Former Rio boss Tom Albanese joins Vedanta

Vedanta Resources has recruited former Rio Tinto chief executive Tom Albanese as chairman of its resources subsidiary.

Accepting the senior role, the company said Albanese will be involved in developing its growth objectives.

"I am excited to welcome Tom to our team and I look forward to him bringing his considerable experience and energy to Vedanta to support our twin aims of delivering sustainable growth and creating long-term value for our shareholders," Vendanta Resources plc chairman Anil Agarwal said.

Albanese stated that he is “excited to be working with Vedanta” and has already set about visiting the company’s operations and meeting employees.

The appointment marks the return of Albanese to mining after making a swift exit from Rio Tinto in January, a decision reportedly the result of Rio’s struggling aluminium arm.

In February new Rio boss Sam Walsh announced an aggressive cost cutting regime after posting its first ever full year loss of almost $3 billion.

Rio reported $9.3 billion in underlying earnings; a $5.3 billion drop in comparison to 2011 results.

Adding to this is $14.4 billion in impairments, primarily relating to the company’s aluminium business acquired in 2007 through the purchase of Alcan and Mozambique coal assets bought in 2011.

Vedanta produces aluminium, copper, zinc, lead, silver, iron ore, oil and gas and has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka. 

In Australia the miner operates the Mount Lyell copper mine in Tasmania which is over 100 years old. 

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