Rio Tinto's new Chief Executive, Simon Trott, announced a significant restructuring of the mining giant on Wednesday, in his first major move just days after taking the top job.
The company will simplify its product groups into three core businesses: Iron Ore; Aluminium & Lithium; and Copper, a change aimed at streamlining the organization and increasing accountability, according to a company statement.
The revamped Iron Ore division will consolidate all of Rio Tinto's global iron ore assets, including its Australian operations, the Iron Ore Company of Canada, and the major Simandou project in Guinea.
The company's lithium business will be integrated into the Aluminium product group.
"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," Chief Executive Simon Trott said.
"It will bring greater accountability and focus to our teams, underpinned by a more disciplined approach to operational performance and capital investment."
The overhaul also involves the departure of senior executives, including Sinead Kaufman, and the elimination of the Chief Executive Australia role.
Rio Tinto's Borates and Iron & Titanium businesses will be placed under strategic review.
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