Santiago, May 6, 2026.– The Chairman of the Board of Directors of Codelco, Máximo Pacheco, attended the Mining and Energy Commission of the Chamber of Deputies this afternoon, marking his 17th appearance before this body during his four years in office, where he presented the main aspects of the Corporation's current situation.

Pacheco outlined the strategic moment the state-owned company is experiencing, marked by the closing of its cycle of large structural projects, diversification towards lithium and the challenges associated with its level of indebtedness.

During his presentation, the executive noted that the company is completing a key stage of its development. “We inherited Codelco with delayed structural projects and in complex circumstances. Today we are closing that chapter, moving decisively towards their final stage and commissioning,” he stated, highlighting the technical and managerial effort deployed to resume initiatives that are fundamental to sustaining future copper production.

Along those lines, he emphasized that this process will allow the company to maintain its production base and project long-term growth, after several years of intensive investment. “Today the company is showing objective signs of stabilization,” he said.

The chairman of the board also emphasized the change in the company's strategic profile. “Codelco was a single-commodity company. Today, after 54 years, we are taking a historic step; we are delivering a leading company in copper and lithium,” he stated, referring to the partnership strategy implemented by the state-owned company, particularly in the Atacama Salt Flat. He explained that this diversification responds to the growing global demand for minerals critical to the energy transition.

Regarding the financial situation, Pacheco explained that the company maintains a significant level of debt, specifying that this is due to structural decisions. “Codelco’s debt level is not a variable defined by the company’s administration or management; it is determined by the owner, which is the State of Chile, regarding how much it capitalizes, how much it reinvests, and how much it withdraws in government contributions,” he stated.

In any case, he emphasized that the company maintains a solid position in the financial markets. “Our debt is financed at very competitive rates and our bonds are highly valued by investors,” he stated, underscoring the international confidence in the state-owned company.

Codelco