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Rio Tinto CEO Defends Company as ‘Cash Machine’ Amid Stock Retreat

Bloomberg business news
Rio Tinto CEO Jacques discusses what the tumble in iron ore prices means for his business.(Source: Bloomberg)
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As plummeting iron ore prices weighed on Rio Tinto Group’s stock for a seventh-straight trading day, CEO Jean-Sebastien Jacques defended the miner as a “cash machine” that will keep rewarding shareholders.

“We have a cash machine,” the chief executive officer said Thursday in an interview on Bloomberg TV. The “strong quality of the asset portfolio will generate cash no matter where we are in the cycle.”