Iron ore price weakens as Australia flags return to sub-$100 prices
Futures dropped for a fourth day in Singapore, to trade about 3% lower for the week.
IGO (ASX: IGO) announced Tuesday the appointment of Ivan Vella as its next chief executive officer and managing director.
The company said the appointment marks the culmination of an extensive and rigorous global search and assessment process that was initiated following the tragic passing of former CEO and managing director, Peter Bradford in October 2022.
Vella has had a distinguished career in the mining and resources sector, with experience spanning multiple commodities and diverse geographies and markets. He has spent the last 20 years with Rio
Tinto, and is currently chief executive, Aluminium and a member of the Rio Tinto Executive Committee.
Prior to his current role, Vella was tasked with leading Rio’s Iron Ore business in Australia when he was appointed as Interim chief executive officer following the Juukan Gorge tragedy.
In this capacity he played the leading role in commencing the work to rebuild relationships with the Traditional Owners – the Puutu Kunti Kurrama and Pinikura people (PKKP). Prior to this he held roles including chief operating officer – Rio Tinto Coal and chief operating officer – Oyu Tolgoi.
In addition to his career at Rio Tinto, he has served as both the President and Vice President of the Chamber of Mines and Energy of Western Australia.
“After a rigorous process that considered many high quality candidates from a number of different jurisdictions, we are delighted to have appointed Ivan to lead IGO through the next stage of our transformation,” IGO’s Chair, Michael Nossal said in the statement.
“Ivan has a wealth of international experience across a range of commodities and markets and has proven his aptitude in some of the most complex operating environments,” Nossal said. Beyond just business performance, Ivan has been committed to driving sustainable and responsible business practices within Rio Tinto. He has championed the company’s efforts in environmental stewardship, social impact, and governance, emphasising the importance of ethical conduct and community engagement.”
