Deals
New Rio CEO Skirts M&A to Focus on Own Mines and Beat Slump
- Ex copper chief Jacques replaced former CEO Sam Walsh July 2
- Second-biggest miner is expanding in copper, iron ore, bauxite
Jean-Sebastien Jacques.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
The new Rio Tinto Group chief’s approach to navigating the downturn in the mining industry is simple: Keep calm and carry on.
That’s the mantra 44-year-old Jean-Sebastien Jacques plans to adopt after just taking over as chief executive officer of the world’s second-biggest mining company. Not undertaking a more aggressive approach to mergers and acquisitions will surprise those who predicted his appointment would signal more deals as a commodities rout forces distressed rivals to sell assets.