The issuing of the constitutional reform that nationalized copper, on july 11th 1971, set in motion a process that culminated in the creation of a company responsible for operating and managing the mining properties given to the State.

The Law Decree 1,350 of 1976 created the Corporación Nacional del Cobre de Chile, Codelco, conceived as a mining, industrial and commercial company owned by the Chilean State.

The Corporation is headed by a Board of Directors with seven members named by the President of Chile.

The Board is chaired by the Secretary of Mining and it is also integrated by the Secretary of Finances, three representatives named by the President and two representing the workers and supervisors.