Rio Tinto has announced a new operating model and executive team to shape the company’s next chapter, effective immediately. The changes simplify and streamline the organisation to drive greater accountability and safe, sustainable, profitable growth through focusing on the most compelling opportunities to deliver long-term shareholder value.
Rio Tinto will simplify its product group structure to three world-class businesses: Iron Ore; Aluminium & Lithium; and Copper.
The Iron Ore product group will bring together all of Rio Tinto’s iron ore operations under the leadership of Matthew Holcz, who has been appointed Chief Executive Iron Ore. The unified portfolio will integrate Rio Tinto’s Western Australian Iron Ore operations, Iron Ore Company of Canada, and the Simandou project in Guinea upon its completion.
Rio Tinto’s Lithium business will move into the Aluminium product group under the leadership of Jérôme Pécresse. The combined product group will consist of three businesses: Atlantic Operations Aluminium, Pacific Operations Aluminium and Lithium. This will deliver a streamlined structure, bringing together businesses centred on processing capability and downstream exposure, while enabling the shared deployment of productivity initiatives, such as the Safe Production System, which have been a key driver of improved performance in the Aluminium business.
Copper, led by Katie Jackson, remains well positioned to capitalise on the global energy transition, focused on the successful ramp up of Oyu Tolgoi, the stabilising of Kennecott and advancing future options, including the Resolution project in the USA and partnerships such as Nuevo Cobre in Chile.
Outside of the three core product groups, Rio Tinto’s Borates and Iron & Titanium businesses will move to the Chief Commercial Officer’s portfolio for strategic review. An update will be provided on the outcome of these reviews in due course. Throughout this review process, these businesses will continue to focus on running safely and profitably to meet customer commitments.
Courtesy of Rio Tinto.