Chile · Companies
Key Facts
—Portfolio value. Codelco holds non-operated minority stakes worth between US$6.4 billion and US$7.17 billion.
—Top assets. About 86% of that value sits in a lithium venture with SQM and a stake in Anglo American Sur.
—Debt burden. The company’s debt reached US$24.7 billion by March 2026, with internal sources citing US$25 billion.
—Output drop. Codelco cut its 2026 production guidance after output fell roughly 8% in early 2026.
—No immediate sale. The firm publicly denied it is currently preparing to sell shares in El Abra or Quebrada Blanca.
Codelco asset sales are under formal review as Chile’s state copper miner scrambles to ease a US$25 billion debt load, just one day after it slashed its 2026 production forecast.
Codelco, Chile’s state copper miner, runs the vast Chuquicamata open-pit mine.
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Why Codelco asset sales are on the table
Chairman Bernardo Fontaine confirmed in late June 2026 that the company is evaluating divestitures of minority stakes in operations it does not run directly.
The review is part of a broader strategic plan to refocus on core copper mining after years of declining output and rising costs.
What the company could sell
The portfolio of non-operated stakes carries a book value of roughly US$6.4 billion, or US$7.17 billion as of March 31, 2026.
About 86% is concentrated in two assets: a lithium joint venture with private miner SQM called NovaAndino, valued near US$3.3 billion, and a 29.5% share in Anglo American Sur, which controls the Los Bronces copper mine.
Live Company IntelligenceSociedad Quimica y Minera de Chile SA ADR B — the full investor dossierInside: live share price, market cap, three-year financials, valuation, ESG and peer benchmarks — plus the latest Rio Times coverage.
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Sociedad Quimica y Minera de Chile
NYSE: SQMSQM-BBasic MaterialsSpecialty Chemicals7,773 employees
$19.94B
Market cap
Analyst target $85.73
Wall Street view
3.9Moderate Buy/ 5
10 Buy5 Hold1 Sell
Avg. price target $85.73 · +20% vs 200-day
Valuation \& profitability
Market cap$19.94B
Revenue (TTM)$5.30B
P / E ratio24.4
Profit margin15.4%
Return on equity13.4%
Price \& risk
52-wk low
$35.4152-wk high
$97.29
Beta (volatility)0.99
200-day average$71.36
Revenue trend · 6y
20202025
Latest $4.57B
Ownership
Institutions34.3%
Shares outstanding143M
Top holderBaillie Gifford \& Co Limited.
Institutional holders5+ funds
Dividend
Yield1.5%
Payout ratio23.2%
Fwd. annual$1.03
What Sociedad Quimica y Minera de Chile does. Sociedad Química y Minera de Chile S.A. produces and sells specialty plant nutrients, and iodine and its derivatives in Chile, Latin America, the Caribbean, Europe, North America, Asia, and internationally. It offers potassium nitrate, sodium nitrate, specialty blends, and other specialty fertilizers under the Ultrasol, Qrop, Speedfol, Allganic, Ultrasoline, Prop, and Prohydric…
The debt and production squeeze
Codelco’s debt climbed from US$23.1 billion in March 2025 to US$24.7 billion a year later, driven by a vast mine overhaul.
Net cash outflows from investing hit US$1.1 billion in the first quarter of 2026 alone, while production slipped about 8%, forcing the guidance cut.
What is not for sale right now
Despite internal discussions reported by Chilean mining outlet PlusMining, Codelco issued a public statement denying any immediate plan to sell its 49% stake in Minera El Abra or its 10% share in Quebrada Blanca.
Those two holdings are valued at roughly US$826 million and US$796 million respectively, but no decision has been made on them.
Background: a national champion under strain
Codelco, formally known as Corporación Nacional del Cobre, is the world’s largest copper producer and a pillar of Chile’s economy, with all profits going to the state.
For decades it was a cash engine for public spending, but aging mines, falling ore grades, and costly modernization projects have eroded its financial cushion and pushed debt to record levels.
What it means for expats and investors
For foreign investors, a potential divestiture signals that Chile’s government is open to pragmatic solutions to fund its state giant without raising taxes or cutting public spending.
Expats living in Chile may see indirect effects if asset sales stabilize Codelco’s finances, helping to support the peso and keep copper-driven economic activity steady in mining regions.
For foreigners, Codelco is the world’s largest copper producer and a pillar of Chile’s economy, historically funding a big share of the state budget. Its financial health is a national issue.
The company carries heavy debt after years of investment to keep its aging mines productive. Selling minority stakes in some assets would raise cash without giving up control.
Copper is central to the global energy transition, used in electric vehicles, grids and renewables. That long-term demand makes Codelco’s assets attractive to outside investors.
Any sale would still need political sign-off, since Codelco is fully state-owned. Chilean law and public opinion treat the company’s assets as strategic national property.
The timing is delicate, coming just after Codelco trimmed its 2026 output forecast. Lower production and possible asset sales together point to real financial strain.
Frequently Asked Questions
Is Codelco definitely selling these assets?
No. The company says it is only evaluating options and has not committed to any specific sale. A final strategic plan is expected within three to four months from June 2026, meaning clarity could come as early as September or October of this year.
Why does Codelco need cash now?
Its debt has swollen to about US$25 billion while copper production is falling. Selling non-core stakes could raise billions without giving up control of its main mines, offering a faster path to financial relief than waiting for output to recover.
Which assets are most likely to be sold?
Analysts point to the NovaAndino lithium venture with SQM and the Anglo American Sur stake as the most valuable candidates, together worth over US$6 billion. Lithium demand for electric vehicles and copper’s long-term value make these particularly attractive to global buyers.