State-owned Codelco is undergoing a significant management overhaul as new CEO Jorge Gómez aims to stabilize operations and finances. The company is splitting its operational oversight into northern and central-southern units, appointing five new vice presidents and making leadership changes across four divisions, including El Teniente and Chuquicamata. These changes, effective September 1, mark Gómez's initial major move since assuming leadership and bring in executives with prior experience at other major Chilean mining firms, including members of his former team at Collahuasi.

The reshuffle occurs as Codelco confronts declining production, rising debt, and challenges with projects intended to prolong the life of its aging mines. Francisco Carvajal, with over 30 years of experience, will lead central-south operations, while Lindor Quiroga, a 20-year Codelco veteran, will head northern operations. This restructuring, overseen by Chairman Bernardo Fontaine, signals a shift in focus towards profitability and financial discipline, moving away from prioritizing production growth and heavy investment. Gómez emphasized strengthening the team with experienced professionals to enhance safety, stabilize operations, and improve Codelco's financial results.