Codelco Chairman Máximo Pacheco stated on Tuesday that he will not participate in political discussions regarding his position at Novandino Litio. The executive made these remarks following recent comments from the Economy and Mining Minister, Daniel Mas, who has questioned the state-owned company's management.
Pacheco declined to engage with the controversy surrounding Mas's remarks, which suggested that a portion of Codelco's profits stems from lithium rather than copper. These statements have cast doubt on Pacheco's leadership of Novandino Litio, the joint venture between Codelco and SQM.
“I cannot participate in a political debate; I am not a politician,” the executive stated after attending the CRU World Copper Conference. He emphasized that his focus remains on the institutional and corporate management of the state-owned miner.
“I am someone with a long history, track record, and business background; therefore, I will carry out my duties in a professional and institutional manner,” Pacheco maintained.
The Codelco Chairman noted that the issues raised by the government will be addressed at the next shareholders' meeting, scheduled for April 20. During that session, the board will present the management report for 2025.
Codelco secures sulfuric acid supply
Despite the political uncertainty, Pacheco dismissed concerns that China's recent decision to halt sulfuric acid exports will impact the mining company's operations. The chemical is a critical input for copper production in Chile.
The executive explained that while global shortages and rising prices are primarily affecting Africa, Codelco has already secured its supply. Stocks are guaranteed for the Caletones, Chuquicamata, and Potrerillos smelters.
“We purchased the sulfuric acid we need for 2026 well in advance, two or three months ago,” Pacheco detailed. He assured that the purchase was made at historic prices and in quantities sufficient to meet the corporation's needs.