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Codelco’s Union Leader Fears Privatization by Chile’s New President

  • Future mining minister proposed dividing the company in two
  • President-elect vowed in campaign to make miner more efficient
The Chuquicamata copper mine in northern Chile is pictured on Wednesday, April 27, 2005. Codelco, which runs the Chuquicamata copper mine, is the world's biggest copper producer.

Photographer: Alejandro Parra/Bloomberg

The union representative on Codelco’s board of directors fears a proposal by Chile’s incoming government to split the giant copper producer in two is a first step toward privatization.

Chile’s incoming government is working on a plan to break up Codelco into northern and southern divisions, Mining Minister Baldo Prokurica told La Tercera newspaper last week. The new cabinet led by President-elect Sebastian Pinera is scheduled to take over March 11.