Ex-Rio boss Albanese tipped to head Vedanta
Former Rio Tinto chief executive Tom Albanese has been linked to a major board role at London-based global diversified resources company Vedanta Resources, which could include taking over as chief executive, according to the Australian Financial Review.
Albanese is believed to be in negotiations with Vedanta Resources over possibly taking the top job, according to media reports. Vedanta has interests in zinc, lead, silver, copper, iron ore, aluminium, and oil and gas spread across India, Namibia, South Africa, Liberia and Australia.
It comes after Albanese was forced to step down as chief executive of Rio after the company announced a $14 billion write-down of its aluminium and Mozambique coal operations in January. He was the principal architect behind the company’s push into Mozambique.
Ansteel poised to own bigger slice of Karara
Chinese steel-maker Ansteel appears likely to end up with a greater controlling share of the Karara magnetite iron ore project in Western Australia after joint venture partner, Gindalbie Metals , warned it was facing another shortfall in working capital, according to the Australian Financial Review.
Gindalbie said yesterday that the joint venture vehicle, Karara Mining, was re-estimating working capital requirements through to the end of the year following a decision to reduce concentrator throughput while modifications were made to the operation’s tailings system.
The new working capital estimate would exceed the previous forecast provided in May and discussions were advanced, with Karara’s Chinese banking partners regarding a suitable funding solution, the company said.
Juniors bite the bullet on costs as tough times strike
Australia’s junior miners are being forced to cut jobs, freeze executive pay and renegotiate joint venture agreements to stay afloat in a protracted downturn, according to The Australian.
While the major miners highlighted the results of aggressive cost-cutting measures during reporting season, the smaller end of the sector – companies yet to develop assets – still need to cut costs further to stay afloat.
