CITY OF MELBOURNE (dpa-AFX) - Anglo-American mining company Rio Tinto Group (RTNTF.PK, RIO, RIO.L, RTPPF.PK, RIO1.DE) on Wednesday revealed a new operating model and executive team. The company said that with immediate effect, its operations will be streamlined into three product groups, namely, Iron Ore, Aluminium & Lithium, and Copper.
Rio Tinto said that the Iron Ore business will consolidate all operations, including Western Australia, the Iron Ore Company of Canada, and the Simandou project in Guinea once completed. Led by Matthew Holcz, newly appointed Chief Executive Iron Ore, this unified portfolio will combine proven performance with future growth potential.
According to the company, the Lithium operations will be integrated into the Aluminium product group under the leadership of Jérôme Pécresse. The combined business, comprising Atlantic Aluminium, Pacific Aluminium, and Lithium, creates a more efficient business model, based on processing capability and downstream exposure.
Rio Tinto said that the Copper division, led by Katie Jackson, will continue to focus on the ramp-up of Oyu Tolgoi, stabilisation of Kennecott, and advancing growth projects, including Resolution in the United States and partnerships such as Nuevo Cobre in Chile.
Outside the three core groups, Borates and Iron & Titanium will shift to the Chief Commercial Officer's portfolio for strategic review and the subsequent developments will be updated on a regular basis.
The company said that as part of the changes, Sinead Kaufman will leave Rio Tinto at the end of October this year. In addition, the Chief Executive Australia role will conclude, with responsibilities for external relations and stakeholder engagement moving to a new Head of Australia.
Commenting on the latest developments, Chief Executive Simon Trott said, 'A simplified business structure, grounded in our fundamental commitment to safety and with sharper focus on the most compelling opportunities we have, will enable us to deliver new standards of operational excellence and value creation. It will bring greater accountability and focus to our teams, underpinned by a more disciplined approach to operational performance and capital investment.'
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