New finance chief for Rio as big mining shuffle goes on
The changing of the guard continued in the FTSE 100 mining industry as Rio Tinto appointed Chris Lynch, a former finance head at BHP Billiton, as its chief financial officer.
Mr Lynch, who was most recently chief executive at Australian toll operator Transurban, will replace Guy Elliott, who announced his retirement from Rio Tinto last year after more than 32 years at the miner.
Meanwhile, the Kazakhstan-focused copper producer Kazakhmys announced two top-level appointments, with the non-executive director Simon Heale appointed to replace Vladimir Kim as chairman and deputy chief financial officer Andrew Southam set to replace his boss Matthew Hird in the top finance job.
Mr Kim had announced at last year's shareholder meeting in May that he would be relinquishing his position within 12 months.
These appointments are the latest in a round of senior management changes at London-listed miners in the wake of a mining boom that resulted in overpriced acquisitions and spiralling costs, and led to multibillion-dollar write-offs and top-level resignations.
Recent or impending departures include Anglo American's chief executive, Cynthia Carroll, Rio Tinto's boss, Tom Albanese and BHP's finance director, Alex Vanselow.
Kazakhmys announced its shake-up alongside a trading statement that showed that its full-year profits tumbled by nearly a third to $1.36bn (£897m) as the miner was hit by weak prices and rising costs.
Meanwhile, revenues fell by 5.9 per cent to $3.35bn as the price of copper declined by 10 per cent over the year.
Rap music mogul accused of running two men over in his truck
First full-length look is finally here
The party's potential nominations read like a high school race for student body president
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Mia Khalifa: Pornhub star claims Drake sent her 'cringeworthy' naked photos on Instagram
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...