Fresh leadership at Codelco orders audit of 2024-2025 production figures

Chilean state copper miner Codelco will order an external audit of production figures for 2024 and 2025, the firm said on Thursday, as its new chairman opened his first board meeting by pledging to restore trust and maximize returns without increasing debt.

The move marks an early attempt by chairman Bernardo Fontaine to tighten oversight at one of the world’s largest copper producers as it faces mounting scrutiny over production reporting and spending.

An internal audit, first reported by local media, found irregularities in production recorded in 2025. The matter led to the dismissal of one executive and internal disciplinary actions, and is also being reviewed by Chilean prosecutors.

Reuters reported in March that industry insiders had raised concerns about discrepancies in Codelco’s production figures and whether inventories had been used to help support performance targets.

Codelco’s audit, compensation and ethics committee will order an external audit of the 2024 and 2025 numbers, as well as costs tied to the renovation of the company’s headquarters, the firm said in a statement on Thursday.

Fontaine said he aimed to help Codelco “recover trust” and said the company’s priorities would be safety, maximizing contributions to the state without adding more debt and restoring order with transparency.

The firm has long relied on debt to fund much of its investment program, as the state miner turns over substantial profits to the treasury and has limited ability to retain earnings.

Codelco also created a safety committee to oversee issues related to the deadly collapse at its El Teniente mine last year.

The miner is set to report first-quarter results on Friday.

(By Kylie Madry; Editing by Jacqueline Wong and Jamie Freed)