Santiago, October 6, 2026 - In a session held this Tuesday, the Codelco board was informed of new inconsistencies in production figures, detected from complaints that are part of the review process of the production figures corresponding to the years 2024 and 2025 and that could have translated into an artificial increase in the production reported by the Ministro Hales and Salvador divisions during 2024 and 2025.

According to the information available so far, the inconsistency stems from the fact that the same material was recorded as production by more than one division, a situation that is being investigated to establish its origin, extent and effects on the consolidated production and inventory figures of the Corporation.

In light of this situation, the board resolved to deepen the ongoing reviews and take the necessary steps to clarify the facts. The new findings were incorporated into the internal investigations, and EY was commissioned to conduct an independent external audit specifically to review any potential duplications detected. In addition, the new information was provided to the Public Prosecutor's Office.

Codelco's CEO, Jorge Gómez, stated that "the administration's decision is to thoroughly investigate any irregularities, determine the corresponding responsibilities, apply the appropriate sanctions, and pursue the recovery of any potential financial losses that may have occurred. Our commitment is to clarify these events with rigor and transparency and strengthen controls to prevent situations of this nature from happening again."

For his part, Chairman of the Board Bernardo Fontaine stated that “these processes are part of the integrity, profitability, and operational excellence strategy defined by the Board. Getting our house in order with responsibility and transparency is essential to strengthening Codelco and ensuring that its processes, controls, and results meet the highest standards.” He added that these measures align with the criteria established by the current administration to strengthen the Corporation's control, integrity, and operational excellence systems. 

Independent audits

After assuming the new leadership of the Corporation, the board decided to deepen and expand the reviews through independent external audits.

KPMG will continue the review of all division production in 2024-2025, while EY was mandated to investigate these new findings, relating to possible duplications in interdivisional production inventories between Salvador and Ministro Hales during 2024 and 2025.

The mandate given to EY also includes determining the nature and magnitude of any duplications, establishing their impact on the production and inventory figures reported by the Corporation, identifying the causes and associated responsibilities, and reviewing their possible economic effects, including those related to the calculation and payment of variable incentives.

Codelco will continue to collaborate with the Public Prosecutor's Office, the Comptroller General of the Republic and other competent bodies in all investigations and audits currently underway.

Codelco