Codelco has selected Glencore as the preferred partner for a new copper smelter in Antofagasta, aiming to enhance Chile’s copper processing capabilities and secure a long-term supply of concentrate.

Target Information

Codelco, the world’s largest copper producer, has selected Glencore as its preferred partner to develop a new copper smelter in the Antofagasta Region of Chile. This initiative includes a long-term supply contract for copper concentrate and aims to enhance value addition within the Chilean copper production chain. The memorandum of understanding (MoU) signifies the beginning of intensive collaborative efforts, with a key milestone targeted for the first half of 2026, when the parties hope to finalize agreements.

The new smelter is slated for construction in a yet-to-be-determined location within the provinces of Antofagasta or Tocopilla. The partnership will involve a comprehensive project that includes design, financing, construction, operation, and maintenance of the smelter, which is expected to have an annual processing capacity of 1.5 million metric dry tonnes.

Industry Overview in Chile

Chile is a global leader in copper production and is rich in mineral resources, making it a vital part of the world’s mining industry. The country's mining sector is well-developed and contributes significantly to its economy, accounting fo