Rio Tinto watching M&A opportunities with patience, not complacency, CEO says

Mining company Rio Tinto is maintaining an eye on the potential for merger and acquisition opportunities as a result of the Covid-19 pandemic and plans to stay "patient but not complacent," its chief executive officer said.

J-S Jacques told the Bank of America 2020 Global Metals, Mining and Steel Conference that metals market outlooks were currently clouded due to changing supply-demand pictures and the difficulty in putting a price on corporates.
"We are patient and will make investment decisions based on market fundamentals, which are clearly shifting. We know that adaptation is also thinking about our future portfolio; we are keeping a watching brief on M&A," he said. 
"Right now, the market is finding it difficult to value companies, and the Covid-19 recovery pathway is not clear. Rio Tinto will only transact if an opportunity creates value. We remain patient but not complacent," he added. 

Jacques noted that the company has strengthened its balance sheet, moving its net debt from $13.8 billion to $3.7 billion over the last four...

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