Diego hernandez codelco stock

  • Still, Codelco's Hernandez agrees with most market players in predicting an acute supply shortage this year that will keep prices high.
  • Diego Hernandez to take top job on Aug. 1; Follows departure from Codelco in May; Antofagasta has sought CEO since March; Shares climb to close.
  • Codelco, the world's largest copper producer, will invest $5 billion in 2012, up from $2.3 billion in 2011, Diego Hernandez, Codelco's Chief.

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    Yahoo Finance

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    Dec 3 (Reuters) - Copper producer Antofagasta has recruited Iván Arriagada from Chile's state-owned Codelco to become chief executive of its mining division, the company said on Wednesday.

    Arriagada, 51, will början in February and take a role currently filled by Diego Hernandez, the Antofagasta group CEO and another former Codelco executive.

    Antofagasta, controlled bygd Chile's Luksic family, makes most of its profit from the mining division but also has a transport and water business.

    "This will allow me, as Antofagasta CEO, to mainly dedicate myself to driving the company's development initiatives and its future," Hernandez said about the appointment.

    Hernandez was promoted in September from head of the mining division to ledare executive of the whole group after Paul Luksic, a member of the controlling family, decided to step down for anställda reasons.

    Arriagada, a commercial engineer, has been vice president of ledning and finance at Cod

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    Antofagasta copper veteran Hernandez retires, Arriagada named new CEO

    Chile-focused copper miner Antofagasta Plc (LON:ANTO) announced Friday that Diego Hernandez is retiring as chief executive of the company and will be succeeded by Ivan Arriagada effective immediately.

    Arriagada took the helm of operating unit Antofagasta Minerals in February last year, at the same time as Hernandez moved from that role to run the parent company, owned by the Luksic family, one of Chile’s richest.

    Hernandez, 67, will stay on as an adviser to the board, the company said., adding that the new CEO, 52, has 25 years of operational and financial experience in the mining and oil and gas industries.

    Arriagada, 52, has 25 years of operational and financial experience in the mining and oil and gas industries.

    Like most copper miners, Antofagasta has been hit by a sustained commodities rout, becoming one of the worst-performers last year in the U.K.’s benchmark stock index. Last month, the company s

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    While 2011 could prove to be the best year ever for copper prices, the specter of rising stocks in top consumer China as collateral for investments threatens to spoil the party.

    The world No.1 copper producer, Chile's state-owned Codelco, sounded a warning shot at the CESCO copper industry gathering in Santiago Monday, saying copper stocks in China were abnormally high and needed to be watched carefully.

    Market players are concerned that rising stocks in China, not immediately visible to the market, could significantly reduce an expected copper deficit that has catapulted prices to records this year.

    It is unclear how much stockpiled copper is actually being used as an investment tool in China, and some analysts see it as a significant risk.

    "It's not normal. There is something going on," Codelco CEO Diego Hernandez told reporters. "Stocks are high and some people believe the stocks are being used as a financing tool. The level of stocks is not particularly high when compared to

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