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.
Russian gold miner Polyus (LSE: PLZL) announced Monday the appointment of Alexey Vostokov as its new Chief Executive Officer.
Pavel Grachev, who has served as the company’s CEO since 2014, is stepping down from his role to focus on his own business projects, Polyus said, adding that Grachev will also resign from the Board of Directors on April 12.
Vostokov joined Polyus in 2014. Since then, he has held a number of executive positions within the company’s corporate division. Vostokov is also a member of the Board of Directors of PJSC Lenzoloto. He was actively involved in a number of landmark transactions at Polyus, including Polyus Re-IPO and acquisition of Sukhoi Log deposit.
Related: The $140 billion question: Can Russia sell its huge gold pile?
Along with needing to comply with Western sanctions against Moscow over its invasion of Ukraine, several companies with exposure to Russia have pulled back.
This month, Kinross Gold announced it is selling its Russian assets to Highland Gold Mining for a total of $680 million in cash, a month after suspending its operations in the country.
