Tue, 28/01/2014 - 06:29
Private equity firm Warburg Pincus has appointed Peter Kukielski as an executive-in-residence.
Kukielski (pictured) will work to identify and evaluate investment opportunities in the mining industry globally with a view to forming a new mining company.
Kukielski was previously chief executive of ArcelorMittal Mining where he built the company's global mining business into one of the world's five largest iron ore and metallurgical coal producers.
Prior to joining ArcelorMittal, Kukielski held senior executive positions at several other mining companies, including Teck Resources, Falconbridge and Noranda (now Glencore Xstrata) and Rio Algom (now BHP Billiton).
Kukielski says: "The reduction in capital available to the mining sector and greater uncertainty in the commodities environment create a compelling investment environment for experienced operators with available capital and a long-term, patient view. I am excited to be working with Warburg Pincus and believe that now is the right time to build a new world-class mining company that is committed to the highest standards of environmental, social and corporate governance."
Somit Varma, managing director, Warburg Pincus says: "Peter has tremendous depth and experience in the mining industry globally, most recently as the leader of one of the world's largest mining businesses. We believe that there are a number of attractive investment opportunities to evaluate in the mining sector and are pleased to be partnering with such an experienced individual as Peter."
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