Photo: Carlos Figueroa Rojas / Wikimedia Commons (CC BY-SA 4.0)

CHILE · COPPER

Sixteen Chilean lawmakers have asked the state’s legal defender, the Council of State Defence (CDE), to sue former managers of Codelco, Chile’s state copper miner, over copper output figures that were falsely inflated. If the CDE is not already pursuing the case, they want it to file civil and criminal actions to protect public money.

The move matters to US readers because Codelco is one of the world’s largest copper producers, and how Chile handles the case may shape how much foreign buyers and lenders trust its reported output. The request is a political step, not a court filing.

What the Deputies Ask

The request puts ten questions to the council, including whether it has filed a criminal complaint and whether it is weighing damages claims against executives, directors or external auditors. It also asks how large the harm to public assets is, and whether it has looked at recovering bonuses that were paid on the inflated numbers.

The lawmakers add a question on possible liability for giving false information to the market, since Codelco issues bonds and is overseen by the CMF, Chile’s financial market regulator. They also ask the council to seek precautionary measures so that any future court order can be enforced.

Haul trucks on the terraced benches of Codelco’s Chuquicamata open pit near Calama, pictured in February 2016. File photo. Photo: Diego Delso, CC BY-SA 4.0, Wikimedia Commons.

Who the Defence Council Is

The CDE, or Consejo de Defensa del Estado, is the Chilean state’s legal defence body, and it can file lawsuits to protect public assets. In April 2024 it filed a criminal complaint for fraud against the Treasury over a maintenance contract for a smelter furnace at Codelco’s Chuquicamata division.

The deputies argue that if the CDE does nothing, taxpayers would bear the full cost and those responsible would not answer with their own money. Criminal and audit work by others, they write, does not replace a claim to repair the damage to the state.

What Codelco Has Confirmed

At an extraordinary shareholders’ meeting on Thursday 5 November 2026, Chair Bernardo Fontaine said output was falsely raised by about 24,000 tonnes in 2024 and by a net 18,100 tonnes in 2025, and warned that the figures could still change. Codelco says the duplications inflated inventories by 15,200 tonnes of fine copper and affected the bonuses of a group of workers and executives.

Two outside reviews are running: KPMG, an audit firm, is checking all divisions’ output for 2024 and 2025, and EY, another audit firm, is carrying out a forensic audit. Codelco dismissed eight executives and professionals on Thursday 29 October 2026 after internal audits.

What It Means for You

For copper buyers and investors, the request signals that the case is moving from the company to Congress and possibly to the civil courts. That raises the chance that more detail on who knew what will come out, which could change how the market reads Codelco’s past figures.

For now nothing in the request changes Codelco’s operations or its copper sales. We give no forecast and no investment advice.

What Is Not Known

It is not known whether the CDE is already investigating, whether it will file a complaint or lawsuit, or when it will answer the lawmakers. The final size of the overcount and the cost to Codelco may also change as the audits finish.

More: Chile news in English, every day from The Rio Times. Related: the 42,000-tonne confirmation, prosecutors to summon the ex-chair and the dismissal of eight executives.

Frequently Asked Questions

What Did the Chilean Deputies Ask For?

They asked the state defence council to say whether it is investigating the inflated output figures and, if not, to file civil and criminal actions against those responsible. The request is dated Friday 6 November 2026.

What Is the Consejo de Defensa del Estado?

It is the Chilean state’s legal defence body, which can sue to protect public assets. In April 2024 it filed a fraud complaint over a furnace maintenance contract at a Codelco division.

How Much Did Codelco Overstate Its Output?

Codelco says reported output was falsely raised by about 24,000 tonnes in 2024 and 18,100 tonnes in 2025. Audits are still under way, so the totals could change.

Sources: Codelco press release on the extraordinary shareholders’ meeting, 5 November 2026; request of 16 deputies to the Consejo de Defensa del Estado, dated 6 November 2026; Consejo de Defensa del Estado, read 7 November 2026.

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