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[MELBOURNE] Rio Tinto said on Friday that in its latest moves to slash costs in response to weak commodity prices it was letting go its energy chief, rolling its coal and uranium businesses into two other units and cutting some other corporate jobs.
Rio's coal mines in Australia will be folded into the copper division while its uranium business will be added to the diamonds and minerals group, leaving the company with four product groups, including iron ore and aluminium. "These changes are part of our continuing business transformation to reduce costs, simplify and strengthen our company and deliver sustainable value for shareholders," Rio Tinto Chief Executive Sam Walsh said in a statement.
The changes support the company's commitment to deliver US$750 million in savings this year, a Rio Tinto spokesman said.
Energy chief executive Harry Kenyon-Slaney, a 25-year veteran of the company, will leave immediately.