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.
South Milwaukee, WI, USA, June 13 , 2008 – Bucyrus International, Inc. (NASDAQ: BUCY)
In support of Bucyrus’ expanding and diverse market opportunities within the ERI (Europe, Russia, India) region, Dr. Dieter Gessner, Vice President ERI Operations, has announced the following organizational changes.
Mr. Robert Foss, Vice President of International Sales, is now reporting to Dr. Gessner as Managing Director, India. Mr. Foss will perform a dual role, retaining his current position of Vice President of International Sales. Reporting to William Tate, Executive Vice President, he will continue to provide guidance on various active projects in other regions.
Mr. Foss’ responsibilities now include the continued expansion of mining markets in India and fulfilling Bucyrus’ commitment to developing business from the Kolkata base of operations. The ultimate goal is to become a fully integrated equipment supplier with regional manufacturing capability and full product support in India.
Reiner Schuster’s role will now be Director Mine Development and Operation (MDO) and he will continue to report directly to Dr. Gessner. Although Mr. Schuster has performed this function for some time, the new position title better reflects the broad reach of assignment and territory responsibility. He is charged with the strategic development and implementation of Bucyrus’ initiatives to supply total mine engineering solutions including conceptual project design, equipment supply and turnkey project management during construction and start-up, within the ERI region. His primary focus is on the underground markets of India, Turkey, Russia, Mongolia and Ukraine. Reiner will have a dual reporting line for major markets. For example, he will report to Bob Foss for Indian projects.
About Bucyrus International, Inc.
Bucyrus is a world leader in the design and manufacture of high productivity mining equipment for the surface and underground mining industries. Bucyrus’ surface mining equipment is used for mining coal, copper, iron ore, oil sands and other minerals. Bucyrus’ underground mining equipment is used primarily for mining coal and is also used in mining minerals such as Potash and Trona. In addition to machine manufacturing, Bucyrus manufactures high quality OE parts and provides world-class support services for their machines. Bucyrus’ corporate headquarters is located in South Milwaukee, Wisconsin, USA.
