February 22, 2018 / 4:18 PM / in 4 months

Rio Tinto says changing structure, moving some staff

LONDON (Reuters) - Rio Tinto is moving some of its support staff as it creates three global hubs, but is not changing its operating model, it said on Thursday.

FILE PHOTO: The Rio Tinto's company logo is featured on a TV monitor at the mining company' annual general meeting in Sydney, Australia, May 4, 2017. REUTERS/Jason Reed

Rio Tinto, the second biggest miner by market capitalization, has listings in London and Australia, a headquarters in London and an Australian office.

In addition, it has created a commercial and marketing hub in Singapore and three global hubs.

Rio Tinto said in an emailed statement its operating model was not changing, but it was “adjusting where work is done by creating three global hubs” and it was starting a consultation with British employees as some roles would be moved to one of the three hubs. It did not specify where the hubs would be.

Earlier the Financial Times reported the plan.

The biggest miner BHP, which like Rio has a dual structure, is under pressure from activist investor Elliott Advisors to simplify its set-up, but BHP says the evidence so far is that any gains would be less than the cost of change.

Rio CEO Jean-Sebastien Jacques said he regularly reviews Rio’s structure and is comfortable with it.

Reporting by Barbara Lewis; Editing by Mark Potter and Jane Merriman

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