Illustration of Codelco executives returning bonuses due to production overestimation.
Illustration of Codelco executives returning bonuses due to production overestimation.
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Codelco corrects figures and orders return of $14.3 million in bonuses

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An internal audit revealed that Codelco overestimated 2025 production by nearly 27,000 tons, forcing more than six thousand workers and executives to return $14.3 million in bonuses.

The National Copper Corporation reported that the correction lowered the reported production from 1.33 million to just over 1.30 million tons. The error affected the Chuquicamata, Ministro Hales and Casa Matriz divisions.

Deputies from Renovación Nacional and the Partido Republicano sent an official letter to the Comptroller General of the Republic to investigate possible irregularities in the validation of the figures. Several legislators, including Daniel Valenzuela and Valentina Cáceres, are also pushing for an investigative commission in the Chamber.

Union leader Alberto Muñoz warned that workers bear no responsibility and that they could mobilize if there is no prior dialogue. The president of Codelco’s Audit Committee, Tamara Agnic, stated that the return will be carried out gradually and in accordance with the law.

Ano ang sinasabi ng mga tao

Initial reactions on X criticize Codelco management for inflating production figures leading to bonus repayments. Users express skepticism toward unions and blame the previous government. Some highlight potential worker mobilizations and lack of prior oversight. Diverse accounts including political commentators and regular users show negative sentiments toward perceived manipulation.

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Illustration of President Kast appointing Bernardo Fontaine as Codelco board president, showing a handshake in a formal office setting.
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Kast appoints Bernardo Fontaine as new Codelco board president

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President José Antonio Kast named Bernardo Fontaine as the new chair of Codelco’s board, replacing Máximo Pacheco, effective May 26. The move comes amid government criticism of prior management over production shortfalls and financial performance.

Codelco announced that over 6,000 workers and executives from the Chuquicamata, Ministro Hales and headquarters divisions must repay US$14.3 million in bonuses due to an overstatement of copper production in 2025.

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Deputy Minister Daniel Mas condemned Codelco's overestimation of nearly 27,000 tons of copper production in 2025. The internal audit revealed deviations at the Chuquicamata and Ministro Hales divisions.

Colombia's Constitutional Court declared Legislative Decree 1474 of 2025 unconstitutional and ordered the Dian to return about $25 billion collected from emergency economic taxes in December. The Dian confirmed it will comply and implement measures within 30 days. Governors welcomed the ruling for easing regional finances.

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Chile's Ministry of Hacienda sent a decree to the Comptroller General to cut $17.581 million from the Transient Emergency Fund for reconstruction after the Viña del Mar fires. The cut equals 3.5% of the $502.069 million budgeted for this year. It is part of a larger $150.379 million reduction in public treasury spending.

Building on this week's announcement of a phased corporate tax cut from 27% to 23%, Chile's Finance Ministry detailed a reactivation bill under President José Antonio Kast that reintegrates the progressive tax system and allows withdrawals from accumulated Tax Utility Fund (FUT) balances to spur investment. The package targets 200,000 new jobs and 4% growth.

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After the Constitutional Court struck down the December 2025 emergency economic decree, the Colombian government will present a tax reform to raise $16 trillion. Finance Minister Germán Ávila and President Gustavo Petro confirmed the plan in response to the fiscal imbalance. The measure aims to avoid cuts to social spending and address inherited deficits.

 

 

 

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