Codelco Records Profits of US$2.42 Billion

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

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Summary

Codelco's acquisition of 50% plus one share of Novandino Litio drove a sharp consolidated profit increase, despite production setbacks in 2025 from the El Teniente accident, reduced Chuquicamata processing and lower Gabriela Mistral grades.

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Profit Growth

Codelco, the Chilean state mining company, reported earnings before interest, taxes, depreciation and amortization (EBITDA) of US$6.67 billion in 2025, a 23% year-over-year increase, and consolidated profits of US$2.42 billion, some US$2.17 billion more than in 2024.

The significant increase in consolidated profits came from the fair value recognition of Codelco's acquisition of 50% in Novandino Litio, its joint venture with SQM for lithium extraction in the Atacama salt flats, which generated an after-tax gain of US$2.03 billion.

Excluding Codelco's lithium acquisition, profits totalled US$388 million, US$143 million more than in 2024.

The company's capital spending in 2025 totalled US$5.07 billion, the highest in the company's history.

"The level of physical and financial execution achieved is unprecedented. It is a concrete sign that Codelco is strengthening its capacity to execute, fulfil, and develop its commitments with discipline, which in turn extends the useful life of its deposits and guarantees their production and contributions for the future," said Ruben Alvarado, President of Codelco.

In terms of project development, the Rajo Inca development reached 94% completion, with the concentrator processing 27,000 tonnes per day, with expectations to reach 37,000 tonnes per day.

Meanwhile, at the El Teniente mine, the Andesita, Andes Norte and El Diamante sections recorded uneven progress following the July accident that affected the mine. The Andesita section reached an 80% completion before works were halted due to the accident, while Andes Norte reached 81% progress by December, and Diamante 51%. Subscribers to Industrial Info's Global Market Intelligence (GMI) Plant Database can click here to see the related plant profiles.

Copper Production

In 2025, Codelco, the world's largest copper miner, reached a total output of 1.334 million tonnes, 0.5% more than in 2024. Including Codelco's share from assets with minority stakes such as El Abra, Anglo American Sur and Quebrada Blanca, the company recorded an output of 1.439 million tonnes.

El Teniente's mine output dropped by 13% to 310,000 tonnes in 2025 compared to 2024, primarily due to the accident in July that left six miners dead and resulted in a temporary shutdown of the mine. Chuquicamata's volumes also dropped by 8% in 2025 to 265,800 tonnes, mainly due to lower ore feeds, while the Gabriela Mistral asset experienced a 20.3% year-on-year decline to 82,000 tonnes, driven by lower mining grades.

The production drops were offset by a 25.1% increase from the Ministro Hales and a 9.2% yearly boost from Radomiro Tomic.

"2025 was a year of stabilization and of adapting production to a complex operational environment, marked by the accident at El Teniente and other contingencies that impacted extraction rates, ore feed, and certain industrial processes at various operations. In response, we have decisively reinforced safety, reliability, continuity, and operational discipline to consolidate the progress achieved during the period and resume a path of sustainable growth," mentioned Alvarado.

Key Takeaways

• Codelco reported an EBITDA of US$6.67 billion in 2025, a 23% yearly increase.
• Consolidated profits reached US$2.42 billion, up US$2.17 billion from 2024.
• Codelco reached a total copper output of 1.334 million tonnes, 0.5% more than in 2024.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

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 validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 trillion (USD).