The special investigative committee (CEI) of Chile's Chamber of Deputies on the overstatement of Codelco's 2025 output unanimously approved, 11 votes to 0, a report that points to the state copper company's executives as responsible and calls the case "a matter of the utmost seriousness", according to [Radio Universidad de Chile](https://radio.uchile.cl/2026/10/21/sobreestimacion-de-produccion-en-codelco-cei-apunta-a-ejecutivos-y-emite-recomendaciones/). The 13-point report now goes to the floor of the Chamber, which must vote on it at an upcoming session.
The case concerns 26,875 tons of copper that Codelco reported as 2025 output and that did not meet its internal standards for finished product. The inflated figure was used to pay about US$14.3 million in bonuses. These are the facts, what the Codelco committee concludes and what is still pending.
What happened to Codelco's 2025 output
| Item | Figure |
|---|---|
| Reported tons that did not meet standards | 26,875 |
| Oxides from Chuquicamata | 20,000 |
| Calcium arsenate from Ministro Hales | 6,875 |
| Own output as originally reported | 1,334,445 tons |
| Corrected own output | 1,307,570 tons (about 2% less) |
| Bonuses paid on the basis of the inflated figure | US$14.3 million |
| Workers and executives who received those bonuses | About 6,300 people |
Source: Codelco internal audit cited by Ex-Ante in May 2026. The bonuses went to workers and executives at Chuquicamata, Ministro Hales and headquarters. According to Deputy Cristián Tapia, who chairs the committee, the overstatement "begins to be planned" from June 2025 so as not to fall below the tonnage produced in 2024 (Radio UChile).
What the Codelco inquiry concludes
- Who is responsible: "It is not the workers, it is the executives who signed and authorized this overstatement," Tapia said.
- Reputational damage: the report states that "the damage to the corporation's reputation must be compensated".
- Controls: it calls for stronger oversight and transparency rules at Codelco and stronger internal control over output.
- Lasting liability: it proposes that executives' liability should not end when they leave office, but one year later.
- Cochilco: it questions the Chilean Copper Commission acting as both adviser and regulator. "Cochilco is not fulfilling the function for which it was created," said Deputy Valentina Cáceres.
Sources: Radio Universidad de Chile and El Periodista. Quotes translated from Spanish. Tapia also accused the company's audit vice presidency of "concealing information". Deputy Daniel Valenzuela summed up: "We are tired of nobody paying the bill."
Timeline of the case
| Date | Event |
|---|---|
| February 2026 | The then board chairman, Máximo Pacheco, receives an anonymous email that triggers the internal inquiry |
| March 2026 | The internal audit that detects the deviation begins |
| May 2026 | Codelco corrects the figure, dismisses a former manager, sanctions seven other executives and announces a criminal complaint |
| May 20, 2026 | The board orders the recovery of incentives tied to the inflated figure |
| June 2026 | The Chamber approves the investigative committee |
| July 13, 2026 | Jorge Gómez takes over as CEO, with recovering the bonuses among his tasks |
| October 21, 2026 | The committee approves its report 11 to 0 |
Sources: Ex-Ante (May), Ex-Ante (June), Diario Financiero and Radio UChile. The dismissed former manager is César Márquez, who was in charge of budget and management control, according to Ex-Ante. Prosecutors also searched the offices of current and former managers, according to CNN Chile.
What happens to the bonuses and Codelco's workers
Returning the bonuses is the most sensitive point. Codelco must correct the output and cost data used to calculate the incentives, validate them formally and recalculate what each person owes, according to Ex-Ante. Unions rejected the demand: Radio Universidad de Chile reported in May average deductions of close to 2 million Chilean pesos per worker at Chuquicamata, Ministro Hales and headquarters. The committee's report places responsibility on executives rather than workers, but it does not by itself settle the repayment, which depends on the company.
What is still to be resolved
- Floor vote: the Chamber must approve or reject the committee's report.
- Comptroller's office: its audit of the case will be presented in December to the Chamber's Mining Committee (Radio UChile).
- Criminal case: the prosecutors' investigation following the company's complaint remains open.
- Bonus recovery: the company has not reported how much it has recovered.
The case comes in a year of low output and high copper prices, which we cover in copper near its record and Escondida's output drop.
Frequently asked questions
How much did Codelco inflate its 2025 output?
By 26,875 tons, about 2% of its own output, which went from 1,334,445 to 1,307,570 tons after the correction.
What did the inquiry conclude?
That the executives who signed and authorized the overstatement are responsible, and that the reputational damage must be compensated.
How much was paid in bonuses on the inflated figure?
About US$14.3 million to some 6,300 workers and executives, according to Ex-Ante.
What happens to the report now?
It goes to the floor of the Chamber. The Comptroller's audit will be presented in December.
Who runs Codelco?
Jorge Gómez has been CEO since July 13, 2026.
