Mark Cutifani

Mark Cutifani (born 2 May 1958)[1] is an Australian businessman and the current chief executive of diversified mining group, Anglo American plc.[2] He was formerly CEO of South African gold mining company AngloGold Ashanti, a position he held from October 2007 until March 2013.[3][4]

Mark Cutifani
Born (1958-05-02) 2 May 1958
Wollongong, Australia
NationalityAustralia
Alma materUniversity of Wollongong
OccupationBusinessman
TitleChief executive of Anglo American
Term2013–present
PredecessorCynthia Carroll
SuccessorIncumbent

Early life and education

Cutifani was born and grew up in Wollongong, Australia.[5] After leaving high school in 1976, he joined Coal Cliff colliery and enrolled in the University of Wollongong to complete a degree in Mining Engineering. He graduated in 1982,[6] top of his class.[7]

Career

Early career

After working for Coal Cliff, he joined Kalgoorlie Gold Mines, the Western Mining Corporation, Normandy Mining and Sons of Gwalia.[1] He became the managing director of Sons of Gwalia in March 2000, but resigned from his position on 14 February 2003, in a surprise move, to join Inco Limited in Sudbury, Canada.[8] The Sons of Gwalia company entered administration 16 months later, in August 2004,[9] following a financial collapse,[10] with debts exceeding $800 million after suffering from falling gold reserves and hedging losses.[11]

AngloGold Ashanti

In 2007, Cutifani left Inco Limited, where he held the position of chief operating officer. On 17 September 2007, he joined AngloGold Ashanti, as a director of the company and was appointed CEO on 1 October that year.[4] Cutifani was credited with dismantling AngloGold Ashanti's significant and toxic hedge book, allowing the company to benefit fully from the much higher gold spot price.[12]

Shortly after joining AngloGold Ashanti, Cutifani introduced a campaign called "Safety is our first value". Research into the 2007 fatalities at the company had shown that 70% of the fatalities were caused by sub-standard operations or actions. Cutifani aimed to reduce the number of fatalities by changing the company's culture and improving communication, citing legacy issues from the past as a main cause for the fatalities.[13] During his tenure, the fatality rate was reduced by 50%.[14]

He was one of the critics of the new Australian Mining Super Tax, which was announced in 2010, stating that it could delay or endanger the company's Tropicana Gold Mine project.[15][16]

Anglo American

In January 2013 it was announced that Cutifani would become the new chief executive of Anglo American plc, starting his new role on 3 April 2013, replacing Cynthia Carroll.[17] In April 2016, Anglo American PLC's shareholders rejected the pay package for Cutifani, indicating disappointment over the organization's restructure plan.[18]

Appointments

Cutifani is currently the Chair of the International Council on Mining and Metals,[19][20] currently as a Director having been the Chairman of South Africa’s Chamber of Mines between 2012 and 2013[21] He is also a member of the International Advisory Committee for the Kellogg Innovation Network,[22] a member of the Mining & Metals Steering Board and Governor of the Mining and Metals Industry Programme for the World Economic Forum.[23] Cutifani is also a member of the Advisory Board for the Vale Columbia Centre on Sustainable International Investment[24] and on the Board of Advisors for the Graduate School of Business at the University of Cape Town.[25]

Recognition

In December 2013, Cutifani was awarded an honorary doctorate from the University of Wollongong.[26]

Private life

Cutifani has seven children from two marriages.

gollark: THEN I need an entity sensor, which is 5 iron ingots.
gollark: THEN I need a turtle, 7 more ingots.
gollark: Then I craft those into lasers, which needs 4 iron ingots and a diamond.
gollark: Same price.
gollark: I get flame books for 25KST.

References
  1. Mark Cutifani Archived 30 December 2013 at the Wayback Machine miningweekly.com, accessed: 9 July 2010
  2. Anglo American's leadership, accessed: 14 April 2014 Archived 15 April 2014 at the Wayback Machine
  3. Annual Report 2009 Archived 3 April 2010 at the Wayback Machine AngloGold Ashanti website, accessed: 9 July 2010
  4. Our executive team Archived 29 August 2010 at the Wayback Machine AngloGold Ashanti website, accessed: 9 July 2010
  5. Mark Cutifani, a veteran miner from the boots up The Financial Times website, published: 26 January 2014, accessed: 6 June 2014
  6. Mark Cutifani Archived 7 June 2011 at the Wayback Machine University of Wollongong website, accessed: 9 July 2010
  7. Anglo turns to an Aussie miner to dig it out of a $6bn hole The Sunday Times, published: 21 July 2013, website accessed: 6 May 2014
  8. Geologist brings 'new eyes' to Sons of Gwalia The Sydney Morning Herald, published: 20 January 2004, accessed: 8 February 2010
  9. SONS OF GWALIA LIMITED (SGW) delisted.com.au, accessed: 5 February 2010
  10. Sons of Gwalia's gold hedging had big holes The Sydney Morning Herald, published: 4 September 2004, accessed: 4 September 2009
  11. Ernst &Young agrees to $125m Sons of Gwalia settlement Archived 5 February 2011 at the Wayback Machine The West Australian, published: 4 September 2009, accessed: 4 September 2009
  12. AngoGold cuts hedge book to narrow losses The Financial Times, published: 7 February 2010, accessed: 6 May 2014
  13. Annual Report 2007 AngloGold Ashanti website, accessed: 13 July 2010
  14. Annual Report 2012 AngloGold Ashanti website, accessed: 6 May 2014
  15. AngloGold sides with Rio on sovereign risk issue The Age, published: 3 June 2010, accessed: 9 July 2010
  16. Future projects in jeopardy, say analysts The Australian, published: 3 June 2010, accessed: 9 July 2010
  17. Anglo names Cutifani as chief executive The Financial Times, published: 8 January 2013, accessed: 6 May 2014
  18. Patterson, Scott (21 April 2016). "Anglo American Shareholders Reject Pay Package for CEO Mark Cutifani". Wall Street Journal. ISSN 0099-9660. Retrieved 30 July 2017.
  19. Mining is critical for the planet – Cutifani Mineweb, published 10 October 2013; accessed: 6 May 2014
  20. http://www.cbetta.com/director/mark-cutifani Mark Cutifani works at THE INTERNATIONAL COUNCIL ON MINING AND METALS LIMITED since 30 January 2013
  21. Cutifani new Chamber of Mines president Mining Weekly, published 6 November 2012; accessed: 6 May 2014
  22. KIN catalyst Brazil 2012 – The mining company of the future Archived 5 October 2014 at the Wayback Machine KIN Global, PDF accessed: 6 May 2014
  23. Mark Cutifani biography Archived 6 May 2014 at the Wayback Machine World Mining Congress, PDF accessed: 6 May 2014
  24. Mark Cutifani biography Vale Columbia Centre, accessed: 6 May 2014
  25. GSB Board of Advisors Archived 6 October 2014 at the Wayback Machine University of Cape Town, accessed: 6 May 2014
  26. UOW honors its 'magnificent seven' University of Wollongong, accessed: 6 May 2014
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