Codelco financing fuels political heat

Jun 09, 2014 | 03:29 PM | Andrea Hotter

Tags  Corporación Nacional del Cobre de Chile, Codelco, Michelle Bachelet, copper financing, Thomas Keller, Diego Hernández, José Pablo Arellano, Juan Villarzú Oscar Landerretche

NEW YORK — Financing for Chile’s state-owned Corporación Nacional del Cobre de Chile (Codelco), a matter of national political debate for decades, likely contributed to the departure of chief executive officer Thomas Keller.

The company’s board removed Keller after an extraordinary meeting last Friday (amm.com, June 6). Five members were in favor of his removal, three members opposed and one abstained, according to a filing with Chilean securities and insurance regulator SVS.

However, sources close to the situation said Keller had already resigned after a difference of opinion with the board over the copper miner’s direction, particularly its funding.

It doesn’t really matter who flinched first; the end-result is that Keller will leave June 13, leaving the company to begin searching for a replacement.....





Latest Pricing Trends

Poll

Are you stocking more inventory today than 18 months ago?

Yes
No


View previous results