Albanese on Vedanta and Franco-Nevada boards
JOHANNESBURG (miningweekly.com) – Former Rio Tinto CEO Tom Albanese has chalked up two appointments since departing the British-Australian company in January.
The American takes the nonexecutive chairperson role at Indian company Vedanta Resources Holdings and has been appointed to the board of Canadian gold royalties company Franco-Nevada Corporation.
Albanese brings his experience as former CEO and analysts believe he is likely to give clarity to Vedanta's message.
Albanese is the first of top-level mining chief executives who resigned as fortunes soured in mining to take up a new position.
He left Rio after six years when the group revealed a $14-billion write-down almost entirely on the value of his two most significant buys, the Alcan aluminium company, and the Riversdale coking coal company in Mozambique.
Vedanta has just completed an 18-month overhaul of its structure.
Vedanta Resources Holdings is 100% owned by Vedanta Resources plc.
Franco-Nevada, which has interests in large gold development and exploration projects, pays monthly dividends.
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