Vedanta hires ex-Gold Fields boss to run copper, zinc mines
Vedanta Resources (LSE: VED) announced on Thursday it had appointed former Gold Fields (NYSE: GFI; JSE: GFI) chief executive, Chris Griffith, to head its base metals unit, including its recently regained Zambian copper mines.
Griffith, a mining veteran with decades of experience in the field, will take the post on Oct. 2, Vedanta said. He will run the group’s international zinc business in South Africa and Namibia; its iron ore business in Liberia; and the entire copper portfolio including Konkola Copper Mines (KCM), in Zambia, Fujairah, in the United Arab Emirates, and Sterlite Copper, in India.
Griffith left Gold Fields in December, following the company’s failed attempt to take over Canada’s Yamana Gold. Before that, the mining engineer led Anglo American Platinum (LSE: AAL) and Kumba Iron Ore (JSE: KIO).
The South African is expected to focus on restoring Konkola Copper Mines to profitable operation after Vedanta gained back control of the complex earlier this month, following a drawn-out battle over ownership of the asset with Zambian authorities.
“I look forward to driving innovation, operational efficiency and sustainable growth across Vedanta’s base metals businesses, creating KCM as a cornerstone asset for the company and growing the group internationally,” he said in the statement.
“Chris’s growth mindset, along with a strong commitment to sustainability, aligns perfectly with Vedanta’s core values (…), especially as we embark on an exciting growth phase in our copper business with the return of KCM to our portfolio,” Vedanta Group chairman, Anil Agarwal, noted.
The Indian conglomerate has had a difficult year, with credit rating agencies downgrading its outlook based on what they believe to be funding risks and concerns about meeting debt obligations.
S&P Global Ratings estimates Vedanta Resources’ funding gap to be US$2 billion until August 2024.
