MELBOURNE (dpa-AFX) - Rio Tinto (RTNTF, RIO, RIO.L, RTPPF) looks like it's putting about $9 billion of unwanted assets from coal and uranium to Canadian iron ore into a single basket ready to spin off, Bloomberg reported citing investment firm Sanford Bernstein.
Incoming Chief Executive Officer Jean-Sebastien Jacques on revamped the four key divisions of the world's second-biggest mine operator. The new Energy and Minerals segment features coal and uranium mines, salt, borates and titanium-dioxide businesses, and Rio's Iron Ore Co. of Canada unit.
Jacques' shakeup of Rio follows the move by larger rival BHP Billiton Ltd. last year to create South32 Ltd. by hiving off manganese, coal, alumina and nickel assets it no longer needed and offering them to investors.
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