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Joe Aston

Rio Tinto 'playing catch-up for decisions of the past'

Jean-Sebastien Jacques has had plenty of time to mess with the winning formula.  Bloomberg

It’s been a rocky road (pun intended) for Rio Tinto investors since the company’s July 16 quarterly update which, as you may recall, was an absolute stinker. The mining giant has contrived for itself dual maelstroms: material time and cost overruns bringing the Oyu Tolgoi copper mine (the pet project of chief executive Jean-Sebastien Jacques) online in Mongolia and sudden production problems – hitting grade, volumes and unit costs – at its iron ore (AKA bread and butter) division in Western Australia.

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Joe Aston is the founder of Rampart and the best-selling author of The Chairman’s Lounge: The inside story of how Qantas sold us out. From 2012 to 2023, Joe helmed The Australian Financial Review’s Rear Window column. Email Joe at hello@rampart.news

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    Original URL: https://www.afr.com/rear-window/rio-tinto-playing-catch-up-for-decisions-of-the-past-20190905-p52oas