Codelco, engaged in a dispute with Anglo American Plc over the world’s fifth-largest copper mine, said its chief executive resigned in the same week as the companies resumed talks to seek an out-of-court settlement.
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.
Andres Avendano steps out of his Toyota Hilux pickup halfway down a 20-kilometer-long tunnel under Chile’s Chuquicamata copper mine. He lifts a cylindrical chunk of rock from the diamond-bit-studded drilling machine that extracted the sample.
Codelco, the world’s largest copper producer, may seek bank loans to raise the $600 million it needs to finance expansions at its Chilean copper mines this year, Chief Executive Officer Diego Hernandez said.
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.