Rio Tinto Creates New Product Groups to ‘Drive Greater Value’

(IDEX Online News) – Rio Tinto has announced that it is streamlining its product groups and corporate functions, with immediate effect, as part of its continued focus on efficiency and costs.

Under the new arrangements, Rio Tinto’s assets will be condensed into four product groups: Aluminium, Copper and Coal, Diamonds and Minerals and Iron Ore.

Uranium will be added to the Diamonds and Minerals product group, under the leadership of product group chief executive Alan Davies.

The company said that a number of key corporate functions will also be reshaped to further reduce costs and improve effectiveness as part of its ongoing optimization program.

“These changes are part of our continuing business transformation to reduce costs, simplify and strengthen our company and deliver sustainable value for shareholders,” said Rio Tinto chief executive Sam Walsh.