By Adam Whittaker


Rio Tinto's new chief executive officer will target cost reductions and scale back capital expenditure in a bid to simplify the business.

Simon Trott, who took the helm of the Anglo-Australian miner in August, will target a 4% reduction in unit costs through 2030.

This is set to coincide with a paring back of capital expenditure over the medium term, which the miner expects to fall to less than $10 billion from 2028 and beyond. Rio Tinto expects to spend around $11 billion over 2025.

Trott has already simplified the business, which now runs its operations under three units--iron ore, aluminum and lithium, and copper--.

Rio Tinto will target $650 million of annualized productivity benefits.

It will seek to divest non-core assets and said that the next phase of the strategic reviews of iron and titanium, and borates will focus on testing the market's appetite for the assets.


Write to Adam Whittaker at adam.whittaker@wsj.com


(END) Dow Jones Newswires

12-04-25 0207ET