Skip to main content

Energy and Resources Ivanhoe Mines names former Kinross CFO Tony Giardini as president; CEO to retire

Ivanhoe Mines Ltd. is considering eliminating the chief-executive role and leaving founder Robert Friedland to lead the company as executive co-chair for the foreseeable future, according to a mining-industry source.

On Wednesday, Ivanhoe announced that its long-time CEO Lars-Eric Johansson will retire at the end of June, and is giving up the role of president immediately. Former Kinross Gold Corp. chief financial officer Tony Giardini was named as president but Ivanhoe didn’t name a successor CEO.

With the impending exit of Mr. Johansson, Ivanhoe’s upper-management tier could soon closely resemble Barrick Gold Corp.’s old structure. Toronto-based Barrick operated for a few years with a president but no CEO. The top strategic and management decisions were made by its executive chairman John Thornton. (Barrick brought back the CEO role in January after it acquired Randgold Resources Ltd.)

Story continues below advertisement

Mr. Friedland is expected to function in a similar way at Ivanhoe, making the major strategic decisions in consultation with co-chair Yufeng Sun, said the source, who was granted anonymity by The Globe and Mail because they were not authorized to speak publicly on the matter.

Both Mr. Friedland and Ivanhoe’s media contact, cct Kimberly Lim, declined comment.

Vancouver-based Ivanhoe is developing a major copper project in the Democratic Republic of the Congo (DRC) with financial backing from a state-owned Chinese investment company.

Ivanhoe’s outgoing CEO Mr. Johansson had been with the company since 2007 and helped grow it from a tiny explorer to a player in the copper market with a multibillion-dollar valuation.

Earlier in his career, incoming president Mr. Giardini worked as CFO with Turquoise Hill Resources, another mining company founded by Mr. Friedland. Toronto-based Kinross announced in March that Mr. Giardini was stepping down as CFO after a seven-year run.

Over the past few years, Ivanhoe has lined up a series of financings from CITIC Metal Group Ltd., which has allowed the company to move forward on developing the Kamoa-Kakula copper project in the DRC. Kamoa-Kakula, touted as one of the world’s highest-grade and lowest-cost copper projects, is expected to be in production in a little more than two years.

Last week, CITIC said it was investing a further US$457-million into Ivanhoe, increasing its equity stake in the miner to 30 per cent from 19 per cent. To date, CITIC has invested in excess of US$1-billion into the company.

Report an error Editorial code of conduct
Tickers mentioned in this story
Unchecking box will stop auto data updates
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter