Chile's Codelco probes over-inflated 2024-25 copper production figures
COPX•Codelco is investigating evidence that production figures at its Ministro Hales and Salvador divisions were inflated in 2024 and 2025, potentially because both divisions claimed the same material. The miner has hired EY to conduct an external audit and submitted the findings to the public prosecutor's office.
1. Production figures under investigation
Codelco said it is investigating newly detected inconsistencies in reported copper production at its Ministro Hales and Salvador divisions in 2024 and 2025. The same material may have been recorded as production by more than one division, and the company is examining whether the issue had financial impacts.
2. Audit and prior discipline
The findings emerged during an audit of 2024 and 2025 production ordered by chairman Bernardo Fontaine. Codelco previously fired an executive and disciplined others over improper 2025 reporting involving Chuquicamata and Ministro Hales, where materials requiring further processing had been reported as finished products. CEO Jorge Gomez said the company would investigate irregularities, determine responsibility, apply sanctions and seek recovery of any financial losses.
3. Output targets and context
Codelco aims to produce 1.7 million metric tons of copper annually by 2030, but its leadership has said output in coming years is likely to remain similar to current levels. Production at its own mines was 1.33 million tons last year; the miner is working to recover from a slump in 2022 and 2023, when production fell to two-decade lows.
