Santiago, July 15, 2026 - The Chairman of the Board of Directors of Codelco, Bernardo Fontaine, presented today to the Senate Mining and Energy Commission a diagnosis of the Corporation's current situation and the challenges it will face in the coming years, based on the management reports that the company has made publicly available, emphasizing the need to act with transparency, responsibility and a focus on generating value for Chile.

In the meeting, which took place in an atmosphere of open listening and dialogue, Fontaine highlighted that despite having world-class assets, Codelco faces a sustained deterioration in its profitability, reflected in lower production levels, higher costs, lower cash generation, and increased debt.

In this context, he stated that the board seeks to address this reality with objective information and a long-term perspective. “Our duty is to lead a transformation that will allow Codelco to fully recover its capacity to generate value for Chile,” he noted.

The chairman of the board explained that the roadmap defined for this new phase prioritizes the safety and protection of people's lives. This is complemented by the objective of increasing revenue for the State through productivity improvements, cost control, and appropriate investment prioritization. The third pillar is to bring transparency and order to the organization. The fourth point emphasized the importance of strengthening sustainability in its environmental, social, economic, and operational dimensions.

Regarding the evaluation of assets and potential partnerships with third parties, Fontaine clarified that any analysis will have the sole objective of strengthening Codelco, improving its financial situation, and ensuring the development of high-value projects for the country. “No decision has been made on this matter. All alternatives will be evaluated using technical and profitability criteria, always seeking the greatest benefit for the company and for Chile,” he stated.

Regarding lithium, he highlighted the progress made by Novandino Litio and the development of projects in the Maricunga Salt Flat, which will allow Codelco to expand its participation in a key industry for the global energy future, under high environmental standards and for the benefit of the regions and communities linked to these operations.

Finally, Fontaine thanked the commission, stating that the company's recovery will require the combined efforts of the board of directors, management, workers, the government, and Congress. “We want Chileans to know the reality of Codelco. With a transparent diagnosis, a clear direction, and disciplined execution, the Corporation can regain the leadership that has always made Chileans proud,” he concluded.

Codelco

Photo: Senate of the Republic of Chile