Former Rio Tinto (ASX:RIO) executive Phil Mitchell will join Cobre (ASX:CBE) as chairman following the company’s November annual general meeting.
Mitchell, the former head of business development and strategy at Rio Tinto, has held key roles including chief financial officer and built expertise in mining mergers and acquisitions. He was also a member of the Executive Committee at Anglo American (LSE:AAL) and has led acquisitions for High Power Exploration.
Mitchell has advised the Cobre board since February.
As part of the transition, Executive Chairman Martin Holland moves into the managing director role. CEO Adam Wooldridge also joins the board as CEO and executive director, while long-serving directors Michael Addison and Andrew Sissian retire.
Holland says the leadership changes mark “the start of a process of transformation”.
“[The goal is] to ensure that the growth and adaptation that we are seeing operationally is equally reflected in a board that has the skill set, knowledge, and expertise to provide the type of leadership and guidance that will be needed in the next phase of growth in coming years,” Holland notes.
Mitchell says he is ‘delighted’ to join the company as chairman.
“I have worked with the board as an advisor since February. Last month I also visited Sierra Atacama with investors and stakeholders. Both experiences have shown me the quality of Cobre’s assets and the strength of the people behind them,” he says.
Mitchell highlights two targets for 2026/27, including ramping up production fivefold in Chile to around 20,000 tonnes a year. The second target is to complete the initial 40,000m of drilling to underpin the company’s JORC resource, while securing initial consents for development at the Cobre’s flagship Ngami Copper Project.
“My focus will be on making sure the board and leadership team have the skills to deliver on these goals,” Mitchell says.
“Martin and Adam know the business deeply, and I look forward to working closely with them in their new roles.”
He also acknowledges that Addison and Sissian have been part of Cobre’s ‘significant’ growth.
“I thank Mike and Andrew for their commitment, belief, input, and counsel, and I know they will continue to watch and support our progress closely as shareholders.”
Cobre is focused on copper production in Chile and tier-one copper exploration in Botswana.
Write to Paula Fabe at Mining.com.au
Main image: Cobre
