Anglo American appoints new General Counsel
Leading mining operators Anglo American announces the appointment of Richard Price as Group General Counsel and a member of Anglo American’s Group Management Committee, with effect 1 May 2017. Richard will be based in London and will report to Stephen Pearce, who will take up the role of Finance Director on 24 April 2017.
Richard Price will join Anglo American from the London office of international law firm Shearman & Sterling where he has been a senior corporate partner since 2003 and currently co-leads the firm’s global metals and mining practice. Prior to moving to London, Mr Price was based in Shearman & Sterling’s Singapore and Toronto offices.
Mark Cutifani, Chief Executive of Anglo American, said: “We look forward to welcoming Richard Price as Group General Counsel, a key role that provides both strategic and commercial insight throughout our decision-making processes, while also forming part of the risk management of Anglo American as a whole. He knows us and our industry well, given the legal advisory work he has led on a number of complex issues and transactions, including in South Africa. Richard will lead our global legal team following Ben Keisler’s decision to retire this year after serving
32 years with Anglo American. On behalf of the entire management team, I would like to thank Ben for his dedication, leadership and most importantly his sound judgement and we wish him a safe and happy retirement.”
Richard Price said of his appointment: “I am delighted to be joining Anglo American at this exciting time in its 100-year history. I have had the pleasure of working with Anglo American, including its current Group General Counsel Ben Keisler, for many years and have developed a great admiration for the company and its people.”
Who is Richard Price?
Mr Price has worked with Shearman & Sterling in Toronto, Canada in 1996, and in its Singapore office as head of its South East Asian and Indian capital markets practice in 1999.
Hi experience took him to London in 2003 as a senior corporate partner, with clients across the metals, mining, energy and financial services sectors, amongst others. He is currently co-head of the firm’s global mining and metals practice and has previously served as head of EMEA capital markets and co-head of the EMEA corporate practice. Richard has a Bachelor of Arts (Hons.) degree from Mount Allison University in Canada and a Bachelor of Laws degree from the University of Toronto.
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Global iron ore production to recover by 5.1% in 2021
Global iron ore production fell by 3% to 2.2bnt in 2020. Global production is expected to grow at a compound annual growth rate (CAGR) of 3.7% to 2,663.4Mt between 2021 to 2025. The key contributors to this grow will be Brazil (6.2%), South Africa (4.1%), Australia (3.2%) and India (2.9%). Key upcoming projects expected to commence operations include South Flank in Australia (2021), Zulti in South Africa (H2 2021), Serrote Da Laje in Brazil (H2 2021) and Gudai-Darri (2022), according to GlobalData, a leading data and analytics company.
Vinneth Bajaj, Associate Project Manager at GlobalData, comments: “Declines from Brazil and India were major contributors to the reduced output in 2020. Combined production from these two countries fell from a collective 638.2Mt in 2019 to an estimated 591.1Mt in 2020. The reduced output from the iron ore giant, Vale, was the key factor behind Brazil’s reduced output, while delays in the auctioning of mines in Odisha affected India’s output in 2020.
“Miners in Australia were relatively unaffected by COVID-19 due to effective measures adopted by the Australian Government, while a speedy recovery in China led to a significant 10.4% increase in the country’s iron ore output.”
Looking ahead, the global iron ore production is expected to increase by 111.3Mt to 2,302.5Mt in 2021. Rio Tinto is expected to produce up to 340Mt of iron ore, while BHP has released production guidance of 245–255Mt, supported by the start of the Samarco project in December, which is expected to produce between 1–2Mt.The company has retained its guidance for Australian mines at 276–286Mt on a 100% basis, due to scheduled maintenance work at its ore handling plant and tie-in activity at the Area C mine and South-Flank mine.
Bajaj added: “The remaining companies are expected to produce more than 600Mt of iron ore, including FMG, whose production is expected to range between 175–180Mt supported by its Eliwana mine that commenced operations in late December 2020, and Anglo American, which is expecting to produce between 64–67Mt. Vale is expected to resume 40Mt of its production capacity, taking its overall production capacity to 350Mt in 2021, with production guidance of 315-335Mt.”