Mining giant BHP appoints IRO
Anglo-Australian mining, metals and petroleum company BHP has appointed Tristan Lovegrove as group IRO, effective July 15, 2019.
The appointment comes at a slightly challenging time as the dual-listed company’s shares fell recently – due to a reduction in iron ore production – and the group faces a $5 bn claim for damages over a dam collapse in Brazil in 2015.
UBS also recently downgraded the company to ‘neutral’ from ‘buy’, saying an expected fall in commodity prices would cap any upside in the shares.
Lovegrove replaces Adrian Wood, who has become vice president of finance minerals Australia within the group.
Lovegrove will join BHP from RBC Capital Markets in London where he was managing director of corporate broking and equity capital markets, leading coverage of the mining, oilfield services, industrial, business services and transport sectors. Prior to RBC, Lovegrove spent 10 years with Credit Suisse.
BHP CFO Peter Beaven says in a statement: ‘Tristan brings experience from multiple sectors and a deep understanding of mining investors’ requirements.’
Lovegrove will report to Beaven and relocate from London to Melbourne.