Rio Tinto will continue to reduce its production costs as an oversupply in iron ore is expected to last for seven to 10 years, said Jean-Sebastien Jacques, chief executive officer of the company.

"Rio Tito's strategy has not changed, which is to keep our iron ore products at very low cost so that whatever the condition is, we will remain profitable," Jacques told China Daily in a group interview on Tuesday.

Jacques, who took the helm at Rio Tinto in July, said that the company has removed $6 billion of costs from its system since 2012.