Codelco, the world’s largest copper producer, appointed BHP Billiton Ltd.’s Diego Hernandez as chief executive officer as the state-owned company seeks to boost output for a second consecutive year amid Chile’s earthquake reconstruction efforts.
Copper, the worst performing major metal this year, is underpinned by prospects of a recovery in Chinese demand that will help counter increased supply, according to some of the world’s biggest producers.
Antofagasta Plc, the copper producer controlled by Chilean billionaire Jean-Paul Luksic, appointed Diego Hernandez, the former chief executive officer of Chile’s state-owned Codelco, to run its mining division.
Antofagasta Plc, the copper producer controlled by Chile’s Luksic family, is renegotiating contracts at its stalled Antucoya project to keep the budget at the agreed $1.86 billion, the chief executive officer said.
Freeport-McMoran Copper & Gold Inc . and Codelco, the world’s two largest copper producers, said China’s plans to curb its economy threaten to reduce demand for the metal after prices slumped 15 percent in two months.