Rio Tinto Appoints New Chairman, Cuts 2017 Capital Spending Forecast

Rio Tinto Appoints New Chairman, Cuts 2017 Capital Spending Forecast

Anglo-Australian miner Rio Tinto (RIO.AU) has appointed board director Simon Thompson as chairman of the mining company.

Thompson will will become chairman on 5 March 2018, taking over from Jan du Plessis who will step down as chairman and from the board on after serving almost nine years as chairman.

In a statement Thomason said, ” Rio Tinto is in great shape, with a strong management team, world-class assets and a successful strategy. I look forward to leading the board as we work with J-S and his team to ensure that Rio Tinto continues to deliver superior returns for its shareholders by maintaining its capital discipline and’value-over-volume’ approach”.

In a presentation to investors, the company also said it expects capital expenditure of less than USD4.5 billion in 2017, down from USD5 billion, as it targets USD5 billion in additional free cash flow from its five-year productivity programme from 2017-2021.

Key points from the seminar include:

Financial

Productivity

Shares in Rio Tinto are up 1% in Monday trading. They have gained 20% year-to-date.

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