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The ouster this week of one of the world’s captains of mining underscores a breaking dawn in the industry as it sheds its old guard and discards a mantra of growth at any cost.
After six years at the helm of the world’s third-largest diversified miner, Rio Tinto PLC chief executive officer Tom Albanese said Thursday he was resigning the post by “mutual agreement” with his employer of three decades, amid a writedown of $14-billion (U.S.).
“While I leave the business in good shape in many respects, I fully recognize that accountability for all aspects of the business rests with the CEO,” said Mr. Albanese, who is also forgoing his bonus for this year and last.
Mr. Albanese joins a long line of former CEOs who have been replaced in recent months at some of the world’s largest miners, including Canadian giants Barrick Gold Corp. and Kinross Gold Corp.
The shift from an old guard, bent on rapid growth via expensive acquisitions, to one focused on preserving share value comes as miners face some of the most tumultuous times in decades, including massive cost increases and overruns, a scarcity of new discoveries and an uncertain demand outlook.