Antofagasta expects 2024 copper output at low end of yearly forecast
Antofagasta produced 284,700 metric tons of copper in the first half, down 3.7% from the same period in 2023.
Rio Tinto (ASX, LON: RIO) has appointed Katie Jackson, a former Shell executive, as the new head of the company’s copper division, based in London, England.
Jackson, who is currently serving as the president of National Grid Ventures, an energy infrastructure firm based in the UK, will join Rio Tinto on September 1. She will take over the position from Bold Baatar, who will transition to the role of chief commercial officer later this year.
The incoming copper boss has vast international experience in the energy sector, across operational and commercial roles. She started at Shell as a drilling engineer and worked in Asia, Europe, Eastern Europe, the Middle East and the US.
Jackson was later appointed by BG Group as its executive vice president for global business development and strategy. She then rejoined Shell in a top position, dealing with acquisitions, divestments and new business development across the energy company’s portfolio.
Rio Tinto chief executive, Jakob Stausholm, said that Jackson’s appointment would play a crucial role in shaping the company’s copper business for a successful future.
“As we continue the ramp up of Oyu Tolgoi to become one of the world’s largest copper suppliers, we are also looking to the future with new opportunities across the world,” Stausholm said.
The newly appointed executive said it was “an exciting time” to lead Rio’s copper division, as the metal plays a central role in delivering a low carbon future.
Incumbent copper chief Bold Baatar is seen by investors and analysts as a top contender to succeed Stausholm, who assumed the top post in January 2021. The Danish national has been focused on regaining public and investors trust in the company, following global outcry over the miner’s destruction of sacred Aboriginal rock shelters.
Berenberg’s analyst Richard Hatch, said the Mongolian national’s promotion could potentially be another step towards him taking over as CEO of Rio Tinto. He said in April that he did not anticipate this happening in the near future.
Simon Trott, a long-time employee at Rio who leads its iron ore business, and Peter Cunningham, the company’s chief financial officer, are also considered as other potential candidates for the top position.
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