I like the focus on lithium … I think it indicates a lot (more than $9 billions-worth?) of confidence in their DLE process !
From 22/10/24 https://investingnews.com/dle-lithium-stocks/
…For Goldman Sachs (NYSE:GS), DLE has the potential to significantly impact the lithium industry, “with implementation on the extraction of lithium brines potentially revolutionary to production/capacity, timing and environmental impacts/permitting."
Using filters, membranes, ceramic beads or other equipment, DLE technologies extract lithium from brines faster than traditional methods and have a lower carbon footprint. According to Fastmarkets, 13 percent of the world's lithium will be produced using DLE by 2030.”
Rio Tinto chief executive Jakob Stausholm to step down ‘later this year’ Adrian Rauso and Simone GroganThe West Australian
Thu, 22 May 2025 2:51PM
Jakob Stausholm will step down as CEO of Rio Tinto. Credit: Chris J. Ratcliffe/Bloomberg
Jakob Stausholm, the chief executive of Rio Tinto, is leaving the miner in the coming months.
Rio said Mr Stausholm will step down from his role and depart the company altogether “later this year” once a “succession process” is concluded.
In an email from Mr Stausholm to Rio staff, the outgoing leader said the company hopes to “announce the conclusion of this process” before its third quarter production results — set to be released in October.
Mr Stausholm — a Danish native — has been CEO since January 2021 after originally joining as chief financial officer in 2018.
His departure was not flagged by Rio, nor were there any substantive rumours of him exiting.
“A rigorous selection process is already underway, led by the nominations committee,” Rio Tinto chair Dominic Barton said.
“Under Jakob’s leadership, Rio Tinto has 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.
“Our focus on these things is undiminished and our strategic priorities are unchanged. This is a natural moment to appoint Jakob’s successor, as we look ahead to our next phase in which we will double down to deliver greater operational performance to realise the full potential of our assets.”
Mr Barton also thanked Mr Stausholm for his “significant contribution” at a “critical time in its evolution”.
Mr Stausholm in the same ASX announcement said it was an “absolute privilege” to lead Rio.
“I would like to thank the deeply dedicated and talented people across the organisation that together have raised both operational performance and project execution,” he said.
“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 joined the mining giant after serving as chief financial officer of Danish logistics outfit Maersk and had two decades of experience at global oil and gas major Shell.
Mr Stausholm came into the Rio CEO role to replace Jean-Sébastien Jacques in the wake of the Juukan Gorge disaster, which saw sacred Aboriginal caves blown up for new iron ore mining land.
The scandal savaged the Anglo-Australian company’s reputation as a responsible miner, particularly in its Western Australian iron ore heartland.
Saturday marks the fifth anniversary of Juukan Gorge.
Mr Stausholm has pioneered Rio’s push into battery mineral lithium as the dual-listed company looks to diversify its earnings beyond iron ore.
It paid $US6.7 billion ($10.7b) for Arcadium Lithium last year and doubled down on its lithium bet this year despite the commodity’s price continuing to tumble.
The lithium spree continued this week with a $US900m investment into a Chilean joint venture.
While Mr Stausholm’s departure comes as a shock, since April rumours have stirred that Mike Henry — the chief executive of Rio’s biggest rival BHP — is getting ready to step down from the top job he has held since the onset of 2020.
Fortescue founder and executive chairman Andrew Forrest weighed in on Mr Stausholm’s departure.
“Jakob’s awesome, he has been an excellent leader and representative Rio Tinto’s future and its current values,” he said.
“We at Fortescue found the organisation under his leadership to be highly competitive, extremely effective for shareholders, but also collaborative in is dealings with other members of his own industry.”
Mr Forrest made the comments following his company’s own bombshell leadership changes, with Fortescue Energy chief executive Mark Hutchinson being demoted and the group’s chief operating officer Shelley Robertson is leaving.
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