LatinNews Daily - 11 August 2026

*Chile’s government led by President José Antonio Kast has announced that state-owned mining company Codelco will be allowed to reinvest all of its 2025 profits for the first time in its 50-year history. Speaking from Tarapacá, a region in the north of Chile, the mining and economy minister, Daniel Mas, said this meant that Codelo would retain all of the US$2.4bn it generated last year. Mas described this as a “historic milestone” for Codelco, saying that “these funds will be used to ensure operational continuity with high standards of safety and sustainability, finance strategic investments, and strengthen the company’s financial capacity, all under strict criteria of discipline, efficiency, control, and transparency”. Kast added that the move would allow the company to strengthen its financial position and reduce the need to increase debt. The announcement was made to coincide with the national Day of the Miner on 10 August and comes as Codelco, the world’s largest copper mining company, has been struggling with falling production and rising debt.