Chile president-elect plans to add more Codelco management: paper

SANTIAGO (Reuters) – Chile’s President-elect Sebastian Pinera plans to create two new management units at the world’s largest producer, state-run Codelco, to improve operations, his pick for mining minister told local paper La Tercera on Saturday.

Pinera said Codelco required more investment, strong management and improved efficiency a day after defeating his center-left rival by nine percentage point in December.

His government plans to divide Codelco’s operations geographically to focus on the north and south and raise the number of board members from nine to 11, said Senator and future Mining Minister Baldo Prokurica.

“Given the size of the company…I think it should be a Codelco South and Codelco North,” Prokurica was quoted in La Tercera on Saturday.

“If we want Codelco to keep producing as it has done for so many years…we need a policy of reinvestment of profits that does not currently exist,” he added.

Pinera, a billionaire conservative who was president from 2010 to 2014, takes over from center-left President Michelle Bachelet on March 11.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.