Máximo Pacheco, Chairman of the Board at Codelco, has declined to engage in political disputes following recent criticisms leveled by Deputy Minister of Economy and Mining, Daniel Mas. The executive stated his intention to focus exclusively on the institutional management of the state-owned mining giant.
Pacheco's comments follow remarks by Mas, who described the company's current situation as "highly complex." The minister also argued that the company's profits are primarily dependent on lithium rather than copper, while also warning of potential changes to the board of Novandino Lithium, which Pacheco chairs.
Institutional management over political debate
During a meeting with mining investors, Pacheco emphasized that his focus remains on the company's operations. "I cannot participate in a political debate; I am not a politician," the executive told attendees.
The Codelco chairman cited his professional background to justify his stance. "I am a person with a long history, career, and business training; therefore, I will carry out my duties in an institutional and business-oriented manner," he asserted.
Furthermore, Pacheco defended the current administration's performance against the government's concerns, asserting that the company has seen sustained growth in the recent period. "Today, Codelco is a stronger, more robust, and better company than it was five years ago," he maintained.
In other news, the executive reported that sulfuric acid exports to China will be suspended during May. This measure is a response to a supply crisis triggered by geopolitical instability in the Middle East.
Pacheco explained that the closure of the Strait of Hormuz has led to a global shortage of the chemical compound. According to him, prices for the input have surged to as much as five times their historical value.
