Codelco extends restructuring plan to end of 2026
Codelco, Chile's state copper giant, extended preparation of its recovery and restructuring plan from October to the end of 2026. New chief executive Jorge Gomez, who took office in July, is driving the overhaul, which may involve cutting 5% to 20% of jobs across a workforce of about 77,000, some 80% of them outsourced. Chairman Maximo Pacheco said output will hold at roughly 1.3 million tonnes a year over the coming years, below the previous 1.7 million tonne target, underscoring the drag from declining ore grades at ageing mines and constrained capital.