OZ Minerals appoints new CEO

OZ Minerals has named a Rio Tinto executive as its CEO, marking a new phase for the miner grappling with weaker commodity prices, a shrinking cash pile, and few options for expanding its operations.

The copper-and-gold producer appointed Andrew Cole to succeed Terry Burgess, the company’s chief executive for the past five years. Mr Cole is a 22-year veteran with Rio Tinto. He will relocate to Australia to take up the role in December.

OZ Minerals said in February it would start planning for a leadership change, with a view to replacing Mr Burgess within a year. That announcement came as it swung to a loss in 2013 due to weaker commodity prices and lower production.

At the time, Mr Burgess said he had been in discussions for some time with chairman Neil Hamilton about choosing a successor.

The company, which operates the Prominent Hill mine in South Australia, is yet to return to profitability. Last month, it reported a $7.4m first half loss.

OZ shares have performed badly in the past few years, plunging almost 75 per cent since the beginning of 2011. Analysts have been critical of the pace at which the company’s once-hefty cash balance has evaporated.

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