Anglogold exec to chair Rusal?

United Company Rusal, the world’s largest aluminium producer, may offer AngloGold Ashanti (ANG)’s non-executive director and former Anglo American (AGL) executive Simon Thompson the position of chairman of its board. According to newspaper reports out of Moscow this week, the Russian company planned to offer Thompson, a former managing director of mining group Anglo American, a seat on the firm’s 12-member board replacing oil-to-metals tycoon Viktor Vekselberg. Rusal was formed in March this year through a merger of the world’s third-biggest aluminium producer Russian Aluminium. It will, however, be knocked from the position of world’s largest aluminium producer once Rio Tinto completes its US$38.1 million acquisition of Alcan. Serving as executive director on the board of diversified miner Anglo American since 2005, Thompson was believed to have been one of the frontrunners for former CEO Tony Trahar’s job but the position went to Cynthia Carroll instead. Thompson resigned from the company in April this year, a month after Carroll took over from Trahar. He has been with the company for 12 years. Thompson headed up Anglo American’s base metals business since 2001 and was instrumental in its successful turnaround. In the three years prior to his departure from Anglo American, Thompson served as chairman of Anglo Base Metals, Anglo Industrial Minerals and as chair of its exploration division. He has been on the board of AngloGold Ashanti since 2004. According to Business Day, Thompson has beaten former BHP Billiton chief Brian Gilbertson to the position. Following the merger of the two Russian aluminium producers, Russian Aluminium, which is owned by Oleg Deripaska, and Sual, owned by Vekselberg, Brian Gilbertson, which was then Sual’s chief executive, was proposed as the chairman of the new company. But Gilbertson confirmed that he and Vekselberg are in dispute and may be litigating, said a report on Business Day online. "He said Vekselberg violated his commitments. A Rusal adviser told Business Day there was a bitter fight over the Gilbertson appointment," said the report. Business Day also said Mike Salamon, who retired as executive director of BHP Billiton last year, had turned down the post. Rusal is reportedly sounding out banks about a possible flotation that could raise as much as US$9 billion. The company has not yet confirmed the appointment. At 12:18, shares ion AngloGold Ahsanti were trading 0.66% lower at 428.16 rand and AngloGold Ashanti’s shares were 0.70% firmer at 302.50 rand on the JSE.