Pre-tax profit dropped 27% in the first half to $1.3 billion.
Jean-Paul Luksic, who was appointed in 2004, will now take a non-executive role with effect from Sep. 1st.
He sees it as a key part of the firm's ambitious investment strategy, which in the next stage will plow $25 billion to overhaul older mines.
Mines in Australia and Dominican Republic put on care and maintenance and Canadian operations' reserves depleted during first half of the year.
Japan already allocates 90% of its investment in Chile to mining.
This is the third project in the past four moths to be given the go-ahead after an initial unfavourable ruling.
Nelson Pizarro (73) will carry out the biggest investment plan in Codelco’s history.
The143-kilometre seawater pipeline is operational
Toronto-based miner has already spent $5 billion on the Chile-Argentina project first launched in 2006.
Division encompasses the Spence and Cerro Colorado copper mines.
The company says its future depends on the Andina mine expansion, as dwindling ore grades in its old mines are expected to bring annual output down.
Improvements at the mine mill throughput and concentrator utilization offset declining ore grades at the world's largest copper mine.
The Toronto-based firm has shown president and CEO Jamie Sokalsky the door two years into the job, and less than three months after a breakdown in merger talks with its largest rival.
The news come only weeks after the government announced it would begin funding explorations projects to locate deposits of the coveted elements.
Currently China is the second largest producer of the red metal, with an annual output of about 1.6 million tonnes per year.
The copper miner controlled by Chile’s billionaire Luksic family, will cut jobs and costs through its new company Minera Centinela.
The company, already the world’s largest copper miner, wants to become one of the top silver producers too.
The appeal follows a confusing ruling in March this year that revoked the penalty, the largest ever imposed in the country, only to force the country's environmental watchdog to rewrite it.
Sale of Candelaria mine could raise several billion dollars, according to people familiar with the matter quoted by WSJ.com.
Compare the depth that the Chilean miners were trapped with the Marianas Trench.
Pressure to put more dollars into popular social programs.
The firm is offloading some of its historic South African platinum mines as part of a $4bn sale of under-performing assets.
The country is also struggling with rising energy cost, which threatens the competitiveness of its copper industry and poses a major challenge for new developments.
Community mobilization effective at raising costs to companies.
Minera Centinela will focus on an emerging mining district in copper-rich Chile's north.
Octavio Araneda, VP of the company's central-south operations, will serve as interim CEO until a new leader is picked.
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