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.
Barrick Gold (TSX: ABX; NYSE: GOLD) is boosting the presence of females in top post with the appointment of former Alcoa vice president for Europe and North America, Christine Keener, as chief operating officer of the company’s North American region.
The world’s second-largest gold miner by reserves said Keener brings a diversified background having worked in finance, strategy, a number of commercial roles and more recently in operations.
Chief executive Mark Bristow said the incoming executive had a 21-year record of improving results in each of her roles at Alcoa. She will assume in February.
Women represent an estimated 8% to 17% of the global mining workforce, according to McKinsey & Company. In a study last year, the consulting firm found that in terms of senior leadership roles, the industry was a laggard among laggards.
Female representation within mining company C-suites sits at 13%. Among S&P 500 companies, there are only 30 female CEOs — not one of them from mining.
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