2027 Budget: Chamber rejects Mining budget item in debate marked by Codelco's future

National | Lawmakers from various sectors rejected the possibility of opening the state-owned company to the entry of long-term private capital. Historic copper prices ©Claudio Pérez Comments After registering a 59-vote tie, this afternoon the Chamber of Deputies rejected the Mining budget line, as part of the vote on the 2027 Budget. It should be recalled that the treasury proposal put forward by the Executive reduced Mining's resources by $207.8 million, equivalent to a 0.4% real cut compared to the current year, with adjustments to mining promotion programs, geology, and public services, alongside an increase in resources for volcanic monitoring. In this context, the debate was marked by lawmakers' concern over the administration of the National Copper Corporation (Codelco) and the possibility of opening the state-owned company to the entry of long-term private capital. In this regard, legislators from various sectors emphasized that selling off part of the company means compromising vital resources for future generations and demanded, instead, a capital injection that would allow investment to recover. Likewise, several voices questioned the reduction of resources set in the budget for the National Geology and Mining Service (Sernageomín). After the vote, deputy Bernardo Salinas, an independent from the Communist and Independents Committee, highlighted the result on his X account. There, he stated: "It will have to be said until we're tired of saying it — Codelco is not for sale, it must be defended! That's why, and because the Government's proposal weakens oversight, safety, and mining promotion." For his part, Socialist deputy José Antonio Rivas, a member of the Mining and Energy Committee, indicated that he voted against the budget line because "it is absurd that in the midst of the copper crisis, the government is reducing resources for Sernageomín and Cochilco (Chilean Copper Commission)." "You can't go around crying about the drop in production while weakening those who must safeguard Chile's wages," he concluded. More on: 2027 Budget Mining Codelco Chamber of Deputies Sernageomin