Antofagasta plc Appoints New CEO, Chairman Steps Down

Mining industry veteran Diego Hernández to become new Antofagasta plc (LON:ANTO) CEO.

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Antofagasta (LSE: ANTO), the Chilean0based miner, has rejigged its boardroom line-up, promoting mining division boss Diego Hernández to chief executive officer, with the chairman Jean-Paul Luksic taking a step back from day to day operations.

opencast.miningMr Luksic, who has been a company director since 1990, will remain on the board as  non executive chairman. William Hayes, the group’s senior independent director, commented: “On behalf of the Board, I would like to thank Jean-Paul for his service to the group as Executive Chairman over the last ten years.”

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Mr Hernández, who joined Antofagasta from BHP Billiton in 2012, will step up to his new role on 1 September 2014, which is the same date that Mr Luksic relinquishes his current capacity.

Shares of Antofagasta fell by 1% in early trade. The company’s most recent production update was below market expectations, and the shares have missed out on the mining rally in 2014, while others in the sector have posted double digit returns and trounced the market.

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