Jakob’s ladder

17 December 2020 By George Hay, Robyn Mak Follow @gfhay

Finance director Jakob Stausholm is the surprise choice to lead the $126 bln miner. Rio’s self-imposed difficulties in Mongolia and Australia meant an outsider might have been preferable. But given Rio may feel the need to soon replace its chairman, continuity is also important.

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Rio Tinto on Dec. 17 named Chief Financial Officer Jakob Stausholm as its next chief executive, effective on Jan. 1, 2021.

Stausholm will take over from Jean-Sébastien Jacques, who announced his resignation in September amid public criticism of the company's destruction of historically significant Aboriginal sites.

Separately, Rio on Dec. 16 said that the underground expansion at its Oyu Tolgoi copper mine in Mongolia would cost $6.8 billion. The Mongolian government holds a 34% stake in the project, and Rio-controlled Turquoise Hill owns the rest.

The project has been held up as Mongolia sought to strike a better bargain, with Rio and Turquoise locked in a feud over the expansion's funding, and costs ballooning because of the difficult geology of the site.

Context News

Rio Tinto on Dec. 17 named Chief Financial Officer Jakob Stausholm as its next chief executive, effective on Jan. 1, 2021.

Stausholm will take over from Jean-Sébastien Jacques, who announced his resignation in September amid public criticism of the company's destruction of historically significant Aboriginal sites.

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