Willy Strothotte, who is the Chairman of Xstrata since 1994 will retire on May 4, at the conclusion of Xstrata's Annual General Meeting on May 4. Mr. Strothotte will be replaced by the Chairman of Vodafone, Sir John Bond. Vodafone is the world’s second-largest mobile phone operator by market capitalization.
The commodity bang had sent profits rising at mining powerhouse Xstrata as speculation increased over the future of its biggest shareholder Glencore.
The Anglo-Swiss company stated that it has seen an eighty six per cent jump in profits for 2010 to $5.15billion (£3.2billion) after a thirty four per cent rise in revenues to thirty and a half billion dollars.
Xstrata (XTA. L), the miner stated that coal production declined by six percent in 2010 with thermal coal output impacted by severe weather in the first quarter and in the month of December.
Total combined coal production declined to 79.9 million tons although the Anglo-Swiss miner came up with annual production records for coking coal and semi-soft coking coal.
National Union of Mineworkers in South Africa has bogged down the proposed merger two mining companies, viz. Anglo American and Xstrata. The union fears that the proposed merger would throw them out of jobs.
Anglo which provides employment to 110,000 people in mines across South Africa, and in Botswana and Namibia, accounts for 3% of the country's GDP.
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