The Chilean government has decided who will chair the board of Codelco, according to Economy and Mining Minister Daniel Mas. While the official did not reveal the successor's name, he assured that a decision has been reached.
Mas made these remarks during Cesco Week 2026. He noted that the administration aims to strengthen the management of the state-owned company following recent operational and managerial challenges.
“The decision has been made,” Mas stated when asked about the replacement for Máximo Pacheco. The current board chair’s term is set to expire on May 25.
Economist Bernardo Fontaine is among the leading candidates to head the corporation. Fontaine brings extensive experience as an executive and advisor across various industrial and financial sectors.
Changes in the lithium industry
The state-led restructuring is not limited to the copper giant. The minister also hinted at potential changes to the leadership of Novandino Litio, where Pacheco currently serves.
“The government has full authority to implement changes, as has been done historically, and we intend to do so,” Mas said regarding the tenure of current executives at the lithium company.
The minister specified that a decision regarding the Novandino board will be made in the near future. “A decision will be reached a bit later, and we are currently evaluating the situation,” he added.
During the same conference, Teck CEO Jonathan Price highlighted the region's strategic importance to the global metal supply. Price, who is pushing for a merger with Anglo American to create 'Anglo Teck,' emphasized Chile's role in the global market.
“Chile and Latin America as a whole are becoming central to the world's future. This region is at the heart of the global copper supply,” the mining executive stated.