Chile Debates Private Money for Codelco

CHILE · MINING

Chile’s government says private money could help Codelco in the long term, and lawmakers cannot agree whether that is a partnership or privatisation by another name.

Chile’s Finance Minister Jorge Quiroz said on Wednesday 11 November 2026 that Codelco, the state-owned copper giant, could take in more private capital over the long term. He insisted the company would stay under state control.

Copper wires the power grids, electric cars and data centres that America is building, and Codelco is one of the world’s largest producers. Who pays for its mines therefore matters to US buyers, as our report on Codelco’s poor investments showed.

What the Finance Minister Said

Quiroz spoke in an interview and then in a later clarification. He said Codelco could take in more private capital in the long term while staying state-controlled.

“Nunca, nunca, se va a perder el control estatal de Codelco,” he said, which means state control will never be lost. He added that private capital is not the same as privatisation.

Quiroz called it a long-term idea that is not in the immediate plans. He said it has to be widely discussed across a broad political spectrum because it is a decision for the country.

He linked the idea to a fall in copper output and said Chile is in a “technical recession”, a term usually meaning two straight quarters of falling economic output. That is his description, and we have not confirmed it.

An Idea With a History

Quiroz floated the same idea on 29 July 2026, when he ruled out privatising Codelco but opened the door to private capital. Codelco’s chair, Bernardo Fontaine, said in July and August that the recovery plan does not include privatisation or a share issue.

He said partnerships with private firms are meant for new mines, not for handing over existing ones. Codelco already works with private firms on single projects, which is the kind of partnership Quiroz has in mind.

Output is the pressure point. Fontaine said on 9 November that Codelco expects about 1.2 million tonnes of copper in 2026 and again in 2027, well below its March guidance of 1.331 to 1.357 million tonnes.

Fontaine said on 5 November that a preliminary 42,100 tonnes of copper output were overstated across 2024 and 2025. Codelco dismissed eight executives over the output errors on 29 October, as we covered in our report on the dismissals.

Lawmakers Split Over Partnership

Politicians in Chile’s Chamber of Deputies, the lower house of Congress, have taken sides. Marco Sulantay, a deputy of the Independent Democratic Union (UDI), a conservative party, has welcomed the idea and called private capital the only viable path, saying Codelco needs fresh money.

Paula Olmos, a deputy of the Party of the People, a smaller Chilean party, said on 12 November that she rejects privatising Codelco after Quiroz’s remarks. Opposition deputies José Antonio Rivas of the Socialist Party, an opposition party and Valentina Cáceres of the Broad Front, a left-wing coalition, sent four oversight requests on 6 November to Codelco, the Finance Ministry, the Mining Ministry and Cochilco, the Chilean state copper commission.

Opposition lawmakers criticised the government over the idea. Máximo Pacheco, Codelco’s former chair, said on 11 November that there is a campaign to sell Codelco, which is his claim and not an established fact.

Cristián Tapia, who chairs the Chamber’s Mining Committee, rejects a full privatisation but is open to private partnerships, according to comments published on 13 November. No vote or formal proposal is scheduled, and no date for one has been confirmed.

What It Means for You

Copper buyers and investors in Chilean bonds depend on Codelco’s output, and funding will decide whether it recovers. Fontaine put 2026 output near 1.2 million tonnes on 9 November, below the 1.331 to 1.357 million tonnes of March guidance.

Any new money would have to come from somewhere, because output is falling short of guidance. Nothing is scheduled to watch yet: Quiroz said it is not in the immediate plans, and no written government proposal or vote date exists.

What Is Not Known

No bill, draft law or share-sale plan has been published, and no percentage of private ownership or amount has been named. No vote date has been set.

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

Frequently Asked Questions

What Did Chile’s Finance Minister Say About Codelco?

Jorge Quiroz said on 11 November 2026 that Codelco could take in more private capital in the long term. He said the state would never lose control of the company.

Is Chile Privatising Codelco?

Quiroz says no and calls private capital different from privatisation. No bill, draft law or share-sale plan has been published, and he called the idea long term and not in the immediate plans.

Where Do Chilean Lawmakers Stand?

They are split. Marco Sulantay of the UDI welcomes private money, while Paula Olmos of the Party of the People rejects privatising Codelco.

Why Does Codelco Matter to US Buyers?

Codelco is one of the world’s largest copper miners, and copper feeds power grids, electric cars and data centres. Its chair, Bernardo Fontaine, said on 9 November that 2026 output will be near 1.2 million tonnes.

Sources: Chile’s Finance Ministry, statements by Minister Jorge Quiroz, 11 November 2026; Codelco, statements by chair Bernardo Fontaine; Chamber of Deputies of Chile, Mining Committee; Codelco, statements by chair Bernardo Fontaine, 9 November 2026.

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