An avalanche at Chile's state-owned copper giant Codelco's large El Teniente copper mine on Sunday claimed the lives of two workers, marking the latest fatal safety incident for the state-run copper company.

In a follow-up statement, Codelco said the earlier incident had been attributed to a mudslide, and that the two missing workers were later confirmed dead. The company said the two victims were subcontractor employees who were conducting inspections in the mine's open-pit area at the time of the incident, while another worker was rescued and taken to a medical facility.

Codelco said the open-pit area had already suspended operations due to severe weather when the accident occurred. Investigative police and prosecutors have arrived at the scene to investigate the circumstances of the incident.

Chile is the world's largest copper-producing country, and this accident is another blow for the nation. Extreme weather, safety incidents, operational challenges, and declining ore grades continue to weigh on output, while labor tensions further heighten supply risks, all as copper prices hover near historic highs.

Global supply disruptions, growing trade disturbances, and rising demand pushed copper prices to a record high of nearly $15,000 per tonne last month, and these various issues continue to simmer against that backdrop.