March 29, 2024

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FTSE 100 mining giant Anglo American closes in on successor to veteran CEO | Business Information

2 min read

Anglo American, the FTSE 100 mining giant, is closing in on the appointment of a new main government as its veteran boss prepares to bow out after just about a decade.

Sky Information has learnt that the £42bn metals producer is coming into the closing stages of a process to exchange Mark Cutifani, who has transformed the fortunes of a corporation that was struggling when he took above in 2013.

City resources said on Tuesday that Duncan Wanblad, Anglo American’s tactic director, had emerged in the latest months as the primary inside prospect to realize success Mr Cutifani.

Mark Cufifani is Anglo American's chief executive. Pic: Anglo American
Graphic:
Mark Cufifani is Anglo American’s chief govt. Pic: Anglo American

The miner’s board, which is chaired by the former Pilkington manager Stuart Chambers, is also considering a compact quantity of external contenders for the position, according to the sources.

A person insider explained that a choice could be introduced as quickly as the conclusion of Oct, and was expected at the latest by the switch of the yr.

Mr Cutifani has stated publicly that he would not action down until finally Quellaveco, Anglo’s multibillion greenback Peruvian copper mine undertaking, experienced been finished – a milestone which is expected following spring.

The Anglo CEO put up is a single of the most coveted in the international mining sector, with the organization now viewed by shareholders and rivals as a much more streamlined and profitable business enterprise than the just one Mr Cutifani inherited eight a long time in the past.

At a single phase, Anglo – which trails friends BHP, Rio Tinto and Glencore in size phrases – arrived shut to dropping out of London’s blue-chip share index following a litany of issues encapsulated by its $6.7bn purchase of Minas-Rio, an iron ore mine in Brazil.

It has now recovered to the extent that it is the FTSE-100’s 13th-biggest firm – a situation that would be elevated by a person if rival BHP implements a prepare to scrap its most important listing in London.

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Like its huge competition, Anglo was capable to distribute billions of bucks to shareholders for the duration of the first fifty percent of the year since of surging need for commodities this sort of as iron ore.

If Mr Wanblad does land the job, it would see an Anglo lifer installed at the major of the organization.

He has previously run its copper business as very well as Anglo Platinum, and is claimed to be well-regarded by Metropolis analysts.

The identities of the exterior candidates remaining regarded by the organization was unclear on Tuesday.

Spencer Stuart, the look for firm, is helping Anglo’s board with the system.

An Anglo American spokesman declined to comment.

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