Kalidas Madhavpeddi has been replaced as acting CEO by Chaochun Li – the parent group’s Executive Chairman. A spokesman for the company reportedly said that this move was a normal personnel change, adding that “having the chairman serve as overseas CEO at the same time shows the company’s emphasis on the overseas business.”
Since Madhavpeddi joined the company, Reuters reports that CMOC has made a number of acquisitions, including Freeport-McMoRan Inc.’s majority stake in the Tenke copper project in the Democratic Republic of Congo for US$2.65 billion and Anglo American’s niobium and phosphates business in Brazil (both in 2016).
Reuters reports that these came at a time when the majority of miners were slashing costs and making divestments in order to repair their balance sheets after commodity prices declined. At the time, Madhavpeddi reportedly stated that CMOC was seeking further international acquisitions, with the goal of establishing itself as a more diversified global major.
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