Antofagasta CEO Hernandez retires

Copper miner Antofagasta’s chief executive officer Diego Hernández will retire with immediate effect, to be replaced by Iván Arriagada, the current chief exec of Antofagasta Minerals.

Hernández will stay on as an adviser to the board.

Arriagada, who has been CEO of Antofagasta Minerals since February 2015, has led a rigorous cost reduction programme, focusing on maintaining the company´s healthy balance sheet while ensuring its operations generate operating cash flow at current copper prices.

Chairman Jean-Paul Luksic said: “With 25 years of operational and financial experience in the mining and oil and gas industry, including leading Antofagasta Minerals, Iván is the right person to succeed Diego and to continue to deliver the group's strategy.

“His strong leadership has proven effective to navigate the current challenges of low copper prices without losing our ability to grow and develop in the future."

At 1212 BST, Antofagasta shares were up 1.2% to 432.20p.