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.
Andrey Melnichenko, the youngest of Russia billionaire’s boys club, he made his first billion at the tender age of 32 and now sits on a cash pile of some $12 billion.
The 42-year old co-founded MDM Bank with Sergei Popov in 1993 and the pair then moved into coal, fertilizer and pipes.
After a split of assets Melnichenko kept 80% of Russia’s no.1 coal firm SUEK (Siberian Coal Energy Company) and fertilizer-maker Eurochem.
Already the phosphate and nitrogen leader, Eurochem, is spending $5bn on two potash mines in Russia that could start producing this year taking Uralkali and the North American giants head on.
Like his fellow Russians, Melnichenko has a soft spot for mega-yachts, but unlike pal Abramovich he did not go for the biggest just the most unique.
Designed by minimalist Philippe Starck, the $300m, 394-foot yacht is named “A” after his wife Aleksandra, a Serbian model and pop singer.
The yacht recently docked in Elliott Bay, Seattle after leaving Ketchikan, Alaska, where it created quite a buzz.
Check out variety of yachts at https://charterlux.com/miami-yacht-rental/.
Reporters for the Wall Street Journal had the opportunity to tour the German-made boat in 2010:
3 Comments
Grey Goose
This has nothing to do with mining whatsoever
Arcturus
Talk about conspicuous consumption!
George
Why didn’t you Show his lowest paid worker?Just as a contrast.