Rio Tinto Energy Chief's Job Cut May Signal Coal Exit
By Sonali Paul and Silvia Antonioli
In its latest effort to slash costs as commodity prices fall, Rio Tinto is letting go its energy chief and rolling its coal and uranium businesses into two other units, a move that could signal its intention to divest its coal assets.
The world's second-largest mining company said on Friday it will fold its coal mines in Australia into the copper division while its smaller uranium business will be added to the diamonds and minerals group, leaving the company with four product groups, including iron ore and aluminium.
by D. Sewell (CC BY 2.0)