Ihor Kunasz: An Interview With SME's 1998 President

Editor's note: Biographical information about Ihor Kunasz, president, Newmont Uzbekistan, can be found in the February 1998 issue of ME, page 94 and in the May 1996 issue, page 92. Your personal assessment of the minerals business. Gosh! When I think about what has happened to the minerals industry over the past 27 years that I have been a member of SME! There have been fundamental structural changes in the industry. And I think that SME has been quite successful in coping with these changes as well. There has been a reorientation in how the minerals industry does business. It used to be called rationalization. Today we call it reengineering. In addition, the minerals industry has become more complex and more global. Shareholders have become more vocal and demanding in the management of the business, asking for protection of their shareholders' value. In the 1980s, a fundamental change was precipitated by a merger and acquisition fever in all industries, including the minerals industry. Raiders such as T. Boone Pickens put enormous demands on companies that, in turn, had to spend substantial management time to fend off the raiders. This resulted in a major restructuring of the mining houses. Today, for example, Anaconda, Kennecott and Amax are only historical names.