Rio Tinto CEO keen to develop new mines

Prashant MehraAAP
Rio Tinto CEO Jakob Stausholm wants the miner to develop new mining assets.
Camera IconRio Tinto CEO Jakob Stausholm wants the miner to develop new mining assets. Credit: AAP

Rio Tinto's new chief executive is keen for the company to consider developing new mining assets as it looks to expand its iron ore portfolio for the coming decade.

Jakob Stausholm, who took over as chief executive in January, however clarified that the company would only consider opportunities that add value.

"We must excel in development - from identifying opportunities to maturing and developing them," he said at the company's annual general meeting in Perth on Thursday.

"We must do this to build our portfolio for the next decade and beyond. We can do it by leveraging our expertise and maintaining an absolute commitment to capital discipline."

Iron ore prices have surged over the past two years due to growing demand from Chinese steel mills and limited increases in supply.

Large miners including Rio have benefited from the increase, boosting profits and dividends to shareholders.

Rio is currently building several new iron ore mines in the Pilbara which should come into production over the next 18 months.

But the furore over the destruction of ancient rock shelters at Juukan Gorge have raised concerns over the longer term development plans.

Mr Stausholm on Thursday said Rio Tinto would step up its external engagement and become a more outward-looking company.

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