Santiago, June 24, 2026. The Chairman of the Board of Codelco, Bernardo Fontaine, presented to the Mining and Energy Committee of the Chamber of Deputies the four priority areas defined by the Corporation to maximize its contributions to the State, with responsibility, austerity, and a long-term vision. These are: the safety of people as a priority; maximizing surpluses for the State, which implies making operations profitable while seeking to avoid increasing debt levels; getting the company's finances in order with a firm hand and transparency, strengthening control mechanisms and management standards; and comprehensive sustainability in operational, economic, environmental, and social aspects.

“We are working with everyone to strengthen Codelco and restore trust. Our goal is for the company to once again reach its full potential, rebuilding the connection and pride that Chileans feel for Codelco,” he explained to the members of parliament.

Fontaine was accompanied to the meeting by the CEO, Rubén Alvarado; the auditor general, Raúl Puerto; and the director and president of the Audit, Compensation and Ethics Committee (CACE), Tamara Agnic Martínez.

The president of CACE and the auditor general detailed the audit process regarding the 2025 production report. The investigation concluded that, in the Chuquicamata and Ministro Hales divisions, materials that did not meet the conditions established in the internal regulations for that category were classified as finished products. As a result, regulatory non-compliance, the improper application of exception criteria, and deficiencies in the approval mechanisms were identified, which impacted production indicators and the calculation of variable incentives.

Agnic indicated that the board instructed the application of a set of measures including an external audit to review the production reports for the years 2024 and 2025, the recalculation of variable incentives associated with production indicators for 2025 and the implementation of corresponding recovery processes for bonuses associated with executives, supervisors and workers.

Regarding this point, Rubén Alvarado explained to the parliamentarians that the refund process has already been carried out between the executives involved and meetings have been held with the federations of workers and supervisors to find the best ways to finalize this refund with respect to those groups.

Regarding Codelco's future, Bernardo Fontaine told the Commission that, with the start of his tenure, a thorough review of the company is underway, focusing on management processes and standards. He also announced that, in the coming months, the company will begin defining its Strategic Plan. This process will comprehensively evaluate various aspects of its management and future development, including its operational and cost structure, its project portfolio and potential asset sales, financing alternatives, and other matters relevant to achieving its long-term objectives. "This rigorous work will allow us to have a clear plan for improvements to consolidate a more robust and transparent operation, aligned with strengthening the Corporation's operational and financial sustainability ."

Codelco