Key Facts
—The pile. Codelco’s books value its minority stakes in other mining ventures at $6.443bn, separate from the divisions it runs itself.
—The concentration. Roughly 86% of that sits in just two names: the NovaAndino lithium venture with SQM and a 29.5% slice of Anglo American Sur.
—The lithium bet. NovaAndino, the Salar de Atacama tie-up created in December, is carried at $3.334bn and gives the state majority control of the deposit.
—The copper slices. Beyond that sit El Abra, a 49% share alongside Freeport-McMoRan worth $826m, and a 10% slice of Quebrada Blanca now marked at $796m.
