Rio Tinto CEO Simon Trott announced a restructuring plan to simplify the company, aiming to generate $5 billion to US$10 billion through asset divestments and productivity growth.

Rio Tinto will consolidate its structure from four units to three, focusing on core, profitable assets. Non-core businesses, including titanium and borate operations, as well as certain land, infrastructure, processing, and mining assets, are planned for sale.

The company has already achieved $370 million of its $650 million annualized productivity target, which includes cost savings and job reductions.

Besides, Rio Tinto raised its 2025 copper production outlook, forecasting 860,000 to 875,000 tons, mainly due to increased output at its Oyu Tolgoi project in Mongolia.

Separately, Trott disclosed that the company is working with its main shareholder, Aluminium Corporation of China (Chinalco), to settle governance issues currently restricting its ability to repurchase shares.