Rio Tinto to streamline product group structure

20 June 2016 (Last Updated June 20th, 2016 18:30)

Rio Tinto has announced plans to adjust its product group structure in an attempt to create further efficiencies and help optimise performance.

Rio Tinto has announced plans to adjust its product group structure in an attempt to create further efficiencies and help optimise performance.

The new Growth and Innovation group will be in addition to the company's existing product departments, which are Aluminium, Copper and Diamonds, Energy and Minerals, and Iron Ore.

Rio Tinto new chief executive Jean-Sébastien Jacques said: "In the face of testing times for the industry, Rio Tinto is performing remarkably well.

"In the face of testing times for the industry, Rio Tinto is performing remarkably well."

"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."

Under the new structure, the Aluminium group will retain its focus on safety from its bauxite, alumina and aluminium businesses; while the Iron Ore group will focus on Rio Tinto's operations for the mineral in Western Australia.

Copper and Diamonds will combine the company's marketing-led businesses into a single product group to increase its technical underground mining resources.

Energy and Minerals group will combine Rio Tinto's coal, uranium, salt, borates and titanium dioxide businesses, as well as the Iron Ore Company of Canada.

The new Growth and Innovation group will provide technical assistance for the end-to-end delivery and management of exploration, as well as project development.

In February last year, Rio Tinto streamlined its portfolio of assets into four product groups as part of efficiency efforts.