Marcelo Awad News
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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.
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Australia’s Sandfire Resources NL, which produces higher quality ore than the world’s largest copper mine, is now the industry’s cheapest takeover target in Asia as it starts to generate revenue.
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Antofagasta Plc’s Chief Executive Officer Marcelo Awad resigned, a week before the copper producer controlled by Chile’s Luksic family plans to post 2011 results, following delays in ramping up its Esperanza plant.
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Antofagasta Plc ’s Marcelo Awad , chief executive officer of its mining division, said recovering copper demand in Europe and the U.S. will widen a global shortfall of the metal.
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Antofagasta Plc, whose Chief Executive Officer Marcelo Awad unexpectedly resigned last month, increased payments to Chairman Jean-Paul Luksic about 6 percent last year after losing a quarter of its value in London trading.
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High school rugby coach Bob Markovich paid $3,812 for 250 shares of the Global X Copper Miners ETF in September. He got the idea from an investment club he advises for students, including his daughter Lydia.
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Antofagasta Plc plans to start its Esperanza copper mine in northern Chile between Nov. 15-20, Marcelo Awad, chief executive officer of the company’s mining division.
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Antofagasta Plc’s board approved the $1.3 billion Antucoya copper project in Chile, which it says may boost the company’s total output of the metal to 800,000 metric tons by 2015.
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Antofagasta Plc’s Los Pelambres copper mine resumed normal operation at 11:30 p.m. New York time yesterday, Marcelo Awad, head of the company’s mining unit, said in an e-mail.
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Antofagasta Plc , the copper producer controlled by Chile’s Luksic family, said prices for the metal this year will average about $3.30 a pound, 17 percent more than today’s price, as market volatility persists.
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