Mark Cutifani Explained

Mark Cutifani
Birth Date:1958 5, df=yes
Birth Place:Wollongong, Australia
Nationality:Australian
Alma Mater:University of Wollongong
Occupation:Businessman
Chair of energy transition metals board at Vale Base Metals
Term:2023–present

Mark Cutifani (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.

Cutifani is the former chief executive of mining group, Anglo American plc[4] where he also served as a member of the Board, 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.

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.

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

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.

Cutifani has won numerous academic and community awards including:

Private life

Cutifani has seven children from two marriages.[49]

External links

Notes and References

  1. http://www.miningweekly.com/article/mark-cutifani-2010-05-14 Mark Cutifani
  2. Web site: Vale announces strategic partnership with Manara Minerals and Engine No. 1 to accelerate growth of energy transition metals business . 2023-11-09 . Vale . en-US.
  3. Web site: Biographies of the Members of our Board of Directors. 2020-12-04. Total.com. en.
  4. http://www.angloamerican.com/about/leadership/board.aspx Anglo American's leadership, accessed: 14 April 2014
  5. Web site: Bauer . Evelyne . 15 April 2020 . New Board to provide leadership through challenging times - Hydrogen Council . 2020-12-04 . hydrogencouncil.com . en-US.
  6. Web site: 2018-04-19 . Anglogold Ashanti Announces Departure of Mark Cutifani . 2020-12-04 . AngloGold Ashanti Colombia . es.
  7. Web site: Leaders in engineering elected to Royal Academy of Engineering fellowship. 2020-12-04. Infrastructure Intelligence. en.
  8. Web site: AusIMM Award recipients 2021. 2021-01-30. ausimm.com. en-AU.
  9. Register . limited . minesandmoney . 1465977236620812289 . en.
  10. http://www.ft.com/cms/s/0/ec344774-8423-11e3-9903-00144feab7de.html#axzz2yHkC5kwa Mark Cutifani, a veteran miner from the boots up
  11. http://www.uow.edu.au/alumni/campusnews/UOW041687.html Mark Cutifani
  12. https://web.archive.org/web/20131010090557/http://www.thesundaytimes.co.uk/sto/business/business_interviews/article1289997.ece Anglo turns to an Aussie miner to dig it out of a $6bn hole
  13. Goc. Sue. August 2014. The AusIMM atlas copco travel scholarship. AusIMM Bulletin. EN. 4. 19.
  14. Web site: Cutifani leaving Inco for AngloGold Ashanti . 31 July 2007 . Sudbury.com . en.
  15. http://www.ft.com/cms/s/0/4030b650-1ba0-11df-b073-00144feab49a.html?siteedition=uk#axzz2yHkC5kwa AngoGold cuts hedge book to narrow losses
  16. http://www.anglogold.com/Additional/Annual+Reports/AngloGold+Ashanti/Annual+Report+2012.htm Annual Report 2012
  17. http://www.ft.com/cms/s/0/9399fb90-5963-11e2-88a1-00144feab49a.html?siteedition=uk#axzz2yHkC5kwa Anglo names Cutifani as chief executive
  18. Web site: Anglo American appoints Duncan Wanblad as Chief Executive to succeed Mark Cutifani . 2023-11-09 . www.angloamerican.com . en.
  19. News: New Vale base metals boss Cutifani to focus on margins, marketing and potential IPO .
  20. News: Vale to break out base metals business, sell stake in 2023 - BNN Bloomberg . 7 December 2022 .
  21. News: Vale mulls listing base metals unit following minority stake sale . 16 March 2023 .
  22. News: Vale taps ex-Anglo CEO Cutifani to chair battery metals board .
  23. News: Former Sudbury mining leader is back on board with Vale . 7 July 2023 .
  24. Web site: Kellogg Innovation Network (KIN) Board Members. 2020-12-04. KIN: Kellogg Innovation Network. en.
  25. Web site: Advisory Board - Columbia Center on Sustainable Investment. 2020-12-04. en.
  26. Web site: Governance - The Power of Nutrition. 2020-12-04. Power Of Nutrition. en-GB.
  27. Web site: Leading businesses unite to tackle slavery. Gov.uk.
  28. Web site: Mark Cutifani appointed new CEO - Anglo American - Contact Politicsweb Politicsweb. 2020-12-04. www.politicsweb.co.za.
  29. Web site: Greater Sudbury bids farewell to former CVRD Inco COO. 2020-12-04. Sudbury.com. en.
  30. Web site: ICMM • Member companies . 2020-12-04 . www.icmm.com.
  31. Web site: McKay . David . 2019-10-02 . Anglo's Cutifani urges SA mining sector to heal Government divide as key to new order . 2020-12-04 . Miningmx . en-ZA.
  32. Web site: Mark Cutifani . 2020-12-04 . Forum Économique Mondial . fr.
  33. Web site: 2014-01-23. University of Wollongong awards Cutifani doctorate. 2021-02-13. www.miningmonthly.com. en.
  34. Web site: FDC International Advisory Council Member Mark Cutifani.
  35. Web site: Issue 4 Volume 10 December 2007.
  36. Web site: People Dynamics Jan 2012. 2021-02-13. Issuu. 19 June 2012 . en.
  37. http://www.wmc.org.pl/sites/default/files/WMC_2013_Preliminary-Program-Final2.pdf
  38. Web site: 2014: UOW engineers recognised as among the most influential in Australia - University of Wollongong – UOW .
  39. https://www.fdc.org.br/en-site/sobre-a-fdc-site/diretoria-e-conselhos-site/Documents/conselho_internacional/mark_cutifani.pdf
  40. Web site: Dr Mark Cutifani - University of Wollongong – UOW. 2020-12-04. www.uow.edu.au. en.
  41. Web site: 2015-08-06. Cutifani wins Stokes award at Diggers. 2020-12-04. www.miningnews.net. en.
  42. Web site: Former Inco exec to receive honourary doctorate from Laurentian. 2020-12-04. Sudbury.com. en.
  43. https://www.raeng.org.uk/about-us/the-fellowship/new-fellows-2017/fellows/mark-cutfani
  44. Web site: 2018-10-11. TechnoServe Celebrates 50 Years. 2020-12-04. TechnoServe. en-US.
  45. Web site: European CEO Awards 2018. 2020-12-04. www.europeanceo.com.
  46. Web site: Arnoldi. Marleny. Cutifani inducted into South African Mining Hall of Fame. 2020-12-04. Mining Weekly. en.
  47. Web site: Awards Nominees Mines and Money London. 2020-12-04. en-US.
  48. Web site: AusIMM Award recipients 2021. 2021-12-03. ausimm.com. en-AU.
  49. Web site: Creamer. Martin. MARK CUTIFANI. 2020-12-04. Mining Weekly. en.