Rio Tinto elevates copper leader Bold Baatar to Commercial Chief

Rio Tinto has appointed Bold Baatar, a seasoned copper executive, as its new chief commercial officer. Analysts view this move as a clear indication of the company's confidence in Baatar's potential as a strong candidate for top leadership roles.

Baatar, who joined the world’s second-largest miner in 2013 and assumed the role of copper chief in 2021, played a key role in leading the company to successfully complete the underground expansion of the Oyu Tolgoi copper mine in Mongolia. Rio Tinto stated that he will take over the commercial post in September from Alf Barrios, who is retiring and will leave the company at the year’s end.

The decision comes as the mining giant sharpens its focus on key metals, particularly copper, a crucial component in the global shift towards renewable energy and electric vehicles (EVs).

In his new role, Baatar is expected to oversee other major projects, including a roughly $6.2 billion investment in the extensive Simandou iron ore deposit in Guinea.

“Bold brings extensive experience across various geographies, commodities, and markets – combining strong business development skills with a focus on cultivating world-class relationships,” CEO Jakob Stausholm stated.

Baatar is regarded by investors and analysts as a top contender to succeed Stausholm, who took the helm in January 2021. The Danish national has been dedicated to rebuilding public and investor trust in the company following global outrage over its destruction of sacred Aboriginal rock shelters.

Richard Hatch, an analyst at Berenberg, suggested that Baatar's promotion could potentially pave the way for him to assume the CEO role at Rio Tinto. However, he indicated that this transition might not happen in the immediate future.

Other potential candidates for the top position include Simon Trott, a long-serving employee at Rio who leads its iron ore business, and Peter Cunningham, the company’s chief financial officer.

Rio Tinto announced that Barrios will continue to serve as COO until the end of August, after which he will transition to the role of chair for China, Japan, and Korea, before retiring from Rio Tinto by the end of the year.