Codelco top brass seek to reassure market after CEO quits

19th June 2023

By: Reuters


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SANTIAGO - Chilean state miner Codelco, the world's largest copper producer, said Friday it would stick to its strategy and operations in a bid to reassure markets following the surprise resignation of its well-known chief executive.

The statement, signed by Codelco's board of directors and main executives, came after CEO Andre Sougarret said this week he would leave the post at the end of August, citing personal reasons and "complexities" facing the miner.

The board and executives said Codelco;'s strategy would keep the organisation "mobilised around our common purpose" regardless of leadership changes.

The statement also highlighted a series of "structural projects" Codelco has been developing to compensate for declining outputs at its mines.

It also stressed the progress made over the past year implementing its strategy to address challenges.

Codelco has been shaken by a series of production problems, accidents and climate events, which in 2022 brought its production to the lowest in a quarter of a century.

The resignation of Sougarret, a respected engineer who gained prominence leading the rescue of 33 miners trapped at the San Jose mine in 2010, adds pressure on the company, which since April has also been tasked with developing Chile's lithium industry.

Edited by Creamer Media Reporter


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