Exclusive-Codelco sees $3.9 billion investments in 2026 budget, document shows
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FILE PHOTO: The logo of Codelco, the world's largest copper producer, is seen at its headquarters in Santiago, Chile, March 29, 2018. REUTERS/Ivan Alvarado/File Photo
By Fabian Cambero
SANTIAGO, Feb 9 (Reuters) - Chilean state miner Codelco, the world's largest copper producer, authorized investments of $3.914 billion, made up of $3.289 billion plus Value Added Tax, according to an unpublished government decree approving its 2026 budget reviewed by Reuters. In calculating its budget, Codelco forecast a copper price of $4.90 per pound in 2026 and expects its direct production cost to be $2,202 per pound. These numbers have not been previously reported.
The investment figure is below the $4.7 billion the company invested in 2025 and $4.6 billion in 2024. Codelco has been struggling to lift production amid declining ore grades, delays to projects and accidents.
Despite that, Codelco was able to slightly increase production in 2024 and 2025 after hitting quarter century lows in 2023. The company is expecting to continue its growth with a production of 1,344,002 metric tons in 2026, up from 1.33 million tons in 2025.
Codelco expects to close 2026 with a pre-tax profit of US$3.228 billion.
(Report by Fabián Cambero; Writing by Alexander Villegas; Editing by Chizu Nomiyama )
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