Chile’s government-owned copper mining giant Codelco does not expect significant growth in its production output anytime soon, according to the company’s chairman, Bernardo Fontaine, who spoke before a congressional committee on Wednesday.
When asked whether Codelco was on pace to reach its goal of producing 1.7 million metric tons of copper annually by 2030, Fontaine indicated the numbers likely won’t climb much from where they stand today. “It is very possible that it sits at a production rate quite similar to the one it has today,” he said.
The mining company has been working to bounce back after a difficult stretch in 2022 and 2023, when output dropped to its lowest point in roughly twenty years. Codelco’s own mines produced 1.33 million tons last year.
Fontaine acknowledged that major structural projects — efforts intended to address declining ore quality — have run into unforeseen setbacks, including delays and higher-than-anticipated costs.
One potential bright spot, he suggested, could be the El Abra copper mine. Codelco holds a 49% ownership stake in that operation, with the majority share belonging to Freeport McMoRan. A $7.5 billion expansion project at El Abra has already been planned by the U.S.-based mining company.
“It has a very significant investment project, so it must be evaluated very carefully. Perhaps that is the best project where we could invest whatever resources we are able to get,” Fontaine said.
Meanwhile, Chile’s national copper agency, Cochilco, is expected to publish a preliminary audit of Codelco’s production data in September. The review follows questions about whether the company improperly counted approximately 20,000 metric tons of copper in a 2025 production report.
