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Sam Walsh has defended the decision to press ahead for expansion claiming that the company had thought carefully about a number of factors.
FORBES: Rio Tinto Bets On Growth Despite Industry Headwinds
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According to Sam Walsh, the board is likely to approve the proposal, barring a significant change in the supply-demand situation by then or a major increase in production costs.
FORBES: Rio Tinto Bets On Growth Despite Industry Headwinds
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Chief executive Tom Albanese stepped down by mutual agreement with the board, Rio Tinto said, and has been replaced by Sam Walsh, chief executive of the miner's iron ore business.
BBC: Rio Tinto boss Tom Albanese resigns over $14bn write-down
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Rio Tinto's new CEO, Sam Walsh, said the miner will review investments and cut costs, after it notched its first annual loss following a drop in commodity prices and large impairment charges.
WSJ: What's News
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In a meeting with analysts and investors, Rio Tinto CEO, Sam Walsh, said that the company will most likely go ahead with its proposal to expand iron ore production over the next few years, barring a major structural change in the market.
FORBES: Rio Tinto Bets On Growth Despite Industry Headwinds