Chile’s state copper producer said preliminary investigations found inflated production figures and duplicated inventory records. Audits are continuing, and the figures may change.
MoneyTurkey Commodities Desk | 5 November 2026
Key points
- Codelco put the preliminary overstatement of reported copper production at about 42,100 tonnes across 2024 and 2025 — 24,000 tonnes in 2024 and a net 18,100 tonnes in 2025 — in its 5 November release. It said investigations and audits are continuing and the figures could change.
- Separately, Codelco put the preliminary inventory overstatement at 15,200 tonnes of fine copper, with a $120–140 million financial-impact estimate that auditors are still refining.
- The company invested about $32 billion over eight years, yet annual output fell from roughly 1.6 million tonnes to 1.2 million tonnes. It expects output to stay near 1.2 million tonnes in 2026, Mining.com.au reported.
What happened
Codelco’s release put the production overstatement at 24,000 tonnes in 2024 and a net 18,100 tonnes in 2025. It separately put the preliminary inventory overstatement at 15,200 tonnes of fine copper, with a preliminary financial impact of $120–140 million that auditors are still refining.
Codelco has ordered audits and dismissed nine employees across three mines and its corporate offices, Mining.com.au reported. Chief executive Jorge Gómez said the company is updating its metallurgical balance standards, which track the copper received, processed and produced at each stage, and is strengthening its inventory systems. “As the new administration, we are taking concrete steps to correct the deficiencies identified and ensure that every tonne of copper we report has real and verifiable backing,” Gómez said, according to Mining.com.au. Fontaine said the board considers the events “unacceptable” and will establish accountability and recover any damages.
Why it matters
The company had already said its target of 1.7 million tonnes a year by the end of the decade is out of reach, and it now projects annual output of about 1.3 million tonnes over the next four years, Mining.com.au reported. Copper demand is growing from electrification, power grids, electric vehicles and data centres. Because of that, the reliability of figures from a major producer matters to anyone who builds supply forecasts from them.
In its release, Codelco said the debate had been too focused on production tonnage.
What to watch
- Audit results and any restated 2024–2025 production and inventory figures
- Updated 2026 output guidance
- Details of the recovery plan and partnership projects
Related on MoneyTurkey
- Soybeans Find Strength Late in Overnight Session
- Cattle Futures Slide as West Coast Port Talks Stall
Correction, 5 November: The inventory figure has been updated to Codelco’s preliminary estimate of 15,200 tonnes. Production and inventory figures remain subject to ongoing audits.
For information only. Not investment advice.
Sources
- Codelco: Junta Extraordinaria de Accionistas respalda medidas adoptadas por Codelco para fortalecer su gestión y controles (5 November 2026)
- Mining.com.au: Codelco reveals overstated copper production figures
