Chile's state-owned Codelco, the world's top copper miner, has named O...
FILE PHOTO: The logo of Codelco's El Teniente copper mine, the world's largest underground copper mine is shown on a vehicle near Machali, Chile, April 11, 2019. REUTERS/Ernest Scheyder
SANTIAGO - Chile’s state-owned Codelco, the world’s top copper miner, has named Octavio Araneda, a mining engineer who has spent his entire 33-year career at the company, as its chief executive. Araneda will replace Nelson Pizarro, another mining veteran, at the helm of Codelco from Sept. 1, the company said in a statement.
The 78-year-old Pizarro, who has spearheaded the expansion of the company´s sprawling Chuquicamata mine and is credited with cutting costs at the once-bloated miner, was widely expected to leave Codelco this year. The transition comes at a defining moment for Codelco as it pushes forward with a 10 year, $40 billion plan to overhaul its flagship mines amid sharply falling ore grades and wavering markets.The University of Chile-educated miner began his career at Codelco in the company´s El Teniente division, home to one of the world´s largest, and oldest, copper mines. He is currently the company´s vice-president of southern operations.
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