Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
The pain at Anglo American (LSE:AAL) has finally reached the corner office.
Today the struggling mining major with roots going back more than a hundred years to South Africa’s gold and diamond fields, said CEO Mark Cutifani’s total pay last year fell 8 percent, from £3.7m to £3.4m. The Australian, who joined Anglo in 2013 replacing Cynthia Carroll, also saw his bonus plummet by almost 40 percent, from £1.56m to £966,000 last year, as Anglo’s earnings per share fell short of targets.
However the Financial Times notes that Cutifani also earned £778,000 from a three-year bonus scheme started when he joined Anglo. His total pay also includes a £1.26m salary plus benefits.
The world’s number five diversified mining company in December announced a “radical portfolio restructuring” including cutting around 85,000 employees, almost two-thirds of its workforce.
It also said it is reducing the number of mines it operates from 55 to the “low 20s” with a focus on diamonds, copper and platinum because of better long-term potential. Only cash-producing nickel, coal and iron ore assets will be kept in its portfolio.
Beleaguered Anglo American (LON:ALL) is said to be planning a complete exit from Brazil, where the company has already put its $1 billion niobium and phosphate business up for sale.
The miner became the second-worst performer in the FTSE 100 after Glencore (LSE:GLEN) in 2015.
2 Comments
Gary
must be a bummer when you are down to your last 5 million
MlunguHoran Horan
Ag shame!