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Gold/Mining/Energy : Copper - analysis -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (1579)	2/9/2007 9:37:58 AM
From: LoneClone	Read Replies (1) \| Respond to of 2131

Chile to add independent directors at copper giant Codelco 9 February 2007 Source: Platts metalsplace.com A new law that aims to reform the running of Chile's national copper company Codelco will add two independent directors to the board of the state-owned miner, finance minister Andres Velasco said Thursday. The seven member board will include four members appointed by the Chilean president, the two indepedents and one elected by Codelco's workers. The independent directors will be appointed by the Senior Public Management Board which names key posts in the Chilean civil service. "Certain requisites will be established for who can be chairman and who the Senior Public Management Board can nominate according to career, professional posts and years of experience," the minister said. The law would also remove the requirement that the country's finance and mining ministers sit on the board, the latter currently acting as chairman, said Velasco. Directors will sit for fixed three year period which can be renewed in order to create greater stability and experience within the board of the world's largest copper producer. The law will also make Codelco permanently subject to the laws enforced by Santiago's securities regulator SVS, rules which the copper producer already currently obeys because of bonds issued in Chile. The bill is due to go for debate in Chile's congress in March. "We have had some previous conversations (with legislators) and we think that there is a good environment for this bill but it would be premature to set a date," Velasco noted. Codelco produces around 1.8 million mt/year of copper.