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Rio Tinto (RIO)

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idpickering
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Re: Rio Tinto (RIO)

#485094

Postby idpickering » March 8th, 2022, 9:45 am

Notices of 2022 annual general meetings

Rio Tinto will today issue notices for the 2022 annual general meetings of Rio Tinto plc and Rio Tinto Limited. The notices will be available at riotinto.com/agm. Rio Tinto Limited's notice of meeting will also be released to the ASX.

Rio Tinto plc will hold its 2022 annual general meeting on 8 April 2022 in London and Rio Tinto Limited will hold its 2022 annual general meeting on 5 May 2022 in Melbourne. Shareholders are invited to participate in the meeting in person or virtually.

In the lead up to the annual general meetings, Rio Tinto will continue to monitor the COVID-19 situation in the United Kingdom and in Australia. Attendance in person at the meetings may be subject to any restrictions in force at the time. If it becomes necessary or appropriate to make alternate arrangements to hold the meetings, shareholders will be given as much notice as possible. Updates will be made available at riotinto.com/agm.


https://www.investegate.co.uk/rio-tinto ... 00089896D/

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Re: Rio Tinto (RIO)

#486398

Postby idpickering » March 14th, 2022, 7:20 am

Rio Tinto Makes All-Cash Proposal to Acquire Full Ownership of Turquoise Hill

· Creates a more efficient ownership and governance structure for the Oyu Tolgoi project

· Strengthens Rio Tinto's copper portfolio and reinforces long-term commitment to Mongolia

· C$34 per share proposed acquisition price values Turquoise Hill minority shareholdings at US$2.7 billion

· Opportunity for Turquoise Hill shareholders to realise compelling, immediate and certain value

Rio Tinto has made a non-binding proposal to the Turquoise Hill Board to acquire the approximately 49% of the issued and outstanding shares of Turquoise Hill that Rio Tinto does not currently own (the "Proposed Transaction"). Under the terms of the Proposed Transaction, Turquoise Hill minority shareholders would receive C$34 in cash per Turquoise Hill share, representing a premium of 32% to Turquoise Hill's last closing share price on the Toronto Stock Exchange. This proposal would value the Turquoise Hill minority share capital at approximately US$2.7 billion.


https://www.investegate.co.uk/rio-tinto ... 00116360E/

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Re: Rio Tinto (RIO)

#489898

Postby idpickering » March 29th, 2022, 7:05 am

Rio Tinto completes acquisition of Rincon lithium

Rio Tinto has completed the acquisition of the Rincon lithium project in Argentina for $825 million, following approval from Australia's Foreign Investment Review Board (FIRB).

A binding agreement to purchase the project from Rincon Mining, a company owned by funds managed by the private equity group Sentient Equity Partners, was announced in December 2021.

Rincon is a large undeveloped lithium brine project located in the heart of the lithium triangle in the Salta Province of Argentina, an emerging hub for greenfield projects. The project is a long life, scaleable resource capable of producing battery grade lithium carbonate. It has the potential to have one of the lowest carbon footprints in the industry.

Rio Tinto Chief Executive Jakob Stausholm said "Rincon strengthens our battery materials business and positions Rio Tinto to meet the double-digit growth in demand for lithium over the next decade, at a time when supply is constrained. We will be working with local communities, the Province of Salta and the Government of Argentina as we develop this project to the highest ESG standards."


https://www.investegate.co.uk/rio-tinto ... 00103110G/

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Re: Rio Tinto (RIO)

#492820

Postby idpickering » April 8th, 2022, 3:39 pm

Rio Tinto plc annual general meeting.

The addresses given by the Chairman and the Chief Executive at the Rio Tinto plc annual general meeting held today at 11.00am (BST) at The Queen Elizabeth II Conference Centre, Broad Sanctuary, Westminster, SW1P 3EE are available at http://www.riotinto.com/agm .


https://www.investegate.co.uk/rio-tinto ... 07158146H/

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Re: Rio Tinto (RIO)

#493900

Postby idpickering » April 13th, 2022, 7:20 am

Notice of dividend currency exchange rates.

On 23 February 2022, Rio Tinto announced a final dividend of 417.00 US cents per share and a special dividend of 62.00 US cents per share for the full year ended 31 December 2021, with Rio Tinto Limited shareholders to be paid:

· a final dividend of 306.72 British pence per ordinary share; and

· a special dividend of 45.60 British pence per ordinary share.


https://www.investegate.co.uk/rio-tinto ... 00121944I/

Dividends to be paid on 21 Apr 22.

Ian.
Moderator Message:
This announcement is for those who have elected to be paid in another currency, and those rates are in a table further down in the RNS.

TJH

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Re: Rio Tinto (RIO)

#495335

Postby idpickering » April 20th, 2022, 5:06 am

Rio Tinto releases first quarter production results.

Rio Tinto Chief Executive Jakob Stausholm, said: "We made notable progress during the quarter with the commencement of underground mining at Oyu Tolgoi following a comprehensive agreement reached with the Government of Mongolia, completed the acquisition of the Rincon lithium project in Argentina, and signed a framework agreement at the Simandou iron ore project in Guinea. These projects are all aligned with our strategy of growing in materials essential to a decarbonising world.

"Production in the first quarter was challenging as expected, re-emphasising a need to lift our operational performance. We launched seven more deployments of the Rio Tinto Safe Production System, building on the achievements from the previous rollouts. As we ramp up Gudai-Darri, our iron ore business will have greater production capacity and be better placed to produce additional tonnes of Pilbara Blend in the second half.

"We released an independent report on our workplace culture and are implementing all 26 recommendations to make positive and lasting changes. We also announced an agreement with the Yinhawangka Aboriginal Corporation on a new co-designed management plan to ensure the protection of significant social and cultural heritage values.

"These actions will ensure we continue to deliver attractive returns to shareholders, as we invest in sustaining and growing our portfolio, be a partner and employer of choice and progress our ambition to achieve net-zero carbon emissions.

Q1 2022 operational highlights and other key announcements

The safety, health and well-being of our workforce and the communities in which we operate are key priorities for our business. Our all-injury frequency rate of 0.33 is an improvement from the first quarter of 2021 (0.36), and an improvement against the prior quarter (0.41). We experienced increased COVID-19 cases on-site in the Pilbara following the Western Australian border opening and spikes in cases across our other operations. We continue to monitor new variants and will remain vigilant.

Pilbara operations had a challenging first quarter, as expected. We produced 71.7 million tonnes (100% basis), 6% lower than the first quarter of 2021. Pilbara shipments in the first quarter were 71.5 million tonnes (100% basis), 8% lower than the first quarter of 2021. We expect increased production volumes and improved product mix in the second half with the commissioning and ramp up of Gudai-Darri, commissioning of the Robe Valley wet plant and improved mine pit health. Full year shipments guidance remains unchanged.


https://uk.finance.yahoo.com/news/rio-t ... %20rows%20

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Re: Rio Tinto (RIO)

#495338

Postby idpickering » April 20th, 2022, 7:17 am

Further to my last post above, here's the RNS regarding the item.

https://www.investegate.co.uk/rio-tinto ... 00046732I/

Ian.

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Re: Rio Tinto (RIO)

#501441

Postby idpickering » May 19th, 2022, 7:16 am

Rio Tinto agrees revisions to funding arrangements with Turquoise Hill Resources.

Rio Tinto has agreed to amend the previously agreed funding plan with Turquoise Hill Resources (TRQ) (9 April, 2021) in order to provide liquidity of up to $400 million in short-term early advances, while the Special Committee of TRQ evaluates Rio Tinto's C$34 per share all-cash proposal to acquire the approximately 49% of the issued and outstanding shares of TRQ that Rio Tinto does not currently own.

Subject to the satisfaction of certain minimum liquidity and other conditions, the early advances will be available at any time up to their maturity on 31 December, 2022, and enable TRQ to fund the ongoing development of the Oyu Tolgoi (OT) Underground Project in Mongolia. The deadline in the previously agreed funding plan for Turquoise Hill to conduct an initial equity offering of at least $650 million has also been extended from the end of August 2022 to the end of 2022.


https://www.investegate.co.uk/rio-tinto ... 00090265M/

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Re: Rio Tinto (RIO)

#507299

Postby idpickering » June 15th, 2022, 7:17 am

First ore delivered at Gudai-Darri iron ore mine in the Pilbara.

Rio Tinto has delivered first ore from the Gudai-Darri iron ore mine as the company brings online its first greenfield mine in the Pilbara, Western Australia, in more than a decade. Gudai-Darri will help underpin future production of the company's flagship Pilbara Blend ™ product.

The first autonomous AutoHaul™ trains loaded with ore from Gudai-Darri's process plant have travelled the new 166-kilometre rail line that connects to Rio Tinto's existing rail and port infrastructure. Production from the mine will continue to ramp up through the remainder of this year and is expected to reach full capacity during 2023.

Since ground was broken in April 2019, more than 14 million workhours have resulted in the movement of over 20 million cubic metres of earth, batching and placement of 35,000 cubic metres of concrete, and the installation of 10,000 tonnes of steel. The development of Gudai-Darri supported more than 3,000 jobs during the construction and design phase. The mine will support around 600 ongoing permanent roles.

With an expected life of more than 40 years and an annual capacity of 43 million tonnes, Gudai-Darri will underpin future production of Pilbara Blend ™ product. A feasibilty study to support an expansion of this new hub is also progressing.

The mine's commissioning and ramp-up is expected to increase Rio Tinto's iron ore production volumes and improve product mix from the Pilbara in the second half of this year. Full-year shipments guidance for 2022 remains at 320 to 335 million tonnes (100% basis) subject to risks around the ramp up of new mines, weather and management of cultural heritage.


https://www.investegate.co.uk/rio-tinto ... 00038928O/

Ian.

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Re: Rio Tinto (RIO)

#514648

Postby idpickering » July 15th, 2022, 3:51 pm

Second quarter production results.

Rio Tinto Chief Executive Jakob Stausholm, said: "We strengthened our operational performance at a number of sites, which we will now replicate across the portfolio. The delivery of first ore at Gudai-Darri, our first greenfield mine in the Pilbara for over a decade, increases mine capacity and supports production of our flagship Pilbara Blend™. We also fired the first draw bell at the Oyu Tolgoi underground project in June, and started producing scandium and tellurium. These critical minerals are being extracted from existing waste streams at our titanium operation in Quebec and copper operation in Utah, without the need for new mining.

"We are committed to transforming our culture and building better relationships. In May, we signed a Heads of Agreement with the Puutu Kunti Kurrama and Pinikura (PKKP) people which will guide the co-management of PKKP country where mining takes place.

"We made progress against our four objectives during the first half and we are determined to further strengthen Rio Tinto while investing to grow in the commodities needed for the energy transition, decarbonise our portfolio, be a partner and employer of choice, maintain our tight capital allocation and continue to pay attractive dividends."

Q2 2022 operational highlights and other key announcements

• We are focused on the safety, health and wellbeing of our workforce and communities where we operate. Our all-injury frequency rate of 0.35 is an improvement from the second quarter of 2021 (0.42), and in line with the prior quarter (0.35). We have seen an overall decline in COVID-19 cases, with spikes at some of our operations. We continue to monitor the situation and remain vigilant.

• Gudai-Darri delivered first ore from the main plant in June. As it ramps up, we expect increased production volumes and improved product mix in the second half, with Gudai-Darri capacity to be reached in 2023. Pilbara operations produced 78.6 million tonnes (100% basis) in the second quarter, 4% higher than the second quarter of 2021. While significantly higher than average rainfall in May impacted mine production, continued focus on mine pit health and commissioning of Gudai-Darri supported a stronger second quarter. Shipments were 79.9 million tonnes (100% basis), 5% higher than the second quarter of 2021. Full year shipments guidance remains unchanged at 320 to 335 million tonnes.

• Bauxite production of 14.1 million tonnes was 3% higher than the second quarter of 2021 due to strong operational performance at Weipa as a result of improved plant reliability at Amrun.

• Aluminium production of 0.7 million tonnes was 10% lower than the second quarter of 2021 due to reduced capacity at our Kitimat smelter in British Columbia following the strike which commenced in July 2021. A controlled restart began at the end of the second quarter of 2022, with ramp-up progressing subject to plant stability. Production at Boyne smelter in Queensland was impacted due to process instability following COVID-19 related unplanned absences. Production has been stabilised and the cells that have been taken offline are being ramped up over the next 12 months. All of our other smelters continued to have stable performance. Guidance has been lowered to 3.0 to 3.1 million tonnes (previously 3.1 to 3.2 million tonnes).

• Mined copper production of 126 thousand tonnes was 9% higher than the second quarter of 2021 due to higher material movement and higher grades and recoveries at Kennecott and Escondida, partly offset by lower grades and recoveries at Oyu Tolgoi as a result of planned mine sequencing.

• On 18 May, we a nnounced we had agreed to amend the funding plan with Turquoise Hill Resources (TRQ) in order to provide liquidity of up to $400 million in short-term early advances, while the Special Committee of TRQ evaluates our C$34 per share all-cash proposal to acquire the approximately 49% of the issued and outstanding shares of TRQ that Rio Tinto does not currently own. The deadline in the funding plan for TRQ to conduct an initial equity offering of at least $650 million has also been extended from the end of August to the end of 2022.

• Titanium dioxide slag production of 293 thousand tonnes was 2% lower than the second quarter of 2021 with steady performance at Richards Bay Minerals in South Africa and improved stability of operations at Rio Tinto Fer et Titane, Canada. There were some operational disruptions at QIT Madagascar Minerals following cyclones in Madagascar.

• Iron Ore Company of Canada (IOC) achieved milestones in May including record safety performance year to date (0.26 AIFR versus 0.73 in 2021) and monthly records for concentrate production and total material moved. Production of pellets and concentrate was 4% lower than the second quarter of 2021 due to the planned annual maintenance shutdown (seven days) which was successfully completed in June (this work was completed in September in 2021).

• In the second quarter, we continued to successfully roll out the Rio Tinto Safe Production System (RTSPS) and now have 15 deployments across the business at 11 sites, with 30 rapid improvement projects (Kaizens) either completed or in progress. In the half, there has been a 9% year on year improvement in average operating time across processing plants and drills at deployment sites versus the same period of 2021. We are on track to meet our 2022 target of 30 deployments at 15 sites.

• In the second quarter, we entered into additional partnerships and progressed initiatives to decarbonise our business and our value chains. These include a Memorandum of Understanding with Salzgitter to work together towards carbon-free steelmaking, and a strategic equity investment in Nano One - a clean technology innovator in battery materials.

• As the result of Queensland Alumina Limited's (QAL) activation of a step-in process following sanction measures by the Australian Government, Rio Tinto has taken on 100% of capacity for as long as the step-in continues. This results in use of Rusal's 20% share of capacity by Rio Tinto under the tolling arrangement with QAL. This additional output is excluded from the production tables in this report as QAL remains 80% owned by Rio Tinto and 20% owned by Rusal.

• Higher rates of inflation have increased our closure liabilities with an impact to underlying earnings. In the first half of 2022, this resulted in increased charges of approximately $400 million pre-tax within underlying earnings compared with the first half of 2021, including a $300 million increase in amortisation of discount, with the remainder impacting underlying EBITDA.

• All figures in this report are unaudited. All currency figures in this report are US dollars, and comments refer to Rio Tinto's share of production, unless otherwise stated.


https://www.investegate.co.uk/rio-tinto ... 16196223S/

Ian. (Who topped up his RIO holdings today)

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Re: Rio Tinto (RIO)

#517512

Postby idpickering » July 27th, 2022, 7:35 am

Rio Tinto 2022 half year results

Rio Tinto delivers underlying EBITDA of $15.6 billion and an interim dividend of 267 US cents per share.

Rio Tinto Chief Executive Jakob Stausholm said: "We remain focused on delivering on our long-term strategy, with a steady improvement in operating performance and some notable advances in our growth agenda. We continue to strengthen our partnership with the Mongolian government following commencement of underground mining at Oyu Tolgoi, delivered first iron ore from the Gudai-Darri mine and approved early works funding at the Rincon lithium project.

"Market conditions were good, albeit below last year's record levels. We delivered largely flat production and solid financial results, with underlying EBITDA of $15.6 billion, free cash flow of $7.1 billion and underlying earnings of $8.6 billion, after taxes and government royalties of $4.8 billion. As a result, we are paying our second highest ever interim dividend of $4.3 billion, a 50% payout, in line with our policy. The market environment has become more challenging at the end of the period.

"We are committed to making lasting, long-term change to our culture, including to our workplace culture, and to building better relationships with Indigenous peoples, communities and partners. The progress we are making will ensure we continue to deliver attractive returns to shareholders, invest in sustaining and growing our portfolio, and make a broader contribution to society in the drive to net-zero carbon emissions."

• Safety remains our top priority: we have now exceeded 3.5 years without a fatality on a managed site but we recognise that safety requires operating discipline every day. Our all-injury frequency rate of 0.35 improved from 2021: fatigue, labour shortages and other pressures from COVID-19 have heightened safety risks in day-to-day operations. We are advancing our enhanced Safety Maturity Model to address these risks.

• $10.5 billion net cash generated from operating activities, which was 23% lower than 2021 first half, flowed through to 30% lower free cash flow1 of $7.1 billion, which included a 6% decrease in capital expenditure to $3.1 billion, as our current programme of Pilbara replacement projects near completion.

• $8.9 billion of net earnings, 28% lower than 2021 first half, reflected the movement in commodity prices, the impact of higher energy prices on our operations and higher rates of inflation on our operating costs and closure liabilities. Effective tax rate on net earnings of 24.5% compared with 28.5% in 2021 first half.

• $15.6 billion underlying EBITDA1 was 26% below 2021 first half, with an underlying EBITDA margin1 of 50%.

• $8.6 billion underlying earnings1 (underlying EPS1 of 532.7 US cents) were 29% below 2021 first half with a 25.2% effective tax rate on underlying earnings1, compared with 28.8% in 2021 first half.

• $0.3 billion of net cash1 at 30 June 2022, which compared with net cash1 of $1.6 billion at the start of the year, reflected the free cash flow1 of $7.1 billion, offset by $7.6 billion of cash returns to shareholders and the $0.8 billion Rincon acquisition.

• Interim ordinary dividend of $4.3 billion, our second highest ever interim, equivalent to 267 US cents per share. This represents 50% of underlying earnings, in line with our shareholder returns policy, and consistent with our practice of paying out 50% on the ordinary interim dividend.

• Following publi cation of a comprehensive external review of our workplace culture on 1 February, we are now implementing all recommendations from the report to ensure that everyone at Rio Tinto has a safe, respectful and inclusive workplace.

• We are on track to achieve our gender diversity target to increase female representation (including in senior leadership) by two percentage points this year: this increased by one percentage point in the half to 22.6%.

• We continue to focus on rebuilding our relationships with Indigenous Peoples across our global operations. On 14 February, we announced an agreement with the Yinhawangka Aboriginal Corporation on a new co-designed management plan to ensure the protection of significant social and cultural heritage values. This is part of our proposed development of the Western Range iron ore project in the Pilbara region of Western Australia. In May, we signed a Heads of Agreement with the Puutu Kunti Kurrama and Pinikura (PKKP) people which will guide the co-management of PKKP country where mining takes place.

• We made significant progress with our objective to excel in development with the following key milestones in the first half:

◦ we delivered first ore from Gudai-Darri, our first greenfield iron ore mine in the Pilbara in more than a decade. We expect it to reach its 43 million tonne per year capacity in 2023.

◦ we fired the first and second drawbells from the Hugo North copper-gold underground mine at Oyu Tolgoi in Mongolia. This followed the comprehensive agreement announced on 25 January 2022, which resets the relationship between partners, and resulted in the start of underground operations. The undercut progression remains on track to achieve sustainable production in the first half of 2023.

◦ we made a non-binding all-cash proposal to the Turquoise Hill (TRQ) Board to acquire the ~49% of the issued and outstanding shares of TRQ that Rio Tinto does not currently own. The proposed acquisition price of C$34 per share values the minority shareholdings at US$2.7 billion. On 18 May, we agreed to amend the funding plan with TRQ in order to provide liquidity of up to $400 million in short-term early advances, while the Special Committee of TRQ evaluates our proposal. The deadline in the funding plan for TRQ to conduct an initial equity offering of at least $650 million has also been extended from the end of August to the end of 2022.

◦ following completion of the acquisition of the Rincon lithium project in Argentina, the Board has approved $190 million to develop a small starter battery-grade lithium carbonate plant with a capacity of 3,000 tonnes per year and first saleable production in 2024. The approval also includes early works to support a full-scale operation, including power line and associated substations, construction camp and airstrip.

• To achieve our ambition of becoming the best operator, we continue to rollout the Rio Tinto Safe Production System (RTSPS). We now have 15 active deployments across the business with 30 rapid improvement projects (Kaizens), targeting bottlenecks, either completed or in progress.

• We set ambitious climate targets in 2021 to reduce our Scope 1 and 2 emissions by 50% by 2030. While, as expected, we are yet to achieve a reduction in our emissions, we are putting the building blocks in place, including a call for proposals to develop large-scale wind and solar power in Central and Southern Queensland to power our aluminium assets in the Gladstone region. These assets require 1140MW of reliable power to operate, which equates to at least 4GW of quality wind or solar power with firming.

• We reach ed agreement with the Australian Taxation Office (ATO) on all tax matters in dispute. We also reached agreement with the Inland Revenue Authority of Singapore in relation to transfer pricing for the same historical years (2010 to 2021). In the second half of 2022, we will pay additional tax of A$613 million to the ATO, relating to this agreement, which has been fully provided.

And later;

The 2022 interim dividend, equivalent to 267 US cents per share will be paid on 22 September 2022 to Rio Tinto Limited, Rio Tinto plc and Rio Tinto plc ADR shareholders on the register at the close of business on 12 August 2022. The ex-dividend date for the 2022 interim dividend for Rio Tinto Limited, Rio Tinto plc and Rio Tinto plc ADR shareholders is 11 August 2022. Rio Tinto plc shareholders will receive 221.63 pence per share for the interim dividend and Rio Tinto Limited shareholders will receive 383.70 Australian cents per share for the interim dividend based on the applicable exchange rates on 26 July 2022. ADR holders receive dividends at the declared rate in US dollars.


https://www.investegate.co.uk/rio-tinto ... 15058373T/

Ian.

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Re: Rio Tinto (RIO)

#517779

Postby idpickering » July 28th, 2022, 5:29 am

Rio Tinto Inks Deal to Unlock Huge Simandou Iron Ore Project.

Rio Tinto Group said it’s formed a joint venture with the Guinea government and Winning Consortium Simandou to develop infrastructure including a railway and port, in a breakthrough that should help unlock the world’s biggest untapped iron ore deposit.


https://uk.finance.yahoo.com/news/rio-t ... 12941.html

Possibly a RNS from RIO to follow at 0700hrs today on this?

Ian.

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Re: Rio Tinto (RIO)

#518999

Postby idpickering » August 2nd, 2022, 7:22 am

Rio Tinto completes sale of Cortez Gold Royalty for $525 million in cash.

Rio Tinto has completed the sale of a royalty it holds on an area including the Cortez mine operational area and the Fourmile development project in Nevada (the "Cortez Complex") to RG Royalties LLC, a direct wholly-owned subsidiary of Royal Gold Inc., for $525 million in cash.

The Cortez Royalty is a 1.2%[1] gross production royalty on (i) the Cortez gold mine that is operated by Nevada Gold Mines, a joint venture between Barrick Gold Corporation ("Barrick") and Newmont Corporation; and (ii) the Fourmile project which is 100% owned and operated by Barrick. Rio Tinto obtained the royalty as partial consideration for the sale of its 40% interest in the Cortez Complex to Barrick in 2008. Royalty payments commence once the Cortez Complex has produced a total of 15 million ounces of gold since 2008. This is expected to occur imminently.

Rio Tinto Chief Financial Officer Peter Cunningham said: "This transaction unlocks hidden value from our portfolio and releases cash immediately."


https://www.investegate.co.uk/rio-tinto ... 15005814U/

Ian.

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Re: Rio Tinto (RIO)

#519963

Postby idpickering » August 5th, 2022, 6:12 am

Rio Tinto attracts several proposals to build 4 GW of wind, solar power farms.

Global miner Rio Tinto (NYSE:RIO) has received several offers to build 4 gigawatts (GW) of wind and solar farms to power its alumina and aluminium operations in Australia's Queensland state, the company's Australia head said on Friday.

Rio Tinto Chief Executive Officer Australia Kellie Parker said the company, the country's biggest single power user, had received proposals for "a lot more than the 4 GW" that it asked for in its call for proposals key to slashing its carbon emissions.

Rio Tinto said in June its Boyne aluminium smelter, Yarwun alumina refinery and Queensland Alumina (OTC:AWCMY) refinery need a combined 1,140 megawatts (MW) of reliable power, and was seeking offers to build at least 4,000 MW, or 4 GW, of wind and solar power backed up by energy storage which would be required to supply steady power.

Parker, however, gave no cost estimate for the projects on Friday.

"All of us understand that Australia remains an expensive location to build, so it won't be easy," she said in a speech to the Melbourne Mining Club.

Several issues need to be sorted out before the the massive build of renewables - equal to more than a third of the total wind and solar capacity Australia already has - could go ahead.

"A coordinated grid solution in Queensland will be critical and requires the collaboration of suppliers, users, regulators, transmission providers and policymakers. Technology will also play an important role," Parker said.

The company had yet to decide what role it would play in the generation or supply of renewable energy as the proposals it had received involved it being owner, operator, partner, investor and customer for the projects, she said.


https://www.investing.com/news/stock-ma ... er-2864365

Ian.

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Re: Rio Tinto (RIO)

#522548

Postby idpickering » August 15th, 2022, 10:31 am

Rio Tinto reiterates compelling value of proposal to acquire full ownership of Turquoise Hill.

Rio Tinto notes the Turquoise Hill announcement today indicating that the Turquoise Hill Special Committee has terminated its review of Rio Tinto's non-binding proposal to acquire full ownership of Turquoise Hill for C$34 in cash per Turquoise Hill share (the "Proposed Transaction").

Rio Tinto is disappointed by the decision of the Special Committee and continues to believe that the terms of the Proposed Transaction would deliver compelling value for Turquoise Hill minority shareholders and provide the certainty of an all-cash offer at an attractive premium of:

· 32% to Turquoise Hill's closing price of C$25.68 per share on 11 March 2022; and

· 78% to Turquoise Hill's closing price of C$19.12 per share on 24 January 2022, the day before agreeing a path forward between Government of Mongolia, Turquoise Hill and Rio Tinto that enabled commencement of the underground mine at Oyu Tolgoi.

Since Rio Tinto made its proposal on 14 March 2022, the average share price performance of Turquoise Hill's peers1 has declined 35% in light of a deteriorating and more uncertain external environment. Furthermore, Turquoise Hill has disclosed in its latest earnings results that it needs to raise equity proceeds of more than US$1 billion to address its current estimate of funding requirements.

Rio Tinto will remain financially disciplined as it considers its options. Should a transaction not proceed, Rio Tinto welcomes the continued investment by Turquoise Hill minority shareholders and their pro rata sharing of future risks and funding obligations.

Rio Tinto Chief Executive Copper Bold Baatar said: "Rio Tinto remains as committed as ever to the long-term success of Oyu Tolgoi. While we are disappointed by this decision, we will continue to work constructively with the Board of Turquoise Hill to advance the Oyu Tolgoi project."


https://www.investegate.co.uk/rio-tinto ... 15040216W/

Ian.

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Re: Rio Tinto (RIO)

#526727

Postby idpickering » September 1st, 2022, 6:26 am

Rio Tinto to secure Oyu Tolgoi ownership with $3.3 billion Turquoise Hill deal.

Rio Tinto on Thursday reached an in-principle agreement to buy the rest of Canadian copper miner Turquoise Hill Resources for $3.3 billion and secure direct ownership of the massive Oyu Tolgoi project in Mongolia.

Rio will pay C$43 per share in cash for the 49% of Turquoise Hill it does not already own, a more than 19% premium to the stock's last close and higher than a sweetened offer of C$40 apiece proposed last month.

Turquoise Hill is a single-asset company that holds 66% of one of the world's largest known copper and gold deposits, 550 km (342 miles) south of Mongolia's capital Ulaanbaatar.


https://uk.finance.yahoo.com/news/rio-t ... 04843.html

I hold, and wouldn't mind buying more RIO shares to be honest.

Ian.

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Re: Rio Tinto (RIO)

#527851

Postby idpickering » September 6th, 2022, 7:32 am

Rio Tinto and TRQ enter into definitive agreement.

Turquoise Hill Board of Directors unanimously recommends minority shareholders vote in favour of Rio Tinto's best and final offer of C$43 per share in cash

Rio Tinto has entered into a binding agreement (the "Arrangement Agreement") to acquire all of the remaining shares of Turquoise Hill Resources Ltd (TSX: TRQ) (NYSE: TRQ) ("Turquoise Hill") that Rio Tinto does not currently own (the "Transaction").

The Independent Directors of Turquoise Hill have unanimously recommended that Turquoise Hill minority shareholders vote in favour of the Transaction and, together with senior officers of Turquoise Hill, have entered into voting support agreements with respect to all of the Turquoise Hill shares they own or control.

The Transaction delivers significant value to Turquoise Hill minority shareholders with the certainty of an all-cash offer of C$43 per share, which is Rio Tinto's best and final offer. This represents a premium of 67% to Turquoise Hill's closing price of C$25.68 per share on 11 March 2022, the day prior to Rio Tinto's initial public proposal to acquire Turquoise Hill.

Rio Tinto has agreed to provide Turquoise Hill with secured short-term liquidity during the Transaction period of up to US$1.1 billion (subject to certain pre-conditions), which would need to be repaid from an equity raising from shareholders in the first half of 2023 if the Transaction is not approved by shareholders. Turquoise Hill has estimated that it requires US$3.6 billion of additional funding in total to complete the project. It aims to address this through a funding plan including renegotiating debt repayment dates, which requires the unanimous consent of participating lenders. The success of this debt renegotiation and certain other funding plans is uncertain and, if unsuccessful, could require further equity contributions from shareholders. The Transaction delivers certainty for the financing needs of Oyu Tolgoi and alleviates any further funding risks for shareholders.

Rio Tinto Chief Executive Jakob Stausholm said: "This Transaction will simplify governance, improve efficiency and create greater certainty of funding for the long-term success of the Oyu Tolgoi project. Rio Tinto's offer guarantees Turquoise Hill's minority shareholders outstanding value through a significant all-cash premium for their shares. After extensive negotiations, the terms of the transaction are final and there will be no further price increase. We look forward to working with the Turquoise Hill Board of Directors to ensure Turquoise Hill shareholders are able to realise the significant and immediate value of the Transaction."



https://www.investegate.co.uk/rio-tinto ... 00133647Y/

Ian.

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Re: Rio Tinto (RIO)

#528881

Postby idpickering » September 9th, 2022, 4:36 pm

Rio Takeover of Giant Copper Mine Opposed by Top Investor.

A top investor in Turquoise Hill Resources Ltd. is opposing a proposed takeover by Rio Tinto Plc, arguing the purchase price undervalues the company that’s behind one of the world’s largest copper mines.

Rio Tinto agreed last week to buy out the stake in Turquoise Hill it didn’t already own in a deal valued at about $3.3 billion, giving it more control of the Oyu Tolgoi mine it’s developing in Mongolia.

Pentwater Capital Management, which has been a longstanding critic of Rio’s management of the asset, said in a statement Friday the purchase price ascribes an equity value of C$8.65 billion ($6.66 billion) to the Montreal-based miner, which it argues is a fraction of the free cash flow it expects the company to generate over the next decade.


https://www.yahoo.com/now/rio-tinto-tak ... 09485.html

However, RIO put this out this morning;

Rio Tinto and TRQ reach agreement in principle.

Rio Tinto and Turquoise Hill reach agreement in principle for Rio Tinto to acquire full ownership of Turquoise Hill for C$43 per share in cash

Rio Tinto and Turquoise Hill Resources Ltd. ("Turquoise Hill") have reached an agreement in principle for Rio Tinto to acquire the approximately 49% of the issued and outstanding common shares of Turquoise Hill that Rio Tinto does not currently own for C$43 per share in cash (the "Transaction"). The agreement has the unanimous approval of the independent Special Committee of Turquoise Hill's Board of Directors (the "Special Committee"), and values the Turquoise Hill minority share capital at approximately US$3.3 billion.

The purchase price of C$43 per share in cash represents Rio Tinto's best and final offer and a premium of:

· 67% to Turquoise Hill's closing price of C$25.68 per share on 11 March 2022, being the day prior to Rio Tinto's initial public non-binding proposal to acquire Turquoise Hill; and

· 125% to Turquoise Hill's closing price of C$19.12 per share on 24 January 2022, being the day before agreeing on a path forward between the Government of Mongolia, Turquoise Hill and Rio Tinto that enabled commencement of the underground mine at Oyu Tolgoi ("OT").

The Transaction is to be implemented by way of a plan of arrangement under the Business Corporations Act (Yukon) and both companies intend to expeditiously finalise an arrangement agreement (the "Arrangement Agreement"). An announcement will be made with details of the Arrangement Agreement once executed.

The Transaction will require the approval of 66.67% of votes cast by shareholders of Turquoise Hill (including Rio Tinto) and the approval of a simple majority of the votes cast by minority shareholders of Turquoise Hill. A special meeting of shareholders of Turquoise Hill to approve the Transaction is expected as early as possible in the fourth quarter of 2022 and, if approved, the Transaction is expected to close shortly thereafter.


https://www.investegate.co.uk/rio-tinto ... 00088647X/

Ian.

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Re: Rio Tinto (RIO)

#529707

Postby idpickering » September 14th, 2022, 6:06 am

Rio signs deal with China’s Baowu for new Pilbara iron mine.

Rio Tinto Group has formed a joint venture with its biggest customer, Chinese state-owned giant China Baowu Steel Group Co., to develop a new iron ore mine in Western Australia’s Pilbara region.

Rio will take a 54% stake in the new Western Range mine, and Baowu will hold 46%. The mine will cost $2 billion of which Rio will provide $1.3 billion, and is expected to begin producing in 2025, Rio said in a statement Wednesday.

The deal extends a long relationship between one of the world’s biggest iron ore producers, and the globe’s largest steelmaker. The two companies previously collaborated on the Bao-HI Joint Venture to develop iron ore in Western Australia, and in 2020 announced that they would work together on low-carbon steel making technology.


https://www.moneyweb.co.za/mineweb/rio- ... ld%2046%25.

I expect RIO will put out an announcement/RNS about this in due course?

Ian.

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Re: Rio Tinto (RIO)

#529709

Postby idpickering » September 14th, 2022, 7:09 am

Further to the above;

Rio Tinto and Baowu agree to form joint venture to develop Western Range.

Rio Tinto (54 per cent) and China Baowu Steel Group Co. Ltd (Baowu) (46 per cent) have agreed to enter into a joint venture with respect to the Western Range iron ore project in the Pilbara, Western Australia, investing $2 billion ($1.3 billion Rio Tinto share1) to develop the mine.

Western Range’s annual production capacity of 25 million tonnes of iron ore will help sustain production of the Pilbara Blend from Rio Tinto’s existing Paraburdoo mining hub. The project includes construction of a primary crusher and an 18 kilometre conveyor system linking it to the existing Paraburdoo processing plant.

Construction is expected to begin in early 2023 with first production anticipated in 2025. The construction phase will support approximately 1,600 jobs with the mine requiring about 800 ongoing operational roles which are expected to be filled by existing workers transitioning from other sites in the Paraburdoo mining hub.

Rio Tinto’s share of the capital costs are already included in the Group’s capital expenditure guidance of around $9-10 billion for each of 2023 and 2024. Both parties will pay their portion of capital costs for the development of the mine, and mine operating costs, plus a nominal ongoing resource contribution fee calculated by reference to Western Range production volumes. There is no upfront consideration being paid by either party.

Rio Tinto and Baowu have also agreed to enter into an iron ore sales agreement at market prices covering a total of up to 126.5 million tonnes of iron ore over approximately 13 years (together with the joint venture, the “Transaction"). This volume represents Baowu’s 46 per cent interest in the anticipated 275 million tonnes of production from Western Range through the Joint Venture.

Rio Tinto has a long history of successfully partnering and investing with customers to develop new mines in the Pilbara. Rio Tinto and Baowu’s partnership in the Pilbara dates back to the 2002 Bao-HI Joint Venture to develop the Eastern Range deposits in the Hamersley Ranges (Eastern Range) and Western Range, subject to a production cap of 200 million tonnes. It is now expected the production cap will be sourced entirely from Eastern Range, and this Transaction will continue Rio Tinto’s relationship with Baowu through development of Western Range.


https://www.riotinto.com/news/releases/ ... tern-Range

nb No RNS on this thus far.

Ian.


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