[miningmx.com] – ANGLO American is poised to name AngloGold Ashanti boss, Mark Cutifani, as its new CEO, according to the Financial Times which added the announcement could be made as early as Tuesday (January 8), barring any last minute hitches.
The 54-year old had been in discussions about taking the job at Anglo since early December, according to the UK newspaper. Speculation Cutifani was leading the short list of candidates had been widespread since the weekend.
Cutifani would replace Cynthia Carroll who achieved important advances in the safety record of the group’s South African mines, and improved relations with the country’s government, but failed in other crucial areas, especially project implementation.
Miningmx reported on Monday (January 7) that Cutifani’s greatest challenge would be to build Anglo American Platinum (Amplats) into a more profitable performer together with Chris Griffiths, CEO of Amplats who was also considered for the Anglo job.
Cutifani would also be required to ensure that Anglo’s Minas Rio iron ore project in Brazil got under way after several delays and runaway cost increases which has seen capital expenditure increase to R14bn from about R5.5bn.
Carroll started with a comprehensive review of Amplats in February last year. The outcome will be announced later this month, but it’s almost a foregone conclusion that it will result in a slimming down of Amplats.
According to the Financial Times, Cutifani’s appointment would be viewed positively by South African shareholders, including the Government-owned Public Investment Corporation (PIC) which had been pushing for a black incumbent.
Cutifani has an understanding and familiarity with the South African assets, a strong operational track-record, and it’s thought he would champion the country’s cause even though Anglo exposure to South Africa has attracted a discount.
