Codelco said its restructuring and recovery plan may not be ready until the end of 2026, delaying a strategy initially expected in October. The Chilean state-owned copper producer is conducting a diagnostic review under new CEO Jorge Gomez, who joined in July. Four sources said management is reassessing the nearly 77,000-strong workforce and that cuts could range from 5% to 20%, although Codelco said it was too early to speculate. Contractors, who account for eight in every 10 jobs, could be particularly exposed if less profitable operations are sold or closed or projects delayed. The review is intended to address years of stagnant production and rising costs, with output now expected to remain around 1.3 million metric tons in coming years rather than reach 1.7 million metric tons by the end of the decade. The potential restructuring comes as Chile’s unemployment rate reached 9.5% in July, creating additional political pressure for President Jose Antonio Kast, who has pledged to reduce unemployment to around 6% and recover at least 300,000 jobs by 2030. Codelco unions said they had not been formally informed of headcount-reduction plans and argued staffing already reflects operational needs.