Mining Roundup: Former Rio Tinto CEO Joins Vedanta Resources

on Sep 17, 2013
Listen Tuesday, September 17th: Vendanta share price: Former Rio Tinto (LON:RIO) boss Tom Albanese has taken on a senior advisory role at Indian mining group Vedanta Resources (LON:VED) just eight months after falling on his sword as chief executive of the world’s third-largest mining group.

Albanese resigned from the top job at Rio Tinto after more than 30 years with the company, taking responsibility for acquisitions that soured and turned into billions of dollars worth of write-downs. He has now been appointed by Vedanta as chairman of one of its subsidiaries, Vedanta Resources Holdings.
“In this role, Tom will be actively involved in continuing to develop the company’s strategy, policies and growth objectives,” the FTSE 100-listed miner said in a statement yesterday.

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Albanese will advise both Vedanta’s chairman, Anil Agarwal, and chief executive, Mahendra Mehta, in the new role, which takes effect immediately. Agarwal said he looked forward to bringing Albanese’s “considerable experience and energy to Vedanta to support our twin aims of delivering sustainable growth and creating long-term value for our shareholders”.

**As of 08:15 BST buy Vedanta shares at 1,156.00p**
**As of 08:15 BST sell Vedanta shares at 1,154.00p.**
**As of 08:15 BST buy Rio Tinto shares at 3,147.00p.**
**As of 08:15 BST sell Rio Tinto shares at 3,145.00p.**
!m[Anglo American to Take $300m Hit on Alaska Mine Withdrawal ](/uploads/story/5507/thumbs/pic1_inline.jpg)
***Anglo American share price: Company Pulls Out of Pebble Mine Project, Expects Charge***

Mining group Anglo American (LON:AAL) yesterday said it expects to record a post-tax impairment charge of $300 million this year as a result of its withdrawal from a copper-gold project in Alaska. The FTSE 100-listed group announced that it had bailed on the Pebble mine development in a sign of its new chief executive’s desire to purge the miner’s pipeline of marginal projects.

“Despite our belief that Pebble is a deposit of rare magnitude and quality, we have taken the decision to withdraw following a thorough assessment of Anglo American’s extensive pipeline of long-dated project options,” Mark Cutifani, who took over as CEO of Anglo American in April, said in a statement yesterday.
He added that Anglo was focused on prioritising capital for projects with the highest value and lowest risks, while reducing the capital required to maintain projects in its pipeline.
The Pebble Limited Partnership was created in 2007 between Anglo American Pebble and an affiliate of Canada-based Northern Dynasty Minerals (TSE:NDM), which are equal partners in the investment. Anglo’s decision to withdraw from the project leaves Northern Dynasty to push ahead alone with the plan to develop one of the largest, but also a hugely environmentally challenging, copper-gold deposits in the world – a project that has already been studied for almost three decades.
**As of 08:15 BST buy Anglo American shares at 1571.00p**
**As of 08:15 BST sell Anglo American shares at 1570.00p.**
**As of 08:15 BST buy Northern Dynasty shares at C$1.54.**
**As of 08:15 BST sell Northern Dynasty shares at C$1.53.**


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