(Bloomberg) -- Rio Tinto Group moved veteran executive Bold Baatar to become Chief Commercial Officer as the world’s second-largest miner seeks growth in key materials including copper. 

Baatar, currently head of the London-based firm’s copper division, replaces Alf Barrios, who is retiring and will leave the company at the year’s end, Rio said in a statement.

A former investment banker who joined Rio in 2013, and seen as a potential future CEO candidate, Baatar will retain responsibility for major projects, including a roughly $6.2 billion investment in the vast Simandou iron ore deposit in Guinea.

Baatar has previously been instrumental in progress of the expansion of the vast Oyu Tolgoi copper mine in his native Mongolia.

Read more: Copper Mine Flashes Warning of ‘Huge Crisis’ for World Supply

“He brings deep experience across geographies, commodities, and markets - and combines strong business development expertise with a focus on developing world class relationships,” CEO Jakob Stausholm said in the statement. 

Baatar will relocate to Singapore and take up his post on Sept. 1, Rio said.

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