Rio Tinto Amalgamates Diamond and Copper Units
June 23, 16
(IDEX Online News) – Rio Tinto has announced that it will merge its diamond and copper divisions, as it seeks to strengthen its organizational structure and drive performance efficiencies.
From July 2, Rio Tinto’s product group structure will allow the group to better align its assets, help drive further efficiencies and optimize performance. The company is undertaking the merger so that the resultant single product group, and aid in the maximization of its technical underground mining expertise.
Overall, there will be four product groups, aluminum, iron ore, copper and diamonds and energy and minerals. An additional growth and innovation competency will provide strategic leadership and technical expertise for the end-to-end delivery and management of growth from exploration projects.
“In the face of testing times for the industry, Rio Tinto is performing remarkably well,” said new Rio Tinto chief executive Jean-Sébastien Jacques. “Our strategy, commitment to balance sheet strength and focus on shareholder returns will not change; but we are strengthening our structure and delivery by placing our assets at the heart of the business to drive improved performance.”
Rio Tinto, which expects to produce 21 million carats in 2016 also announced a new executive committee.