Codelco denies selling stakes in El Abra and Quebrada Blanca, will evaluate assets

Chile's state-owned copper producer Codelco, the world's largest, has refuted national media reports suggesting the sale of its stakes in private projects El Abra and Quebrada Blanca. The company clarified that neither its board nor its president has considered or decided on selling these participations.

Codelco emphasized that its current strategic priorities are centered on four key pillars: safety, maximizing financial returns for the state, maintaining firm and transparent internal management, and strengthening sustainability. These pillars guide the company's operational and developmental direction.

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Such information does not conform to reality, as neither the board nor its president has analyzed, discussed, or adopted any decision regarding the sale of said participations.

In the upcoming months, Codelco will define its strategic plan. This comprehensive evaluation will examine various aspects of its management and future development, including its operational structure, cost management, project portfolio, and the potential sale of assets. Financing alternatives and other relevant matters will also be considered.

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today the focus of the board and management is on four strategic pillars: safety, maximizing surpluses for the Treasury, ordering the house with a firm hand and transparency, and strengthening sustainability.

Minera El Abra, located in the Antofagasta region, is a open-pit mine where Freeport-McMoRan holds a 51% stake and Codelco holds 49%. Quebrada Blanca, a copper operation in the Tarapacá region, sees Teck with an indirect 60% interest, Sumitomo Metal Mining and Sumitomo Corporation with a combined indirect 30%, and Codelco with a 10% stake.

Earlier this year, Codelco reported an 8.1% decrease in its own production for the first quarter compared to the same period in 2025. However, higher copper prices compensated for this dip, leading to improved profits and increased contributions to the national treasury. In 2025, Codelco produced 1.3 million tons of fine copper, a slight increase from 2024, and a total of 1.4 million tons including its stakes in other mining sites.

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in the coming months, Codelco will define its strategic plan, where different aspects of its management and future development will be evaluated comprehensively, including its operational and cost structure, its project portfolio, and the eventual sale of assets, financing alternatives, and other relevant matters.