Rio Cuts Costs, Dials Down Lithium to Build ‘Simpler’ Miner

Rio Tinto Group’s new chief executive will focus on cutting costs and selling assets in a bid to turn the world’s second largest miner into a slimmed-down operation centered primarily on iron ore and copper.

While rivals such as Glencore Plc have presented more flashy plans, Rio’s focus under CEO Simon Trott is on the nuts and bolts of mining. That means driving down costs, raising as much as $10 billion by offloading unwanted assets and putting the brakes on its expansion into lithium.