Rio Tinto New CEO Outlines Plans To Grow; Commits To London Head Office

(RTTNews) - Jean-Sébastien Jacques, new chief executive officer of Rio Tinto Plc. (RTPPF.PK, RIO.L, RIO, RTNTF.PK), wants to grow the company by both building and buying mines, according to reports.

Anglo-Australian rival BHP Billiton Ltd. last year carved off a large chunk of mine pits and smelters in places from Australia to Africa, shifting its focus to just four commodities.

Rio Tinto Group's new chief executive officer reportedly pledged to keep the head office of the world's second-biggest miner in London after Britain's vote to leave the European Union raised fears businesses will flee.

British voters backed a decision to leave the EU in a June 23 referendum, driving the pound to a more than 30-year low.

"We recognize the decision of the British people," said Jacques, who replaced Sam Walsh on July 2. "When we did look at the level of trade we do between the U.K. and the EU, or the EU and the U.K., it is very small."