Codelco is planning big investment in 2025

Big plans

Codelco has informed that it is ramping up its investments with a planned $6 billion in capex for 2025, nearly $1 billion more than previously expected, according to Chairman Maximo Pacheco. This will support major upgrades to mines like Chuquicamata and El Teniente—home to the world’s largest underground copper deposit.

Attractive capex

These projects, although delayed due to cost overruns, operational challenges, and accidents, are essential for bolstering copper production, a key resource in global energy, infrastructure, and technology development. Pacheco remains optimistic, highlighting: “we know the company will increase its debt next year to continue to support the projects … the money we are spending as capex is very attractive in terms of its economics.”

New positions

Earlier this year, Codelco acquired Enami’s 10% stake in Teck’s Quebrada Blanca mine for $520M, solidifying its strategic positioning.

With copper production expected to exceed this year’s 1.325 to 1.352 million tons, Codelco is positioning itself to meet the growing demand for copper—critical for renewable energy, and more.

New opportunities

While China remains a key market, Codelco is exploring opportunities globally, even eyeing joint ventures with Saudi Arabia.