Former Anglo American executive and Africa expert reportedly recruited by gold-mining division of Severstal, the Russian steelmaker
The former Anglo American executive Philip Baum has reportedly been lined up to head the $4bn (�2.5bn) flotation of the gold division of Severstal, the Russian steelmaker.
Baum, who left his position as head of Anglo's ferrous metal business about a year ago in a boardroom shakeup, will become chief executive of Severstal Gold, which is due to join the London stock exchange in the first half of this year. The steelmaker, controlled by the billionaire Alexei Mordashov, intends to sell about 35% of its gold business. The initial plan was to list the shares last year, but this was delayed by the volatility in world stock markets.
It is believed that Baum's experience of Africa, likely to become increasingly important for the Russian company, won him the job. As well as assets in Russia and Kazakhstan, Severstal Gold has projects in Burkina Faso. Last year it bought Crew Gold, which mines in West Africa.
Meanwhile Petropavlovsk, the Russian gold miner formerly known as Peter Hambro Mining, has also made some boardroom changes. Alya Samokhvalova has been appointed strategic director; Andrey Maruta becomes finance director, Russia; and Martin Smith has been made technical director. On top of that Peter Hill-Wood, the chairman of the Arsenal Football Club, has stepped down as Petropavlovsk's senior independent non-executive director, to be replaced by Graham Birch.
Peter Hambro said that the new directors would help "fulfil the needs of the company as it grows to become a major producer in the world gold business".
That ambition has not been running smoothly recently. In November the company lowered its gold production targets for the second time in a matter of months, following severe weather conditions and a delay in the delivery of mining equipment.
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