where to from here?, page-9

re: where to from here - gilbertson Ridge

Looks like he might have resigned - boy he's a heavy hitter - he doesn't seem to last long, and he takes big bites.











Tuesday July 6, 7:50 PM
Russia's Sual Confirms In Talks With Ex-Vedanta Chairman
LONDON (Dow Jones)--Russian aluminum company Sual Group confirmed Tuesday that it is in talks with the former chairman of rival miner Vedanta Resources PLC (VED.LN) on an executive role within the company.

Brian Gilbertson, who resigned as chairman of London-listed Indian mining group Vedanta earlier Tuesday, also holds a non-executive role with a holding company of Sual International, said Sual's head of investor relations Bill Spears. Gilbertson was appointed a non-executive director several months ago. Spears declined to give the name of the holding company.

Recently, discussions between Sual Group's shareholders and Gilbertson have focused on a potentially broader role in the Sual Group, said Spears. He said it is too early to say what the nature of Gilbertson's role might be, and what attitude there would be to conflicts of interest.

Brian Gilbertson couldn't immediately be reached for comment.

Sual Group is a global top-ten producer of aluminum, currently producing 890,000 metric tons of aluminum a year. It is controlled by Victor Vekselberg, a Russian oligarch.

Spears also said it is too early to discuss Gilbertson's potential remuneration. Gilbertson was awarded shares worth more than GBP7 million at Vedanta, where he was appointed chairman in December 2003.

Sual has recently built up an executive team including Chief Executive Chris Norval, formerly Billiton's head of group strategy before it merged with BHP. After the companies merged, Norval was head of the now disbanded BHP Billiton (BHP) venture capital unit, BHP Billiton Capital. Gilbertson was also the former CEO of BHP Billiton.

"We want to build an international resources business, with other opportunities for growth," said Spears.

Sual is considering three strategic options: a stock-exchange listing; further bond financing; and a strategic deal with an existing player. The company may resort to a combination of options, Spears said. He couldn't give guidance on the timeframe, nor on how much money could be raised.




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