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China’s CMOC Group Ltd., one of the world’s fastest-growing miners, unveiled major management changes with the departure of its chairman and vice chair and the addition of four new senior executives — including former Glencore Plc trader Kenny Ives.

The copper-and-cobalt giant’s chairman Yuan Honglin and vice chair Li Chaochun both resigned for personal reasons and had no disagreement with the board, CMOC said in an exchange filing on Sunday. Two new executive directors were nominated to the board, and a new vice president appointed, while Ives, already head of CMOC’s trading unit IXM, will become chief commercial officer.

The changes mark a significant shift at the top of CMOC, which has emerged from relative obscurity to become the world’s biggest cobalt miner and a major copper producer, largely thanks to acquisitions in Africa. The new structure will help CMOC meet its ambitions for more growth, the company said.

“CMOC will focus on mining industry M&A, including copper, gold, and other minor metals mines,” CMOC said in comments via WeChat to Bloomberg News. The new management has “rich experience in mine operation” and is able to acquire, develop and operate large greenfield projects, it said.

The company’s Hong Kong shares rose as much as 4.6% after the announcement, and following a near-doubling of first-quarter net income.

New team

The two board nominees are Que Chaoyang, who was appointed as chief operating officer, and Liu Jianfeng, appointed as chief investment officer. Que is a former executive at Zijin Mining Group Co., while Liu has held multiple roles in the energy sector.

Tan Xiao, a former senior manager at Huawei Technologies Co., will be a vice president.

But it’s the promotion of Ives, who spent 23 years at Glencore and wanted to be its boss, will attract attention globally. He’s been chief executive officer of CMOC’s trading arm since 2022, overhauling the unit as CMOC aims to challenge the dominance of firms like Glencore and Trafigura Group in global metals trading.

CMOC is already a major player in commodities linked to the energy transition after its expansion in the Democratic Republic of Congo. It passed Glencore as top cobalt supplier in 2023, but also has significant clout in copper and ambitions in lithium and nickel. Chinese battery giant Contemporary Amperex Technology Co. Ltd. has a 25% stake.

The exit of Yuan Honglin, chairman and non-executive director, will become effective once CMOC gets approval to appoint additional directors at an upcoming shareholder meeting. The resignation of vice chairman and chief investment officer Li Chaochun has already taken effect, it said.

CMOC reported 3.95 billion yuan ($542 million) of first-quarter net income on Friday, building on a record year of earnings in 2024. The company recently agreed to buy Canada’s Lumina Gold Corp., allowing it to tap the largest primary gold deposit in Ecuador.

Read More: CMOC to double copper output at Congo mines to 1 million tonnes by 2028