Rio Tinto streamlines to unlock additional shareholder value
(Posted on 01/09/25)
Rio Tinto has announced a new operating model and executive team to shape the company’s next chapter. The changes simplify and streamline the organisation to drive greater accountability and safe, sustainable, profitable growth through focusing on the most compelling opportunities to deliver long-term shareholder value.
Effective immediately, Rio Tinto will simplify its product group structure to three world-class businesses: Iron Ore; Aluminium & Lithium; and Copper. This focused structure and leadership positions each business to deliver excellence for customers and maximise competitive advantages and growth potential, while benefitting from the diversified group.
The Iron Ore product group will bring together all of Rio Tinto’s iron ore operations under the leadership of Matthew Holcz, who has been appointed Chief Executive Iron Ore. The unified portfolio will integrate Rio Tinto’s Western Australian Iron Ore operations with the Iron Ore Company of Canada and the Simandou project in Guinea upon its completion. This will combine the proven performance of the company’s established Iron Ore operations with the potential of Simandou, sharing safety best practices, cutting-edge technologies and operational experience across the entire Iron Ore portfolio to create an even stronger global business.
Rio Tinto’s Lithium business will move into the Aluminium product group under the leadership of Jérôme Pécresse. The combined product group will consist of three businesses: Atlantic Operations Aluminium, Pacific Operations Aluminium and Lithium. This will deliver a streamlined structure, bringing together businesses centred on processing capability and downstream exposure, while enabling the shared deployment of productivity initiatives, such as the Safe Production System, which have been a key driver of improved performance in the Aluminium business.
Copper, led by Katie Jackson, remains well positioned to capitalise on the global energy transition, focused on the successful ramp up of Oyu Tolgoi, the stabilising of Kennecott and advancing future options, including the Resolution project in the USA and partnerships such as Nuevo Cobre in Chile.
Rio Tinto Chief Executive Simon Trott said: "A simplified business structure, grounded in our fundamental commitment to safety and with sharper focus on the most compelling opportunities we have, will enable us to deliver new standards of operational excellence and value creation. It will bring greater accountability and focus to our teams, underpinned by a more disciplined approach to operational performance and capital investment.
“We have delivered resilient results this year, remain on track to deliver strong mid-term production growth, and continue to make progress against our objectives. Our focus now is on unlocking further shareholder value, putting both our capital and talent where it will deliver the greatest returns.
"I want to welcome Matt to his new role leading our global Iron Ore business. With over two decades of international mining experience, deep roots in the Pilbara where he currently oversees 18 mines - and as a role model for Rio Tinto’s values - he is the kind of leader we need to drive safety standards, performance, and strong partnerships with communities, in our largest global business.”
Outside of the three core product groups, Rio Tinto’s Borates and Iron & Titanium businesses will move to the Chief Commercial Officer’s portfolio for strategic review. An update will be provided on the outcome of these reviews in due course. Throughout this review process, these businesses will continue to focus on running safely and profitably to meet customer commitments.
With these changes, Sinead Kaufman will leave Rio Tinto at the end of October 2025.
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