.
El Teniente, where output fell 26%, still grappled with limited operations after last year’s fatal collapse inside the mine, and Chuquicamata, down 18%, had lower ore availability at the plant.
“These results reflect an operationally demanding quarter, in which the company had to face production constraints, lower ore grades and higher costs,” Alvarado said in a statement. “Our focus is on strengthening operational continuity, safety, cost control, and ensuring sustainable surplus generation for the Chilean state.”
Codelco did not announce any adjustments to its 2026 output forecast, which stands at 1.33 million to 1.36 million tons.
(By Fabian Cambrero, Iñigo Alexander and Daina Beth Solomon; Editing by Natalia Siniawski)
