Rio Tinto Chairman: Co Is Looking For "Period Of Stability"
August 20 2009 - 8:34AM
Dow Jones News
Rio Tinto PLC (RTP) is looking for a "period of stability" after
a dramatic two-year stretch that included a major acquisition,
defense against a hostile bid, a collapse in financial and
commodity markets, and finally a hefty rights issue and joint
venture with its one-time suitor, Chairman Jan Du Plessis said
Thursday.
"My strong sense is what this organization wants at the moment
and is asking for is a period of stability to go back to running
the business. We've had enough excitement for some time. We
actually want a period of less excitement," du Plessis told
reporters, following the global diversified miner's first-half
results.
Rio bought Canada's Alcan in October 2007, adding $40 billion in
debt that burdened the company until a rights issue earlier this
year. The miner at the same time announced an iron ore joint
venture with BHP Billiton Ltd. (BHP), which had raised and dropped
a hostile bid in 2008.
"Since that time there has been an almost tangible change in
mood in the organization. I think people are actually delighted
about the fact that they can go back to running the business," du
Plessis said.
Company Web site: http://www.riotinto.com
-By Jeffrey Sparshott, Dow Jones Newswires; +44 (0)207 842 9347;
jeffrey.sparshott@dowjones.com
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