At an age – 69 year – where many would be looking to slow down and ease into retirement Ian Cockerill has taken on the full-time, challenging role of running mid-tier West African gold miner, Endeavour Mining. “Slowing down” for a top mining executive usually means a shift to a statesman-type role taking on a few plum non-executive directorships and then spending more time on other activities.
In Cockerill’s case that would likely mean indulging his long-running support of conservation organisations and getting into the bush more often. And that scenario looks particularly likely when you consider the list of what Cockerill has already achieved in his 50-odd year career starting out as a geologist with an honours degree from London University. He has nothing really left to prove or experience.
He rapidly made his way up the ranks at De Beers and Anglo American to become GM of Anglo American’s Elandsrand gold mine. He was appointed CEO of the newly formed Gold Fields when it was created from the merger of the former Gengold with the former Gold Fields of South Africa’s gold mines. He followed that by becoming CEO of Anglo American Coal and then moved into what he terms his “portfolio career”. During that period he held key positions including the chairmanship of the Blackrock World Mining Trust, the lead independent director of Ivanhoe Mines, and a non-executive director of BHP which he has recently relinquished.
In the process he frequently made the headlines. He fought off a hostile takeover bid from Harmony Gold while at Gold Fields and then got unceremoniously dumped from Anglo Coal by then Anglo CEO Cynthia Carroll who had head-hunted him for the job and lured him out of Gold Fields just 20 months previously.
But Cockerill is now running a troubled gold miner where he replaced the former CEO who was fired for “dodgy” money transfers out of the company. What’s more he gave up his prestigious directorship at BHP to do this and now spends his life shifting from his homes in the UK and South Africa as well as offices in London, Monaco and Abidjan where Endeavour has its regional hub.
This article appeared in The Mining Yearbook 2024. Click here for the microsite and downloadable PDF.
So why take on the job?
“A lot of people have asked me that question. In an earlier life I must have been a fireman because instead of displaying rational behaviour in situations like this and running away I tend to run towards them.
“I was deputy chairman of Endeavour where we had a normal succession plan and an emergency succession plan. Probably somewhat stupidly I had signed up for the emergency plan – not thinking like insurance you would ever need to cash it in.
“Then with Sébastian (former Endeavour CEO Sébastian de Montessus) having to go we were in a bit of a quandary and I was asked to do it full-time. My reaction was that you sign up for these jobs and you have a kind of responsibility to step up to the plate when the shit hits the fan.”
I was disappointed to leave [Anglo] but glad not to be part of what I thought was the creation of a chaotic and illogical structure. And the rest is history. We all know what happened – Ian Cockerill, Endeavour Mining
Cockerill said he had guaranteed the board that he would do the job for three years, but would be happy to leave sooner if they found a suitable full-time CEO to replace him. “I love working. I love mining. I love to travel and meet people. I love intellectual and professional challenges which Endeavour brings and, fundamentally, Endeavour is a very sound business which has some short-term issues.
“It was too much of an interesting challenge to walk away from and I am thoroughly enjoying what I am doing.”
Sweet spot
Is he it up to the job at age of 69? “That’s a fair question,” Cockerill replies.
“It was something that I and my wife had to think about. My view is that a situation like this provides its own adrenalin and energy. I have always been a high energy individual and blessed with good health and, as long as that continues, as long as I feel physically and mentally able to do it, then I will do it.
“If I feel I am not able to do it … and, trust me, my wife will be the first one to say to me ‘Stop! Enough!’. But, after just two months in the job, she told me that she had not seen me this energised and fired up for a long, long time.”
Cockerill said he saw his main task at Endeavour as making sure the group got back to its sweet spot of annual gold production of 1.5 million ounces through organic growth with continued exploration success.
“I am a hands-on manager but I see my role as being more of a guide and mentor than I was previously when running Gold Fields. I am now far more willing and able to step back and let the team get on with it while providing the occasional pat on the back and kick up the backside.”
Reflecting on some of the major developments in his career Cockerill maintains he made the correct decision to buy the South Deep mine when running Gold Fields even though the mine turned into a millstone around the group’s neck for the following decade losing money hand over fist because of constant technical problems.
“I do not regret the decision to buy that mine. It’s a great orebody but the key decision that I got wrong was that we tried desperately to continue as a producing operation. With hindsight the correct decision should have been to stop production, complete the project properly and then take it forward.”
‘Booted by Cynthia’
Asked about his experiences at Anglo American after leaving Gold Fields Cockerill replied he moved because he believed CEOs had a life cycle of between five to seven years. “I had been at Gold Fields for nine years. It was time to for me to re-juggle myself. The Anglo offer was a professional challenge to see if I could move on from Gold Fields and go and play in another space.
“When I got booted by Cynthia it was as part of a major reshuffle and the whole of what I would call the strategic business unit leadership of all the Anglo divisions was basically put on the street.
“At the time I was gutted. It was disappointing to be fired for doing a good job. I had taken Anglo Coal from being the third or fourth most important contributor to Anglo’s earnings to being the second most important contributor.
If you sit and angst over it the only person who is going to get an ulcer is you – Ian Cockerill, Endeavour Mining
“I was disappointed to leave but glad not to be part of what I thought was the creation of a chaotic and illogical structure. And the rest is history. We all know what happened.
“But these things happen. If you sit and angst over it the only person who is going to get an ulcer is you. It ended up being a fantastic opportunity for me because after that I started my portfolio career.
“In the 14 years since leaving Anglo I have had some fascinating opportunities and involvements with different groups which I would never would have had if I had stayed at Anglo.”
