Mark Cutifani

Last updated

Mark Cutifani
CBE
Mark Cutifani.jpg
Mark Cutifani speaking at Anglo American's 2019 Senior Leadership Conference
Born (1958-05-02) 2 May 1958 (age 66)
Wollongong, Australia
NationalityAustralian
Alma mater University of Wollongong
OccupationBusinessman
TitleChair of energy transition metals board at Vale Base Metals
Term2023–present

Mark Cutifani CBE (born 2 May 1958 [1] ) is an Australian businessman and current chairman of the energy transition metals board at Vale Base Metals. [2] He is the Senior Independent Director with Laing O'Rourke and chairs the board's Sustainability Committee. He is also a non-executive director of Total S.A [3] and chairs the board's Sustainability Committee.

Contents

Cutifani is the former chief executive of mining group, Anglo American plc [4] where he also served as a member of the Board Archived 1 November 2020 at the Wayback Machine , chairman of De Beers and director of Anglo American Platinum. Cutifani is a founding member of the global Hydrogen Council. [5] Cutifani was formerly CEO of South African gold mining company AngloGold Ashanti. [6]

Cutifani is a fellow of the Royal Academy of Engineering, [7] the AusIMM and the Institute of Engineers. Cutifani is a recipient of the AusIMM Institute Medal, for services to the Australian and global mining industry. [8] Mines and Money Lifetime Achievement Award winner [9] and the Brigadier Stokes Memorial Award (South Africa) for services to South Africa and global mining industry.

He was also awarded a CBE (UK) in the 2024 King’s Honors list.[ citation needed ]

Early life and education

Cutifani was born and grew up in Wollongong, Australia. [10] 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 [11] at the top of his class. [12] He was also the winner of numerous awards including the Atlas Copco Travelling Bursary for the top mining student in Australasia in 1982. [13]

Career

Early career

After working for Coal Cliff, he joined Kalgoorlie Gold Mines, and later the Western Mining Corporation, Normandy Mining and Sons of Gwalia. [1] He became the managing director of Sons of Gwalia in March 2000.

In October 2006, Cutifani was appointed chief operating officer for Inco Limited after the takeover by Vale S.A.. He led the subsidiary to become Vale's global Nickel business, based in Canada. [14]

AngloGold Ashanti (2007-2013)

On 17 September 2007, he joined AngloGold Ashanti as a director of the company, and was appointed chief executive officer on 1 October that year. 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. [15]

Shortly after joining AngloGold Ashanti, Cutifani introduced a campaign called "Safety is our first value". During his tenure, the fatality rate was reduced by 50%. [16]

Anglo American (2013-2023)

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] Cutifani stepped down as chief executive and a member of the Anglo American board in 2022. [18]

Notable improvements per the 2019 annual results:[19]

● Safety – 93% reduction in fatalities and 60% improvement in accident frequency rates.

● Occupational Health – 90% drop in new cases.

● Environmental Incidents - 97% drop in major incidents.

● Production – increased by 12%, whilst reducing the number of assets from 68 to 36.

● Productivity more than doubled during his tenure.

● Unit Costs – improved by 45% in real terms to return the business to a global leadership cost position. In February 2022, in his final results presentation for the group he presented Anglo American’s transformation from an average 49th percentile aggregate cost position to the 28th percentile cost position – underpinning the organization’s market outperformance over 9 years.

● Mining EBITDA margin - increased by 40%.

● ROCE of 23% improved from 9% at his start.

● Sustainability – announced a Sustainable Mining Plan in 2018 to significantly improve energy and water efficiency, reduce greenhouse gas emissions, and promote biodiversity.

● In response to carbon footprint reductions, Cutifani announced a target of achieving carbon neutrality for Scope 1 and 2 emissions by 2040, with some operations achieving carbon neutrality by 2030.

● Over his 9+ year tenure at Anglo American was the leading major diversified mining company, delivering an average annual total shareholder return of 22%.

Vale Base Metals (2023-)

In May 2023 it was announced that Cutifani would be appointed as Chair of the new Vale Base Metals (VBM) subsidiary of global mining giant Vale S.A.. [19] Vale was looking to divest from its tar baby, [20] as early as December 2022. [21] As the time it was a supplier to Tesla and General Motors. [21] Reports were afoot that GM, Mitsui, and the Saudi Public Investment Fund were interested buyers of a 10% stake. [21] Former Tesla executive Jerome Guillen would join the "energy transition board" of VBM along with Cutifani. [22]

Vale spun out its metals business as a separate ringfenced entity headquartered in Toronto, with an independent board chaired by Cutifani. That process completed in July 2023. The unit was then one of the world’s largest producers of nickel, copper, and cobalt, and has operations across the globe. The parent company's chief executive Eduardo Bartolomeo stated that Cutifani could help the division explore a future “liquidity event”. [22] [23] In early 2023, the parent company earned 80% of its profits in its South American iron mines, and the balance from its Base Metals group. [19]

Appointments and current memberships

He is also a member of the International Advisory Committee for the Kellogg Innovation Network, [24] a member of the Mining & Metals Steering Board and former Governor (now member) of the Mining and Metals Industry Programme for the[ citation needed ]

Cutifani serves on the Board of the Hydrogen Council, [5] a global initiative of leading energy, transport and industry companies with a united vision and long-term ambition for hydrogen to foster the energy transition. Cutifani is also a member of the Advisory Board for the Vale Columbia Centre on Sustainable International Investment [25] and an independent Director of The Power of Nutrition; a UK-based charitable foundation [26] and a member of UK Home Secretary’s Business Against Slavery Forum. [27]

Cutifani is also an Independent Director of Total S.A.. [3]

Previous memberships

Cutifani is a former member of the following institutions:

Honours, recognition and awards

Cutifani was appointed Commander of the Order of the British Empire (CBE) in the 2024 New Year Honours for services to investment in the global mining industry. [33]

Cutifani has won numerous academic and community awards including:

Private life

Cutifani has seven children from two marriages. [50]

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References

  1. 1 2 Mark Cutifani Archived 30 December 2013 at the Wayback Machine miningweekly.com, accessed: 9 July 2010
  2. ↑ "Vale announces strategic partnership with Manara Minerals and Engine No. 1 to accelerate growth of energy transition metals business". Vale. Retrieved 9 November 2023.
  3. 1 2 "Biographies of the Members of our Board of Directors". Total.com. Retrieved 4 December 2020.
  4. ↑ Anglo American's leadership, accessed: 14 April 2014 Archived 15 April 2014 at the Wayback Machine
  5. 1 2 Bauer, Evelyne (15 April 2020). "New Board to provide leadership through challenging times - Hydrogen Council". hydrogencouncil.com. Retrieved 4 December 2020.
  6. ↑ "Anglogold Ashanti Announces Departure of Mark Cutifani". AngloGold Ashanti Colombia (in Spanish). 19 April 2018. Retrieved 4 December 2020.
  7. ↑ "Leaders in engineering elected to Royal Academy of Engineering fellowship". Infrastructure Intelligence. Retrieved 4 December 2020.
  8. 1 2 "AusIMM Award recipients 2021". ausimm.com. Retrieved 30 January 2021.
  9. 1 2 @minesandmoney (1 December 2021). "Register" (Tweet) – via Twitter.
  10. ↑ Mark Cutifani, a veteran miner from the boots up The Financial Times website, published: 26 January 2014, accessed: 6 June 2014
  11. ↑ Mark Cutifani Archived 7 June 2011 at the Wayback Machine University of Wollongong website, accessed: 9 July 2010
  12. ↑ 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
  13. 1 2 Goc, Sue (August 2014). "The AusIMM atlas copco travel scholarship". AusIMM Bulletin (4): 19.
  14. 1 2 "Cutifani leaving Inco for AngloGold Ashanti". Sudbury.com. 31 July 2007.
  15. ↑ AngoGold cuts hedge book to narrow losses The Financial Times , published: 7 February 2010, accessed: 6 May 2014
  16. ↑ Annual Report 2012 AngloGold Ashanti website, accessed: 6 May 2014
  17. ↑ Anglo names Cutifani as chief executive The Financial Times , published: 8 January 2013, accessed: 6 May 2014
  18. ↑ "Anglo American appoints Duncan Wanblad as Chief Executive to succeed Mark Cutifani". www.angloamerican.com. Retrieved 9 November 2023.
  19. 1 2 "New Vale base metals boss Cutifani to focus on margins, marketing and potential IPO".
  20. ↑ "Vale to break out base metals business, sell stake in 2023 - BNN Bloomberg". 7 December 2022.
  21. 1 2 3 "Vale mulls listing base metals unit following minority stake sale". 16 March 2023.
  22. 1 2 "Vale taps ex-Anglo CEO Cutifani to chair battery metals board".
  23. ↑ "Former Sudbury mining leader is back on board with Vale". 7 July 2023.
  24. ↑ "Kellogg Innovation Network (KIN) Board Members". KIN: Kellogg Innovation Network. Retrieved 4 December 2020.
  25. ↑ "Advisory Board - Columbia Center on Sustainable Investment" . Retrieved 4 December 2020.
  26. ↑ "Governance - The Power of Nutrition". Power Of Nutrition. Retrieved 4 December 2020.
  27. ↑ "Leading businesses unite to tackle slavery". Gov.uk.
  28. ↑ "Mark Cutifani appointed new CEO - Anglo American - Contact Politicsweb | Politicsweb". www.politicsweb.co.za. Retrieved 4 December 2020.
  29. ↑ "Greater Sudbury bids farewell to former CVRD Inco COO". Sudbury.com. Retrieved 4 December 2020.
  30. ↑ "ICMM • Member companies". www.icmm.com. Retrieved 4 December 2020.
  31. ↑ McKay, David (2 October 2019). "Anglo's Cutifani urges SA mining sector to heal Government divide as key to new order". Miningmx. Retrieved 4 December 2020.
  32. ↑ "Mark Cutifani". Forum Économique Mondial (in French). Retrieved 4 December 2020.
  33. ↑ "No. 64269". The London Gazette (Supplement). 30 December 2023. p. N9.
  34. 1 2 3 4 "University of Wollongong awards Cutifani doctorate". www.miningmonthly.com. 23 January 2014. Retrieved 13 February 2021.
  35. ↑ "FDC International Advisory Council Member Mark Cutifani" (PDF).
  36. ↑ "Issue 4 Volume 10 December 2007" (PDF).
  37. ↑ "People Dynamics Jan 2012". Issuu. 19 June 2012. Retrieved 13 February 2021.
  38. ↑ http://www.wmc.org.pl/sites/default/files/WMC_2013_Preliminary-Program-Final2.pdf [ bare URL PDF ]
  39. ↑ "2014: UOW engineers recognised as among the most influential in Australia - University of Wollongong – UOW".
  40. ↑ https://www.fdc.org.br/en-site/sobre-a-fdc-site/diretoria-e-conselhos-site/Documents/conselho_internacional/mark_cutifani.pdf [ bare URL PDF ]
  41. ↑ "Dr Mark Cutifani - University of Wollongong – UOW". www.uow.edu.au. Retrieved 4 December 2020.
  42. ↑ "Cutifani wins Stokes award at Diggers". www.miningnews.net. 6 August 2015. Retrieved 4 December 2020.
  43. ↑ "Former Inco exec to receive honourary doctorate from Laurentian". Sudbury.com. Retrieved 4 December 2020.
  44. ↑ https://www.raeng.org.uk/about-us/the-fellowship/new-fellows-2017/fellows/mark-cutfani [ bare URL ]
  45. ↑ "TechnoServe Celebrates 50 Years". TechnoServe. 11 October 2018. Retrieved 4 December 2020.
  46. ↑ "European CEO Awards 2018". www.europeanceo.com. Retrieved 4 December 2020.
  47. ↑ Arnoldi, Marleny. "Cutifani inducted into South African Mining Hall of Fame". Mining Weekly. Retrieved 4 December 2020.
  48. ↑ "Awards Nominees | Mines and Money London" . Retrieved 4 December 2020.
  49. ↑ "AusIMM Award recipients 2021". ausimm.com. Retrieved 3 December 2021.
  50. ↑ Creamer, Martin. "MARK CUTIFANI". Mining Weekly. Retrieved 4 December 2020.
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