Rio Tinto is looking for a new director after the sudden resignation of Jakob Stausholm, and the choice of a new one will most likely depend on how aggressive the future manager is about finding copper, which is becoming increasingly scarce.
Exactly on copper projects, "Rio Tinto Dunav Exploration" has been cooperating for a long time with the Chinese in Bor, where a new amount of this metal was recently found, Aleksandra Nenadović writes for The new economy.
On the website of this company, it is written that they do not currently have permits for mineral exploration in Serbia, and that accordingly they do not carry out activities in the field.
"However, we are considering all potential opportunities for exploring copper deposits both in Serbia and in the wider geographical region. As a non-operating partner in cooperation with Zijin Mining, we participate in mineral exploration in certain parts of eastern Serbia," the company's website in Serbia states.
The race for Serbian copper
In April 2018, the Rio Tinto Group founded Rio Tinto Exploration Dunav doo, a company established to carry out mineral exploration, while Rio Sava Exploration was previously founded exclusively in connection with the development of the Jadar deposit.
But notes from Rio Tinto Exploration Danube's 2023 financial report paint a different picture.
"The company is engaged in the activities of exploration of mineral resources, and based on the approval of the Ministry of Energy, it intends to establish a mine after the completion of the exploration." This information was first published by "Forbes" magazine in December last year.
It can easily happen that in the coming years, Serbia will become a real small battleground of global proportions, in the race for Serbian copper. The state, apart from the strategy to sell exploitation rights or entire mines to foreign investors, has not dealt with key resources in the country in recent times. Instead, already existing mining companies make good money from exports.
Resignation and a copper heir
Regarding the resignation of Stausholm, Ljubodrag Savić, a professor at the Faculty of Economics in Belgrade, says that in large corporations it does not change anything, not even the strategy. In his opinion, big companies make serious plans for 20 years, and "not who we are, what we make from today to tomorrow".
Rio Tinto surprised investors last week when the company announced that CEO Stausholm will step down later this year after a successor is appointed. No reason was given for the move.
A source familiar with the situation told Reuters that the board has held succession meetings in recent months with the help of executive recruitment firm MWM Consulting, vetting internal candidates including Bold Batar, Simon Trott and Jerome Pekres, while also looking for external leaders.
"The next generation of big mining leaders will have to be more aggressive than the last. There is less copper and they will have to take more risks to get it," one person who consults on senior industry appointments told Reuters.
The mining giant is in the midst of a CEO change at a critical time, as the search for copper is key to demand for its use in multiple technologies, including artificial intelligence and the transition to clean energy, Reuters reports.
Source: New Economy
