Chile’s state-owned copper producer Codelco expects its copper output to remain broadly stable over the next few years, Chairman Bernardo Fontaine told a congressional committee on Wednesday, indicating the company may fall short of its long-term production target of 1.7 million metric tons annually by 2030.
Fontaine said production is likely to stay close to current levels as the miner continues to recover from a sharp decline in 2022 and 2023, when output dropped to its lowest level in two decades. Codelco produced 1.33 million metric tons from its own mines in 2025.
He attributed the slower recovery to delays and higher-than-expected costs affecting the company’s major structural projects, which are intended to offset declining ore grades at aging operations and sustain long-term production.
The chairman said Codelco could prioritize investment in the El Abra copper mine, where it holds a 49% stake alongside majority owner Freeport-McMoRan. The project is undergoing evaluation as Freeport advances plans for a $7.5 billion expansion.
Fontaine noted that El Abra could offer the best opportunity for future investment, depending on the financial resources available to the company, as Codelco seeks to strengthen production while managing capital constraints.
Meanwhile, Chile’s copper commission, Cochilco, is expected to publish a preliminary audit in September following scrutiny over whether Codelco improperly included around 20,000 metric tons of copper in its 2025 production figures. The audit is expected to clarify the accuracy of the miner’s reported output.