What specific production figures did Codelco misreport, and where were they located?

Codelco misreported 20,000 tons of material at the Chuquicamata mine and 6,875 tons at Ministro Hales — totaling approximately 2% of its 2025 output — by incorrectly classifying work-in-process material as finished copper product.

What disciplinary actions did Codelco take in response to the audit findings?

Codelco fired one executive and reprimanded several others; it also identified improper use of exception rules, failures in mandatory approvals, and impacts on corporate target calculations and incentive payments, and plans to file a complaint with the public prosecutor’s office to investigate potential criminal conduct.

Codelco Fires Executive for Overstating Copper Output in Chile

May 21, 2026

Codelco dismissed an executive after an audit revealed it overstated 2025 copper output by 2%. The scandal has triggered government scrutiny and potential legal investigation despite no changes to audited financial statements.

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