Máximo Pacheco, chairman of the board of Codelco, said on May 6 that the company is closing a key phase in its development and moving toward diversification in minerals. Pacheco made these remarks during his appearance before the Mining and Energy Commission of the Chamber of Deputies, marking his seventeenth attendance at this forum over four years.
The discussion focused on Codelco’s completion of major structural projects, entry into lithium production, and challenges related to debt levels. Pacheco said that when he began his tenure, Codelco was facing delays and complex conditions with its main projects. “We received Codelco with structural projects delayed and in complex conditions. Today we are closing that era, moving decisively towards its final stage and start-up,” he said.
He explained that completing these initiatives is essential for sustaining future copper production. “Today the company shows objective signs of stabilization,” Pacheco said.
Pacheco also described a significant shift in strategy as Codelco expands beyond copper to include lithium extraction. “Codelco was a single-commodity company. Today, after 54 years, we are taking a historic step; we are delivering a leading company in copper and lithium,” he said regarding new partnerships at the Salar de Atacama site. He added that this move responds to growing global demand for critical minerals used in energy transition technologies.
Addressing financial concerns, Pacheco clarified that current debt levels result from state decisions about capitalization rather than management choices by Codelco leadership or directors. “The level of indebtedness at Codelco is not defined by management or direction; it is defined by the owner—the State of Chile—regarding how much it capitalizes, reinvests or withdraws as fiscal contributions,” he said.
Pacheco concluded by highlighting investor confidence: “Our debt is financed at very competitive rates and our bonds are highly valued by investors.”
