Codelco Investigates Double Counting of Copper Production Figures
Codelco is investigating evidence that copper production figures for 2024 and 2025 were double counted across multiple mining divisions.
Codelco, the state-owned mining company of Chile, is investigating evidence that copper production figures for 2024 and 2025 may have been double counted. The irregularities involve material potentially recorded as production by multiple divisions, specifically affecting reported output from the Salvador and Ministro Hales mines.
The company has submitted its findings to prosecutors and hired Ernst & Young to determine the financial impact and identify those responsible for the duplication. This probe follows a separate audit conducted earlier this year that revealed approximately 27,000 metric tons of copper were improperly recognized as finished production.
While KPMG continues a broad review of production across all divisions, Chairman Bernardo Fontaine has shifted the corporate focus away from volume targets toward productivity and profitability.
