The finance chief of Rio Tinto has said the mining giant is comfortable with its iron ore exposure despite the struggles of the commodity this year, according to The Australian.
Chief financial officer Chris Lynch said the company had no plans for acquisitions purely to diversify the business away from iron ore, a commodity that has lost about 30 per cent of its value this year.
“Any investment we make will always be based on value,” he said, according to The Australian.
“If there happened to be a diversification benefit from it, then that’s great. But we’ll never target diversification as a primary objective.’’
Mr Lynch added that the China slowdown had been exaggerated, a hint of confidence in an iron ore price rebound.
Source: The Australian
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