Warburg Pincus has appointed Peter Kukielski as a new Executive-in-Residence to work with the firm to identify and evaluate investment opportunities in the global mining industry with a view to forming a new mining company.
“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,” said Mr. Kukielski.
The Executives-in-Residence program at Warburg Pincus is designed to provide executives the opportunity to identify and evaluate investment opportunities and construct a business plan prior to launching a business with capital from Warburg.
“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,” continued Mr. Kukielski.
Mr. Kukielski was previously Chief Executive of ArcelorMittal Mining where he built the company’s mining business into one of the world’s five largest iron ore and metallurgical coal producers. Prior to joining ArcelorMittal, he held senior executive positions at several other mining companies, including Teck Resources, Falconbridge and Noranda (now Glencore Xstrata) and Rio Algom (now BHP Billiton).
“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,” said Somit Varma, Managing Director, Warburg Pincus.
Warburg Pincus has more than $35 billion in assets under management and has raised 13 private equity funds which have invested more than $45 billion in approximately 675 companies in 35 countries. The firm was founded in 1966 and is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Port Louis, Mumbai, San Francisco, Sao Paulo and Shanghai (www.warburgpincus.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-27-14
