Cliffs names former Barrick exec its next CEO

US iron-ore miner Cliffs Natural Resources on Friday named former Barrick Gold executive Gary Halverson (55) to the newly created position of president and COO, effective from November 18. He will eventually assume the role of CEO.

Halverson would report to the newly elected chairperson James Kirsch and, in turn, all members of the current Cliffs executive leadership team will report directly to Halverson.

Cliffs said Halverson’s focus over the coming months would be to refine the company’s long-term strategy and continue to provide continuity during the leadership transition.

“This will provide Halverson the opportunity to build a deep understanding of the business at an operating level before assuming the CEO leadership position,” the company said in a statement.

The company in July announced that current director, president and CEO Joseph Carrabba would retire by the end of the year and on Friday announced he would step down effective on November 15.

“Halverson’s leadership experience in operating mines across Canada, the US and Asia Pacific, coupled with his large-scale project execution track record and cultural fit, made him a compelling choice based on the board’s expectations for Cliffs’ performance,” Kirsch said.

He added that Halverson’s financial discipline lined up well with the company’s focus on cost management and the significant investment decisions that are on the horizon. “Cliffs needs a strong leader who can manage this business through the inevitable and highly volatile cycles in a disciplined, value-enhancing manner,” he said.

Halverson’s experience spans across the gold, copper and nickel mining industries. Most recently, he provided leadership for the largest gold region in the world at Barrick Gold.

Halverson received his Master of Business Administration from Athabasca University and a Bachelor of Science in Metallurgical Engineering from Michigan Technological University. He is an active member of mining industry and engineering associations, including the Association of Professional Engineers of Ontario, Canadian Institute of Mining/Metallurgy, the National Mining Association and the Nevada Mining Association.

Cleveland-based Cliffs on Thursday reported an increase in third-quarter profit as the miner reduced costs and iron-ore prices rose.

Net income attributable to common shareholders rose to $104.3-million, or $0.66 a share, from $85.1-million, or $0.59 a share, a year earlier. Revenue rose slightly to $1.55-billion from $1.54-billion.

Ralated Article:  http://www.miningweekly.com/article/cliffs-names-next-ceo-2013-10-25

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What does a newly-minted geoscientist make?

The oil and gas industry is the largest hires more geoscience graduates than any other industry, according to a survey the American Geosciences Institute.

“Overall, the oil and gas companies are hiring more employees at graduation than any other industry, largely driven by effective on campus recruitment and highly competitive salaries,” writes the reports authors.

Mining companies and environmental service organizations round out the top three hiring sectors for graduates.

Bachelor graduates annual salary ranged between $20,000 and $60,000. Masters students tended to make more than those holding doctorates.

“Every graduate making an annual salary of more than $90,000 found their job in the oil and gas industry.

Most found jobs in California, Texas, and Oklahoma. Those who found jobs in California will now work in environmental services, research institutes, and government agencies. Those who found jobs in Texas and Oklahoma joined the oil industry.

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Read more:Miner Cliffs profit rises on cost cuts, better prices

Cliffs Natural Resources reported an increase in third quarter profit on Thursday as the miner reduced costs and iron-ore prices rose.

The Cleveland-based company, which supplies steelmakers around the world, said it expects China’s steel production to “remain a source of healthy demand.”

“Looking forward, the company expects China to maintain its healthy steelmaking pace, driven by broader economic growth and the positive impact of domestic lending policy reforms,” it said in a statement.

Miners have been pushing to cut costs in a tough market. Cliffs has cut spending on exploration, and suspended most work on its Black Thor chromite project in Canada.

Cliffs said its cost of goods sold fell 11% in the quarter, as expenses eased across its business segments. Benchmark iron-ore prices jumped 17%.

In the Asia-Pacific segment, revenue per tonne rose 28% to $108.88, thanks to improved market prices and higher-grade ore.

Gains were partly offset by Cliffs’ small coal business, hurt by lower prices and weather damage that cut production.

Net income attributable to common shareholders rose to $104.3-million, or $0.66 a share, from $85.1-million, or $0.59 , a year earlier. Revenue rose slightly to $1.55-billion from $1.54-billion.

Shares of Cliffs rose 3.1% to $24.30 in aftermarket trading.

Howes criticises NSW and Victoria on CSG

The Australian Workers Union’s Paul Howes criticised both sides of politics and argued that Labor should embrace CSG extraction at a conference last Friday.

Howes, who has previously spoken about the benefits to manufacturers of loosening gas extraction restrictions, told the Eastern Energy Markets Outlook that the NSW government, which recently boasted of having the toughest CSG restrictions in the country, had gotten into a “very awkward” position on the issue.

The issue had united the extremes of left and right, and – according to Howes – the key was to seize what he claimed was the sensible middle ground.

Of NSW, he said its approach,“Is not about improving rigorous environmental safeguards. It’s about piling up messy legislative hurdles in to a huge, cumbersome pile until nothing can happen and investors get fed up and leave.”

He also argued that CSG was cleaner to burn, its wells had a footprint much smaller to those of coal mines, and had employed 27,000 people in Queensland.

Howes argued that Victoria was no better, and due to its Coalition government’s fear of the Greens, it would not act sensibly and the state’s manufacturers would suffer.

“The word in Melbourne is that the Liberals will end up doing nothing (about the Peter Reith report on CSG) because they are so scared of the Greens and (despite) the industry (potentially) providing a much-needed lifeline to the ailing state manufacturing industry,” Business Spectator reports him as saying.

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