6th Oct 2021 10:31
(Alliance News) - Anglo American PLC boss Mark Cutifani said on Wednesday it is up to the board to decide when his term will come to an end amid speculation that his exit is imminent.
The board has been thinking through how it would like to handle succession planning at the sprawling mining company that owns platinum, gold, diamond and iron ore assets, Cutifani told delegates at the Mining Indaba on Wednesday.
"It's in the board's hands," he said. "They will let us know when they will make a decision and how they want to go forward."
Cutifani, who has been chief executive at Anglo since 2013, said he had made a commitment to the board to see the Quellaveco copper project in Peru through to its completion.
The development has an expected capital cost of USD5.0 billion to USD5.3 billion. It is 60% owned by Anglo American and Mitsubishi Corp hold the rest.
The Quellaveco project is on plan and on budget despite wasting six months to Covid-19, Cutifani said, projecting it will be completed in the first half next year.
At the two-day Mining Indaba, held virtually, Cutifani also predicted that South African commodities will be in high demand as the world abandons carbon emissions and embraces greener future.
The local mining industry, he said, was stepping up to the plate in response to climate change. He highlighted platinum group metals, copper and iron ore as some of the minerals that stood to benefit from transition to greener economy.
Countries, accounting to 70% of the global gross domestic product, have pledged net zero emissions by 2050.
"Sustainability comes with [high] business performance," said Cutifani.
By Artwell Dlamini; [email protected]
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