Rio Tinto To Merge Diamond and Copper Groups in Organizational Restructure

Mining and Exploration
23/06/2016 09:38

In a move intended to "strengthen its organizational structure to continue to drive performance under its new chief executive Jean-Sébastien Jacques", Rio Tinto will combine its diamonds and copper divisions to form one product group, the company announced in a press release. "Copper & Diamonds will combine our two marketing-led businesses into a single product group, which helps us maximise our technical underground mining expertise. Arnaud Soirat will join the Executive Committee as Copper & Diamonds chief executive. Arnaud, currently Aluminium Primary Metal president and chief executive officer, with more than 24 years of industry experience across three continents, will be based in London." 

The announcement says that, "Rio Tinto’s product group structure will be adjusted to better align the Group’s assets with the business strategy to help drive further efficiencies and optimise performance." New chief executive Jean-Sébastien Jacques says that, "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." Alan Davies, currently CEO of diamonds and minerals, will become head of energy and minerals. Effective as of July 2, the changes come as Rio Tinto restructures itself into four different product groups: aluminum; copper and diamonds; energy and minerals; and iron ore. In addition, there will be a newly shaped growth and innovation group focusing on future assets and technical support.