Santiago, July 21, 2026 - Codelco's director and president of the Audit, Compensation and Ethics Committee (CACE), Tamara Agnic, explained today to the Special Investigating Commission of the Chamber of Deputies that the Corporation commissioned KPMG to conduct an independent external audit to review the production reports corresponding to the years 2024 and 2025.

During his presentation to the body, Agnic explained that this review was instructed by the board as part of the measures adopted after the internal audit that detected inconsistencies in the recognition of 26,875 tons of copper reported as completed production during December 2025. These measures also included the correction of production reports, the review of procedures, the recalculation of variable incentives, the application of administrative sanctions, and the submission of the background information to the Public Prosecutor's Office to determine the possible existence of criminal liability.

“The responsible response to an event of this nature is not to minimize it, but to investigate it independently, establish the facts, determine responsibilities, correct the information, and permanently strengthen controls,” Agnic stated.

He further explained that the internal audit focused on the 26,875 tons that were reviewed during the administrative investigation. In order to broaden the analysis and strengthen the independent review of the reported information, “and for the greater peace of mind of the Corporation and, of course, of all Chileans, the board established a review for the years 2024 and 2025,” Agnic stated.

“The true test of governance does not end with this investigation. It will end when we can verify that the measures were implemented, that the controls operate effectively in practice, and that the Board receives sufficient assurance regarding their functioning,” said Agnic, who added that the follow-up on corrective measures will remain under the supervision of the Audit Committee and the company's Board of Directors.

In his presentation, Agnic explained that Codelco operates with a control system based on three complementary lines: the operational areas, the supervisory and risk management functions, and Internal Audit, which acts independently of management and reports directly to the Audit Committee. He indicated that this model incorporates successive controls that allow for the timely detection and correction of any deviations.

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