CHILE · COPPER
Key Facts
- The company Codelco is Chile’s state-owned copper miner, one of the largest copper producers on earth.
- What happened Regional prosecutor Aquiles Cubillos says Máximo Pacheco, Codelco’s board chair until 25 May 2026, will be summoned.
- The numbers Almost 27,000 tonnes of copper were corrected out of 2025 output, about 2 percent of Codelco’s own production.
- The money Output-based bonuses tied to the counted tonnes reached about US$14.3 million for 6,322 workers and executives.
- Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 63.6 points (October 2026 edition).
Prosecutors in Chile say they will summon the ex-Codelco chair, Máximo Pacheco, as part of a criminal probe into overstated copper output. Codelco is Chile’s state-owned miner and one of the largest copper producers on earth.
The case matters to US buyers and investors because Codelco’s production figures feed the global supply data they use. Pacheco has not been charged, and his lawyer has offered to cooperate.
What Prosecutors Have Said
Aquiles Cubillos, the regional prosecutor of O’Higgins, leads the investigation and has said Pacheco will be called to give a statement. His date is not set and depends on how the inquiry advances.
Pacheco led Codelco’s board until Monday 25 May 2026. His lawyer, Juan Domingo Acosta, has offered to coordinate his testimony.
How the Copper Overcount Came to Light
Codelco filed its own criminal complaint on 22 May 2026 after an internal audit confirmed that output had been overstated. A deputy, Jaime Mulet, had filed a separate complaint on 14 May.
The audit found about 20,000 tonnes of oxides at the Chuquicamata division and 6,875 tonnes of calcium arsenite at Ministro Hales. Codelco says these materials needed more processing and should have been booked as work in progress, not finished copper.
What Lawmakers Found
A special commission of the Chamber of Deputies, Chile’s lower house, approved a final report on the case by 23 October 2026. Its deputies point at Pacheco and Chief Executive Rubén Alvarado for pressing to improve the 2025 production close.
The commission found that the extra tonnes affected bonuses but said there was not enough proof that they were added to win bonuses. Prosecutors work separately, as our report on the commission explains.
What Cubillos Is Examining
Cubillos says possible offenses include forging a public document, disloyal management, fraud against the State and embezzlement of public funds. He said no option is ruled out and that an honest error is also possible.
His team is reviewing the audit, emails and internal records, and may look at years before 2025. On 29 October 2026 Codelco dismissed eight executives after its audits.
In Plain English, Who Is Who
Codelco is wholly owned by the Chilean state and run by a board chair and a chief executive. Pacheco chaired the board until May, and Bernardo Fontaine now holds the post.
A fiscal, or prosecutor, directs criminal investigations in Chile. A commission of deputies can summon officials and write a report but cannot punish anyone.
What It Means for You
The probe is about how copper was counted and booked, not about metal that customers failed to receive. It can still shake trust in the output figures of a major supplier.
Chile’s statistics office says national copper output fell 15.1 percent in September from a year earlier. Investors who follow copper prices and Chilean shares should watch for corrected Codelco figures.
What Is Not Known
No date has been announced for Pacheco’s statement, and no one has been charged in the overcount case. Prosecutors have not said whether the error was deliberate.
It is also open whether other executives will be summoned and whether years before 2025 will be reviewed. The full Chamber of Deputies has yet to vote on the commission’s report.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
Will Máximo Pacheco be questioned by prosecutors?
Prosecutor Aquiles Cubillos has said Pacheco will be summoned to give a statement. No date is set, and Pacheco has not been charged.
What is the Codelco overcount case about?
Codelco corrected almost 27,000 tonnes of copper from its 2025 output after an internal audit. Prosecutors are examining whether anyone broke the law.
Does this affect copper supply to the United States?
The probe concerns how output was counted, not metal delivered to buyers. It can still reduce trust in the production numbers of a major supplier.
Who is Máximo Pacheco?
He chaired the board of Codelco, Chile’s state copper company, until 25 May 2026. His lawyer says he is ready to cooperate.
Sources: Public Prosecutor’s Office of Chile, O’Higgins regional prosecutor Aquiles Cubillos, statements on the Codelco case, 26 to 28 May 2026; Codelco internal audit and criminal complaint, 22 May 2026; Chamber of Deputies of Chile, special investigative commission on Codelco output, final report, October 2026; National Statistics Institute of Chile (INE), mining production, September 2026, 30 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
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