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ABC News
22-05-2025
- Business
- ABC News
Rio Tinto CEO Jakob Stausholm steps down after more than four years in role
Mining giant Rio Tinto has announced its chief executive, Jakob Stausholm, will step down, more than four years since he took over following global criticism of the company for its destruction of ancient rock shelters in Western Australia. Mr Stausholm became chief executive in January 2021 as his predecessor Jean-Sébastien Jacques exited after Rio blew up the 46,000-year-old shelters in the state's Pilbara region. Rio Tinto chair Dominic Barton said among other achievements, Mr Stausholm had rebuilt relationships with "key stakeholders". Mr Stausholm's unexpected departure will leave a vacancy at the top of one of the world's biggest mining companies, with Rio's Perth-based iron ore chief executive Simon Trott among the possible replacements. The company said Mr Stausholm will step down later this year "at the conclusion of a succession process". "A rigorous selection process is already underway, led by the nominations committee," it said in a statement. Mr Stausholm was in Perth at the start of the month for Rio's annual general meeting, during which the board was challenged by Robe River Kuruma woman Deanna McGowan. She asked when Rio would uphold its promise to modernise its Robe River land use agreement, in the wake of the destruction of the Juukan Gorge. Ms McGowan called on the miner to stop taking so much water from local aquifers each year, saying the country was dying. Mr Stausholm said at the time Rio was very committed to minimising the impact of mining iron ore, including high water use, and was investing in a desalination plant. "We will find solutions, we are absolutely committed to it," he said. Mr Stausholm joined Rio in 2018 after experience at oil and gas giant Shell and shipping and logistics company Maersk, initially as chief financial officer. He became Rio's CEO three years later. Mr Barton praised his colleague, saying he had "restored trust with key stakeholders, aligned our portfolio with the commodities where demand growth is strongest, built a diverse and talented management team, and set a compelling growth trajectory". In a statement, Mr Stausholm said it has been an absolute privilege to lead Rio Tinto. "We have built on Rio Tinto's historic strengths to deliver profitable, stable growth and significant shareholder value. I know the company will continue to thrive long into the future," he said.
Reuters
01-05-2025
- Business
- Reuters
Rio Tinto has not fulfilled core pledge five years on from Juukan, Aboriginal group says
MELBOURNE, May 1 (Reuters) - Rio Tinto ( opens new tab has not modernised its agreement with an Aboriginal group on whose lands it mines iron ore, failing to fulfil a commitment made five years ago when it destroyed an important Aboriginal heritage site, the group said on Thursday. Rio Tinto pledged to reform its business practices after it blew up the 46,000-year-old Juukan Gorge rock shelters in Western Australia in 2020 for an iron ore mine. The destruction sparked a huge public and investor outcry, a government inquiry and ultimately the exit of its CEO and chair. here. Deanna McGowan of the Robe River Kuruma Aboriginal Corporation said at Rio Tinto's annual general meeting in Perth that the Mesa J mine, the company's largest on the group's lands, had been operating for 30 years. "You have paid us for three years," she said. When Rio Tinto negotiated the agreement with the group's elders twenty years ago, executives had said there was no need to include the mine because it would soon close, she added. "And here we're now ... 17 years of payments that Rio has cheated us at Mesa J," she said. The lands belonging to the Robe River Kuruma group do not include Juukan Gorge but are in the same Pilbara region. Rio Tinto Chair Dominic Barton said the company was committed to reaching an agreement on the issues raised by McGowan. "We want to be able to get to an agreement and a resolution working with you. We've had a number of conversations and we'll be having after this meeting as well, but there is a very, very strong commitment to work through these issues with you," Barton said. Earlier in the AGM, Barton said the mining giant had relationships with more than 60 Indigenous and land-connected groups globally. "Many of these are very positive relationships, while a small number remain challenged," he said. Inquiries in the aftermath of the Juukan Gorge destruction revealed that past agreements between miners and many Aboriginal groups had prevented the groups from speaking publicly about damage to their heritage and underpaid them royalties for mining on their lands. As a result, Rio Tinto and other major miners such as BHP ( opens new tab and Fortescue ( opens new tab pledged to update their land-use agreements with traditional groups. Failures by Rio Tinto to reach such agreements could disrupt its production schedule. The miner warned in its quarterly production report that its guidance remains "subject to the timing of approvals for planned mining areas and heritage clearances."
