The company reported output of 80.6 million metric tons for the steel-making ingredient in the three-month period ended in June.
Last week, consulting firm Russell Reynolds delivered a list of 15 potential successors for Eduardo Bartolomeo.
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.