The new chief executive of Rio Tinto has warned there is no end in sight to the commodities downturn, saying a supply glut will continue to put pressure on prices for the mining company and its rivals.
Jean-Sébastien Jacques, who became chief executive of the Anglo-Australian company this weekend, said in an interview with the Financial Times that supply was still outstripping demand for most major raw materials that Rio mines.
“Oversupply is there in all commodities, let’s be clear,” said Mr Jacques. “The first one that may come out of the oversupply is copper. If you look at the others — iron ore, coal and so on — there is a long way to go. Our view is that prices will remain under pressure with lots of volatility.”
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