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Rio Tinto PLC Add to portfolio

LON100:RIO, Apr 05, 07:35 UTC

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Wednesday, April 01


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UPDATE 1-Rights group calls on Rio Tinto to fix damage from old Papua New Guinea mine

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(Reuters) - An Australian human rights group has called on Rio Tinto Ltd to fund a review of health and safety issues it says plagues people near a huge copper mine in Papua New Guinea that the company ran for nearly two decades. The review would be a starting point for talks around compensation and rehabilitation of the Panguna site that was run by Rio Tinto unit Bougainville Copper (BCL) from the early 1970s to 1990, the Human Rights Law Centre in Melbourne said. Rio Tinto said it acknowledged the concerns of some civil society groups alleging past and current environmental and human rights issues. Miners have come under pressure from investors to act in the best interest of all stakeholders, including local communities. So far, miners have not been forced to account for mines they operated in the past, or those they inherited, but growing access to the internet in remote areas has allowed civil society groups to gather material to challenge them.

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Tuesday, March 31


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Rio Tinto to scale back NZ aluminium smelter due to virus

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Rio Tinto to scale back NZ aluminium smelter due to virus | NASDAQ. MELBOURNE, March 31 (Reuters) - Rio Tinto Ltd RIO.AX, RIO.L said on Tuesday its Tiwai smelter in New Zealand will scale back some operations to ensure the health and safety of its workers and comply with government restrictions on containing the coronavirus. New Zealand is in a four-week lockdown to contain the virus that has infected more than three quarters of a million around the globe. The smelter will scale back part of its aluminium making facilities, and affected workers will be reallocated to other areas of the plant, Rio Tinto Aluminium New Zealand said in a statement.

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Wednesday, March 25


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The Zacks Analyst Blog Highlights: Freeport-McMoRan, Teck Resources, Vale, Rio Tinto and Southern Copper

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Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. With major mining countries ramping up efforts to contain spread of the coronavirus outbreak, it has triggered supply concerns for copper, which in turn has resulted the metal’s escalating prices. Anglo American plc is slowing construction work at its Quellaveco copper project in the country and only critical areas of the project are anticipated to continue as usual. However, Teck Resources Ltd. announced that it continues to operate the Antamina mine under an exemption from the announced Peruvian Government restrictions. Click to get this free report Rio Tinto PLC (RIO) : Free Stock Analysis Report Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report VALE S.A. (VALE) : Free Stock Analysis Report Southern Copper Corporation (SCCO) : Free Stock Analysis Report Teck Resources Ltd (TECK) : Free Stock Analysis Report To read this article on Zacks.com click here.

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Monday, March 23


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Rio Tinto update on COVID-19

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Rio Tinto understands that the Quebec government has designated industrial complexes including the aluminium sector and the mining industry as essential industries but instructed that they must reduce their business activity to the minimum. Rio Tinto chief executive officer J-S Jacques said: "The health and safety of our people is Rio Tinto’s key priority and we are supportive of the action being taken by various governments to address the threat of COVID-19. We will continue to work with our employees, customers, communities and suppliers to minimise any impact of action being taken to reduce the spread of COVID-19." This announcement is authorised for release to the market by Rio Tinto’s Group Company Secretary. View source version on businesswire.com: https://www.businesswire.com/news/home/20200323005720/en/.

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Virus-control measures to hit Rio Tinto operations in South Africa, Canada

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Virus-control measures to hit Rio Tinto operations in South Africa, Canada. (Reuters) - Rio Tinto <RIO.L> <RIO.AX> said on Tuesday operations at its mineral sands mine in South Africa will be halted and activity in Quebec, Canada will slow down due to government directives in both countries to stem the spread of the coronavirus. The Anglo-Australian miner said production at its Richards Bay Minerals in South Africa will be halted on Thursday for 21 days, in line with a nationwide lockdown after the number of cases sharply rose. In Canada, Rio Tinto said it was working to comply with the Quebec government's directive to reduce business activity after the province tightened restrictions, including ordering the closure of all non-essential businesses.

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Thursday, March 05


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Activist investors tighten screws on Rio Tinto's emissions plan

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MELBOURNE (Reuters) - Investors in Rio Tinto Ltd have renewed efforts to force the world's biggest iron ore miner to commit to targets that would scale back emissions of its customers in line with the Paris Agreement on combating climate change. A group of institutional investors represented by Market Forces has updated a resolution to be presented at Rio Tinto's annual general meeting in Brisbane on May 7, the unit of environmental group Friends of the Earth said on Thursday. Shareholders want Rio Tinto to report annually on short-, medium- and long-term targets for its direct and indirect greenhouse gas (GHG) emissions, as well as those of its end customers - known as scope 1, 2 and 3 emissions - and performance against those targets. "Rio Tinto had set expectations that we would see Paris-aligned targets to reduce their operational emissions this year, but what they announced falls well short of anything that could be considered consistent with the Paris climate goals," said Market Forces Executive Director Julien Vincent.

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Friday, February 28


News

Cheslatta Carrier Nation and Rio Tinto sign a historic agreement

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Water from the Nechako Reservoir, which stretches 230 km from its source to the water intake tunnel and covers a surface area of nearly 900 square kilometres, is channelled to the hydro-electric plant through an 18-kilometre tunnel bored through the mountains. Recognizing the challenges facing the smelter as a result of low levels, Rio Tinto established the Water Engagement Initiative as a means of collaborating with First Nations, members of the public and governments in the Nechako region to ensure a balance between maintaining the Nechako Reservoir watershed ecosystem while promoting recreation and tourism opportunities. Cheslatta Carrier Nation Chief Corrina Leween said the agreement is another step forward in restoring Cheslatta jurisdiction in their territory and implementing a stewardship initiative for the environment. He said Rio Tinto and the Cheslatta have been engaged in a process of reconciliation for more than a decade, having returned 63 district lots totalling just over 11,000 acres of land to Cheslatta in 2012.

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Cheslatta Carrier Nation and Rio Tinto sign a historic agreement

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Information will also be shared with Cheslatta members on job positions and procurement opportunities within the company’s hydroelectric operations, as well as on potential Cheslatta candidates and suppliers. Water from the Nechako Reservoir, which stretches 230 km from its source to the water intake tunnel and covers a surface area of nearly 900 square kilometres, is channelled to the hydro-electric plant through an 18-kilometre tunnel bored through the mountains. Recognizing the challenges facing the smelter as a result of low levels, Rio Tinto established the Water Engagement Initiative as a means of collaborating with First Nations, members of the public and governments in the Nechako region to ensure a balance between maintaining the Nechako Reservoir watershed ecosystem while promoting recreation and tourism opportunities. He said Rio Tinto and the Cheslatta have been engaged in a process of reconciliation for more than a decade, having returned 63 district lots totalling just over 11,000 acres of land to Cheslatta in 2012.

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News

Newcrest follows Rio Tinto in joint venture with Australian gold junior

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Newcrest has signed a deal to spend as much as A$60 million ($39.58 million) to jointly explore the southern part of Antipa's lease in the Paterson province, adjacent to Newcrest's large ore processing plant and aging Telfur gold mine. The spend could hand Newcrest up to a 75% stake in the venture - dubbed the Wilki Project - if it meets developmental targets over the next eight years. It shot to global prominance 18 months ago with news of a huge copper and gold find by Rio Tinto, which the major named Winu. Newcrest has an agreement with Greatland Gold PLC GGPL.L for its Havieron gold-copper project, while Rio has deals including with Sipa Resources Ltd SRI.AX and Carawine Resources Ltd CWX.AX. Fortescue Metals Group Ltd FMG.AX as well as IGO Ltd IGO.AX through explorer Encounter Resources Ltd ENR.AX are also active in the area.

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Wednesday, February 26


News

Rio Tinto Is Digging Mostly Into Its Pocket

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(Bloomberg Opinion) -- A combination of hefty dividends and contracting output is turning the world’s second-largest miner into the poster child for a $1.5 trillion industry’s growth quandary. Rio Tinto Group announced a record $3.7 billion final dividend Wednesday, adding to $11.9 billion of cash returns already paid in 2019. Yet it produced less iron ore, copper and aluminum, leaving market prices to lift underlying earnings by 18%. Its Mongolian copper mine, a key source of future production and the basis of a greener portfolio, is now not only sorely overdue and over-budget, but also tangled in international tax arbitration. At Rio, iron ore now accounts for three-quarters of its underlying Ebitda. For investors, it hasn’t been all bad news. Since Chief Executive Officer Jean-Sebastien Jacques took the helm in 2016, Rio’s total return including reinvested dividends adds up to an impressive 112%, outpacing most rivals. Yet much of that is due to generous payouts. For a company that digs stuff up for a living, this may not be sustainable — especially for one that aims to build a portfolio better aligned with a carbon-light global economy.

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