Codelco Identifies Preliminary 42,100-Tonne Production Overstatement and Cuts 2026 Output Forecast

Published: Nov 06, 2026 09:41 (GMT+8)

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Codelco Chairman Bernardo Fontaine said the company preliminarily identified around 42,100 tonnes of copper improperly recorded as production in 2024–2025, including unfinished material and duplicate entries across divisions. The irregularities may also have inflated copper inventories by approximately 18,800 tonnes, with an estimated financial impact of US$120 million–140 million. Audits by KPMG and EY remain under way. Codelco lowered its 2026 production guidance from 1.34 million tonnes to slightly above 1.2 million tonnes and expects annual output of around 1.3 million tonnes over the next four years. Its previous target of reaching 1.7 million tonnes by 2030 is no longer considered achievable.

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