Santiago, August 13, 2025.- Codelco announced that Australian mining engineer Mark Cutifani will chair the International Expert Evaluation that will conduct the independent investigation following the accident at the El Teniente Division. The decision was unanimously approved by the board of directors in an extraordinary session held last Sunday, a process in which the state-owned company received support from the International Council on Mining and Metals (ICMM), as well as the definition of the terms of reference for the mandate.

"I accept this assignment with the utmost responsibility, fully aware of the profound impact of the July 31 accident and the urgent need to clearly identify its causes. This work will be key to underground mining and to strengthening the safety of all those who work there," Cutifani stated upon accepting the role.

The group of experts, whose members will be appointed by Cutifani together with the state-owned company's board of directors, will be composed of up to five Chilean and international specialists in geotechnics, mining safety, organizational behavior, and regulatory aspects. Their work will include analyzing Codelco's response to the accident, assessing the technical, human, and cultural factors that may have influenced the tragedy, and proposing measures to prevent similar incidents.

The investigation will begin based on information gathered by Codelco's internal audit and the findings of Sernageomin, the technical authority. The group will complement this information with interviews, data reviews, and field studies.

Codelco's Board of Directors emphasized that Mark Cutifani has exceptional credentials to lead this assessment, given his global experience, his leadership in safety, and his ability to drive profound transformations. The Board emphasized its full commitment to ensuring that the work of this expert group is carried out with complete independence and technical rigor.

Cutifani began his career in 1976 in underground coal mining in Australia and has led operations in 20 countries and over 30 minerals and metals. During his tenure as CEO of Anglo American (2013-2022), he achieved an 87% reduction in serious incidents, doubled labor productivity, and reduced real unit costs by 40%, achieving average annual shareholder returns of 22%. Previously, as CEO of AngloGold Ashanti, he led a profound safety transformation, reducing incidents by 70% at the world's deepest mines.

In addition to his distinguished executive career, Cutifani has received multiple international awards and recognition for his leadership in the mining industry. In 2024, he was appointed Commander of the Order of the British Empire (CBE), an award bestowed by the United Kingdom for his contributions to global mining investment and sustainable development. He has also been honored with the AusIMM Industry Award in Australia, the Brigadier Stokes Award in South Africa, the Thomas Edison Global Innovation Award, and has been inducted into the Mining Halls of Fame in Australia, South Africa, the United Kingdom, and the United States. He has also received other international awards recognizing his commitment to safety, innovation, and the transformation of mining operations.

Codelco