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...Endeavour Mining stripped de Montessus of remuneration worth $29.1mn....
...De Montessus declined to comment....
...In response to speculation that Anglo could spin off its struggling diamond producing unit De Beers, Wanblad said it was “not specifically” something that it is considering....
...De Montessus has previously come under fire for his high pay levels....
...Harry Dempsey is a commodities correspondent for the FT, and he joins me now to talk about it. Hey, Harry. Harry DempseyHi there....
...De Montessus has acknowledged that he should have told the board about the $5.9mn payment instruction but has denied wrongdoing....
...De Montessus said on Thursday that “the supposed $0.5mn investment was never made”....
...But what it really wants is the opportunity, by whatever means, to operate in the Salar de Atacama.”...
...That will be tested as Cook navigates De Beers’ relationship with Anglo American....
Fears of regional war grow after Iran strike.
...De Beers said the recovery in the rough diamond market would be “gradual” after swinging to a $252mn loss before interest and tax in 2023 from a profit of $994mn a year earlier....
...A UN group of experts identified “shortcomings in Primera’s due diligence obligations”, noted criticisms of its “de facto monopoly” and said smuggling continued to thrive....
...Harry Winston devised his Cluster in the golden age of Hollywood....
...Some of the payments were made in cash at Trafigura’s office in Rio de Janeiro, according to court documents....
...The total value of the remuneration that de Montessus will forfeit and that will be clawed back comes to a total of $29.1mn, London-based Endeavour said....
...The company said in a statement on Thursday that de Montessus will depart as president and chief executive “for serious misconduct with immediate effect”....
...De Montessus was the highest paid CEO in the FTSE 100 in 2021, despite Endeavour being a fraction of the size of the index’s largest companies....
...De Montessus responded that “no misconduct of any kind was discovered because none occurred”....
...Al Cook, chief executive of De Beers, the world’s largest diamond miner by value, said Chinese demand had been dragged down by a fall in the number of new homeowners, a shift towards consumers buying gold...
...The FTSE 100 group confirmed writedowns of $1.6bn for De Beers, its diamond producing unit, and $800mn for its Barro Alto nickel mine in Brazil because of revised assessments over the longevity of weak prices...
...Anglo American’s chief executive Duncan Wanblad has consistently defended both Amplats and diamond unit De Beers as having a bright future, even as he comes under pressure to take more radical action after...
...De Beers, the world’s largest diamond producer by value, sold $110mn of diamonds in its tenth and final sale of 2023, down from $417mn a year earlier, while India halted imports of rough diamonds for two...
$1.1bn deal comes after Australian billionaire thwarts Liontown takeover
...Marc Filippino So Chinese companies are doing their own de-risking, kind of like the US companies we just talked about? Harry Dempsey Completely....
...León’s vocally athletic, bemused Consumer (“sometimes I feel like it’s all my fault”) to Lauren Michelle in the leading role of Artist/Law and Audun Iversen as the magnificently slimy, clever CEO....
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