Chile’s Codelco makes US$1.25 billion debt tap
18 February 2026

Two Linklaters offices and Carey in Santiago have helped Chilean state-owned copper producer Codelco raise US$1.25 billion through a bond offering and reopening of existing notes.

A&O Shearman in New York and Garrigues (Chile) advised the placement agents.

The deal closed on 30 January.

Codelco issued US$1 billion in senior notes and reopened an existing series of notes for US$250 million.

The proceeds will be used for general corporate purposes.

The issuance follows a string of key transactions by the Chilean state-owned miner. In December, Carey in Santiago advised Codelco on its landmark lithium joint venture with SQM, with Chile’s Claro & Cía representing SQM as local counsel, while Cleary Gottlieb Steen & Hamilton LLP and Linklaters served as international counsel to the state-run miner. That came months after Cleary and Carey assisted Codelco with a reopening of existing notes and US$1.4 billion issuance. The underwriters in that deal turned to A&O in New York and Garrigues’ Santiago office that time too.

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Counsel to Corporación Nacional del Cobre de Chile (Codelco)

In-house counsel – Constanza Anguita Roll

Linklaters

Partner Matthew Poulter in São Paulo, and partners Emilio Minvielle and Gabriel Grossman, associates Thomas Tiphaine Koffman, Erika Jensen and foreign attorney Francisco Algorta Garicoits in New York

Carey

Partners Fernando Noriega and Diego Peralta, and associates Mateo Weinborn and Felipe Dalgalarrando in Santiago

Counsel to Bank of America, Crédit Agricole, HSBC and Santander

A&O Shearman

Partners Alejandro Gordano and Lorenz Haselberger, and international associates Moises Gonzalez and Teresa Zúñiga in New York

Garrigues (Chile)

Partner Pedro García and associates María Fernanda Jara and Elna Petrowitsch Klovus in Santiago.