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[January 2006]
World Leaders in Borates, Talc and Salt Brought Under Common Management
Rio Tinto announced on 4 January 2006 that it was bringing three of its industrial minerals businesses together to better serve markets. Rio Tinto Borax, the world leader in borate supply and science; Luzenac, the world's foremost talc producer; and Dampier Salt Ltd, the premier exporter of solar salt, will be brought under common management to form Rio Tinto Minerals (RTM). Together with Rio Tinto Iron & Titanium (RTIT), Rio Tinto Minerals will form the Rio Tinto Industrial Minerals Product Group (RTIM).
"We are building on our remarkable resource base to achieve efficiencies of scale and create a platform for growth," said Andrew Mackenzie, Chief Executive of RTIM and Chairman of RTM and RTIT.
Combining the businesses' resource base, expertise and infrastructure supports global market growth, with a particular focus on developing economies where demand for high quality industrial minerals is rising. RTM will preserve brand equity developed over centuries by continuing to market its products under the existing brands.
The new structure will be implemented progressively throughout 2006. Effective 1 February 2006, Gary Goldberg, currently President and CEO of Borax, will be appointed President and Chief Operating Officer of RTM. Adam Parr, currently Managing Director of Dampier Salt, will assume the role of President and Chief Commercial Officer. Both will report to Andrew Mackenzie.
Borax (1,400 employees) supplies 43% of global demand for refined borates and Luzenac (1,500 employees) supplies 25% of the world talc market - both companies sell to various parts of the ceramic industry. Dampier is the world's largest salt exporter, employs 300 people in Australia and ships 8.5 million tonnes of salt and 1 million tonnes of gypsum per year.
ENDS