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Rio eyes off greater efficiency

Investors hoping the major diversified mining houses might be ready to follow the lead of the gold companies and start shifting towards a growth strategy would have been disappointed by Rio Tinto (LN:RIO) boss Jean-Sebastien Jacques’ presentation to investors in Sydney this week. Those craving the continued focus on spending and efficiency, however, would have been beside themselves with satisfaction.

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The Pilbara iron ore operations are the centre of productivity target improvements for Rio Tinto

The centrepiece of the Jacques presentation was a US$5 billion free cash flow target for the next five years, to be delivered by a “productivity push” focused on the major’s iron ore and aluminium