LatinNews Daily - 01 June 2026

*Chile’s state-run copper company Codelco has reported that production fell by 8.1% in the first quarter of 2026 as compared to the same period of 2025, totalling 272,000 tonnes (t) of fine copper. This decrease was due in part to a 26% fall in production at the major El Teniente mine, where a fatal accident at the end of July 2025 caused a halt in operations which remain partially suspended, while lower ore availability and a decline in ore grades affected production at the Chuquicamata and Ministro Hales mines. “These results reflect an operationally challenging quarter, during which the company had to contend with production constraints, lower ore grades, and higher costs,” said Codelco’s CEO, Rubén Alvarado. Despite the decrease in production, earnings before interest, taxes, depreciation, and amortisation (Ebitda) totalled US$2.14bn in the first quarter, up 59% compared to the first quarter of 2025. Codelco attributed this increase to higher copper prices in international markets, as well as higher prices for byproducts such as molybdenum. The Q1 results come as Bernardo Fontaine took over as Codelco chairman from Máximo Pacheco on 26 May. Fontaine, a renowned economist from the Pontificia Universidad Católica de Chile (PUC), signalled a shift towards profitability over production volume at his first board meeting last week.

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