Codelco announced on March 27 that it closed the year 2025 with an EBITDA of US$6.67 billion, a consolidated profit of US$2.423 billion, and a contribution to the Treasury of US$1.778 billion. The company reported improvements in its financial and production indicators compared to the previous year.
The results reflect Codelco’s efforts to stabilize operations after facing challenges such as an accident at El Teniente and other operational disruptions during the year. CEO Rubén Alvarado said, “2025 was a year of stabilization and adaptation of 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 some operations. In response, we have decisively reinforced safety, reliability, continuity, and operational discipline to consolidate the progress made during this period and resume a path of sustainable growth.”
Production for Codelco’s own divisions reached 1,334,445 metric tons of fine copper—0.5% higher than in 2024—while attributed production was slightly lower than last year. Ministro Hales division saw a significant increase in output by 25.1%, reaching 153,000 metric tons due to improved mine development and ore grades; Radomiro Tomic increased by 9.2% to reach 295,000 metric tons; Salvador contributed with Rajo Inca producing 47,000 metric tons; Andina maintained its previous level at 182,000 metric tons.
However, some divisions experienced declines: El Teniente’s output fell by 13% due to post-accident restrictions; Chuquicamata dropped by 8%; Gabriela Mistral decreased by over one-fifth due to deteriorating ore grades.
Direct costs rose nearly five percent compared with last year mainly because of increased spending on support services and equipment rentals as well as inflationary effects from the Consumer Price Index (CPI). Net cost per cathode also increased substantially owing partly to exchange rate impacts on liabilities denominated in pesos.
A major highlight for Codelco was record capital expenditures totaling US$5.073 billion—the largest annual investment in its history—with overall project portfolio completion reaching nearly all planned targets physically and financially for the budgeted amount.
Alvarado described these results as unprecedented: “The level of physical and financial execution achieved is unprecedented. It is a concrete sign that Codelco is strengthening its capacity to execute fulfilland develop its commitments with discipline which in turn extends the useful life of its depositsand guarantees their productionand contributions for the future.”
Among key milestones were new partnerships—including agreements with Anglo American aimed at increasing future copper output through joint mining plans—and entry into lithium mining via Nova Andino Lithium joint venture with SQM following acquisition recognized under fair value accounting rules which generated most net income growth this year.
