Codelco El Teniente restart steadies Chile’s copper supply outlook

El Teniente

Codelco El Teniente restart is underway after the 31 July seismic accident. The Codelco El Teniente restart brings back output from safe areas. This Codelco El Teniente restart helps stabilize Chile’s copper supply as operations resume under tighter oversight.

Operations resume across safe sectors

Codelco restarted work on 9–10 August with 70% staffing in unaffected sectors. Authorities cleared Pilar Norte, Panel Esmeralda, Esmeralda, Pacífico Superior, Diablo Regimiento, Panel Reno, Dacita, and Reservas Norte. However, Recursos Norte, Andesita, Andes Norte, and Diamante remain suspended for structural checks. The accident caused six fatalities after an earthquake-triggered rockfall in the Andesita area. Codelco concluded search and rescue on 3 August.

Supply implications for the copper market

The phased restart reduces disruption risk to copper concentrate flows. Therefore, Chilean smelters and global buyers gain short-term confidence. El Teniente is the world’s largest underground copper mine by scale. Meanwhile, Codelco’s January–May copper output reached 568,600t, up 8.2% year on year. El Teniente contributed 141,400t, rising 11.9% year on year. These gains could cushion market tightness as 2025–2026 demand grows.

Safety, sequencing, and operational priorities

Codelco is prioritizing safety-led sequencing while restoring mine logistics. As a result, repair timelines in damaged panels will dictate throughput recovery. Contractors will focus on ground support, geotechnical monitoring, and haulage integrity. Buyers should expect stable shipments from cleared sectors, with contingency stocks guiding deliveries. However, any aftershocks or permitting delays could still affect concentrate availability.

The Metalnomist Commentary

Codelco’s staged restart underscores how seismic risk management shapes Latin American copper reliability. Expect buyers to diversify offtake and build safety stocks while Chile’s flagship mine completes structural remediation.