(Bloomberg) -- World No. 1 copper supplier Codelco appointed new heads of finance and strategy as the Chilean state copper behemoth battles slumping production and rising debt.

Alejandro Sanhueza will become chief financial officer on Feb. 1, replacing Alejandro Rivera who resigned in early October, Codelco said in a statement Monday. Sebastian Court will take on the new role of vice president of strategy and management control.

University of Chicago-trained Sanhueza is currently CFO of Chilean iron miner Cap SA. He’ll take over Codelco’s finances after recent downgrades by Fitch Ratings and Moody’s Investors Services. The firm’s output is at the lowest in a quarter of a century due to higher costs and as ore grades have fallen after decades of underinvestment. 

The state producer has embarked on a $40 billion overhaul of its aging mines and new Chief Executive Officer Ruben Alvarado is shaking up management in a bid to bring late and over-budget projects on stream. Court is currently head of transport at the Sener Group in Spain and, like Alvarado, previously worked at Santiago’s subway operator. 

Read More: The Green Energy Transition Has a Chilean Copper Problem

Codelco Chairman Maximo Pacheco has said production should recover beginning next year, as projects come on stream.

©2023 Bloomberg L.P.