LSE-listed Vedanta Resources has announced the appointment of Tom Albanese, former head of Rio Tinto as its new CEO, effective from April
The 56-year-old who has been the Chairman of Vedanta Resources since September last year resigned from Rio Tinto January 2013 after the company recorded a loss for the first time in a decade
His skill and experience in the mining industry is however not in doubt since Vendata Chairman, Anil Agarwal, expressed his vote of confidence
“Tom Albanese’s skills and experience in leading world-class mining companies will be of great value in supporting our strategic objective of creating sustainable long-term value for all our stakeholders. Tom will lead all the businesses of our group companies.”
The Indian-focused mining firm, which has interests in copper, zinc, iron ore, lead and aluminium, has investments in Zambia such as the Konkola Copper Mines, Nchanga Smelter and Nkana Refinery.
It is currently developing an iron-ore project in Liberia and operates a zinc mine and smelter in Namibia called Skorpion Zinc
Vedanta produces silver concentrates, copper, lead and zinc at Black Mountain and is currently developing one of the largest zinc deposits, Gamsberg deposit in the Northern Cape in South Africa
Through its subsidiary, Cairn India Limited, the mining giant concluded an agreement with PetroSA to explore for crude oil and gas off South Africa’s west coast, around the Orange Basin
Albanese said he is honoured to be on the Vedanta team and his goal as CEO is to propel the company forward through excellent operations and cost management
“My focus as CEO will be on operational excellence, efficient cost management and sustainability to drive long term value for all our stakeholders”
Albanese strategy on cost management will hopefully not result in the loss of jobs for mine workers, especially on the African continent, since the Indian-focused company has had trouble with the Zambian government last year when it announced it would lay off about 1500 workers from the Konkola Mines
