Codelco review of plans will take 3-4 months: chairman

Codelco’s new chairman, Bernardo Fontaine, has announced that a comprehensive review of the company’s strategic plans will take approximately three to four months. The review aims to align the state-owned copper producer’s operations with a renewed focus on profitability, efficiency, and transparency, as outlined during the board’s first meeting under his leadership.

Fontaine, a former critic of Codelco’s governance, emphasized that the company’s mandate is no longer centered on maximizing production volume but rather on ensuring safe, efficient, and profitable operations. This shift marks a departure from the previous administration led by Máximo Pacheco, which prioritized production recovery following years of operational challenges and aging infrastructure.

The review will include a forensic audit of production figures for 2024–2025 and an evaluation of capital expenditures, particularly those related to the headquarters renovation. The audit follows revelations of overcounted production and a subsequent investigation into misreporting. Additionally, the board has established a special committee to oversee the El Teniente mine accident in July 2025.

Fontaine also highlighted the need for stronger governance and public-private partnerships to enhance long-term sustainability and restore stakeholder confidence. The company’s recent first-quarter production fell 8% year-over-year, impacted by operational challenges and lower ore grades, but Codelco still contributed $430 million to the state, a 94% increase from the prior year.