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NEWS-LEADING DEVELOPMENTS Cynthia Carroll Resigns as Anglo CEO core commodities, and created a strong and unified culture and a streamlined organization with a focus on operational performance. Her legacy will include, among many other things, a step change improvement in safety, sustainability and the quality of our dialogue with gov- ernments, communities and other stake- holders. Her values represent the very best of Anglo American." In addition to her executive role, Carroll was also the chairman of Anglo American Platinum and of De Beers and she will relinquish those roles when she steps down as chief executive of Anglo American. Readers can watch a video inter- view at: http://merchantcantos.net/anglo- american/2012/announcement. Cynthia Carroll with South African Minister of Mines Susan Shabangu at the Kolomela iron ore mine opening (June 2012). Anglo American announced that Cynthia Carroll has decided to step down as chief executive, with the board's agree- ment. She will remain in her post until a successor has been appointed and an appropriate transition has taken place. Carroll was appointed to the Anglo American board in January 2007 and formally took over as chief executive in March of that year. Under Carroll's lead- ership, after a record year in 2008, the group successfully weathered the global financial crisis, according to Anglo American. In 2011, Anglo American again achieved record profits and deliv- ered three major projects, enabling it to enter the current economic downturn in a strong position. Establishing herself as an executive in a male-dominated industry, Carroll reor- ganized the company and won respect for improving safety and record profits, ana- lysts and investors have criticized how she handled the Minas Rio iron ore mine in Brazil. After acquiring it for $6.6 bil- 4 E&MJ; • NOVEMBER 2012 lion, and investing an additional $3.25 billion, the project is now reportedly worth an estimated $4.3 billion. Two more projects, a copper mine in Chile and a nickel mine in Brazil, are also run- ning over budget. "It has been a great honor to lead Anglo American," Carroll said. "I am extremely proud of everything we have achieved during my period as chief exec- utive and I will always retain enormous admiration and affection for this great company and its outstanding people. It is a very difficult decision to leave, but next year I will be entering my seventh year as chief executive and I feel that the time will be right to hand over to a successor who can build further on the strong foun- dations we have created." Paying tribute to Carroll, Anglo American Chairman Sir John Parker said: "Cynthia's leadership has had a transformational impact on Anglo American. She developed a clear strate- gy, based on a highly attractive range of Teck Cuts Costs Teck Resources is currently implement- ing cost reduction programs across its operations designed to reduce a mini- mum of $200 million from annual oper- ating costs. The Red Dog 2012 shipping season was successfully completed October 19, 2012, with all available concentrates being shipped. Zinc con- centrate shipments totaled 950,000 mt and lead concentrate totaled 175,000 mt. During the quarter, Teck reduced coal production to align with declining market demand. However, it expects annual production will meet the lower end of its guidance of 24.5 million mt for 2012. "The uncertainty in global economic conditions resulted in lower commodity prices and sales volumes of steelmaking coal compared with the third quarter of 2011. However, our quarterly operating results continued to be strong with another quarterly record for copper pro- duction at 99,000 metric tons (mt), up 29% from the third quarter of last year. Our balance sheet remains strong. Notwithstanding our strong financial position, some of our planned capital spending has been deferred for a variety of reasons and we have also implement- ed a cost reduction program," said Don Lindsay, president and CEO. To date, Teck has reached agreements with its coal customers to sell 6.2 million mt of coal in the fourth quarter of 2012 at an average price of US$163/mt. Teck www.e-mj.com