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Codelco retains CEO ahead of 10-year copper mine revamp

Nelson Pizarro will stay as Codelco's CEO as the Chilean state copper miner moves forward with a 10-year plan to overhaul its aging mines, Reuters reported June 1.

The miner's board made the decision to allow Pizarro to remain in his post in their first meeting since President Sebastian Pinera appointed Juan Benavides as chairman in May, according to the newswire's report.

Pizarro was appointed Codelco's CEO by then-President Michelle Bachelet in 2014.

The state miner is aiming to secure a US$39 billion financing for a 10-year overhaul of its aging mines, including the El Teniente and Chuquicamata mines.

In the first quarter, Codelco booked a pretax profit of US$537 million, and consolidated EBITDA rose 11% on a yearly basis to US$1.27 billion.