MILLING ABOUT: Codelco appoints Nelson Pizarro as new ceo

World’s largest copper producer Codelco has appointed Nelson Pizarro as its new ceo, in a unanimous decision from the board announced by the company on Thursday July 31.

The world’s largest copper producer Codelco has appointed Nelson Pizarro as its ceo.

With over 50 years of experience in the mining industry, Pizarro’s challenge will lie in leading Codelco when it needs to reduce costs and execute the greatest investment plan of its history

“Nelson Pizarro has the needed experience to take over the tasks that lie ahead and for that reason the directors decided unanimously for his appointment,” board chairman Óscar Landerretche said in a filling to Chile’s stock market regulator, SVS.

The executive will take office on September 1. He replaces Octavio Araneda, who had been interim ceo since June 13 when Thomas Keller was removed from the position. 

Since 2006 Pizarro had been ceo of Compañía Minera Lumina Copper Chile, leading Caserones project that was officially inaugurated this week.
This is not his first stint with Codelco. He was general manager of Andina and Chuquicamata divisions and vp of Codelco Norte. 

The process of looking for a new ceo to Codelco was “not easy”, according to Landerretche.

“We had very good candidates and we understand as board that the company is facing big challenges in security, production, costs reduction and investments,” he added.

Before his nomination, Pizarro was seen as a strong candidate by various industry sources in Chile.

Danielle Assalve
Twitter: @dassalve_MB 

What to read next
Fastmarkets has clarified the specifications of its copper grade A cathode and non exchange-deliverable equivalent-grade (EQ) copper cathode premiums, to avoid any confusion regarding the deliverable status of its copper cathode assessments.
The three-month copper price on the London Metal Exchange has slumped significantly since hitting an all-time high of $11,104.50 per tonne on Monday May 20
Copper fabricators in China and the wider Southeast Asian region continue to feel the pain of high copper prices on futures exchanges and a lack of new orderbooks, with some having already asked for a postponing of shipments of long-term copper cathodes, sources told Fastmarkets in the week to Wednesday, May 15.
Could the copper market bullish marathon be taking a mini break? Fastmarkets senior analyst Andy Farida looks at London Metal Exchange copper price movements.
Global copper futures prices are in a frenzy, with record highs being logged on the New York-based Commodity Exchange (Comex), London Metal Exchange and Shanghai Futures Exchange (SHFE) in recent days
Copper prices have pushed up on global metal exchanges in recent weeks and the London Metal Exchange three-month copper price hit an all-time high on Monday May 20, but what are the key reasons behind the record-breaking surge in prices?