Anglo American CEO Cynthia Carroll – Cape Town African Mining Indaba Speech – Opportunities in Africa

Anglo American CEO Cynthia Carroll visits Anglo Platinum’s Amandelbult Mine - Anglo American Photo

Mr Chairman, honourable Ministers, ladies and gentlemen,

I was delighted to be asked to deliver the keynote address at this year’s mining Indaba, which as you know is one of the premier conferences of the mining industry. As chief executive of Anglo American, I head the mining group which for the best part of a century has been the leading mining investor and employer in Africa, and which today provides direct employment for around 150,000 people globally with 110,000 of them here in Africa.

In 1917, –Anglo American was born in Africa, and not only are our roots here but we retain a strong commitment to the continent. More than 40% of our assets are located in Africa. These include all the mining and refining operations of Anglo Platinum, the world’s number 1 platinum producer; many of Anglo Coal’s mines; and the great majority of the mines of our associate De Beers.

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Anglo American CEO Cynthia Carroll – An Introduction

Anglo American CEO Cynthia Carroll - Anglo American PhotoCynthia Carroll succeeded Tony Trahar as Chief Executive Officer of Anglo-American on March 01, 2007. As President and Chief Executive Officer of the former Alcan’s Primary Metal Group, her responsibilities include all of that company’s primary metal facilities, research and development, technology and power generation with 18,000 employees operating in 20 countries around the world. The then Primary Metal Group accounted for approximately $12 billion in turnover and 75% of Alcan’s earnings.

Cynthia Carroll started her career with Alcan in 1988 in the Rolled Products Group.  In 1991 she became the General Manager of Alcan’s U.S. Foil Products packaging business. She next served in Ireland as the Managing Director of Alcan’s Aughinish Alumina subsidiary. From 1998 to 2002 she was President of Alcan’s Bauxite, Alumina & Speciality Chemicals Group. Since 2002 Cynthia Carroll has worked to substantially reposition Alcan in the aluminium industry while simultaneously reducing costs, resulting in Alcan Primary Metal now achieving the highest profitability and returns in the history of the company.

During this time she led the successful integration of Pechiney’s primary metals business; developed a project pipeline of over $10 billion through the expansion of existing businesses, acquisitions and the development of new facilities in South Africa, China, Canada, Oman, and France; and achieved an over 80% improvement in Lost Time Accidents (LTAs). Prior to joining Alcan, Cynthia Carroll was a Senior Petroleum Geologist for Amoco in North America.

An American citizen, she has a Masters of Science degree from the University of Kansas and an MBA from Harvard University. Last August, according to Forbes Magazine’s one hundred most powerful women in the world list, Cynthia Carroll came in at number seven.

According to a recent Sunday Times profile titled, “Cyclone Cynthia Carroll shakes up Anglo”, she has modernized the company, repaired damaged relations with South Africa and is focusing on increasing value internally as opposed to looking for mergers or takeovers.

Vale Inco President and Chief Executive Officer Murilo Ferreira on Sustainability

Vale Inco President and CEO Murilo FerreiraThe following excerpt by Vale Inco President and Chief Executive Officer Murilo Ferreira is from the Vale Inco sustainability report released last summer. The full report is available at: Toward Sustainability


At CVRD Inco, we believe that our journey toward sustainability involves operating in a responsible manner to our employees and other stakeholders, the natural environment and the communities where we operate.

As a responsible employer, we are committed to treating our employees with dignity and respect, providing opportunities for career development and fulfillment, and always placing safety above all else. In the coming year, we will continue to work diligently as we strive to integrate the people, cultures, policies and guidelines of the former Inco with those of our parent company CVRD.

The year 2006 saw significant accomplishments in safety. For instance, year on-year we achieved an eight per cent reduction in disabling injury frequency worldwide in 2006. Continue Reading →

Rio Tinto CEO Tom Albanese – Toronto PDAC Speech – Strong Markets, Big Challenges

Rio Tinto CEO Tom Albanese at Toronto PDACIntroduction

Thank you for your welcoming introductions. It is a pleasure to be here to address you this afternoon. Over lunch we’ve been reflecting on what a great time it is to be in the mining industry.

When I started in the late 1970s all the way through to the 1990s we saw demand growth rates falling and prices steadily declining in real terms. Many of us can remember 60 cent copper, two dollar nickel and 50 cent aluminum. And this was only a few years back.

As the large attendance at this convention shows, our industry is back in fashion. We are seeing almost unprecedented demand for the metals and minerals we produce.

One of my daughters is studying in New York. She tells me a lot of unlikely people keep asking her about the resources industry. Resource stocks have become cool, even hip, like dot coms were. None of us can remember mining being here before. There’s a whole new ballgame under way, with soaring asset valuations generating a great deal of excitement.

Rio Tinto’s friendly takeover of Alcan last October, along with several other company realignments, are all indicators of how rapidly times are changing as globalisation gathers pace.

Our positive outlook is not unique; certainly BHP Billiton’s conditional bid is a sign of others wanting what we have. While these are the best of times for our industry, the flip side is that it throws up a lot of challenges, which is my theme today. Continue Reading →

Rio Tinto CEO Tom Albanese – PDAC Speech Brief Summary

Rio Tinto CEO, Tom AlbaneseYesterday, Rio Tinto CEO Tom Albanese gave a keynote lunch speech on the last day of the Prospectors and Developers Association of Canada’s annual convention in Toronto, Canada. The following is a brief summary of some of his major points.

One of his first comments was on how pleased Rio Tinto was to expand into Canada with the friendly takeover of Alcan. The company now has 14,800 employees in this country, of which 10,300 are with Rio Tinto Alcan.

Albanese is a strong believer in the commodity super-cycle and feels the American economic problems will not impact the mining industry. “Important as the US is to the world economy, it is not as influential as it once was to the global demand for metals and minerals. We are firmly of the view there is an economic de-linkage between China on one hand and the rest of the world, especially the US, on the other,” said Albanese.

Rio Tinto feels that a possible US recession will only impact Chinese GDP growth by about one per cent or less.

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Rio Tinto CEO Tom Albanese – An Introduction

Tom Albanese succeeded Leigh Clifford’s seven-year tenure as chief executive of Rio Tinto, in May 2007.

Albanese was born in 1957 and grew up in New Jersey. He attended the University of Alaska in Fairbanks where he received a bachelor’s degree in mineral economics and a master’s degree in mining engineering.

He held a number of positions with Nerco Minerals, and was chief operating officer at the time of its acquisition by Rio Tinto in 1993. Later that year he was appointed general manager of Rio Tinto’s Greens Creek gold, silver, zinc and lead mine on Admiralty Island, Alaska, where he led a team that was working to develop a newly discovered high grade orebody at the mine.

He moved to London in 1995 where he took up the post of Group exploration executive. Three years later he became vice-president of Kennecott Utah Copper at the Bingham Canyon copper mine outside Salt Lake City.

When Rio Tinto acquired a majority holding in North Ltd in Australia in 2000 Albanese transferred to Melbourne as its managing director. In this role he oversaw strategic reviews of North’s operations and the integration of its key businesses into Rio Tinto’s product group structure.

He was appointed chief executive of Rio Tinto’s Industrial Minerals group based in London, with responsibility for the Group’s borates, talc and titanium dioxide operations, before becoming chief executive, Copper and Exploration, in 2004.

Albanese joined the board of directors in March, 2006 and became director, Group Resources in July, with responsibility for Exploration, Operational and Technical Excellence, Human Resources, Communications and External Relations and Global Business Services.

Recently Tom has been involved in developing the joint venture exploration agreement with Norilsk Nickel in Russia, and in Rio Tinto’s investments in La Granja in Peru and Ivanhoe Mining’s Oyu Tolgoi copper project in Mongolia.

Many Challenges for Early Sudbury Prospectors – Gary Peck

Previously it was noted that the lot of a Sudbury prospector was one beset with many difficulties. A. Hoffman Smith, a resident of Sudbury since 1883, had stated in 1894 that Algoma was the most difficult area in North America to prospect.

Having already examined some of the actual problems associated with locating a site, today we will discuss the difficulties associated with securing a site and conclude with a discussion of what, to two early pioneers, was the ideal prospector.

Once a site had been located, a prospector had to secure the prospect. Unfortunately the central office was over 300 miles distant in Toronto. On occasion, his affidavits and applications, once they had arrived, might remain unrecognized for weeks. Continue Reading →

Canada’s PDAC 2008 Convention – The Mining Boom Continues – Stan Sudol

Ontario Northern Development and Mines Minister Michael Gravelle and PDAC Mining Matters KidsThe annual Prospectors and Developers Association of Canada (PDAC) convention is the premier event in the global exploration and mining sector. The Toronto convention, which is always held in the first week of March, is expected to set another attendance record this year with about 20,000 visitors.

As I jump from presentation to event throughout this column I may sound like I have a severe case of “attention deficit disorder. This only reflects the many stories, people, lectures and events at the PDAC which just simply overloads the mind. Combine that with the networking, business deals, and the enormous amounts of partying and the frantic three and a half days can become a blur to any participant. Where to start? Continue Reading →

Interview with New PDAC President Jon G. Baird on Mining Challenges – Stan Sudol

Jon G. Baird - President of the Prospectors and Developers Association of CanadaThe Prospectors and Developers Association of Canada (PDAC) promotes the interests of the Canadian mineral exploration sector to ensure that there is an economically prosperous and competitive mining industry in Canada. A critical part of PDAC’s mandate is to encourage the highest standards of technical, environmental, safety and social practices of the industry both in Canada and internationally.

New Presidents for the Prospectors and Developers Association start their two-year mandates just following the organization’s convention held in Toronto, Canada in early March of each year.

Canadian-born President Jon G. Baird is an engineer who graduated in geophysics from the University of Toronto in 1964. He has a solid background in dealing with international business. Continue Reading →

Fraser Report – Global Rankings of Mining Jurisdictions – Stan Sudol

The conservative think-tank – the Fraser Institute – has released its annual Survey of Mining Companies, on the most attractive jurisdictions for mineral investment. This year’s top three are Quebec, Nevada and Finland.

The Policy Potential Index is a composite measurement of the effects of government mining policies on mineral exploration and development that include environmental regulations, taxation, infrastructure, political stability, uncertainty over native land claims, labour issues as well as geological attractiveness and the interpretation of existing regulations.

“Quebec has always been viewed in a good light by the mining industry, primarily due to its favourable geology,” said Fred McMahon, coordinator of the survey and the Institute’s Director of Trade and Globalization Studies.

“But Quebec’s government also provides a favourable policy environment to go along with strong mineral potential. Continue Reading →

New PDAC President Jon G. Baird – A Profile

Jon G. Baird - President Prospectors and Developers Association of CanadaPDAC Presidents traditionally serve two years. Outgoing President Patricia Dillon will be relinquishing her position to Jon G. Baird, a Canadian-born engineer who graduated in geophysics from the University of Toronto in 1964.

His business career has spanned 28 years with Scintrex Limited, a Toronto based consultant and manufacturer of instrumentation used in mineral exploration and other applications. Responsible for the marketing and selling of Scintrex’ products and services for over 20 years, Baird led a world wide campaign which helped make the company a world leader in its field.

Accomplishments included making the brand name well known to mineral exploration specialists in more than 100 countries, establishing and running a dealer network in more than 55 countries and negotiating major sales in many countries including Mexico, India, China and the U.S.S.R.

Since January, 1993, Baird has been the Managing Director of CAMESE, the Canadian Association of Mining Equipment and Services for Export. Founded in 1981, CAMESE exists for the sole purpose of assisting mining supplier firms to export. Since 1993, the membership of CAMESE has increased from 28 to over 250 companies, demonstrating the sector’s interest in approaching new global challenges through a level of joint action.

Baird has been on the Board of Directors of the Prospectors and Developers Association of Canada since 1995 and since March 2006 has been First Vice-President of that organization.

He has visited 71 countries on business, speaks five languages and is working on a sixth. Baird is also interested in marketing, geopolitics and global issues.  He is happily married to his Swiss-born wife, Martha and resides in the country north-east of Toronto.

In one of my next postings I will interview incoming PDAC President Jon G. Baird about the main challenges and issues facing the mining industry and his goals for this organization over the next two years.

The Annual PDAC Convention Begins on Sunday – Stan Sudol

The annual Prospectors and Developers Association of Canada (PDAC) convention starts this Sunday in Toronto, Canada. This year’s convention has shifted to the South Building of the Metro Toronto Convention Centre from the North Building to accommodate more exhibitors and a larger crowd. They are expecting to see close to 20,000 participants, a new record high like the price a many of the metals its members are searching for.

PDAC was first founded in 1932, early in the Great Depression in order to fight some new provincial government regulation that was detrimental for struggling prospectors. Copper was then selling at four cents a pound (US), nickel was about 35 cents per pound, and gold could be bought for $20.67 per ounce. How things change and how they stay the same. Continue Reading →

Ontario’s Mining Supply Companies Need Strategic Govenment Investments – Dick DeStefano

Dick DeStefano - Executive Director of SAMSSAMining as a national asset seems to have fallen of the table. Not one substantial government document or study that has been produced places any real value on the mining industry or its strategic importance to the Canadian economy.

There are few restrictions on foreign takeovers and the entire sector is rarely placed under the microscope and examined as a “natural asset” that needs to be given serious protection as international brokers and banks play ownership games with resource companies around the world.

The Competition Policy Review Panel – Sharpening Canada’s Edge – is beginning a consultation on investment policies and how Canada can become a destination for talent, capital and innovation. Continue Reading →

Dick DeStefano and the birth of SAMSSA – Stan Sudol (Part B)

Fuller Industrial PhotoSudbury Mining Supply and Service Industry is Enormous

More money is spent within a 500-kilometer radius of Sudbury on underground hard-rock mining supplies than anywhere else in Canada, the United States or Chile. In 2006, Inco alone spent over $400 million on local supplies and services. That figure will only grow with the announcement to bring the Totten Mine into production as well as the Creighton Deep and Copper Cliff Deep projects. Xstrata Nickel is building Nickel Rim South, while FNX Mining will be bringing the Podolsky mine into production in 2008, just to mention a few other initiatives.

One of the main aspects of SAMSSA is the global nature of the organization. During its first year, DeStefano made contacts with 125 embassies focusing on their trade commissioners and government agencies who might have been interested in partnerships or distributorships. Continue Reading →

Dick DeStefano and the Birth of SAMSSA – Stan Sudol (Part A)

SAMSSA Members in Antofagasta, Chile (2004); Dick DeStefano, SAMSSA; Andre Ruest, B&D Manufacturing; Norbert Hoffman, Novenco; Ivania Misetic, Chilean Economic Development AgencyWhile southern Ontario manufacturing and auto industries are under severe economic stress due to the high dollar, competition from China and a U.S. recession, Sudbury’s cluster of mining supply and service (MS&S) companies are growing, exporting their products and technical expertise around the world.

Due to their success and economic clout, the local mining suppliers formed an industry association in 2003 called the Sudbury Area Mining Supply Services Association (SAMSSA) that also has members from North Bay and Timmins. The three communities supply about 35% of mining supply and services in Canada – the second largest concentration in the country.

SAMSSA Executive Director Dick DeStefano says, “Unfortunately, the Sudbury cluster has not been recognized by the provincial government as an important manufacturing centre. In the last three years the local cluster, including North Bay and Timmins have been exporting their products around the world, significantly increasing their revenues and regional employment.” Continue Reading →