Chilean copper giant Codelco CEO resigns

AP News
Posted: May 24, 2012 9:45 PM
Chilean copper giant Codelco CEO resigns

The chief executive officer of the world's biggest copper company is stepping down.

Chile's state-owned Codelco says Diego Hernandez cited personal reasons for a resignation that takes effect June 1. He is being replaced by Chief Financial Officer Thomas Keller. The 55-year-old Keller is former CEO of Collahuasi, the world's third-largest copper mine.

Mining Minister Hernan de Solminihac said Thursday that Hernandez's resignation isn't related to Codelco's fight with the British mining company Anglo American PLC.

Codelco is the majority owner of Anglo American Sur SA, a joint venture in Chile with the British company. Codelo said in October it would exercise its right to buy the remaining 49 percent stake, but Anglo said it had sold a 24.5 percent stake to Japan's Mitsubishi Corp.