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Australian Mining reported that Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) plans to restructure itself by condensing its assets into four product groups.
Australian Mining reported that Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) plans to restructure itself by condensing its assets into four product groups.
As quoted in the market news:
The corporate restructure will see its various assets now operate under: Aluminium, Copper and Coal, Diamonds and Minerals, and Iron Ore.
As part of the changes, Rio’s coal and copper operations will be combined, while uranium will be added to the Diamonds and Minerals group.
One of the consequences of the restructuring is the exit of Energy chief executive Harry Kenyon-Slaney will leave the business.
The Aluminium and Iron Ore product groups remain unchanged.
Rio Tinto CEO Sam Walsh stated:
Our coal and uranium assets remain a part of our world-class portfolio. We will work hard to ensure there is a smooth transition for our colleagues in the Energy product group and continue to maximise efficiencies in our coal and uranium operations.