[miningmx.com] – THE global mining industry was facing a skills crisis as there weren’t enough top quality executives to lead companies into the next generation, said Reuters citing industry experts.
“There is a shortage of potential CEOs because the industry doesn’t invest in people,” said Mark Bristow, CEO of Randgold Resources. “Some companies will not survive because they don’t have enough competence to operate as a standalone company,” said Bristow.
The problem is down to the boom-bust nature of the mining sector in which downturns in fortunes prevents companies from investing in new skills, said Reuters. “The industry is not good at succession planning. It is more in the moment,” said Douglas Groh, portfolio manager at Tocqueville Asset Management.
“The mining cycle tends to be the same length as a university cycle,” said Mark Selby, CEO of developer Royal Nickel. “People go into a program because it’s hot and by the time they graduate, it’s not,” he told Reuters.
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