Griffin Mining receives license for Caijiaying Mine
Griffin Mining, the London-based mining company, has received approval for a new mining license covering both Zone II and Zone III areas of the Caijiaying Mine by the Chinese Ministry of Land and Natural Resources.
In a statement, the mining company says the new mining license will allow for the mining of a ‘significant amount’ of additional resources.
“The granting of the 3rd Stage Zone III Project Final Acceptance Permit will increase the annual mined ore from Zone III to from 820,000 tonnes in 2020 to 1.1 million tonnes in 2021, but with the increased ore accessed from Zone II, this will increase to over 1.5 million tonnes per annum in 2022, increasing as more capital development is completed,” the statement says.
It adds that no additional capital is required for any above ground processing facilities as these were upgraded and completed a while ago while the company was waiting for the new mining license. The Company remains debt free, it states.
The major milestone was achieved following eight years of lengthy and arduous document preparation and written submissions that continuously needed to accommodate a significant number of legislative and regulatory changes during that time.
“After eight long and frustrating years and the difficulties experienced during the Covid-19 pandemic, the 2020/2021 new year period has finally delivered what the shareholders have hoped, and patiently waited for, all this time,” said Mladen Ninkov, chairman of Griffin Mining.
Mining Profile: Gary Nagle, CEO, Glencore
Gary Nagle has spent his career in mining, across two decades, with Glencore – the Anglo-Swiss metals and mining company with a diverse global portfolio. Nagle is a one company man who has experienced the journey of the resources industry from boots on the ground to the boardroom. He will succeed Ivan Glasenberg as Glencore’s CEO in July 2021
Gary Nagle was born in South Africa in 1975 where he earned degrees in commerce and accounting from the University of Witwatersrand, before qualifying as a chartered accountant in 1999. Nagle joined Glencore in 2000 as an asset manager in the coal department. His rise was swift; by 2007 he was named chief executive of the company’s Colombian coal operation, Prodeco.
Following the acquisition of Xstrata in 2013, Nagle moved to run the company’s South Africa-focused alloy assets, before being named head of the company’s global coal assets portfolio in 2018
Building his career by rising through the ranks of Glencore’s coal department Nagles was considered the most likely to succeed Glasenberg due to his asset-focus; mining accounts for a growing share of Glencore’s revenue as it moves away from its origins as a pure trader.
Glencore’s Chairman, Tony Hayward, commented on the appointment: “Gary Nagle has held senior roles in coal and ferroalloys in Colombia, South Africa and Australia. He has been on the Board’s radar for more than several years and was selected following a succession process overseen by the Board. We are confident that he has the right skill set and qualities to lead the Glencore of tomorrow.”
Ivan Glasenberg is retiring from his role as CEO after nearly 20 years at the helm of Glencore which saw him complete one of the largest mining mergers in history, with Xstrata. Looking back on his time at Glencore, the world’s largest commodities trader, Glasenberg reflected: “I am proud of the great company that we have built. Together, we have created one of the world’s largest diversified miners and marketers of commodities. Today, our diversified portfolio uniquely positions us to play an essential role in the global transition to a low-carbon economy.”
Glencore has announced plans to reach net-zero emissions by 2050 by reducing its direct and indirect carbon footprint by 40% by 2035.
Glasenberg has served as mentor to Nagle who has followed a similar career path at Glencore rising to the role of CEO via heading up the company’s global coal business.
“I have worked with Gary since he joined the company twenty years ago,” recalled Glasenberg. “I have always regarded it as a critical part of my job to develop the next generation of leadership at Glencore and I am proud of the strong leadership team that we developed from which we were able to select Gary. I am confident that his leadership, along with the support of the management team, will enable Glencore to take advantage of the opportunities that lie ahead and be a strong custodian for my shareholding in the company.”
Looking ahead to the challenges awaiting him, Nagle was full of optimism: “I am grateful for the trust placed in me by the Board and honoured to be appointed CEO at such an exciting time for Glencore. We will continue to deliver value to our shareholders, while operating safely and responsibly.”
Nagle will relocate from Australia to Switzerland to take up his new role.