MELBOURNE (Reuters) -Anglo-Australian miner Rio Tinto named Matthew Holcz to lead its iron ore division, its most profitable, and will streamline operations into three business units – iron ore, aluminium and lithium, and copper, it said on Wednesday.
The move comes as newly minted CEO Simon Trott, who had previously led the iron ore business, seeks to simplify the miner’s structure and sharpen the focus on its most profitable assets, a shift previously flagged by Reuters.
Holcz was named chief executive of the unified iron ore division, integrating Rio Tinto’s Western Australian operations with Canada’s iron ore operations in changes taking effect on Wednesday, the company said in a filing to the ASX. The division will also include the Simandou project in Guinea when it is completed.
Jerome Pecresse, who leads the aluminium division, will also take on lithium, including the miner’s recently acquired Arcadium Lithium business. Katie Jackson will continue to head the copper division focused on the ramp up of the Oyu Tolgoi mine in Mongolia.
Outside the three core units, Rio Tinto’s borates and iron and titanium businesses will be transferred to Chief Commercial Officer Bold Baatar’s portfolio for strategic review, with further updates on their future to be provided.
Rio Tinto has been considering a sale of the titanium unit amid weak prices and low returns.
The business is currently part of Sinead Kaufman’s Minerals division. With the changes, Kaufman will be leaving Rio Tinto at the end of October after almost 30 years, the company said.
The company will “conclude” the Chief Executive Australia role, held by Kellie Parker, which covers health and safety and mine closures, it said.
Parker will remain in the role during the transition to transfer her responsibilities, the company said.
(Reporting by Roushni Nair in Bengaluru and Melanie Burton in Melbourne; Editing by Rashmi Aich, Sherry Jacob-Phillips and Christian Schmollinger)
