Chilean state miner Codelco reported pre-tax profit of $1.97 billion for the first half of 2026, more than four times the $429 million recorded a year earlier. Higher realized copper prices offset an 11% decline in the company’s own production to 564,000 metric tons and a 7% increase in direct cash cost to 231.6 cents per pound. Chief Executive Jorge Gomez said restoring productivity was the company’s priority after operational setbacks at El Teniente, Chuquicamata and Ministro Hales. Codelco did not include a 2026 output forecast in its report; its earlier target of 1.33 million to 1.36 million tons has been described by Chairman Bernardo Fontaine as difficult to achieve given the current production trend.