Rio Tinto : Currently Exploring For 8 Different Commodities Across 17 Countries

(RTTNews) - Rio Tinto (RTNTF, RIO, RIO.L, RTPPF) said that it is currently exploring for 8 different commodities across 17 countries. This map shows the countries where it currently has active projects.

Speaking at Citigroup's Exploration conference in Sydney, Stephen McIntosh, Group executive Growth & Innovation of Rio Tinto said, "At Rio Tinto we are acutely focused on fatality prevention and in exploration we are piloting the Critical Risk Management process being rolled out across Rio Tinto."

McIntosh noted that Rio Tinto is focused on owning and operating Tier one assets. Having Tier 1 assets which operate at the bottom of the cost curve, means the company is able to generate significant free cash and can create value for shareholders throughout the cycle.

McIntosh said the exploration group comprised of some 500 people, has a global focus. The company explores for multiple commodities with a current focus on copper.

McIntosh said,"We have a portfolio of high quality projects which we are continually reviewing and prioritising. Only the most attractive options are kept by the Group. There is disciplined divestment of small discoveries or projects which are considered non-core and this sees exploration able to 'pay its way'."

McIntosh said, "It should be acknowledged that there will be some backfilling of discoveries in the later years as projects work their way through the evaluation process. However, based on our internal analysis, this will add only a minor uplift and, we see no evidence of a large number of new greenfield discoveries coming to book anytime soon."