en.Wedoany.com Reported - Chile's state-owned copper company Codelco produced 272,000 metric tons (tmf) of its own copper in the first quarter, down 8.1% from the same period in 2025. Including attributable production from El Abra (49%), Anglo American Sur (20%), and Quebrada Blanca (10%), total output reached 300,000 tmf, a 7.5% decrease from 324,000 tons in the same period last year. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $2.143 billion, with total payments to the Chilean state (including secrecy law and royalty fees) amounting to $430 million.
EBITDA increased by $795 million, or 59%, compared to the first quarter of 2025, primarily driven by higher international copper prices and rising prices for by-products such as molybdenum. CEO Rubén Alvarado stated that operations were tight during the quarter, with the company facing challenges of constrained production, declining ore grades, and rising costs. The focus is on improving operational continuity, safety, cost control, and ensuring sustained surplus generation for the state.
By mine site, production at Radomiro Tomic increased by 12% to 71,600 tons, due to higher oxide ore grades and increased sulfide ore shipments to the Chuquicamata concentrator. Production at Salvador rose to 11,700 tons, an 80% increase from 6,500 tons in the same period of 2025, benefiting from the startup of the Rajo Inca project. Output at El Teniente, Ministro Hales, Chuquicamata, Gabriela Mistral, and Andina declined by 26%, 10%, 18%, 14%, and 6%, respectively. El Teniente's production continued to be affected by a fatal accident in July last year, Chuquicamata faced reduced ore availability at the concentrator, Ministro Hales experienced declining ore grades, Gabriela Mistral underwent planned maintenance, and Andina saw lower ore input.
Production performance impacted costs. Direct costs (C1) rose by 10% to 231.8 cents per pound, driven by currency appreciation, lower production volumes, and increased material costs, Teniente mining service costs, and maintenance costs at Gabriela Mistral, El Salvador, and Chuquicamata. Net cathode costs (C3) increased by 6.3% to 397.5 cents per pound, for the same reasons as C1 costs, but partially offset by the impact of exchange rate fluctuations on peso-denominated liabilities.
Payments to the state treasury increased by 94% compared to the first quarter of 2025, reaching $430 million. Consolidated net profit attributable to Codelco for the quarter was $290 million, nearly five times the $60 million recorded in the same period last year.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
