MINING INDABA 2018: Volatility, China’s growth will not be replicated in next decade, says Tom Albanese

The volatile macro environment around the global financial crisis and the explosion of demand growth in China will not been seen again in the coming decade, according to the former chief executive officer of both Rio Tinto and Vedanta Resources.

Tom Albanese said the global financial markets literally faced the edge of a cliff in 2009, and nobody knew how the world would come out of the crisis. “Everybody doubted the ability of the financial reserves around the world to actually manage a solution. We’ve had a few stock market wobbles over the past couple of days but they’ve really been aftershocks after an event that created a tremendous amount of downwards and upwards volatility in our sector in that period, and very rapid shifts in sentiment,” he said during an interview with Metal Bulletin on stage at the annual Mining Indaba in Cape Town. “I hope we don’t see that kind of macro event this next 10 years, and on balance while the fiscal environment will always...

Published

Andrea Hotter

February 07, 2018

17:14 GMT

Cape Town