Rio Tinto Appointment Ushers In Green Era For Mining Titan, With Copper At The Core
Benzinga
Published 10/04/2024, 15:31
Updated 10/04/2024, 16:40
Reuters. Rio Tinto Appointment Ushers In Green Era For Mining Titan, With Copper At The Core
Benzinga - by Stjepan Kalinic, Benzinga Staff Writer.
Multinational mining giant Rio Tinto (NYSE:RIO) has appointed Bold Baatar as its chief commercial officer (CCO), entrusting him with global business development. Bataar joined the company in 2013 and became the copper business chief in 2021. He will inherit the commercial post in September, replacing Alf Barrios, who is retiring and will leave the company at the end of the year.
“Bold brings deep experience across geographies, commodities, and markets – and combines strong business development expertise with a focus on developing world-class relationships," said CEO Jakob Stausholm.
Baatar’s promotion aligns with Rio Tinto’s focus on key metals such as copper, crucial for renewable energy and electric vehicles. His notable achievements include leading the successful completion of the underground expansion of the Oyu Tolgoi copper mine in his native Mongolia.
In addition to overseeing commercial operations and business development initiatives, Baatar will continue to lead Rio Tinto’s relationships with joint venture partners, particularly regarding the Simandou iron-ore project in Guinea.
Analysts and investors see Bataar as a candidate to succeed Stausholm at the helm. The Danish businessman has held the CEO tenure since January 2021, focusing on improving the company's brand after a string of controversies, including the destruction of Aboriginal rock shelters at Juukan Gorge in Western Australia in 2020.
Looking ahead, the company is trying to foster entrepreneurship in that region, partnering up with a renowned startup accelerator, Founders Factory. A $9.5 million investment will establish the first Australian hub in Perth, focusing on pre-seed and seed-stage startups oriented toward safe mine operations, decarbonization, exploration processing, and automation.
"This program can help international and local founders test their technologies with the global leader in the sector and find pathways to commercial scale and impact," said Founders Factory CEO Henry Lane.
The partnership with Founders Factory also aligns with the Western Australian Government’s commitment to fostering innovation and supporting the growth of the state’s innovation economy. By establishing the first Australian entrepreneurial hub, Rio Tinto aims to boost innovation and technology adoption in the mining industry.
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