Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesStocksEarnInstitutionAI & More
Codelco suffers new fatalities as avalanche hits copper mine

Codelco suffers new fatalities as avalanche hits copper mine

Mining.comMining.com2026/10/12 15:00
By:Mining.com

Two workers died after a snow avalanche struck Codelco’s giant El Teniente mine, as wild weather continues to batter Chile and compound setbacks for the biggest copper-producing country.

The two subcontractor employees, who had been carrying out inspections in the mine’s open-pit area, were found dead Sunday after initially being reported missing, the state-owned company said in a statement.

The open pit remained halted Monday, while other parts of El Teniente, including its sprawling underground operations and processing plants, were running normally, according to Amador Pantoja, head of a workers’ union at the mine. The open pit accounts for less than 10% of the mine’s total production.

The fatalities are the latest consequence of bouts of severe weather that have hit Chile in recent months, disrupting mines and infrastructure. Heavy rain and storms have contributed to a drop in copper output, while flooding and debris flows have also caused damage in the capital Santiago.

Open-pit operations at El Teniente had already been halted because of bad weather when the avalanche of snow, rock and mud struck. Investigative police and prosecutors were at the site carrying out inquiries into the circumstances surrounding the accident.

“The life and physical safety of our workers are non-negotiable values that must take precedence over any production target or operational continuity,” Economy and Mining Minister Daniel Mas said in a statement.

Weather-related disruptions are adding to operational setbacks, accidents and declining ore quality that have weighed on copper production in Chile. Labor tensions are also adding to supply risks, with workers on strike at Antofagasta Plc’s Centinela mine and a separate wage dispute at BHP Group’s Escondida.

The blows come as the copper market grapples with constrained mine supply, trade dislocations and growing demand. Copper surged to a record near $15,000 a metric ton last month, with some analysts forecasting further gains. Futures rose as much as 1% Monday.

El Teniente, Codelco’s largest operation, was the site of a rock burst in July 2025 that killed six workers and disrupted production. Earlier this month, a worker died at the Santiago-based miner’s Radomiro Tomic mine, just over a week after a separate fatal accident at Escondida.

The latest fatalities come as Codelco grapples with a prolonged slump in output that’s contributed to a broader decline in Chilean copper production. While the previous administration sought to restore production, the new leadership under Chairman Bernardo Fontaine is looking to consolidate output around current levels while prioritizing value over volume.

The recent disruptions also offer a glimpse of the risks facing South American copper mines in the months ahead as El Niño develops, potentially bringing heavier rainfall and flooding to key producing regions in Chile and Peru.

(By James Attwood)

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

VIPEarnings Under Scrutiny Amid High Interest Rates and Platform Recovery

1. U.S. equities gained over the week, while crypto assets declined, reflecting a divergence in risk appetite. From October 3 to 9, the S&P 500 rose 1.15% and the Nasdaq 100 gained 0.24%, while BTC, ETH, and SOL fell 2.31%, 6.84%, and 7.99%, respectively. The U.S. Dollar Index advanced 0.27%, and although the 10-year U.S. Treasury yield declined 3.3 basis points, it remained elevated at 5.244%. High funding costs therefore continued to weigh on risk asset valuations. 2. Weak employment data have not eliminated inflation concerns, while AI and on-chain finance face growing scrutiny over commercial viability. September nonfarm payrolls increased by just 29,000, yet the minutes of the Federal Reserve's September meeting still pointed to the possibility of further rate hikes before year-end. This week's CPI release and major bank earnings will provide important tests of growth and inflation pressures. Revenue recognition and reporting practices in AI, underlying asset rights in RWA, and operating costs for Layer 2 networks are also becoming increasingly important measures of commercial viability. 3. Bitget has completed its phased service restoration, while the Bitget Alliance Program continues to support clients' trading and capital management needs. We completed the planned restoration on October 2 and replenished the Protection Fund to more than $300 million on September 30. According to DefiLlama, assets tracked on the platform rebounded from approximately $5.647 billion on October 1 to $6.223 billion on October 11. This report also outlines VIP level protection, user rewards, and institutional fee incentives to help high-value clients plan their trading activities according to their account type. Assets to watch: BTC, ETH, SOL, SUI, PUMP, gold, JPM, BAC, and ASML. Key areas of focus this week: The October 14 U.S. CPI release; bank net interest income and credit costs; AI cash flow generation; and post-recovery trends in assets held on Bitget, settlement efficiency, and trading conditions. Market data are current through October 9 or the latest local trading day. Official announcements and promotion terms were reviewed through October 12.

Bitget•2026/10/13 07:46
Earnings Under Scrutiny Amid High Interest Rates and Platform Recovery