Mining giant Rio Tinto said in a statement on Friday that it is streamlining its product groups and corporate functions as part of the continued focus on efficiency and costs.

Under the new arrangements, Rio Tinto’s world-class portfolio of assets will be condensed into four product groups, namely aluminium, copper and coal, diamonds and minerals, and iron ore.

The new copper and coal product group will bring Rio Tinto’s coal operations alongside the existing copper portfolio, which will be headed by copper chief executive Jean-Sébastien.

Uranium will be added to the diamonds and minerals product group, under the leadership of product group chief executive Alan Davies.

As a consequence of the restructuring, energy chief executive Harry Kenyon-Slaney will leave the business, while the aluminium and iron ore product groups remain unchanged.

The new arrangements come into effect immediately.

Several key corporate functions will also be reshaped to further reduce costs and improve effectiveness as part of an ongoing optimisation programme, the statement said.

Rio Tinto chief executive Sam Walsh says these changes are part of Rio Tinto’s continuing business transformation to reduce costs, simplify and strengthen the company and deliver sustainable value for shareholders.

He further comments: “Our coal and uranium assets remain a part of our world-class portfolio. We will work hard to ensure there is a smooth transition for our colleagues in the energy product group and continue to maximise efficiencies in our coal and uranium operations.

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