Rio Tinto's new CEO is giving hints about his plans for the Anglo-Australian mining giant's future.  44-year old Jean-Sebastien Jacques takes over running the company amid a worldwide glut caused by the slowdown in China.

There were many predictions that Mr. Jacques would pursue a more aggressive strategy of mergers and acquisitions once he took the helm, but just the opposite appears to be true:  "M&A is not on the top of the agenda,” Jacques said last week as quoted by the Financial Post.  "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."

With mergers and acquisitions being shoved to the back burner, Rio's plans to grow will center on developing existing projects and cutting costs.

In fact, Jacques is counting on the thermal coal mining division's stronger showing in 2015 to help attract a higher price from potential buyers.  He told the Australian Financial review that Rio Tinto's "thermal coal assets are truly some of the best in the industry."  Jacques added, "Last year, at the bottom of the cycle, all our coal mines in NSW and Queensland were free cashflow positive which I think is slightly different form the rest of the industry."

Despite the uncertainty over the UK's future with the impending exit from the European Union, Mr. Jacques intends to keep the company's international headquarters in London.