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Chilean President Pinera names new Codelco chairman

Chilean President Sebastian Pinera named Juan Benavides as Codelco's chairman, replacing outgoing Chairman Oscar Landerretche, Reuters reported May 25.

The 60-year old Benavides is serving as chairman at Chilean private pension fund manager Administradora de Fondos de Pensiones Habitat SA.

The new chairman is tasked to lead the company through a transition period as it aims to secure a US$39 billion financing for a 10-year overhaul of its aging mines, including the El Teniente and Chuquicamata mines.

However, it remains unclear if the Chilean state copper miner will retain CEO Nelson Pizarro, who was appointed during the term of former President Michelle Bachelet.