Codelco’s Q2 Output Falls 13.6% YoY, While Higher Prices Lift H1 EBITDA by 68%

Published: Sep 1, 2026 13:43

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Codelco reported own copper production of 564,000 tonnes in the first half of 2026, down 11% year on year. Including attributable production from its stakes in El Abra, Anglo American Sur and Quebrada Blanca, total attributable output reached 619,000 tonnes, down 10%. Based on the company’s first-quarter and first-half figures, Codelco’s own copper production in Q2 is estimated at approximately 292,000 tonnes, 13.6% lower than the 338,000 tonnes recorded a year earlier. The decline was mainly driven by operating constraints at El Teniente, major maintenance at Chuquicamata during April and May, and lower ore grades at Ministro Hales. Output from the three divisions fell by 27%, 22% and 21%, respectively. Despite lower production and higher costs, stronger copper prices supported financial performance. Codelco’s first-half EBITDA increased 68% year on year to $4.648 billion, while C1 cash costs rose 6.7% to 231.6 cents/lb. Production recovery at El Teniente, operational improvements at Chuquicamata and ore-grade movements at Ministro Hales will remain key factors for the company’s second-half output.

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