Stausholm also pivoted Rio’s focus to metals that are crucial to the energy transition, ramping up its copper output and, unlike its major peers, targeting lithium as a key growth area, buying projects in Argentina and Australia.
Rio, like its rival BHP, is facing big challenges that Trott will have to manage.
Both companies are heading into capital-intensive, construction-heavy periods with a focus on projects aimed at boosting supplies of commodities that stand to benefit from growing global efforts to tackle global warming, such as electric battery raw material lithium, and copper, a key ingredient in electric wiring.
A major player in iron ore from the Pilbara, Rio has shifted its focus to metals that are crucial to the energy transition.Credit: Bloomberg
The cash cow of both miners, iron ore from the Pilbara, is also facing slowing output of from steel production in China and the global uncertainty induced by US President Donald Trump’s tariff wars.
Rio chair Dominic Barton said Trott was an outstanding leader with a deep understanding of mining and a track record of delivering operational excellence and creating value across Rio’s business.
“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.”
Trott will be paid a base salary of $2,747,590, along with further incentives and a company pension worth 14 per cent of his earnings, Rio said.
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