Xstrata chief strikes gold with £15m bonanza [Evening Standard, London]
Apr. 13--Mick Davis, the chief executive of mining group Xstrata, scooped an extraordinary pay and shares jackpot last year worth _-62__-93_15.2 million.
Davis bagged $6.7 million (_-62__-93_3.8 million) in salary and bonus in 2005 but the annual report reveals that he exercised options over the group worth _-62__-93_11.41 million.
In addition, Davis has options through the firm's long-term incentive plan which, at today's _-62__-93_19.54 share price, are worth a further _-62__-93_27.8 million.
An Xstrata spokesman said Davis, 48, was "quite relaxed" about the awards, which the firm said refle
cted the stellar returns shareholders have achieved since it listed in 2002. South Africa-born Davis, 48, also received a $183,000 housing allowance. He keeps a house in London and one in Switzerland, where Xstrata is headquartered. Backed by booming prices for metals, the former Billiton executive has built Xstrata into a _-62__-93_12.4 billion mining giant since it listed in 2002 at about 650p. Davis had his first disappointment last year when his former employer and present FTSE 100 rival BHP Billiton trumped his efforts to buy Australian copper and uranium miner WMC.
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