Chilean state-owned mining giant Codelco has secured its supply of sulfuric acid for all 2026 operations, following China's decision to suspend exports of the chemical compound, according to reports from cooperativa.cl.
Speaking at the World Copper Conference 2026 in Santiago, Codelco CEO Máximo Pacheco announced the move, detailing that the company finalized the purchase of the necessary supply several months ago.
"We pre-purchased the sulfuric acid we need for 2026 two or three months ago. We secured it at previous prices and in sufficient quantities to cover all of Codelco's requirements," Pacheco stated.
According to Bloomberg data, Chile imports over one million tons of sulfuric acid from China annually to support its mining industry.
Impact on global production
Pacheco noted that the state-owned giant maintains its own production capabilities at its primary smelters, placing the company in a more advantageous position than other international players.
"In this regard, we are at ease," the executive added.
The suspension of Chinese exports is set to take effect in May. The Chinese government justified the measure as a means to guarantee domestic supply during the agricultural season.
Pacheco described the situation as a "major issue," explaining that sulfuric acid is facing an extraordinary shortage and that prices have surged between three to five times historical levels.
The impact of this crisis is particularly critical across the African continent. The Codelco CEO detailed that copper-producing nations in Africa rely heavily on this input to process oxidized minerals.
"Africa's copper production is being hit hard because they need sulfuric acid for the copper oxide leaching process. Currently, they are either facing extreme difficulty in obtaining it or are paying extraordinarily high prices," the executive emphasized.
Codelco accounts for nearly 10% of global copper production. The company employs approximately 62,000 people directly and indirectly and manages a $40 billion portfolio.
