Codelco Copper Overstatement Implies Output Sank to 27-Year Low

Codelco’s overstatement of copper production in December implies that last year’s annual output fell to the lowest level since 1998, eroding the Chilean company’s claims of a mining rebound.

The state-owned miner fired one executive and reprimanded several others Wednesday after an internal audit found that almost 27,000 metric tons booked in December was miscategorized as finished product when in fact it needed further processing. The admission comes as Codelco has been working to recover from years of declining output.

While Codelco saidthe findings won’t require changes to its 2025 audited financial statements, it does plan to adjust ...