New Rio Tinto boss promises to keep head office in London

Rio Tinto Group's new chief executive has pledged to keep the head office of the world's second biggest miner in London after Britain's vote for Brexit. "No doubt whatsoever about it," said Jean-Sebastien Jacques (44). "We recognise the decision of the British people," said Mr Jacques, who replaced Sam Walsh at the weekend.

On plans for mergers or acquisitions, he said: “We have been very clear with the shareholders and the market that unless we see a way which creates value for our shareholders, so the right price, we will not do it.”

Mr Jacques has taken the chief executive role at a time when the industry is battling a slowdown in China that sent commodity prices tumbling. Rio's growth plans are expected to centre on developing existing projects and cutting costs. – (Reuters/Bloomberg)