Latest news with #Stausholm
West Australian
2 days ago
- Business
- West Australian
Rio Tinto recovers from cyclone impacts but cops $460m blow on US aluminium tariffs
Rio Tinto's second-quarter iron ore shipments largely recovered from cyclone impacts in the previous three months, as the major miner prepares for a new chief executive to take charge. Exports of key steel-making material iron ore reached 79.9 million tonnes for the three months ended June 30, down one per cent from the same period last year, and slightly below analyst expectations. Shipments jumped 13 per cent from the first quarter, when four cyclones impacted ports servicing WA's mining hub the Pilbara. Iron ore achieved its highest second-quarter production level since 2018, turning out 83.7mt — up 20 per cent on the first quarter and 5 per cent from the same period a year ago. The company, which on Tuesday named iron ore boss Simon Trott as its new CEO, still relies on the steelmaking material for about 80 per cent of its underlying earnings. It seeks to boost production in the Pilbara while bringing its massive Simfer mine at the Simandou project in Guinea online this year. While Rio maintained full-year iron ore export guidance at between 323mt and 338mt, it said shipments would likely be at the lower end due to the impact of the cyclones. First exports from Simandou are expected in November. The miner is also pursuing growth in commodities key for the energy transition, namely its new lithium business as well as expansions in copper and aluminium production. Over 2025's first half, Rio incurred about $US300 million ($460m) of gross costs due to the US tariffs on aluminium exports from Canada. it said. Rio's large copper business continued a strong performance, with output up 15 per cent on the same time a year ago. This was mainly thanks to a ramp up at the company's massive Oyu Tolgoi underground copper mine in Mongolia. The company had 'record production from our bauxite business and from Oyu Tolgoi as it ramps up to become the world's fourth-largest copper mine before the end of the decade', Mr Stausholm said in the statement. Bauxite and aluminium production gained 6 per cent and 2 per cent, respectively. Rio's solid production performance comes amid an increasingly volatile business environment, with geopolitical tensions and trade barriers creating ongoing near-term economic risks, it said in the statement. In biggest customer China, 'headwinds such as trade tensions and a soft property market continue to pose challenges,' it said. For the US, 'the impact of tariffs is still feeding through to inflation and sentiment', Rio said. 'The housing market continues to be weak and building activities have been hampered by elevated mortgage rates and reduced labour supply.' Bloomberg
Time of India
2 days ago
- Business
- Time of India
Rio Tinto appoints iron ore boss Simon Trott as CEO
Rio Tinto named Simon Trott, who heads the firm's most profitable iron ore unit, its new chief executive on Tuesday, placing trust in the 20-year veteran to rein in costs at its operations and drive long term growth. Trott, 50, will replace Jakob Stausholm, who announced his intention to step down in May. The Australian national, who has led the iron ore unit, Rio's engine of profit, for the past four years, will take over at the helm of the company beginning August 25. Trott's appointment came swiftly on the heels of the unexpected news of Stausholm's departure. He will relocate to London for the role. "It's a relatively safe appointment," said Kaan Peker at RBC in Sydney. "He knows the iron ore business very well and that's the main driver of free cashflow and earnings. Obviously he has proven himself in the eyes of the chair." Hailing from a farming family in the Western Australian wheatbelt town of Wickepin southeast of Perth, Trott, who is married with children, enjoys cycling around the city's streets on weekends. He has spent time at Rio's global operations, including three years as chief commercial officer in Singapore, and has managed its salt, uranium, borates and diamonds units across Australia, Namibia, United States, Canada, and Serbia. Biggest iron ore mine In Western Australia, Trott brought to market Rio Tinto's biggest iron ore mine in more than a decade. "Simon and the Board are aligned that Rio Tinto's next phase is about unlocking significant value for shareholders from our portfolio, driven by operational performance, and cost and financial discipline," chair Dominic Barton said in a statement. Trott has faced some pushback from investors because the quality of ore in Rio's exports has dropped during his tenure and costs have climbed, while the miner has struggled to reach the top end of its production forecast. However, the unit has met its production guidance every year since Trott took the reins at the division, after missing it in five of the seven preceding years. Stausholm, who oversaw a big bet on lithium and expansions in iron ore and copper, was named chief executive in 2020 as the miner grappled with legal, public and investor angst over the destruction of Australia's ancient Juukan Gorge rock shelters, which led to the ousting of its former CEO.>
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Mining giant Rio Tinto gets a new Australian boss
Mining giant Rio Tinto has appointed its Australian head of iron ore to take over as chief executive from outgoing boss Jakob Stausholm. Trott, who has worked at the dual British- and Australian-listed miner for more than 25 years, will move into the top job from August 25, when Stausholm departs. Rio began a global search in May to replace its chief executive after board chair Dominic Barton surprised investors by disclosing that Stausholm would leave later this year after almost five years at the top, and failing to name a successor. But the international search hasn't ventured further than Perth where Trott is based. Trott has run Rio's critical iron ore operations in the Pilbara since 2021 and spent much of his career working at the company in senior roles including stints in Singapore, London and Hong Kong. The executive may not have moved a long way from his roots, in a small town of less than 400 people in Western Australia's wheat belt called Wikepin, but he has risen swiftly to the top of the $155 billion miner, one of the world's largest, rising to the helm aged 50. Loading Stausholm has not spoken about his next steps. He took control of Rio in January 2021 after the disastrous destruction of two 46,000-year-old Juukan Gorge rock shelters in the Pilbara plunged the company into crisis, prompting the exit of then CEO Jean-Sebastien Jacques and two other senior executives. The Danish national oversaw significant improvement in the miner's approach to cultural heritage and relationships with traditional owners, and managed the company's reaction to another controversy precipitated by then sex discrimination commissioner Elizabeth Broderick's 2022 investigation into a culture of bullying, sexual harassment, and discrimination.
The Age
2 days ago
- Business
- The Age
Mining giant Rio Tinto gets a new Australian boss
Mining giant Rio Tinto has appointed its Australian head of iron ore to take over as chief executive from outgoing boss Jakob Stausholm. Trott, who has worked at the dual British- and Australian-listed miner for more than 25 years, will move into the top job from August 25, when Stausholm departs. Rio began a global search in May to replace its chief executive after board chair Dominic Barton surprised investors by disclosing that Stausholm would leave later this year after almost five years at the top, and failing to name a successor. But the international search hasn't ventured further than Perth where Trott is based. Trott has run Rio's critical iron ore operations in the Pilbara since 2021 and spent much of his career working at the company in senior roles including stints in Singapore, London and Hong Kong. The executive may not have moved a long way from his roots, in a small town of less than 400 people in Western Australia's wheat belt called Wikepin, but he has risen swiftly to the top of the $155 billion miner, one of the world's largest, rising to the helm aged 50. Loading Stausholm has not spoken about his next steps. He took control of Rio in January 2021 after the disastrous destruction of two 46,000-year-old Juukan Gorge rock shelters in the Pilbara plunged the company into crisis, prompting the exit of then CEO Jean-Sebastien Jacques and two other senior executives. The Danish national oversaw significant improvement in the miner's approach to cultural heritage and relationships with traditional owners, and managed the company's reaction to another controversy precipitated by then sex discrimination commissioner Elizabeth Broderick's 2022 investigation into a culture of bullying, sexual harassment, and discrimination.
Mint
3 days ago
- Business
- Mint
Rio Tinto Names Iron Ore Boss Simon Trott as Miner's New CEO
(Bloomberg) -- Rio Tinto Group has named its iron ore boss Simon Trott as its new chief executive officer, replacing the outgoing Jakob Stausholm. Trott, 50, takes on the role after Rio sought a leader with more mining experience to focus on portfolio growth. Rio has many expansions in the pipeline, including a $13 billion splurge on iron ore, a range of new lithium projects, and plans to keep growing in copper. While Rio considered external alternatives, the company's top candidates were widely considered to be internal — including Jérôme Pécresse, CEO of the aluminum unit, and Chief Commercial Officer Bold Baatar. Trott was seen as a good fit for the role as head of Rio's biggest and most profitable division — even if he only assumed leadership of iron ore four years ago. Prior to that he was chief commercial officer and had spent nearly two decades in a range of operational and business development roles at the company. 'Simon came into our iron ore business at a time of significant challenges and has been instrumental in rebuilding culture, strengthening external relationships and setting us on a pathway for growth,' Rio Chair Dominic Barton said in a statement. Trott will start as CEO on Aug. 25. Stausholm joined Rio in 2018 before being propelled to CEO after Rio blew up a 46,000-year-old sacred site in Western Australia. Despite early criticism, Stausholm successfully rebuilt the company's tattered reputation and reset relationships with traditional owners, while also unlocking new areas of growth. The new leader faces his own challenges, taking the helm of a giant miner that's preparing for a new leg of growth and a new focus on expansion. In iron ore, the company is set to bring into production its massive Simandou project in Africa's Guinea, while also spending billions over the next three years in maintaining and boosting output from Australian mines. Rio completed the acquisition of Arcadum Lithium Ltd. earlier this year, a rare bet by a major diversified miner on the battery metal. That move marked a return to acquisitions for a company that had shied away from deals for years after previous debacles during earlier boom times. Growth will be top of the agenda for Trott in his new role. Last year, Rio was in talks about a potential merger with Glencore Plc, which would have seen the birth of a combined company even bigger than rival BHP Group Ltd., according to people familiar with the matter. (Updates with details throughout. An earlier version of this story corrected Trott's previous job title.) More stories like this are available on
