Codelco Fires 8 Over Copper Output Errors

CHILE · COPPER

Codelco, Chile’s state-owned copper company, dismissed eight executives and professionals on Thursday 29 October 2026 after internal audits found that its copper output had been overstated. The company also named a new head for its Salvador division in northern Chile.

For US readers, the case matters because Codelco’s figures feed the world copper supply data that US buyers, traders and investors use. A miner that counted metal too early shakes trust in the numbers, even though the metal sold to customers is not in question.

Who Was Dismissed

The eight people worked at four units: the Chuquicamata, Ministro Hales and Salvador divisions, and the Casa Matriz, Codelco’s head office in Santiago. They include the general manager of the Salvador division and the head office manager for mining resources and development.

The list also covers the mining resources and development managers of Chuquicamata, Ministro Hales and Salvador. It ends with a head office chief of metallurgical valuation, the superintendent of smelter operations at Salvador, and the chief of metallurgical quality and balance at Ministro Hales.

Codelco named Felipe Lagno Sánchez, until now its corporate manager of innovation and technology, as the new general manager of Salvador. He replaces Patricio Viveros and has worked at Codelco for 14 years.

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What the Audits Found

The errors came from counting production that was still in process as if it were finished. The first mistake to come to light, reported in May 2026 for production in 2024 and 2025, was put at about 27,000 tonnes of copper tied to Chuquicamata and Ministro Hales.

On 6 October Codelco reported further inconsistencies between its Salvador and Ministro Hales divisions, and it has not published a figure for them. Our earlier report on the 27,000 tonne copper overcount covers the parliamentary inquiry that followed.

A Second Round of Consequences

In May 2026 Codelco had already assigned responsibility to seven executives and one former executive at the head office, Chuquicamata and Ministro Hales. One of them was dismissed and the others received reprimands.

That earlier review also covered a former senior executive who had already left the company. The new dismissals show the company widening its action as the audits reached more divisions.

What It Means for You

If you own copper stocks or a copper fund, nothing in the case changes the metal that Codelco ships. The risk is to the quality of production data, which is one input into how analysts judge world supply and prices.

Travelers and US companies that buy copper products see no direct effect today. Buyers who rely on Codelco may still ask for firmer checks on its reporting.

What Is Not Known

It is not known how many tonnes were wrongly counted at Salvador, or whether the audits will find more errors in other divisions. Codelco says its internal and external reviews are continuing.

The company said the dismissals do not affect any responsibility that the competent authorities may find, nor the legal action it may take to protect its interests. It is not known whether prosecutors will bring charges against the people who were dismissed.

More: Chile news in English, every day from The Rio Times.

Frequently Asked Questions

Why Did Codelco Dismiss Eight Executives?

Internal audits found that copper output had been overstated by counting production still in process as finished. The company dismissed eight executives and professionals on Thursday 29 October 2026.

How Much Copper Was Overstated?

The first error found was about 27,000 tonnes of copper tied to the Chuquicamata and Ministro Hales divisions. Codelco has not published a figure for the later errors at Salvador.

Does This Change Codelco’s Copper Deliveries?

There is no sign of that. The case concerns how output was counted and reported, not metal delivered to customers.

Sources: Codelco, statement on measures after the production investigations, 29 October 2026.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief