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.
Lundin Mining Corp. is facing a wave of leadership departures as the Toronto-based miner navigates a return to its Vancouver roots.
Three senior vice presidents on the executive leadership team are stepping down as the mid-sized metals producer approaches a September deadline to relocate its headquarters to Canada’s west coast. They are Kristen Mariuzza, who oversees sustainability, health and safety; general counsel Andrew Hastings; and Patrick Boitumelo, who is responsible for technical services and exploration.
Lundin spokesman Stephen Williams confirmed the departures, while declining further comment on personnel moves. The three executives didn’t immediately respond to LinkedIn requests seeking comment.
Lundin’s move marks the latest change for the company since the death of Swedish-Canadian founder Lukas Henrik Lundin last year. Under leadership of sons Jack and Adam Lundin, the firm announced plans in February to return to Vancouver, where much of the Lundin family lives. The company had been based in Vancouver for about 14 years before shifting to Canada’s financial capital in 2008. The latest relocation goes into effect Sept. 1.
“This strategic move marks a major milestone as we position ourselves for the next leg of growth for the company,” chief executive officer Peter Rockandel said in an emailed statement. “The transition has been ongoing throughout the year, and we have built out a team of talented mining professionals, including a very strong core executive leadership team currently in place.”
Four vice presidents are also departing, according to a person familiar with the moves, with the company disclosing their replacements earlier this month. Lundin said in an Aug. 2 earnings statement that it appointed Cara Allaway for finance, Steve Little for technology and innovation, Tim Walmsley for exploration, and Williams for investor relations.
Lundin produces copper and gold from mines in South America, including Chile, Brazil and Argentina, and gets about 65% of annual revenue from copper.
(By Jacob Lorinc)
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