Exiting chair of Codelco also leaves lithium post

Maximo Pacheco, who leaves on Monday as chairman of Chilean state copper miner Codelco, said he was also stepping down from the board of Nova Andino Litio, the company’s lithium joint venture with SQM, according to a resignation letter seen by Reuters.

In the letter addressed to incoming Codelco chairman Bernardo Fontaine, Pacheco said his resignation came after some sectors had pushed for his departure from the company.

“To avoid fueling an odious controversy, for the good of the country, of our beloved Codelco and of all the value represented by the great company we have created, I have decided to present my irrevocable resignation,” Pacheco wrote.

Pacheco’s resignation comes amid heightened scrutiny of Codelco after the company said last week it had fired one executive and disciplined others following an internal audit into improperly reported 2025 copper production.

(By Fabian Cambero and Kylie Madry; Editing by Natalia Siniawski and Iñigo Alexander)