OPINION: Rio Tinto’s best period of iron ore production in five years is a sign its grand reset is working. But while supply is strong, the demand picture in China is a worry.
The two words you hear most from Rio Tinto’s senior leaders are consistency and momentum. After years of missteps – the Juukan Gorge tragedy, production problems and dud deals – chief executive Jakob Stausholm and iron ore boss Simon Trott have spent the past two years resetting the business in a bid to win back Rio’s reputation as one of the world’s best miners.Rio Tinto chief executive Jakob Stausholm has real momentum in the iron ore business.
There’s plenty of room for improvement in other divisions. Copper guidance is a touch weaker than expected because of issues at its Kennecott mine and smelter in the United States, bauxite production is lower, and there are concerns about a potential cost blowout at its Rincon lithium project in Argentina.But while we are clearly closer to the end of the great Rio reset than the start, there is one dark cloud on the horizon: demand.
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