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.
Several senior executives are leaving Gerald Group in a major shake-up at the historic metals trading house, according to people familiar with the matter.
Brian Ahern, Gerald’s global head of refined copper, and Brandon Kernan, desk head for aluminum and alumina, are among those leaving, said the people, who asked not to be identified discussing private information. Keith Rowe-Wilson, a senior trader for copper and zinc in London, is also leaving, some of the people said.
Gerald was hit by a loss in its tin book earlier this year, according to some of the people. Reuters reported in June that Gerald had bought cargoes that were supposed to contain tin concentrate in Brazil but turned out to be sand.
Gerald representatives had no comment when reached by phone and email.
Founded in 1962, Gerald is well-known in the metals world, although these days its business is dwarfed in scale by industry leaders Glencore Plc and Trafigura Group.
The metals trading industry has struggled with growing headwinds this year, with prices under pressure and rising interest rates increasing the cost of financing. The sector has also been hit by a series of scandals that have dented confidence, including the shock revelation by Trafigura that it was the victim of a massive alleged nickel fraud.
(By Archie Hunter, Joe Deaux, Liz Yee Xing Ng and Jack Farchy)
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