Rio appointments beef up mining wing

Toronto-based Rio Algom (TSE) is beefing up its mining wing with a couple of appointments in the company’s executive suite.

President Ray Ballmer will become the company’s new vice- chairman Aug 1, while Colin Macaulay has been named Rio Algom’s new president and chief operating officer.

Chairman Ross Turner will remain in his current position.

In his new role, Ballmer will concentrate on developing strategic plans and objectives which centre on a renewed commitment to the mining industry, the company said recently.

With $665 million in working capital at year-end, the 51% RTZ Corp. subsidiary is planning to enlarge its exploration activities across Canada and spokesman Ken Culver said Rio Algom is in the process of hiring exploration geologists.

The company recently re-acquired the East Kemptville, N.S., tin mine from the Bank of America for $41 million cash plus royalties.

Taking over from Ballmer will be Colin Macaulay, a 56-year-old former McGill university student who obtained a Masters degree in engineering. An ex-chief executive of Rossing Uranium in Namibia, Macaulay spent eight years with Rio Algom and 17 years internationally with other mining ventures associated with RTZ.

While Rio Algom says the pattern of the organization currently under development is ideally suited to strategic plans, a chief executive officer will be appointed at some point in the future.