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Released November 06, 2025 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)
Summary
Codelco reached an output of 1.01 million tons of copper across all its assets by the end of the third quarter, despite a major accident at the El Teniente mine. The accident cut 22,000 tons of output and prompted the company to adjust its yearly guidance.
The volumes represent a positive outcome for Codelco, especially given the 22,000-ton impact from the El Teniente accident on July 31 that killed six miners and forced a temporary shutdown.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can read detailed profiles of the El Abra, Anglo American Sur, Quebrada Blanca and El Teniente mines.
As a result, production guidance for this year has been revised down to 1.31 million to 1.34 million tons, from the previously expected 1.37 million to 1.4 million tons. Capital expenditures (capex) were reduced to between US$4.3 billion and US$5 billion for 2025.
However, higher production from the Ministro Hales asset and the ramp-up of the Rajo Inca project of the El Salvador division have partially compensated for El Teniente's losses.
Subscribers can read detailed plant profiles for Ministro Hales and El Salvador, and can learn more about the Rajo Inca project from a detailed list of project reports.
Operational costs during third-quarter 2025 increased 4.4% from the same period last year to US$2.40 per pound, driven by higher operational costs, the ramp-up of Rajo Inca, and more mining activity at Radomiro Tomic. Through September, the company's EBITDA reached US$4.1 billion, 3.4% more than last year, driven by higher copper prices.
Subscribers can learn more about Radomiro Tomic from a detailed plant profile.
Subscribers can learn more about the Distrito Norte project from a detailed list of project reports.
Meanwhile, the Andes Norte and Diamente projects at the El Teniente mine were at 80% and 49%, respectively, by the end of the third quarter. The Rajo Inca project, for its part, is currently in ramp-up and is at 93% completion, with the commissioning of the concentrator in July, allowing for the start of the plant's integrated operation by the second half of next year.
Subscribers can read detailed reports on the Andes Norte and Diamente projects.
Moreover, the company signed an agreement with Anglo American to merge operations at Los Bronces and Andina mines to increase efficiency. And it inked a memorandum of understanding (MoU) with Huawei to explore technological developments to improve mining activities.
Subscribers can read detailed profiles of the Los Bronces and Andina mines.
Key takeaways
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) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Summary
Codelco reached an output of 1.01 million tons of copper across all its assets by the end of the third quarter, despite a major accident at the El Teniente mine. The accident cut 22,000 tons of output and prompted the company to adjust its yearly guidance.
Output Up, but Outlook and Capex Cut
Codelco reported a copper output of 937,000 tons between January and September, a 2.1% increase compared to the same period last year. Including the company's production share from its minority mines El Abra (49%) and Quebrada Blanca (10%), Codelco's total output for that same period is 1.01 million tons, 1.4% higher than last year.The volumes represent a positive outcome for Codelco, especially given the 22,000-ton impact from the El Teniente accident on July 31 that killed six miners and forced a temporary shutdown.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can read detailed profiles of the El Abra, Anglo American Sur, Quebrada Blanca and El Teniente mines.
As a result, production guidance for this year has been revised down to 1.31 million to 1.34 million tons, from the previously expected 1.37 million to 1.4 million tons. Capital expenditures (capex) were reduced to between US$4.3 billion and US$5 billion for 2025.
However, higher production from the Ministro Hales asset and the ramp-up of the Rajo Inca project of the El Salvador division have partially compensated for El Teniente's losses.
Subscribers can read detailed plant profiles for Ministro Hales and El Salvador, and can learn more about the Rajo Inca project from a detailed list of project reports.
Operational costs during third-quarter 2025 increased 4.4% from the same period last year to US$2.40 per pound, driven by higher operational costs, the ramp-up of Rajo Inca, and more mining activity at Radomiro Tomic. Through September, the company's EBITDA reached US$4.1 billion, 3.4% more than last year, driven by higher copper prices.
Subscribers can learn more about Radomiro Tomic from a detailed plant profile.
Progress on projects
Codelco provided an update on several of its structural projects aimed at increasing production over the next few years. The desalination plant in Distrito Norte was at 87% completion by September, with an expected operational start next year. Subscribers can learn more from a detailed list of project reports.Subscribers can learn more about the Distrito Norte project from a detailed list of project reports.
Meanwhile, the Andes Norte and Diamente projects at the El Teniente mine were at 80% and 49%, respectively, by the end of the third quarter. The Rajo Inca project, for its part, is currently in ramp-up and is at 93% completion, with the commissioning of the concentrator in July, allowing for the start of the plant's integrated operation by the second half of next year.
Subscribers can read detailed reports on the Andes Norte and Diamente projects.
Deals and agreements
In Q3, Codelco also received approval to move forward with the Atacama lithium project, in partnership with SQM, to extract 2.5 million tons of lithium metal equivalent between 2031 and 2050.Moreover, the company signed an agreement with Anglo American to merge operations at Los Bronces and Andina mines to increase efficiency. And it inked a memorandum of understanding (MoU) with Huawei to explore technological developments to improve mining activities.
Subscribers can read detailed profiles of the Los Bronces and Andina mines.
Key takeaways
- Production guidance for 2025 has been lowered to 1.31- 1.34 million tons.
- The company continues advancing on the development of its structural projects, aimed at increasing production.
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) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
