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.
Ukraine-focused miner Ferrexpo said on Tuesday that Jim North will step down as chief executive officer effective June 30, after nine years with the group, to pursue other opportunities.
The group said board chair Lucio Genovese will act as executive chair on an interim basis and assume leadership of the company from July 1.
The change comes as Ferrexpo has had to scale down production in Ukraine since its conflict with Russia led to severe logistical constraints and damages to Ukraine’s electrical infrastructure.
Ferrexpo also said chief financial officer Nikolay Kladiev will become an executive director of the group with effect from May 25, when its annual general meeting ends.
(By Muhammed Husain; Editing by Savio D’Souza)
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