UPDATE 2-Chile's Codelco fires executive after internal audit into 2025 production report

Chile's state-owned Codelco , ​the world's biggest ‌copper miner, ​said on Wednesday it had fired an executive and taken disciplinary action against others following ‌an audit into the improper reporting of its 2025 production report. Codelco said it had established a group of seven executives and one former ‌executive were responsible for the improper reporting and reported the incident ‌to the public prosecutors' office to establish whether there was possible criminality. Codelco said its internal audit had not found any reasons to modify its 2025 financial ⁠statements. The ​audit followed ⁠a March complaint regarding the reporting of 20,000 metric tons of ore from its ⁠Chuquicamata division and 6,875 tons of ore from its Ministro Hales mine, ​Codelco said.

These materials required further processing and should not have ⁠been reported as finished products, it said. "Codelco is out of control," Chile's ⁠mining ​and economy minister Daniel Mas said in a post on X. "In the government of President Jose Antonio Kast we have the ⁠duty to bring back transparency and tell Chileans the truth."

"That is the ⁠mandate of ⁠the new directors," he said. Chilean newspaper Diario Financiero last week reported on the irregularities.

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