Who has been appointed as the new chairman of Codelco, and what is the timing and context of this leadership change?

Bernardo Fontaine has been appointed as the new chairman of Codelco, replacing Maximo Pacheco, whose four-year term ends on May 26. The appointment was made by Chile’s government under newly inaugurated President Jose Antonio Kast, amid growing concerns over Codelco’s debt, budget overruns, and production challenges.

What specific mandates have been assigned to Codelco’s newly constituted board, and what prompted these actions?

The newly appointed board—including Fontaine, Luz Granier, and Alejandro Canut—has been given a 'special mandate' to lead an investigation and external audit into recent production issues and to conduct an in-depth financial review following budget overruns; this follows preliminary internal audit findings suggesting nearly 20,000 metric tons of copper were improperly included in Codelco’s 2025 production report, and industry questions about the validity of a December 2025 production surge.

Chile Appoints New Chairman for Copper Miner Codelco Amid Production and Debt Concerns

May 14, 2026

Chile has appointed Bernardo Fontaine as the new chairman of state-run copper producer Codelco, tasked with investigating production irregularities and addressing budget overruns under the new administration.

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