Chile debates privatization of state‑owned copper giant Codelco

Codelco privatization Arturo Squella Chile state-owned copper

Republican Party leader Arturo Squella has called for selling a minority stake in Codelco, arguing that private capital is needed to address the miner’s roughly US $25 billion debt and a 43 % rise in operating costs over four years, reaching up to 80 % per tonne. The proposal would let “private oxygen” flow into the company while preserving state control.

Codelco’s board chairman Bernardo Fontaine, President José Antonio Kast and Finance Minister Jorge Quiroz have all rejected any immediate move toward privatization, affirming that Codelco will remain 100 % state‑owned. Opposition figures – Deputy Marcela Hernando, Senator Pedro Araya, the Socialist Party, the PDG bloc and former Interior Minister Álvaro Elizalde – condemned the idea as a breach of national sovereignty, with Elizalde noting “not even under the dictatorship” was such a step considered.

The debate has prompted calls for a special expert commission to draft a long‑term plan for the miner, while political parties urge modernization and stronger governance rather than a sale of assets.

Entities: Arturo Squella · Bernardo Fontaine · Codelco · Corporación Nacional del Cobre (Codelco) · Daniel Mas · José Antonio Kast · Marcela Hernando

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 2 SOURCES] Codelco carries a debt of about US$25 billion. (Codelco’s debt of roughly US $25 bn is cited in multiple articles.)
[● 2 SOURCES] Former Interior Minister Álvaro Elizalde said privatizing Codelco “was not even discussed during the dictatorship”. (Elizalde’s criticism posted on social media.)
[○ 1 SOURCE] Economy Minister Daniel Mas said the government will not privatize Codelco but may sell non‑essential assets of its subsidiaries. (minister_statement)
[○ 1 SOURCE] Deputy Marcela Hernando argued Codelco must stay a total state asset. (Hernando’s statement recorded in parliamentary comments.)
[● 2 SOURCES] President José Antonio Kast rejected immediate privatization of Codelco. (Kast’s comment that the privatization debate should wait.)
[● 5 SOURCES] Bernardo Fontaine said Codelco will remain 100 % state‑owned. (Fontaine reaffirmed full state ownership.)
[● 2 SOURCES] Arturo Squella proposed privatizing part of Codelco or its subsidiaries. (Squella’s proposal to sell a minority stake was outlined.)
[● 2 SOURCES] Codelco’s operating costs rose 43 % over four years, up to 80 % per tonne. (Operating cost increase noted in several reports.)
[○ 1 SOURCE] Finance Minister Jorge Quiroz said opening Codelco to private investors is not in the government’s plans. (Quiroz’s remarks reported in the press.)