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.
The London Metal Exchange’s (LME) clearing house has reshuffled its management team with the appointment of a new chief operating officer, chief risk officer and head of clearing risk, it said on Friday.
The clearing house of the world’s largest and oldest metals markets, recovering from reputational damage caused by a 2022 nickel crisis, appointed former Euroclear manager Michael Carty as chief executive in October.
The appointments “will ensure that LME Clear is in a strong position as we drive forward our strategy” Carty said on Friday.
LME Clear’s new operations chief is Chris Jones, who was previously LME Group’s chief risk officer, while Matt Wade steps up from head of clearing risk to become chief risk officer.
His replacement as head of clearing risk is Paul Kirkwood, former head of market risk.
The 2022 nickel crisis sparked a legal battle between the LME and US financial firms that were demanding $472 million in compensation after the exchange cancelled billions of dollars in nickel trades following a surge in prices.
That legal case was won by the LME in November, but the exchange is still awaiting the outcome of a regulatory investigation.
(By Polina Devitt and Ashitha Shivaprasad; Editing by David Goodman)
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