Codelco facts for kids
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| State-owned enterprise | |
| Industry | Mining |
| Founded | 1976 |
| Headquarters | Santiago, Chile |
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Key people
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Máximo Pacheco president of the board André Sougarret president CEO |
| Products | Copper |
| Revenue |  US$16.0 billion (2010) |
| US$5.249 billion | |
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Number of employees
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17,880 |
The National Copper Corporation of Chile (which in Spanish is Corporación Nacional del Cobre de Chile), known as Codelco, is a huge mining company owned by the Chilean government. It is the biggest copper mining company in the world! Codelco was created in 1976. Before that, foreign companies owned the copper mines, but Chile took them over in 1971.
As of 2025, Codelco's most productive mines are Radomiro Tomic and El Teniente. Since 2024, Codelco has also been involved in mining lithium. This happened after an agreement with another company, Sociedad Química y Minera, which mines salt flats in the Salar de Atacama.
Codelco's main office is in Santiago, Chile. A group of seven directors manages the company. The President of Chile chooses these directors. The Minister of Mining leads the board, and other members include the Minister of Finance and representatives from copper workers' groups.
Codelco is the world's largest producer of copper. In 2007, it produced 1.66 million tonnes of copper, which was 11% of all the copper produced globally. The company owns the largest known copper reserves and resources in the world. At the end of 2007, it had enough copper in its mining plans to keep working for over 70 years!
Codelco's main product is cathode copper, which is a very pure form of copper. It also produces a lot of molybdenum, which is another important metal. Chile is the world's largest producer of rhenium, and Codelco makes a lot of that too. The company also gets small amounts of gold and silver from the leftover materials when copper is refined.
From 2004 onwards, Codelco's copper production stayed the same or went down. There was a big drop in production between 2021 and 2023. In 2023, the amount of copper produced was only 72% of what it was in 2004. This happened because of problems with the rocks in three of Codelco's mines: El Teniente, Chuquicamata, and Ministro Hales.
Contents
History of Codelco
The story of Codelco began in 1955. That year, a law created the Copper Office for the Chilean government. Later, in 1966, this office became the Copper Corporation of Chile, which was also called Codelco.
A big change happened in 1971 when Chile decided to take full control of all copper mines in the country. This meant that all copper mines and fields became owned by Codelco. The company we know today, Corporación Nacional del Cobre de Chile, was officially formed in 1976.
Codelco's symbol is based on an old alchemical symbol for copper.
Codelco's Operations
Codelco has different departments that focus on research, finding new mines, buying land, and developing projects. It has five main operating areas: Codelco Norte, Salvador, Andina, Ventanas, and El Teniente. Codelco also owns 49% of the El Abra Mine.
All of Codelco's extra profits go to the Chilean government. In 2007, Codelco paid US$7.394 billion to the government. The company also takes out loans to help pay for new projects it is exploring.
Codelco's Mining Divisions
Codelco Norte Mines
Codelco Norte is a part of Codelco that includes the Chuquicamata and Radomiro Tomic mining areas.
Chuquicamata Mine
People have mined copper at Chuquicamata for hundreds of years. In 1898, a mummy called "Copper Man" was found there. It was from around 550 A.D. and was trapped in an old mine shaft. Big mining operations started in the late 1800s.
The modern way of mining started when an American engineer named Bradley found a way to process low-grade copper ores. In 1910, he talked to Albert C. Burrage, who sent engineers to check out Chuquicamata. Their reports were good, and Burrage started buying mines and claims in 1911.
Burrage didn't have enough money to develop a big mine, so he asked the Guggenheim Brothers for help. They looked at his claims and estimated there were 690 million tonnes of copper ore. The Guggenheims also had a new way to treat low-grade ores. They were very interested and started the Chile Exploration Company (Chilex) in 1912. They eventually bought out Burrage.
Modern Mining at Chuquicamata
Chilex then began building the mine and a plant that could process 10,000 tons of ore each day. They planned to produce 50,000 tons of copper every year. They even bought steam shovels that had been used for the Panama Canal! A port and power plant were built, and water was brought in from the Andes mountains. Production started on May 18, 1915.
The amount of copper produced grew quickly. In 1923, the Guggenheims sold most of their control to Anaconda Copper. Anaconda ran the mine until the 1960s when the Chilean government bought a share. In 1971, the mine was fully taken over by the government, and in 1976, it became part of Codelco.
For many years, copper was produced by dissolving the copper from the rocks using acid. But as these types of rocks ran out, a new plant was built in 1961 to process other types of copper ore. This plant has grown over time. The mine used to produce over 600,000 tonnes of copper each year.
Today, the mine uses large trucks and shovels. Much of the ore is crushed inside the pit and moved by underground conveyors to the processing plant. The plant processes 182,000 tonnes of ore per year. It produces both copper and molybdenum. The copper is then melted and refined into pure copper.
Future of Chuquicamata Mine
Codelco has plans to mine the rest of the Chuquicamata orebody from underground. The open pit mine is becoming less profitable, and it was expected to slow down and stop by 2020. The underground mine started in 2018. When it reaches its full capacity in 2030, it will process 120,000 tonnes of ore per day.
It is estimated that there are 1,150 million tonnes of ore underground with good amounts of copper and molybdenum. This amazing mine was the world's largest copper producer for many years. It has produced over 29 million tonnes of copper in total, which is more than any other mine.
Radomiro Tomic Mine
The Radomiro Tomic copper deposit was found in 1952, about 5 kilometers north of the main Chuquicamata pit. It was named Chuqui Norte at first. The company didn't develop it then because the technology to process the ore wasn't ready.
The deposit is covered by about 100 meters of sand and gravel. In 1993-1994, Codelco estimated that there were 802 million tonnes of oxide ore and 1,600 million tonnes of sulphide ore. The deposit covers a large area, about 5 kilometers long and 1.5 kilometers wide.
Mining at Radomiro Tomic started in 1997. It uses trucks and shovels, then crushes the ore and treats it with acid. Copper is then taken out using a process called SX/EW. The leftover ore is removed by a large machine. The sulphide ore from Radomiro Tomic is likely used to keep the Chuquicamata plant busy while it changes to underground mining. In 2013, Radomiro Tomic produced 379,600 tonnes of copper.
Ministro Hales Mine
This is a big discovery made between Chuquicamata and Calama. It was first thought to have over 500 million tonnes of ore with more than 1% copper. However, it was found to be complex and had a lot of arsenic, so work stopped for some years.
Work started again in 2000. This was because a new way to treat high-arsenic ores was developed. Also, the mine was needed to supply sulphide ore to the Chuquicamata plant when it went underground. It also helped test new bioleaching technology.
Pollution Control
For many years, the Chuquicamata mine, especially its smelter, was known for pollution. People living in the nearby camp and town had high levels of arsenic in their blood. This has changed a lot. The camp at Chuquicamata was closed, and the residents moved to Calama, away from the dust and pollution near the mine.
The gases from the smelter now have their sulfur dioxide removed to make sulfuric acid. This has improved sulfur capture to 98%. The company also planned to reduce arsenic emissions by 97%. Pollution of the River Loa, which flows through Calama, is a problem that is being addressed.
Salvador Mine
The El Salvador mine is a copper mine that uses both open pit and underground methods. It is located in the company town of El Salvador. Anaconda Copper bought the El Salvador mine but didn't plan to mine it at first because of high taxes. When taxes were lowered, Anaconda decided to start production.
Mining began in the early 1960s. It was meant to replace production from the company's Potrerillos mine, which was closing. The El Salvador mine was expected to increase Chile's total copper output by about 450,000 tons per year. Because of this good news, the company renamed the mine El Salvador, which means "The Savior" in Spanish.
In 2005, Codelco planned to close the El Salvador mine in 2011 because the copper ore was becoming less rich and costs were rising. However, they found a way to extend the mine's life by another 15–20 years. They also have a new project called San Antonio, which will be in the old Potrerillos mine area.
Andina Mine
The Andina mine is located about 80 kilometers northeast of Santiago, the capital city. It was discovered in 1920, but mining didn't start until 1970. It includes the Rio Blanco underground mine and the Sur Sur open pit. It also has an underground processing plant. Unlike some other Codelco mines, Andina does not have its own smelter.
The mine is located at very high altitudes, between 3,000 and 4,200 meters. Operations can be greatly affected by bad weather. Originally, it was only an underground mine with an underground processing plant and a place for workers to live when the valley was blocked by snow in winter. Now, the Sur Sur and Don Luis areas are also being mined as open pits.
In 2007, the mine had 5,698 million tonnes of copper ore in its mining plan. It also had more identified resources. In 2007, it produced 218,322 tonnes of copper and 2,525 tonnes of molybdenum.
Work is ongoing to increase the processing plant's capacity. Studies are also being done to see if the plant can process even more ore by 2014. Deep drilling is continuing to find more resources to support this increased production.
Since the late 1980s, the Andina mine has affected rock glaciers. It has placed millions of tons of waste rock on top of them, causing them to move faster and become unstable. Over 2.1 square kilometers of rock glaciers have been affected by Andina.
In November 2024, Codelco asked for permission to start a $650 million project. This project aims to make water use at its Andina mine more sustainable. The Andina project has faced a decade of drought. The project will need up to 1,650 workers and is expected to take about 36 months to finish.
El Teniente Mine
Located 44 kilometers east of Rancagua and 75 kilometers south of Santiago, El Teniente claims to be the largest underground copper mine in the world. The El Teniente copper deposit has been known and mined on a small scale for many years. In the 1500s, it belonged to the Jesuits. They operated a small mine there.
Later, the property was bought by an American named William Braden in the early 1900s. Braden then formed the Braden Copper Company. Work on building a mine started in 1905, but it was slow because it was hard to get to and the winters were harsh. A small processing plant was built, and a larger one was set up in 1912. Control of the mine went to Kennecott in 1915, and they ran it until the government took it over in 1971.
Current Mining at El Teniente
The copper ore at El Teniente is found in a network of narrow veins within volcanic rocks. There are also areas where the copper is richer. The mine has a lot of copper. At the end of 2007, it had 4,204 million tonnes of copper ore in its mining plan. It also had more identified resources. In 2007, it produced 404,728 tonnes of copper and 5,053 tonnes of molybdenum.
Mining is slowly moving deeper into the earth. Access to the mine is through horizontal tunnels that lead to shafts. The mining methods used are designed to deal with problems like rockbursts, which are sudden, violent rock failures. A new level, Level 8, is now in operation. Another, even lower, level is being studied. This new level would give access to 1.5 billion tonnes of ore and extend the mine's life for many years.
All the ore is now processed at the lower Colón mill. The original Sewell mill is closed. The plant can process 130,000 tonnes of ore daily. The processed copper goes to the Caletones smelter further down the valley. This smelter produces pure copper. The leftover materials are sent to dams. Another company, Minera Valle Central, reprocesses old and current El Teniente leftovers to get more copper.
Sewell Town
Sewell, the original mine camp, was known as the 'city of stairs' because it looked like it had been poured down the mountain. It has become a UNESCO World Heritage Site. William Braden founded it in 1906 to house his mine workers. At its busiest, about 15,000 people lived there. It was closed in the late 1980s as all the workers moved to Rancagua.
Other Codelco Projects
The Gabriela Mistral Project (also called "Gaby") is a copper project located 120 kilometers south of Calama. It is estimated to have 580 million tonnes of oxide ore with 1.41% copper. There is also sulphide ore underneath, but that is not being considered right now. The plan is to have a 14-year open pit operation that produces about 150,000 tonnes of copper each year. Production started in 2008. This mine was the first in the world to use fully autonomous trucks from Komatsu.
Codelco is also looking into processing leftover materials to produce an extra 30,000 to 50,000 tonnes of copper per year between 2011 and 2014. They are also exploring wind power. Another copper deposit, "Vicky," has been found in the Gabriela Mistral area. It is estimated to have 80 million tons of oxide ore with 0.6% copper. A large central solar heating plant provides 80% of the heat needed for the copper extraction process, even with dust problems.
The Toki Cluster is a group of copper deposits that is now part of the Codelco Norte division. In 2004, the four deposits found so far were estimated to contain 18 million tonnes of copper. Since then, a fifth one, "Miranda," has been found, with an estimated 2.5 million tonnes of copper.
In May 2025, it was announced that Codelco was working with Rio Tinto to mine lithium for electric vehicle batteries. This new project is called Maricunga and is in northern Chile. Rio Tinto is investing $900 million and owns just under half of the operation.
Ventanas Smelter
Ventanas is a smelter located on the coast, 35 kilometers north of Valparaiso. It was transferred to Codelco from another company in May 2005. It processes copper from mines like Andina and El Teniente, making Codelco more self-sufficient. The 'New Ventanas Project' is looking into making it a very large smelting and refining complex.
The plant can process 450,000 tonnes of copper concentrate each year to produce 110,000 tonnes of copper. The gases from the plant are used to make sulfuric acid. The refinery produces pure copper, and also gold, silver, and selenium from the leftover materials.
Codelco's Partnerships
El Abra Mine Partnership
In 1994, Codelco sold a 51% share of its El Abra deposit to another company. That company then developed the mine. Production started in 1996. It is a copper mine with a lot of oxide and sulphide copper that can be processed. Over the next few years, it is expected to produce between 152,000 and 168,000 tonnes of copper each year. There are plans to mine the sulphide copper starting in 2010, which should extend the mine's life by over 10 years.
Inversiones Mineras Becrux
Inversiones Mineras Becrux is a partnership between Codelco and Mitsui. Codelco owns 83% of this partnership. This partnership owns 29.5% of another copper mining company called Anglo American Sur. Anglo American Sur operates the mines of Los Bronces and El Soldado, and the copper smelter of Chagres. Los Bronces is next to Codelco's Andina mine, and these two mines have a joint development plan.
Codelco Outside Chile
On July 26, 2012, the governments of Chile and Ecuador signed an agreement. This agreement was to start the Junin copper mining project in the Intag area of northwestern Ecuador. The agreement meant that Codelco, along with Ecuador's national mining company, ENAMI, would begin exploring for copper in the biodiverse Cordillera de Toisan after the second quarter of 2013. This project was one of the first times Codelco worked outside of Chile. The project is controversial because communities in the Intag area have previously stopped two other mining companies from exploring there.
See also
In Spanish: Codelco para niños
