Chile’s state-owned copper producer Codelco appointed Ruben Alvarado to replace Andre Sougarret as chief executive officer, according to a filing sent to the regulator.
(Bloomberg) — Chile’s state-owned copper producer Codelco appointed Ruben Alvarado to replace Andre Sougarret as chief executive officer, according to a filing sent to the regulator.
Alvarado, a chemical engineer from Universidad de Chile and with a MBA from Tulane, will assume the role Sept. 1. Alvarado was CEO of subway operator Metro between 2014 and 2022 and previously worked at transportation and logistics companies. He worked at Codelco between 1984 and 2004. From 2000 to 2004, he was CEO of Codelco’s El Teniente Division.
Alvarado will face the task of improving copper production at Codelco’s ailing mines while also reducing its debt load. Codelco’s production has hit the lowest in a quarter century, costs have surged and ore grades keep on falling, jeopardizing its status as the world’s No. 1 producer. That’s sent debt metrics to the worst in years despite copper prices staying more than 20% above the average of the last decade.
The task of digging the state behemoth out of its hole was too much for Andre Sougarret, who resigned as CEO after less than a year, citing difficulties in reconciling the demands with those of his personal life.
(Updates with more details from second paragraph.)
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