Rio Tinto targets $10bn from non-core asset sales

RIO Tinto CEO Simon Trott outlined plans on Thursday to generate $5bn to $10bn through divestments and productivity growth as he moves to simplify the world’s largest iron ore miner’s structure, said Reuters.The Anglo-Australian company will streamline its business to three core units from four and focus on profitable assets, the newswire said. Assets earmarked for sale include Rio’s titanium and borates businesses.Trott said the miner identified global assets it does not need to own following a thorough review. “We’ll proceed and test the market for (titanium and borates) assets, together with some of the other measures across our footprint: things like land, infrastructure, processing assets and mining assets,” he said.The company announced $650m in annualised productivity gains and cost savings, with $370m already realised and the rest to be delivered in the first quarter. The figure included headcount reductions, Trott added, but declined to specify job cuts.Rio Tinto also raised its 2025 copper production forecast, citing stepped up operations at its Oyu Tolgoi project in Mongolia. The miner now expects copper production this year between 860,000 tons and 875,000 tons on a consolidated basis, up from its previous forecast of 780,000 tons to 850,000 tons.Trott added the miner is working with its main shareholder, Aluminium Corporation of China (Chinalco), to resolve governance constraints limiting its ability to buy back shares.Rio said it plans to cut unit costs by 4% from 2024 to 2030 and remains on track to boost copper output at Oyu Tolgoi by more than 50% this year.The post Rio Tinto targets $10bn from non-core asset sales appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com