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Bernardo Fontaine

Bernardo Fontaine is an economist appointed chairperson of Chile's State-owned copper miner Codelco in May 2026 by President Jose Antonio Kast, replacing Maximo Pacheco. He took on the role amid a scandal over inflated production reporting and longstanding concerns about Codelco's debt, rising costs and stagnant output. Fontaine ordered audits into the company's 2024 and 2025 production figures, which uncovered further irregularities including duplicated reporting between the Ministro Hales and Salvador divisions. Under his leadership, Codelco has pursued a strategy of greater reliance on private-sector partnerships, including joint ventures with Anglo American on the Los Bronces-Andina copper district, with Pucobre on the Tovaku project, and with Rio Tinto on the Maricunga lithium project, while also reviewing potential asset sales. He named Jorge Gomez, former head of the Collahuasi mine, as Codelco's new CEO in June 2026. Fontaine has repeatedly tempered expectations on Codelco's production targets, saying output is likely to remain around 1.3-million to 1.34-million tons a year rather than reaching the previous 1.7-million-ton goal by 2030. He has overseen a broader diagnostic and restructuring process aimed at cutting costs and improving competitiveness, which may involve workforce reductions and is expected to conclude by the end of 2026. Fontaine has argued that Codelco's heavy debt load, driven by its obligation to transfer all profits to the Chilean State and by cost overruns on major projects, has constrained investment, and has welcomed a government decision to reinvest all of the company's 2025 profits back into the business.

Bernardo Fontaine News


Codelco CEO Jorge Gomez
Chile's Codelco probes over-inflated 2024, 2025 copper production figures
7th October 2026 By: Reuters

Chile's Codelco is investigating new evidence of over-reported copper production in 2024 and 2025, the State-run miner said on Tuesday, a probe that could further stoke industry concerns about the... 


Codelco CEO Jorge Gomez
Chile's Codelco says restructuring plan may be delayed until end of 2026
17th September 2026 By: Reuters

Chilean State-owned copper giant Codelco's restructuring plan may not be ready until the end of 2026, the company told Reuters on Wednesday, signalling a delay for a much-anticipated strategy meant... 


Workers underground at a Codelco mine
Chile's Codelco nears Pucobre deal as new leadership pushes partnerships, asset review
18th August 2026 By: Reuters

Chilean State miner Codelco is close to signing an agreement with local miner Pucobre on the Tovaku copper project in northern Chile, chairperson Bernardo Fontaine said in a television interview on... 


Codelco signage
Chile to reinvest all of Codelco's 2025 profits in debt-laden copper miner
11th August 2026 By: Reuters

Chile will reinvest all of State-owned copper miner Codelco's 2025 profits into the company, Mining Minister Daniel Mas said on Monday, boosting funding for a producer grappling with a heavy debt... 


The Maricunga salt flat
Codelco sees lithium project in Chile's Maricunga salt flat feasible in eight more years
16th July 2026 By: Reuters

Chile's Codelco expects its lithium project in the Maricunga salt flat to become a reality in eight years, chairperson Bernardo Fontaine said on Wednesday. The Maricunga lithium project is managed... 


The El Abra mine
Chile's Codelco expects flat copper output in coming years, chairperson says
16th July 2026 By: Reuters

Chile's State-run copper miner Codelco expects production in the coming years to stay similar to current levels, chairperson Bernardo Fontaine said on Wednesday, when asked if the company was on... 


El Teniente mine
Codelco debt and high costs hurt competitiveness, document says
3rd July 2026 By: Reuters

Chile's State-run copper giant Codelco sees soaring costs, which are over one-and-a-half times above its global rivals, and heavy debt are the main challenges to the struggling company's... 


El Teniente copper mine
Chile's Codelco to consider asset sales, partnerships in investment review
25th June 2026 By: Reuters

Chile's State-owned Codelco, one of the world's largest copper producers, will consider asset sales and partnerships as part of a broader review of its investment priorities, chairperson Bernardo... 


The neighbouring Los Bronces and Andina mines, in Chile
Anglo, Codelco ink definitive agreement for joint mine plan in Chile
24th June 2026 By: Marleny Arnoldi

Diversified miner Anglo American has completed a definitive agreement with Chile's State-owned miner Codelco to implement a joint mine plan for their respective Los Bronces and Andina copper... 


Codelco's El Teniente mine
Chile's Codelco copper giant names Jorge Gomez as new CEO
4th June 2026 By: Reuters

Chile's embattled State copper giant Codelco named Jorge Gomez as its new CEO on Wednesday as the company continues to deal with fallout following a scandal over inflated production figures. In a... 


Codelco's offices
Chile taps new chair for copper miner Codelco amid production, debt concerns
15th May 2026 By: Reuters

Chile's government on Thursday tapped Bernardo Fontaine to replace Maximo Pacheco as chairperson of the world's largest copper producer, State-run Codelco, giving the economist and executive a key... 


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pqt: 0.078s - ct: 0.18s - 203pq - 2rq
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