What is the Chilean government's current stance on privatizing Codelco?

The Chilean government, under its new right-wing administration, has explicitly ruled out quick privatization or introducing private capital into Codelco, stating it is instead focused solely on improving the state copper giant’s performance. Finance Minister Jorge Quiroz emphasized that Codelco’s state ownership is constitutionally enshrined and any change would require a broad national decision beyond the scope of any single government.

According to Chairman Máximo Pacheco, what key lessons has Codelco learned from its past operational failures?

Chairman Máximo Pacheco stated that Codelco has learned to be humble after a 'hard and painful process' of addressing past mistakes—including setting overly optimistic production targets, managing major projects through a rigid centralized approach, suffering from slow decision-making, and relying excessively on outsourcing. He affirmed that output is now stabilizing and the project pipeline has become more realistic as a result.

Chile Focuses on Codelco Turnaround, Not Quick Privatization Fix

Apr 20, 2026

Chile's government prioritizes Codelco's operational turnaround over privatization amidst falling production and $25 billion debt. Chairman Pacheco admitted past errors but denied crisis status before new board appointments.

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