Chilean state mining giant Codelco's incoming chief executive Ruben Alvarado has a mammoth task ahead of him: boosting copper output from its lowest level in 25 years, reining in ballooning costs, and spearheading a state push into battery metal lithium. Alvarado, 64, will start as CEO on September 1 after a search to replace the outgoing Andre Sougarret, who abruptly announced in June he would step down, citing personal reasons and 'complexities' running the world's largest copper producer. Alvarado, a chemical engineer, joined Codelco as a graduate in 1984, but for the last two decades has been managing firms outside mining, including state-owned Santiago subway operator Metro. Those who know him talked up his technical expertise and ability to spot problems others had missed.
SANTIAGO - Chilean state mining giant Codelco's incoming chief executive Ruben Alvarado has a mammoth task ahead of him: boosting copper output from its lowest level in 25 years, reining in ballooning costs, and spearheading a state push into battery metal lithium.Sougarret
"He has an unusual profile as he is technically very good ... but also has a special sensitivity to detect issues most executives don't see," said Louis de Grange, former president of Metro, who worked with Alvarado when he was the general manager there from 2014 to 2022. Codelco has also recently been tasked with leading Chile's new public-private model to develop battery metal lithium. The country is the world's no. 1 copper and no. 2 lithium producer.Alvarado will need to work closely with Codelco's powerful chairman Maximo Pacheco, who plays an important mediation role between the company and the government. Pacheco welcomed Alvarado "back home" in a statement.
Alvarado started at Codelco in the foundry division and worked up to be general manager from 2000-2004 at El Teniente, Codelco's biggest mine. Codelco credits him for "reversing" an expected drop in output during his time there.
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