En+ Group board member steps down

An En+ Group board member has resigned, the mining company that is part owned by sanctioned Russian oligarch Oleg Deripaska.

The Guardian reports that Carl Hughes has stepped down from the role he held since 2019, after last month stating it was his ‘financial duty’ to stay on.

It follows Lord Barker’s decision to step down as chairman of En+, which owns Russian metals firm Rusal, following Russia’s invasion of Ukraine.

On Friday, the company reported that revenues rose 36% to $14billion in 2021 driven by a 45% increase in the price of aluminium on the London Metal Exchange. Net profit more than tripled to $3.5billion.

“It is clear that many new challenges lie ahead and we are encouraged by the strength of our resilient business and the determination of our people,” Chris Burnham, the new chairman at En+ said.

“Due to the tragic developments in Ukraine, we have had to temporarily halt the production at the Nikolaev alumina refinery. Our priority is to ensure the safety of all our employees there and as soon as it becomes possible to safely operate our plant there, we will immediately do so. Meanwhile, we will continue to secure stability of supply for our customers and to support our employees and their families.”

Lost Password