Chilean copper miner Codelco turned a profit in 2024.

Codelco, the copper company of Chile, the world's largest copper producer, has reported a turnaround in its earnings for 2024, achieving a pre-tax profit of $790 million compared to a loss of $757 million the previous year. The state-owned miner stated it produced a total of 1.328 million tons, slightly above its 1.325 million-ton forecast, while also reducing its target range.

In August, Codelco began publishing higher production figures compared to the previous year. In its presentation, the company stated, "We have succeeded in exiting the production valley in 2024." Codelco had previously set a target to increase its 2025 production to approximately 1.391 million tons, which it believes will nearly quadruple its pre-tax net profit to $3.105 billion.