Rio Tinto's new CEO Simon Trott has announced a comprehensive restructuring plan following his appointment, consolidating operations into three core divisions: iron ore, copper, and aluminium-lithium. The company will also review potential sales of non-core assets, including Richards Bay Minerals in South Africa, Canadian iron and titanium operations, and U.S. borate mines. Post-restructuring, Matthew Holcz will lead the iron ore business, while Jérôme Pécresse will head the aluminium-lithium division. The reorganization accompanies executive changes, including the departure of Australia CEO Kellie Parker, among others. In the first half of the year, Rio Tinto's profit fell to $4.8 billion, its lowest since 2020, primarily due to declining iron ore and lithium prices and rising costs.