Codelco investigates potential double counting in copper production
Summary
Codelco is currently investigating new evidence suggesting that its copper production figures for 2024 and 2025 may have been double counted, raising concerns about the accuracy of its output data. In response to previous inconsistencies highlighted in its production reporting, Codelco has engaged external auditors from EY and KPMG to conduct a review and has referred the findings to Chile's public prosecutor. This investigation comes shortly after Codelco finalized a joint mine plan agreement with Anglo American to improve operational efficiency at neighboring copper deposits in Chile.
Analysis
Codelco: Codelco is Chile's state-owned copper mining company operating major projects across the country. It is currently investigating evidence of potential double counting in production reports from its divisions amid ongoing reviews of output figures. The probe comes as the company undergoes leadership transitions and management restructuring under its new CEO. Governance: Codelco has engaged external auditors including EY and KPMG to review production reporting inconsistencies from 2024 and 2025 and has referred findings to Chile's public prosecutor. Partnership: Codelco recently finalized a joint mine plan agreement with Anglo American for neighboring copper deposits in Chile to enhance operational efficiency.
Categories
macro
Related sources
- https://www.ainvest.com/news/codelco-chile-cash-cow-hollowing-world-copper-supply-2610/
- https://www.globalminingreview.com/mining/25062026/anglo-american-and-codelco-complete-los-bronces--andina-agreement-paving-the-way-to-deliver-27-million-t-of-additional-copper-production/
- https://www.mediabanco.com/declaracion-publica-directorio-codelco/
- https://www.reuters.com/world/americas/chiles-state-owned-miner-codelco-says-restructuring-plan-may-be-delayed-until-2026-09-16/
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- https://www.boursorama.com/bourse/actualites/selon-un-document-codelco-restructure-son-equipe-pour-la-coentreprise-miniere-avec-anglo-american-d4bcdc53cca4509d975a01978e1e3c4e