Outgoing Chilean president Michelle Bachelet named the new board of directors at state copper mining company Corporacion Nacional del Cobre, the mining ministry reported Wednesday.

The new board members were named in compliance with the mining company's new corporate-governance structure. Chile recently revamped corporate governance at the company, known as Codelco, as one of the prerequisites given for membership into the Organization for Economic Cooperation and Development.

The new board, to be presided by current board member Nicolas Majiluf, will take office on March 1, just two weeks before conservative President-elect Sebastian Pinera takes office.

Bachelet also named Andres Sanfuentes, Marcos Lima, Marcos Buchi and Alberto Arenas to the board. Arenas resigned as the nation's budget director to take his post at Codelco, while Lima was previously chief executive at the state mining company.

Arenas, Sanfuentes and Majiluf will remain on the board until May 11 this year. Lima and Buchi will remain on the board until May 11, 2011.

Codelco produced 1.47 million metric tons of copper in 2008, not including its stake in the El Abra joint venture with Freeport MacMoran (FCX).

Chile is the world's premier red metal producer, accounting for nearly 35% of global output.

-By Anthony Esposito, Dow Jones Newswires; 56-2-820-4241; anthony.esposito@dowjones.com
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