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LON100:RIO, Sep 30, 04:56 UTC

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Tuesday, September 22


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Rio Tinto to develop bonded area operations for blending iron ore at Dalian port

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U.S. Rio Tinto to develop bonded area operations for blending iron ore at Dalian port. (Reuters) - Anglo-Australian miner Rio Tinto (RIO.AX) has signed a pact to jointly develop its first bonded area operations to blend iron ore in China's port of Dalian, the company said on Tuesday, as it moves to widen offerings for customers across Asia. The MoU with Dalian Port Co Ltd allows Rio Tinto to also use the Chinese port as a transhipment hub, the company said, adding that it could help better serve steel mills in North China. Dalian port has blended over 46 million tonnes of iron ore within its bonded area since 2016 when it first started the operation, the most among Chinese ports, as per the statement.

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Monday, September 14


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COLUMN-Rio, other miners, should adopt 10th man to reform boards: Russell

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(Reuters) - Rio Tinto's board may have stemmed the bleeding of the mining giant's public image with the belated dumping of Chief Executive Jean-Sébastien Jacques after a widely-panned initial punishment for blowing up two significant Aboriginal rockshelters. The company's board initially responded by cutting the bonuses of Jacques and the other executives, apologising and promising new procedures to ensure something similar didn't happen again. But these moves were condemned by investors and activists as a mere slap on the wrist, and a sign that Rio still didn't really understand the importance of community relations. The independent directors of Rio include three people with investment banking backgrounds, four from oil and gas, one geologist, one former public servant/diplomat and one academic, with a background in public policy. It may well be the case that there was vigorous and heated discussion among Rio's directors, but the initial response showed they didn't understand the depth of the problem they were dealing with. What the board probably needed was somebody akin to the Israeli "tenth man" theory, a so-called devil's advocate who is able to present a completely contrarian position to what the rest of the board may think. But for such a director to function effectively, they would have to come from a background very different to the majority of Rio's current independent directors.

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Saturday, September 12


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Gold Fields reviewing approvals given at Australian sites after Rio Tinto cave blast

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Rio Tinto said earlier on Friday chief executive Jean-Sébastien Jacques and two other executives would step down following an outcry over its decision in May to detonate part of an ancient gorge that showed 46,000 years of human habitation. Gold Fields, which has operations in Australia including its Granny Smith and Gruyere mines, said it was already acting in response to the situation its rival had found itself in. "As a result of the Rio incident, two months ago we initiated a review of previous legal approvals that each Australian site had received from the regulator," Gold Fields spokesman Sven Lunsche said in response to questions from Reuters on its approach to the heritage issue. "We have also undertaken a review of the gaps identified in Gold Fields' heritage management processes as part of a critical control audit in late 2019, with a particular focus on relationships with Aboriginal stakeholders," Lunsche said.

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Friday, September 11


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Gold Fields reviewing approvals given at Australian sites after Rio Tinto cave blast

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Rio Tinto said earlier on Friday chief executive Jean-Sébastien Jacques and two other executives would step down following an outcry over its decision in May to detonate part of an ancient gorge that showed 46,000 years of human habitation. Gold Fields, which has operations in Australia including its Granny Smith and Gruyere mines, said it was already acting in response to the situation its rival had found itself in. "As a result of the Rio incident, two months ago we initiated a review of previous legal approvals that each Australian site had received from the regulator," Gold Fields spokesman Sven Lunsche said in response to questions from Reuters on its approach to the heritage issue. "We have also undertaken a review of the gaps identified in Gold Fields' heritage management processes as part of a critical control audit in late 2019, with a particular focus on relationships with Aboriginal stakeholders," Lunsche said.

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Rio Tinto CEO resigns after destruction of heritage site

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Stay Updated on Developing Stories. Rio Tinto CEO resigns after destruction of heritage site Rio Tinto CEO Jean-Sébastien Jacques resigned under pressure from investors over the company's destruction of a 46,000-year-old sacred Indigenous site in Australia to expand an iron ore mine. CNN's Angus Watson reports.

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Rio Needs a CEO to Fix Its Reputation. Here Are Some Candidates

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(Bloomberg) -- Rio Tinto Group is hunting for a new leader to restore relations with the communities where it mines after Jean-Sebastien Jacques was forced out over the destruction of ancient Aboriginal heritage sites. Rio announced Friday that Jacques and two other senior executives will leave after investors and Indigenous groups demanded stronger action and accountability over the explosions that tore through the 46,000-year-old landmarks in May. London-based Rio, the world’s second-biggest miner, is reviewing internal and external options for a new chief executive officer and will prioritize candidates with the skills to repair the company’s tarnished standing, Chairman Simon Thompson said Friday in a phone interview. Palmer, 52, is an Australian, educated in Melbourne, and was chief operating officer of Rio’s iron ore business -- the company’s main profit driver and the unit responsible for the incident that brought down Jacques.

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ESG Blog: Rio Tinto CEO resigns over destruction of sacred site

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ESG Blog: Rio Tinto CEO resigns over destruction of sacred site. Round-up of ESG coverage. Investment Week. 11 September 2020. Investment Week collates all the latest news, research and developments regarding how environmental, social and governance (ESG) issues are being addressed by the industry. More on Investment. Most read. © Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013. Digital publisher of the year 2010, 2013, 2016 & 2017.

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Rio Tinto may need to tap outsider for new chief

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Rio Tinto may need to tap outsider for new chief. MELBOURNE (Reuters) - Four years after mining giant Rio Tinto swept out its veteran managers to make way for a new generation of business heads, its leadership team has come unstuck. The world's biggest iron ore miner is looking for a new chief and iron ore boss after they allowed the blasting of ancient Aboriginal rock shelters to expand a mine in Western Australia against the wishes of the traditional owners. "Zoe has the relevant mining background, international management experience, government relationships, acute sensitivity to indigenous and remote community engagement, and strong Australian roots," said one analyst, who declined to be named as he does not cover Rio. If the company wants to overhaul its culture, it might be tough to turn to former Rio executives, although several were seen as potential candidates: Newcrest Mining Chief Executive Sandeep Biswas, Aurizon CEO Andrew Harding, OZ Minerals CEO Andrew Cole and Fortescue Chief Operating Officer Greg Lilleyman.

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Breakingviews - Rio Tinto rebellion sets new ESG bar

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HONG KONG (Reuters Breakingviews) - Rio Tinto’s recklessness has set a welcome new bar for environmental, social and corporate governance. Boss Jean-Sebastien Jacques and two deputies, including the head of its iron ore unit which accounted for 96% of half-year earnings, will step down after outcry over the $105 billion miner's destruction of a 46,000-year-old Aboriginal heritage site in Western Australia. Jacques is a larger-than-expected scalp but his defence that he didn’t know about the importance of the site until it was too late exposed deeper problems in the company’s corporate culture. That trounces the local benchmark indexes and outperforms rival BHP. And while Rio's generous dividends and soaring share prices were driven by voracious Chinese demand for iron ore, Jacques steered clear of acquisition sprees - a common pitfall in the sector - and made the prescient decision to exit coal, putting it on a greener path.

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Rio Tinto bosses resign over destruction of ancient Aborginal site

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Rio Tinto announced the resignation of its CEO and two top lieutenants Friday over the mining giant's destruction of a 46,000-year-old Aboriginal site to expand an iron ore mine in Australia. The Anglo-Australian firm faced a growing investor revolt over the destruction of the sacred site in the Juukan Gorge in Western Australia's remote Pilbara region -- one of the earliest known locations inhabited by Australia's indigenous people. Following a board investigation into the May 24 incident, Rio Tinto said CEO Jean-Sebastien Jacques was stepping down "by mutual agreement" along with the chief of the company's core iron ore division, Chris Salisbury, and corporate relations head Simone Niven. "What happened at Juukan was wrong and we are determined to ensure that the destruction of a heritage site of such exceptional archaeological and cultural significance never occurs again at a Rio Tinto operation," chairman Simon Thompson said in a statement.

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