Codelco
Mining companywww.codelco.com
68
MENTIONS
26
EPISODES
20
PODCASTS
Search complete. 68 mentions across 26 episodes found for "Codelco".
Sep 12, 2026
Robert FriedlandGUEST
In fact, he kept them.
Robert FriedlandGUEST
They're, they're called Codelco today, and he said 10% of the copper produced will come off the top to finance the Chilean army, and that was sort of the beginning of the wave of nationalization of resources.
Robert FriedlandGUEST
Uh, uh, you know, Aramco was originally founded by an American oil company, and then, uh, Saudi Arabia took the oil back, and today most of the oil in the world belongs to sovereign oil companies.
Robert FriedlandGUEST
And, um, America was left without a great copper champion.
SaadHOST
The reason? Well, a few troubles are brewing in Chile's copper mines.
SaadHOST
To begin with, last year a fatal rock burst and tunnel collapse at El Teniente, Codelco's flagship mine and the country's largest copper mining company, killed six workers and halted mining operations for a while.
SaadHOST
Soon after, its output dropped to a twenty-five-year low.
SaadHOST
And as if that wasn't enough, even after partially reopening, it recently had to stop expansion work in a section of the mine after discovering very dangerous seismic risks.
SaadHOST
This means that over the next five years, the mine will produce three lakh tons or less of copper, compared with the three point five six lakh tons produced before the incident.
SaadHOST
Besides, Codelco itself is in the middle of changing how it mines some of its mines, and this transition will temporarily reduce how much copper it can produce over the next few years.
SaadHOST
And the problem isn't limited to Codelco.
SaadHOST
Several mining companies and mines across Chile, including BHP, the world's largest copper mining company, Escondida and Spence mines are facing similar issues.
Abhay LaijawalaGUEST
The other factors which have contributed to the copper prices are: One, Chile is a large supplier of copper.
Abhay LaijawalaGUEST
The Codelco mine over the years has been facing issues.
Abhay LaijawalaGUEST
You know, initially there was drought, and that has led to production issues in Codelco.
Abhay LaijawalaGUEST
But more recently, over the last couple of months, the production issues have been on account of excessive rainfall.
Abhay LaijawalaGUEST
It's because of the El Niño.
Abhay LaijawalaGUEST
So the Codelco mine has come down from about thirty-one percent, thirty-one percent of global.
Abhay LaijawalaGUEST
Chile has been thirty-one percent of total supply, and Chile's supply due to Codelco has gone down to, I believe, in the mid-twenties.
Abhay LaijawalaGUEST
So the point I'm trying to make is that copper is balanced, but when you have these issues, the market becomes excessively tight.
Adrian PocabelliHOST
A string of disappointing results is undermining expectations that global mine supply would post at least modest growth this year.
Adrian PocabelliHOST
International Copper Study Group data showed output fell 1.1% in the first half, with major producers Cadelco and Freeport-McMoran posting double-digit declines.
Adrian PocabelliHOST
Morgan Stanley, which entered the year expecting mine supply to expand, now sees it little changed or slightly lower, raising the prospect of the first annual decline since 2017.
Adrian PocabelliHOST
That would be a striking outcome.
speaker_1HOST
Chile tests whether mining reform can protect workers as well as production.
speaker_0HOST
Chile's state-owned copper producer Codelco has begun redeploying 1,782 workers following the suspension of the Andes Norte project at El Teniente, while another 678 employees continue receiving salaries as alternative placements are assessed.
speaker_0HOST
The program turns an operational disruption into a wider test of how Chile manages the restructuring of its most important mining company.
speaker_0HOST
CODELCO is simultaneously confronting production difficulties and receiving substantial state financial support while trying to retain skilled workers.
Matt FernleyHOST
And we do have a lot of issue.
Matt FernleyHOST
Historically, Codelco, the Chilean copper miner, has really struggled to hit its near term production targets, and its production has been structurally falling over the last few years.
Matt FernleyHOST
And some of the big miners have had accidents, have had operational issues, have had political issues, which has resulted in you know, near-term production failing to hit targets.
Matt FernleyHOST
So there are issues in the copper industry.
Matt FernleyHOST
There are structural issues in the copper industry.
Matt FernleyHOST
But I do find some of the analysis that is passed around to be quite weak, shall we say.
Howard KleinHOST
I want to dig in a little bit to what you were just saying there on Codelco in Chile.
Howard KleinHOST
Codelco is not on the copper scoreboard because it's a state-owned company.
Marella FernandezHOST
Tell us a bit more about Amerigo.
Bruce CampbellGUEST
Yeah, they refer to themselves as a copper factory, which is kind of an interesting term for copper, right? And what they do is the world's largest underground mine is in Chile, and it's owned by Codelco.
Bruce CampbellGUEST
It's called the El Tiente Mine.
Bruce CampbellGUEST
And they have an agreement to actually mine the tailings of that, both historic tailings that are sitting on site, but also fresh tailings that come out of the mine.
Emily CostaHOST
I'm Emily Coaster and you are listening to the Commodities Institute podcast for Monday, August 31st, 2026.
Emily CostaHOST
We begin today in the metals complex where Chilean state mining powerhouse Codelco has demonstrated just how dramatically price can overcome operational adversity.
Emily CostaHOST
The world's largest copper producer posted first-half pre-tax profits of nearly $2 billion, specifically $1.97 billion, up more than fourfold from $429 million during the same period last year.
Emily CostaHOST
This financial windfall came despite own-mine production dropping 11% to 564,000 metric tons.
Emily CostaHOST
driven by reduced output Chucky Kamata, lower ore grades at Ministro Hales and fatal operational disruptions at El Teniente that forced a pause on the Andes Norte expansion.
Emily CostaHOST
While direct cash costs climbed 7% to 232 cents per pound, Codelco's realised copper price soared to 654 cents per pound, completely eclipsing production shortfalls.
Emily CostaHOST
Meanwhile, in the iron ore space, legal turmoil is mounting in Singapore as Japan's Mizuho Bank filed for a Supreme Court injunction against trading firm Radiant World, which trades over 80 million tonnes annually and faces $34 million in additional creditor claims over disputed invoices.
Emily CostaHOST
Turning to agricultural freight and grain corridors, Ukraine's agricultural export machine is demonstrating remarkable adaptability.
Martin CreamerNARRATOR
Canadian Parliamentary Secretary to the Minister of Energy and Natural Resources, Claude Gouet, has affirmed that, in a time of uncertainty and changing trade and economic relationships worldwide, Canada continues to expand and strengthen its network globally, including in Chile.
Martin CreamerNARRATOR
In meeting with industry leaders from Chilean mining companies, Codelco, Antofagasta, Corfo, Tech Resources and Minesense, as well as senior Chilean government officials, at the Conference of Mining Ministries of the Americas last week, Guai confirmed the two countries continue to advance responsible resource development, strengthen critical mineral supply chains, and create new opportunities for trade and investment.
Martin CreamerNARRATOR
He said the growing ties between Canada and Chile are evidenced by a recent five-year agreement signed between Codelco and Canada's McLean Engineering to accelerate innovative technologies for underground mining operations.
Martin CreamerNARRATOR
Canada's support for critical minerals capacity building, including training, across Latin America and the Caribbean through the G7 Minerals Skills Network.
Martin CreamerNARRATOR
and the Canada-Chile Eureka project, to which Canada is contributing $450,000 for research and development of network analytics and Internet of Things connectivity solutions.
James GruberHOST
Base metal prices were mixed.
James GruberHOST
Copper futures dropped 0.4% after Chilean state miner Codelco said its priority was to restore productivity after setbacks at key mines.
James GruberHOST
Meanwhile, aluminum futures gained 0.6%.
James GruberHOST
Gold futures fell as traders increased bets on an interest rate hike after Kevin Warsh's comments.
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