Finance and Commercial Manager recruitment
Activities span the world but are strongly represented in Australia and North America with businesses in South America, Asia, Europe and Southern Africa. For more information, please visit www.riotinto.com.
Rio Tinto has begun a strategic review of its diamond business that will include exploring a range of options for potential divestment of its diamond interests.
Rio Tinto operates three diamond mines, Argyle in Australia (100 per cent interest), Diavik in Canada (60 per cent interest), and Murowa in Zimbabwe (78 per cent interest), as well as Bunder, an advanced diamonds project in India (100 per cent interest).
Primary Purpose
Under the leadership of the interim CFO, a Finance and Commercial Manager is required to manage the financial and commercial aspects of the separation of the Diamonds business. The separation project can be divided into three main areas:
- Design and implementation of a separate and fit for purpose financial and commercial function that would be required in the event of a final separation, for example through an IPO.
- Identification of entity level structuring opportunities and resolution of issues working with Rio Tinto Group functional specialists (tax, treasury and Controllers)
- Liaising with and managing the delivery of financial information to key stakeholders in the transaction including Rio Tinto Business Development, Investment Banks, reporting accountants and lawyers.
Responsibilities
- Deliver the separation of a commercial finance function including management reporting, external reporting, procurement, tax, treasury and finance activities that are currently performed by shared services.
- Oversee the above process at site level by working closely with site finance teams and ensure a coordinated approach that is also fit for their individual needs.
- Design, streamline and simplify management reports including KPI's, variance analyses and planning/forecasting processes that are fit for the stand alone Diamonds business
- Evaluate the impact of separation on the business cost base and optimise
- Ensure that new contracts are in place for business continuity and that cost savings, where applicable, are being delivered
- Identify and recommend relevant commercial areas, processes and services that will be required to be covered by Transitional Services agreement and Master Separation agreement with Rio Tinto
- Ensure that robust financial reporting controls are in place and fit for purpose for any exit scenario including an IPO
- Establish and maintain accounting policies and procedures that are fit for the stand-alone business and that optimise the understanding of the business by potential investors
- Coach and provide guidance to sites on technical accounting issues.
- Coordinate the external audit of carve-out accounts and other reports required from the reporting accountant
- Collaborate and input into the IST systems for internal and external financial reporting, procurement, Finance shared services and financial reporting compliance, where required
- Identify and recommend the Separation Manager of additional resourcing requirements in sufficient advance
- Oversee the production of carve-out financial statements, forecasts, pro forma and other financial deliverables for the Information Memorandum, IPO prospectus and other related documents as required
- Review and challenge information (financial and non-financial) from business units, referring to knowledge of the business to ensure that financial performance is fully understood and correctly presented
- Liaise with tax, treasury and accounting Group specialists to optimise the structure of the new Diamonds business and resolve 'carve out' structuring issues
To be successful you must:
• Have a strong understanding of the Diamonds business
• Prior experience in finance / commercial functions and also business analysis necessary
• Be able to operate within the Group through a well-developed network of internal / external contacts
• Separation project experience desirable
• Be highly effective at communicating with a variety of external stakeholders
• Provide high quality, insightful, proactive and timely analysis
• Have excellent communication skills to communicate technical information in a comprehensive manner
Qualifications
- Finance qualification (ACA or equivalent)
- Management reporting
- External financial reporting and IFRS expertise
This position is based in London (local contract, not expatriate)