The world’s second-largest mining company, said the head of its aluminum division, Jacynthe Cote, has quit for personal reasons to pursue other interests. Bloomberg News first reported the change.
Alfredo Barrios, 48, will replace Cote from June 1. He joins the company after a 22-year stint with BP where he was most recently a senior executive at its TNK-BP venture, London-based Rio said today in a statement. Cote will continue as an adviser until September 1, Rio said.
Rio’s aluminum division reported net income of $557 million last year, up from $54 million a year earlier. Cote, previously at Alcan Inc. prior to the $38 billion takeover by Rio in 2007, was promoted to head of the unit in 2009.
The cash price of primary Indian aluminum saw little change Tuesday, May 27, staying around INR 107.25 ($1.83) per kilogram. After a couple of days of improving prices on the LME, the primary aluminum cash price held steady at $1,781. Following a two-day rise on the LME, the aluminum 3-month price flattened at $1,818.
Chinese aluminum prices closed flat for the day. The Chinese aluminum cash price ended a two-day climb, settling at CNY 13,355 ($2,141) per metric ton. The price of Chinese aluminum scrap continues hovering around CNY 12,250 ($1,964) per metric ton for the fifth day in a row. The price of Chinese aluminum billet saw little movement at CNY 13,590 ($2,179) per metric ton. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row, remaining around CNY 14,200 ($2,277) per metric ton.