Rio Tinto (RIO)'s CEO Announces Plan to Generate Up to $10 Billion Through Divestments & Other Strategies

We recently published 13 Best ADR Stocks to Invest In.  Rio Tinto Group (NYSE:RIO) is one of the best ADR stocks.

Rio Tinto Group (NYSE:RIO) is one of the biggest mining companies in the world. Its CEO, Simon Trott, made major announcements on December 4th when he shared the firm’s plans to generate as much as $10 billion in through restructuring via divestments and other other strategies. Trott was speaking to Rio Tinto Group (NYSE:RIO)’s investors in London as he shared that the firm might consider letting go of assets such as land, infrastructure, and mining to generate $10 billion. With the global rush for data center construction due to the AI boom underway, the Rio Tinto Group (NYSE:RIO) CEO also outlined that his firm now expects to product between 860,000 metric tons and 875,000 tons of copper this year. The update guidance was higher than the previous forecast of 780,000 tons to 850,000 tons.

The CEO’s announcement came soon after Rio Tinto Group (NYSE:RIO) signed an upgraded agreement with the Nyiyaparli People in Australia’s Pilbara region. Through the agreement, the firm will work with the aboriginal people in the Nyiyaparli Country and it covers the firm’s Hope Downs mining facility. Deutsche Bank kept a Hold rating for Rio Tinto Group (NYSE:RIO)’s shares on December 5th and set a £53 share price target for the stock.

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Disclosure: None. This article is originally published at Insider Monkey.