Simon Trott, who took over as CEO of Rio Tinto (ASX:RIO, LON:RIO) on Monday this week, just revealed a massive overhaul of the company. One of the biggest changes is to consolidate the company’s operations into three core divisions, simplifying the portfolio into iron ore, copper, and aluminium-lithium. The company’s non-core assets have been placed under review following this change.
Matthew Holcz has been appointed CEO of the iron ore division, which combines the company’s Western Australian operations with Iron Ore Company of Canada. This will also include the Simandou project in Guinea once it’s operational.
The company’s lithium and aluminium assets are being merged and will be under the leadership of Jérôme Pécresse and will comprise Atlantic Operations Aluminium, Pacific Operations Aluminium, and Lithium.
The non-core assets currently under review include Richards Bay Minerals in South Africa, the iron and titanium operations in Canada, and the borates mines in the US. These are being transferred to Chief Commercial Officer Bold Baatar, who will oversee a strategic assessment and review of these assets.
The overhaul also includes significant changes to leadership. Kellie Parker, Chief Executive of Australia will be leaving the company. Sinead Kaufman, Minerals Head, will also be departing.
The overhaul comes alongside falling iron ore and lithium prices, in addition to rising costs. The company posted its lowest half-year profit for H1 2025 as the lowest since 2020.
