Walsh sets plan to transform Rio Tinto

Dec 12, 2013 | 11:00 AM | Claire Hack

Tags  Sam Walsh, Rio Tinto, aluminum, copper, alumina, bauxite, cost reductions, Claire Hack

LONDON — Rio Tinto Plc chief executive officer Sam Walsh plans to turn the company into the "highest performer in its sector," he said during a Dec. 11 presentation in London.

This includes becoming a first-quartile, low-cost copper producer, he said.

The company also has decided that aluminum will remain part of its diversified portfolio, after considering whether a sale, spin-off or an initial public offering were viable options.

The miner had "lost focus on what really matters," which is "delivering superior value to shareholders," and Rio Tinto is therefore taking "decisive action," Walsh added.

"We are improving performance, strengthening our balance sheet, and we’re delivering results. ... But we have more to do, and driving change across the organization has my undivided attention," he said.....

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