Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
For the first time in 130 years, FLSmidth, a Denmark based, market-leading supplier of equipment and services to the global minerals and cement industries, has promoted a non-Dane to its executive leadership team.
Peter J. Flanagan has been selected to serve as a member of Group Executive Man- agement, and as executive vice president of FLSmidth’s newly formed Non-Ferrous Division, which provides advanced minerals processing technologies, systems and so- lutions to the global mining industry. Flanagan, who is originally from Greenwich, Connecticut, USA, has worked in the mining and minerals processing industry for more than 25 years. Formerly, he led FLSmidth’s mining activities in the Americas. Now he takes the reins of FLSmidth’s largest of four divisions with an order intake of more than USD 1.8 billion booked in 2011.
“Promoting Peter to this executive management position is part of our new global strategy and will significantly strengthen our group structure,” said Jorgen Huno Rasmussen, Group CEO. “We look forward to his contributions leading the new divi- sion and working with us on the executive level.”
As the division head, Flanagan, 46, will work out of the FLSmidth minerals technology center headquartered in Salt Lake City, Utah. He will oversee the work of 2,800 em- ployees in more than 20 countries on six continents. Flanagan is a mechanical engi- neering graduate of Lehigh University, Bethlehem, Pennsylvania.
“FLSmidth has great people and great technologies. We’re experiencing tremendous growth as we deploy these key assets into industry leading production systems and full life cycle support for miners and minerals processers,” said Flanagan. “I’m excited to be a part of this talented team, and look forward to the ongoing opportunity to be our customers’ one source to unlock their mineral resources sustainably.”
