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News Breaks
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November 2, 2009
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| 06:43 EDT |  | RTP |
| theflyonthewall.com: | Rio Tinto to solidify core business, expand into other markets, WSJ reports | | Rio Tinto (RTP) plans to spend as much as $3.5B to solidify its core business and to diversify, preparing for a commodity rebound, the Wall Street Journal reports. CEO Tom Albanese, and his board met in Montreal last month and determined that Rio's previous strategy of relying mainly on the sales of three pillars—copper, iron ore and aluminium—was too narrow and that it needed to delve into industrial minerals. CEO: "We are shifting to growth mode," "Based on the economy as it stands, the outlook for 2010 and beyond is more robust than we had assumed six months ago." He said the group decided the best new course would be to expand its reach and create an industrial-minerals group, based in Australia. Reference Link :theflyonthewall.com |
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