Codelco Probes Alleged Double-Counting at Chilean Mines

---

Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

---

Summary

Codelco is investigating production inconsistencies at its Ministro Hales and Salvador mines, where output may have been double-counted. The company has commissioned a new external audit and will continue reviewing its production figures. IIR is tracking seven projects at both mines.

---

'Double' Trouble

Codelco said that it had been informed about inconsistencies that may have "artificially increased" production volumes reported from its Ministro Hales and Salvador divisions in 2024 and 2025.

Based on the latest information, the overestimated production may result from Ministro Hales and Salvador mines claiming the same material as their own production.

Industrial Info Resources offers more information on these mines in its Global Market Intelligence (GMI) Metals & Minerals Plant Database, where readers can find detailed profiles of Ministro Hales and Salvador.

Industrial Info Resources is tracking four projects at Ministro Hales, representing investments of US$2.51 billion, including a mine life extension, and three projects at Salvador worth US$109 million. Readers can learn more from a detailed list of project reports.

KPMG will continue to investigate Codelco's production figures for 2024 and 2025, while EY Chile will conduct an external audit to investigate the possible double counting.

Production Faces Challenges

An earlier internal audit in May identified 26,875 tonnes of copper improperly reported as finished production in 2025, comprising 20,000 tonnes at its Chuquicamata mine and 6,875 tonnes at Ministro Hales. As a result, Codelco fired an executive and imposed disciplinary sanctions against other employees.

"The administration's decision is to thoroughly investigate any irregularities, determine the corresponding responsibilities, impose the appropriate sanctions, and pursue the recovery of any financial loss that may have occurred," said Jorge Gomez, the executive president of Codelco, in a statement. "We are committed to clarifying these events with rigor and transparency and to strengthening controls to prevent situations of this nature from happening again."

Codelco originally reported Ministro Hales production of 153,000 tonnes of copper in 2025, compared with 122,000 tonnes in 2024. However, in July, the company corrected the 2025 figure production for Ministro Hales to 146,000 tonnes.

Meanwhile, Salvador had an output of 47,000 tonnes in 2025 and 6,000 tonnes in 2024.

The investigation emerges as the Chilean company struggles to raise its copper production. The company set an annual production target of 1.7 million tonnes of copper for 2030, but, Codelco's Board Chairman Bernardo Fontaine recently said in an interview that the plan is unachievable.

Including the production attributable to its stakes in other mines, Codelco produced 1.41 million tonnes of copper in 2025, compared with 1.44 million tonnes in 2024. For this year, the company set a production guidance of 1.331 million and 1.357 million tonnes of copper from its operated mines.

Key Takeaways

• Investigations into Ministro Hales and Salvador copper production indicate possible double counting of the same materials.
• Codelco and KPMG will continue to investigate the matter, while EY will conduct an external audit.
• Codelco's guidance for 2026 is 1.331 million to 1.357 million tonnes of copper.

---

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news, and analysis on the industrial process, manufacturing, and energy-related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified, and verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).