May 17, 2020

World Gold Council appoints David Tait as new CEO

Gold
gold mining
World Gold Cluncil
World Gold Council
Dale Benton
2 min
The World Gold Council has appointed its new Chief Executive Officer for 2019, as the organisation looks to navigate the shifting gold market landscape...

The World Gold Council has appointed its new Chief Executive Officer for 2019, as the organisation looks to navigate the shifting gold market landscape.

The market development organisation for the gold industry announced that David Tait will take up the position of CEO of World Gold Council, replacing the outgoing CEO after 10 years.

David will join the World Gold Council after a successful career in the financial services industry, in which he served as Global Head of Fixed Income Macro Products at Credit Suisse, as well senior trading roles at Credit Suisse and UBS Investment Bank.

Over an illustrious career, David has worked for Goldman Sachs, Bluecrest Capital, Peloton Partners and Citadel Europe. e is currently an Independent Member of the Bank of England’s FICC Market Standards Board.  David is also a major supporter of the NSPCC and has raised over £1 million by climbing Mount Everest on five occasions. He was awarded an MBE by the Queen for his services to the charity.

David will join the organisation on 7th January 2019 as CEO Designate for a transitionary period before becoming CEO on 25th February. He will succeed Aram Shishmanian, who has served as CEO over the past 10 years.

 

Related stories:

The World Gold Council launches 'Goldhub' platform for gold data, analytics and research

The World Platinum Investment Council: Putting platinum in pole position

Minerals Council Australia appoints new CEO

 

The Chair of the World Gold Council, David Harquail, commented: “I would like to thank Aram Shishmanian for the leadership role he has played over the past decade.  As CEO, he has transformed the World Gold Council into a truly influential organisation that has helped to stimulate and sustain the demand for gold globally. I am looking forward to working with David Tait to continue this important work.”

David Tait added: “This is a pivotal role for the gold industry and one that I am truly excited to take on. Global markets have undergone immense change over recent years and the case for investing in gold is as relevant today as it was for investors a century ago. I look forward to working closely with the members of the World Gold Council as we develop what is next for gold in these increasingly uncertain times.

 

 

Share article

May 10, 2021

Low carbon world needs $1.7trn in mining investment

Decarbonisation
battery metals
ESG
Wood Mackenzie
2 min
Mining companies need to invest $1.7trn in the next 15 years to supply enough copper, cobalt, nickel and the metals needed to create a low carbon world

According to a new report from consultancy Wood Mackenzie, mining companies need to invest nearly $1.7trn in the next 15 years to help supply enough copper, cobalt, nickel and other metals needed for the shift to a low carbon world.

Cutting carbon emissions

The United States, Britain, Japan, Canada and others raised their targets on cutting carbon emissions to halt global warming at a summit in April hosted by US President Joe Biden.

Meeting those targets will need large-scale deployment of electric vehicles, storage for power generated from renewables and electricity transmission, all of which require industrial materials, such as lightweight aluminium and metals used in batteries such as cobalt and lithium.

Wood Mackenzie

Wood Mackenzie analyst Julian Kettle calculated miners needed to invest about $1.7trn during the next 15 years to “deliver a two-degree pathway - where the rise in global temperatures since pre-industrial times is limited to 2°C”.

Wood Mackenzie

“At an industry level, there seems to be reticence around investing sufficient capital to develop future supply at the pace and scale demanded by the energy transition (ET),” he said.

Mining firms are wary of making heavy investments after their experience of the last decade when they invested in new capacity just as demand peaked, leading to a collapse in prices and revenues. They also need to please investors, who are unlikely to want to see dividends diverted to capital spending.

ESG

Rising demands of investors related environment, social and governance (ESG) issues further add to the challenge.

Australia, Canada and Western Europe carry a low ESG risk but some of the best resources are in high-risk areas, such as Democratic Republic of Congo, which sits on about half the world’s cobalt reserves according to the U.S. Geological Survey. “Given the need to meet tough decarbonisation and ESG targets, Western governments, lenders, investors and consumers will need to get comfortable operating in jurisdictions where ESG issues are more complex,” Kettle said.

Kettle said government support was needed to help miners comply with ESG issues to ensure production from high-risk areas was conducted in an acceptable way to consumers.

“Then, and only then, will the West be able to secure sufficient volumes of the raw materials needed to pursue the energy transition in the timescales envisaged.”

Digital Solutions

Digital solutions to enhance decarbonisation and support sustainability efforts in heavy industries like mining are being offered by Oren, a B2B marketplace conceived by Shell and IBM, and Axora.

Share article