Rio Tinto (RIO) plans to expand its metals trading operations to include more products from third-party producers and financial derivatives, Bloomberg reported Thursday, citing people familiar with the miner's strategy.

The company is aiming for a step change in its current business, headed by Chief Commercial Officer Bold Baatar, and is intended to increase the profitability of Rio Tinto's existing assets rather than create a standalone trading business, according to the report.

Rio Tinto is considering opportunities in alumina and the North American copper market, including copper cathode and sulfuric acid, Bloomberg reported. The company is also considering financial derivatives to hedge positions and exposures rather than make directional bets on commodity prices.

The commercial team currently has about 20 traders and plans to add several more, according to Bloomberg.

Rio Tinto did not immediately respond to a request for comment from MT Newswires.

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