Article by Francesca Washtell courtesy of Whatsnew2day.
Diplomatically, he says he’s just sticking to his day job.
However, it rules out for the moment that Anglo makes its own acquisitions.
Wanblad maintains that having a diverse portfolio with a variety of metals and minerals means the company can spread its risks.
However, the weight of the diamonds’ slide became clear last week when Anglo wrote down the value of its stake in De Beers by £1.3bn in the company’s annual results.
Profits were cut by a third and the dividend was cut.
Wanblad is now “systematically reviewing” all assets the company owns. He doesn’t seem afraid to kill any of his loved ones, aside from Woodsmith.
Whatever the short-term outcome of the restructuring, these actions early in his tenure are likely to define his legacy.
Mining attracts great personalities. But when we meet in Cape Town, he speaks softly and is more corporate than arrogant.
Perhaps part of his thoughtful attitude is also due to his understanding of exactly how the industry is perceived.
Raw materials such as copper, rare earth metals and lithium are used in electric cars and many other applications. All of these resources are needed on an unprecedented scale in the green transition.
Historically, mining has a reputation for being dangerous and harmful to the environment.
It is also reputed to have very poor governance. Is that a bother?
“It doesn’t frustrate me,” Wanblad says. ‘I think there are some very legitimate reasons why it is perceived as bad. I think it negatively affected many, many host communities, and perhaps many countries, in the early years of mining.
“We have to do it differently,” he says. Otherwise, the harm caused by the industry could outweigh the benefits of the products it extracts.
The “resource curse” – the failure of many countries to benefit from their natural wealth due to exploitation or mismanagement – is “a very real thing”. Wanblad adds: “It is up to responsible mining companies to change that.”
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