RE:RE:Globe and mailmore spec: quotes from the article
Mr. Stausholm must be under pressure to boost Rio’s exposure to critical metals even if he exudes confidence about the company’s current trajectory. Pressure because more than a few diversified mining companies are taking bold, even radical, steps to achieve greater exposure to energy transition metals. BHP went after Anglo; Glencore went after Teck; Anglo is now essentially dismantling itself – it wants to unloads its diamonds, steelmaking coal and platinum businesses – to focus on critical metals. Brazil’s Vale, a big player in iron ore and nickel, wants more copper.
And Rio? So far, there are no plans to restructure the company. “I know that big M&A can be very disruptive for the organization and I think we are in a very important transformative phase, including resetting our culture, and I do not want to see that being destabilized,” Mr. Stausholm said.
Rio did not reach the No. 2 position by bungling its strategy and operations. But Big Mining has changed since Mr. Stausholm became the boss three years ago. The transition to a low-carbon economy is picking up momentum, and Rio’s focus on aluminum and iron ore may take it only so far as the net-zero world approaches. A bold move may yet come.
“Aren’t we all in play?” he said, implying that no strategy is off the table at Rio.