Rio Tinto's new boss rules out spinoff, sale of unloved assets

Sydney

RIO Tinto will keep a newly formed division that includes troublesome coal and uranium assets, its newly appointed chief executive said, brushing off expectations that it would consider a spinoff and eventual sale.

BHP Billiton last year separated and listed South 32, a collection of alumina, aluminium, manganese, nickel and other assets, to allow the world's largest miner to focus on its core operations. This year, South 32 stock has outperformed both BHP and Rio.