Chile Won’t Sell Codelco Parent, Mas Says

CHILE · MINING

Chile ruled out selling Codelco’s parent but left the door open to partners. A November investment plan may show which stakes or assets are on offer.

Chile’s government will not sell the parent company of Codelco, the state copper giant, Minister Daniel Mas said on Friday, 16 October. The daily La Tercera reports that he wants more and better partnerships instead.

It matters to US investors and copper buyers because Codelco is a major supplier and the state sets its ownership terms. A partnership model would let outside money in without privatising the company.

What Minister Mas Said About Codelco

Mas spoke at the first “Esto es Chile” seminar in Rancagua, La Tercera reports. He runs both the Economy and Mining ministries in the government of President José Antonio Kast.

“We will not put its parent company up for sale,” Mas said, as translated from La Tercera. “But we are interested in seeking more and better partnerships.”

Safety After the El Teniente Deaths

Mas offered condolences to the families of workers killed in recent mining accidents, La Tercera reports. Codelco’s El Teniente mine reported two deaths on Sunday, 11 October.

La Tercera reports that Mas stressed workers should be able to return home safely after a shift. He also described a zero-tolerance stance on safety, according to the report.

The Mining Ministry called a safety roundtable for Friday, 16 October, as covered in Chile Mine Safety Talks Set for 16 October. The earlier avalanche is in Chile’s El Teniente Avalanche Kills 2 Mine Workers.

Governance, Debt and the Production Probe

Mas said Codelco’s governance is changing significantly, with a focus on safety, production and stabilising the company. He described a firm with heavy debt and both profitable and unprofitable divisions.

La Tercera adds that prosecutors are investigating Codelco’s production accounting after errors, including duplicated material at Ministro Hales and Salvador. Board chair Bernardo Fontaine called it “producción falsa”, meaning false production.

Mas and the Finance Minister asked for an extraordinary shareholders’ meeting to examine the accidents and safety measures, La Tercera says. The earlier request over the output case is in Chile Demands Answers on False Copper Output.

The November Investment Plan

Codelco plans to present a major investment plan in November, La Tercera reports. The plan is expected to clarify possible stake sales, acquisitions and partnerships.

That is the first date at which the partnership idea could gain terms. Until then, Mas’s statement sets only the principle that the parent stays in state hands.

Kast’s 4% Growth Target and Wider Agenda

Mas said President Kast has mandated 4% growth and that regions must grow at that rate. He said the region hosting the seminar grew faster than that two years ago but shrank last year.

He said private companies should lead regional growth and that the state should facilitate investment rather than create obstacles. In his words, employment comes first and growth after.

Mas called for labour reforms that add flexibility while protecting workers. He also said the government aims to raise tourism’s contribution to GDP by one point, which would mean about 100,000 additional jobs.

What It Means for US Readers

US investors in copper miners and traders of the metal watch Chile because it is one of the world’s largest producers. A state that keeps Codelco but invites partners may open project stakes without a sale of the company.

Any terms will come only with the November plan, so the statement alone changes no prices. Readers can follow the Copper in Latin America 2026 guide for the wider market.

What Is Not Known

This account rests on one outlet, La Tercera, which the Rio Times could read but not match with a second independent report. The ministry’s own text or a transcript of Mas’s speech was not available.

It is not clear what La Tercera’s word for parent company covers, such as the head office or the whole corporation. It is also unknown which stakes, assets or mines might be offered, or on what dates.

The date in November for the investment plan was not given. The article does not say whether the extraordinary shareholders’ meeting has been scheduled.

Frequently Asked Questions

Will Chile sell Codelco?

Minister Daniel Mas said on 16 October that the government will not put Codelco’s parent company up for sale. He said the state wants more and better partnerships instead.

What partnerships does Chile want for Codelco?

Mas said partnerships should bring capital, ideas and new mines. No partner, asset or price has been named.

When will Codelco present its investment plan?

Codelco plans to present a major investment plan in November, La Tercera reports. It is expected to clarify possible stake sales, acquisitions and partnerships.

What did Mas say about mining accidents?

He offered condolences to families of workers killed in recent accidents, including two deaths at El Teniente on 11 October. He and the Finance Minister asked for an extraordinary shareholders’ meeting on the accidents.

Why should US readers care about Codelco?

Codelco is Chile’s state copper giant, and ownership and partnership decisions can affect copper supply and project investment. The November plan is the next step to watch.

Sources: La Tercera, Matías Vera, 16 October 2026 (single source, attributed); related Rio Times coverage: Chile Demands Answers on False Copper Output; Chile Mine Safety Talks Set for 16 October (accessed 16 October 2026).