Codelco Overstated Copper by 42,000 Tonnes

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CHILE · MINING

Codelco, the Chilean state company that mines more copper than anyone else, told its shareholders that it overstated its production by more than 42,000 tonnes across 2024 and 2025. Chair Bernardo Fontaine called these “serious events” at the shareholders’ meeting, held on Thursday 5 November 2026.

For US readers, the case matters because Codelco is a major copper supplier to the world market, including the wiring, electric vehicles and data centres that serve American businesses. A miner that cannot trust its own output figures makes the supply picture harder to read.

Our earlier reports on the overcount inquiry and the dismissal of eight executives give the background. This report adds the new total confirmed to shareholders.

What the Chair Said

Fontaine said the overstatement was a little over 18,000 tonnes in 2025 and about 24,000 tonnes in 2024, which together passes 42,000 tonnes. He added that the episodes had hurt trust in Codelco and its reputation.

He said the board’s main duty is to protect the company and win back confidence, both in markets and with the public. The shareholders’ meeting backed the steps the board has taken so far.

The Steps Taken

The board removed the staff involved, strengthened internal controls and hired outside auditors, according to the shareholders’ decisions. Codelco has already dismissed senior managers after internal audits looked at the 2024 and 2025 figures.

The case is being examined by civil and criminal courts, which are looking into possible fraud, misuse of public funds and improper corporate bonuses. Codelco has not said when those cases may produce results.

How the Scandal Unfolded

Codelco began investigating possible artificial increases in its 2024 and 2025 production after audits raised questions. Senior executives were then removed from their posts.

The case involves output figures that were raised artificially, which the company is still working to reconstruct. Fontaine gave the full two-year total at the shareholders’ meeting.

A Company Under Pressure

Fontaine told the meeting that Codelco paid the Chilean state US$7.04 billion between 2022 and 2025, a fall of 43% from the period before. Its debt rose by US$8.73 billion over the same period, he said.

He also said output fell from 1.6 million to 1.2 million tonnes between 2018 and 2025, even though Codelco invested US$32 billion in large structural projects. Those projects have not delivered the expected results, so the board approved a recovery plan.

What It Means for You

If you hold copper miners or copper funds, Codelco’s numbers now carry more uncertainty than before. The company is Chile’s largest source of copper exports, so the true level of its output matters for global supply.

Companies that buy copper for American factories should watch Codelco’s next official production reports. Travelers to Chile are not affected, though the story shapes the Chilean debate on state companies.

Why Copper Matters to the US

Chile is a leading copper-producing country, and Codelco is its biggest company. Copper goes into power grids, electric vehicles, air conditioners and the data centres that serve American businesses.

When a top supplier corrects its output downward, forecasts for global supply have to be adjusted too. That is why traders in New York and London pay attention to Codelco’s reports.

What Is Not Known

It is not known whether other years or mines also had overstated figures, since the courts and auditors are still working. The public statements did not give a final date for the external audits.

It is also unclear whether any individuals will face charges. Codelco has not said how the overcounted tonnes will change its official 2025 production total.

More: Chile news in English, every day from The Rio Times.

Frequently Asked Questions

How Much Copper Did Codelco Overstate?

Chair Bernardo Fontaine said the artificial increase passed 42,000 tonnes across 2024 and 2025. It was about 24,000 tonnes in 2024 and just over 18,000 tonnes in 2025.

What Is Codelco?

Codelco is Chile’s state-owned copper company and the world’s largest copper producer. It pays much of its profit to the Chilean state.

What Is Being Done About It?

The board removed the staff involved, tightened internal controls and hired outside auditors. Civil and criminal courts are also investigating.

Does This Affect US Copper Buyers?

Not directly yet, but less reliable output data makes supply harder to forecast. Buyers and traders may watch Codelco’s next reports closely.

Sources: Codelco (Corporación Nacional del Cobre de Chile), shareholders’ meeting and statements of Chair Bernardo Fontaine, 5 November 2026; Cochilco (Chilean Copper Commission), copper statistics, 2026; CMF (Chile’s financial market regulator), Codelco filings, 2026.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief