Australian businessman (born 1958)
Mark Cutifani (born 2 May 1958) is an Australian businessman and current chairman of the energy transition metals board at Vale Base Metals. He is the Senior Independent Director with Laing O'Rourke and chairs the board's Sustainability Committee. He is also a non-executive director of Total S.A and chairs the board's Sustainability Committee.
Cutifani is the former chief executive of mining group, Anglo American plc where he also served as a member of the Board , chairman of De Beers and director of Anglo American Platinum. Cutifani is a founding member of the global Hydrogen Council. Cutifani was formerly CEO of South African gold mining company AngloGold Ashanti.
Cutifani is a fellow of the Royal Academy of Engineering, the AusIMM and the Institute of Engineers. Cutifani is a recipient of the AusIMM Institute Medal, for services to the Australian and global mining industry. Mines and Money Lifetime Achievement Award winner and the Brigadier Stokes Memorial Award (South Africa) for services to South Africa and global mining industry.
He was also awarded a CBE (UK) in the 2024 King’s Honors list.
Early life and education.
Cutifani was born and grew up in Wollongong, Australia. After leaving high school in 1976, he joined Coal Cliff colliery and enrolled in the University of Wollongong to complete a degree in Mining Engineering. He graduated in 1982 at the top of his class. He was also the winner of numerous awards including the Atlas Copco Travelling Bursary for the top mining student in Australasia in 1982.
Career.
Early career.
After working for Coal Cliff, he joined Kalgoorlie Gold Mines, and later the Western Mining Corporation, Normandy Mining and Sons of Gwalia. He became the managing director of Sons of Gwalia in March 2000.
In October 2006, Cutifani was appointed chief operating officer for Inco Limited after the takeover by Vale S.A.. He led the subsidiary to become Vale's global Nickel business, based in Canada.
AngloGold Ashanti (2007-2013).
On 17 September 2007, he joined AngloGold Ashanti as a director of the company, and was appointed chief executive officer on 1 October that year. Cutifani was credited with dismantling AngloGold Ashanti's significant and toxic hedge book, allowing the company to benefit fully from the much higher gold spot price.
Shortly after joining AngloGold Ashanti, Cutifani introduced a campaign called "Safety is our first value". During his tenure, the fatality rate was reduced by 50%.
Anglo American (2013-2023).
In January 2013 it was announced that Cutifani would become the new chief executive of Anglo American plc, starting his new role on 3 April 2013, replacing Cynthia Carroll. Cutifani stepped down as chief executive and a member of the Anglo American board in 2022.
Notable improvements per the 2019 annual results:[19]
● Safety – 93% reduction in fatalities and 60% improvement in accident frequency rates.
● Occupational Health – 90% drop in new cases.
● Environmental Incidents - 97% drop in major incidents.
● Production – increased by 12%, whilst reducing the number of assets from 68 to 36.
● Productivity more than doubled during his tenure.
● Unit Costs – improved by 45% in real terms to return the business to a global leadership cost position. In February 2022, in his final results presentation for the group he presented Anglo American’s transformation from an average 49th percentile aggregate cost position to the 28th percentile cost position – underpinning the organization’s market outperformance over 9 years.
● Mining EBITDA margin - increased by 40%.
● ROCE of 23% improved from 9% at his start.
● Sustainability – announced a Sustainable Mining Plan in 2018 to significantly improve energy and water efficiency, reduce greenhouse gas emissions, and promote biodiversity.
● In response to carbon footprint reductions, Cutifani announced a target of achieving carbon neutrality for Scope 1 and 2 emissions by 2040, with some operations achieving carbon neutrality by 2030.
● Over his 9+ year tenure at Anglo American was the leading major diversified mining company, delivering an average annual total shareholder return of 22%.
Vale Base Metals (2023-).
In May 2023 it was announced that Cutifani would be appointed as Chair of the new Vale Base Metals (VBM) subsidiary of global mining giant Vale S.A.. Vale was looking to divest from its tar baby, as early as December 2022. As the time it was a supplier to Tesla and General Motors. Reports were afoot that GM, Mitsui, and the Saudi Public Investment Fund were interested buyers of a 10% stake. Former Tesla executive Jerome Guillen would join the "energy transition board" of VBM along with Cutifani.
Vale spun out its metals business as a separate ringfenced entity headquartered in Toronto, with an independent board chaired by Cutifani. That process completed in July 2023. The unit was then one of the world’s largest producers of nickel, copper, and cobalt, and has operations across the globe. The parent company's chief executive Eduardo Bartolomeo stated that Cutifani could help the division explore a future “liquidity event”. In early 2023, the parent company earned 80% of its profits in its South American iron mines, and the balance from its Base Metals group.
Appointments and current memberships.
He is also a member of the International Advisory Committee for the Kellogg Innovation Network, a member of the Mining &amp; Metals Steering Board and former Governor (now member) of the Mining and Metals Industry Programme for the
Cutifani serves on the Board of the Hydrogen Council, a global initiative of leading energy, transport and industry companies with a united vision and long-term ambition for hydrogen to foster the energy transition. Cutifani is also a member of the Advisory Board for the Vale Columbia Centre on Sustainable International Investment and an independent Director of The Power of Nutrition; a UK-based charitable foundation and a member of UK Home Secretary’s Business Against Slavery Forum.
Cutifani is also an Independent Director of Total S.A..
Previous memberships.
Cutifani is a former member of the following institutions:
Honours, recognition and awards.
Cutifani was appointed Commander of the Order of the British Empire (CBE) in the 2024 New Year Honours for services to investment in the global mining industry.
Cutifani has won numerous academic and community awards including:
Private life.
Cutifani has seven children from two marriages.
References.
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