Chile's Codelco Restarts El Teniente Mine with 2,480 Workers After Fatal Accident Killing Six; Names Cutifani for Audit

Chile's state-owned copper mining company Codelco has received regulatory approval to partially resume underground operations at its El Teniente mine following a fatal accident that resulted in the deaths of six workers. The approval came from Chile’s mining authority, Sernageomin, and the labor inspectorate, allowing work to restart in sectors of the mine not affected by the incident. Approximately 2,480 workers have returned to their duties at the mine. The accident, which occurred nine days prior to the resumption of operations, involved a collapse that caused more damage than initially expected. In response, Codelco replaced the general manager of El Teniente with Claudio Sougarret and appointed Mark Cutifani, former CEO of Anglo American, to lead an independent international audit of the accident. The Chilean Ministry of Mining has expressed support for the restart of operations, emphasizing that worker safety remains a priority. The accident is estimated to have caused financial losses of up to $300 million for Codelco. Additionally, Chile has lowered its copper production forecast for 2025 amid ongoing industry challenges.