Macarena Vargas Losada – GC Powerlist
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Chile 2025

Materials and mining

Macarena Vargas Losada

Legal vice president, general counsel | CODELCO

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Chile 2025

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Macarena Vargas Losada

Legal vice president, general counsel | CODELCO

Team size: Twenty-four

What are the most significant cases, projects and/or transactions that you and/or your legal team have recently been involved in?

Over the past year, Codelco’s legal team has led major strategic transactions, high-stakes disputes and impactful partnerships, while continuing to deliver strong in-house advisory work and ensuring regulatory compliance. Our work reflects Codelco’s evolving role in the global energy transition and its unique position as a state-owned copper and lithium producer.

Each initiative required a multidisciplinary legal approach spanning M&A, antitrust, project finance, regulatory, ESG, indigenous consultation, labour, intellectual property and dispute resolution, demonstrating the strategic scope and agility of our legal team.

How do you approach managing legal aspects during periods of instability or crisis to ensure the organisation’s resilience?

At Codelco, legal risk management begins with anticipation. As General Counsel, I ensure the legal team is embedded in core business discussions to detect early warning signs.

In times of crisis, our role is twofold: protection and enablement. First, we focus on building clarity and calm, within the legal team and across executive leadership. Crisis response requires alignment, trust and decisive action grounded in legal certainty.

Second, we prioritise isolating systemic legal risks that could jeopardise operations, reputation or stakeholder trust. This includes activating scenario planning, engaging external counsel when needed, and maintaining close coordination with our risk, compliance and communications teams.
While our internal legal crisis framework safeguards governance, operational continuity, critical assets and reputation, externally we emphasise transparent engagement with regulators and stakeholders, reinforcing lawful, consistent and empathetic responses.

Ultimately, resilience is not just legal protection; it is about sustaining relationships. How we engage with counterparties, communities and regulators in difficult moments defines the company’s long-term standing. Legal must not only interpret what is required but help shape what is possible under pressure.

Have you had any experiences during your career as a lawyer that stand out as particularly unique or interesting?

One of the most unique milestones in my legal career was leading the strategy behind the Codelco–Anglo American agreement. It resolved a decade-long dispute and enabled the joint development of one of the world’s largest copper districts. The deal required a creative legal structure that balanced Codelco’s public mandate and constitutional constraints with Anglo’s commercial priorities. What made it remarkable was thinking ‘out of the box’ and the shift from confrontation to collaboration, built on transparency, trust and a shared vision. Valued at over USD$5 billion, the agreement became an unprecedented landmark for strategic partnerships and highlighted how legal leadership can drive complex, high-impact outcomes.

What is a cause, business or otherwise, that you are passionate about? Why is this?

I am deeply passionate about developing people and talent, especially within the legal profession and the mining sector. Having benefited from generous mentors, I feel a strong responsibility to pay it forward. I actively participate in two mentorship programs: Codelco’s Engagement Program for strategic talent and the In-House Women Lawyers Network. I am also pursuing international certification in executive coaching to better support others in their growth. Empowering people to lead and thrive is both a personal mission and a strategic imperative, because when individuals flourish, so do the organisations they are part of.

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