Former Rio Tinto boss Tom Albanese returned to the mining industry today, less than a year after quitting the FTSE 100 giant.
The 56-year-old is joining Vedanta Resources in an advisory role.
Albanese left Rio Tinto in January as the company announced $14 billion (£8.8 billion) of write-downs. He became Rio’s chief executive in 2007, and in his first year paid $44 billion for Canada’s Alcan — a deal that left Rio with huge debts and forced it into a $15.2 billion rights issue.
Anil Agarwal, Vedanta’s chairman, said: “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.”
Troubled coal miner Bumi, which plans to split with the Indonesian Bakrie family that co-founded the company, said its separation should be completed by November. The spin-off follows a bitter shareholder dispute involving City financier Nat Rothschild.
