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Rio Tinto (RIO)

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idpickering
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Re: Rio Tinto (RIO)

#268964

Postby idpickering » December 4th, 2019, 7:07 am

Rio Tinto to curtail operations at Richards Bay Minerals

Rio Tinto has decided to curtail operations at Richards Bay Minerals (RBM) in South Africa to ensure the safety and security of its employees due to an escalation in violence in the communities surrounding the operations


https://www.investegate.co.uk/rio-tinto ... 00055693V/

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Re: Rio Tinto (RIO)

#270914

Postby idpickering » December 13th, 2019, 4:06 pm


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Re: Rio Tinto (RIO)

#273922

Postby idpickering » December 30th, 2019, 7:17 am

Rio Tinto to resume operations at Richards Bay Minerals

Rio Tinto has today started the process of resuming operations at Richards Bay Minerals (RBM) in South Africa. This follows discussions led by the Premier of KwaZulu-Natal, Sihle Zikalala, involving all stakeholders focused on securing stability in order to address the issues in the community and provide the stable environment necessary for RBM to resume operations.


https://www.investegate.co.uk/rio-tinto ... 00061818Y/

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Re: Rio Tinto (RIO)

#277995

Postby idpickering » January 17th, 2020, 7:08 am

Rio Tinto fourth quarter production results

Rio Tinto chief executive J-S Jacques said "We finished the year with good momentum, particularly in our Pilbara iron ore operations and in bauxite, despite having experienced some operational challenges in 2019. We are increasing our investment, with $2.25 billion of high-return projects in iron ore and copper approved in the fourth quarter. We also boosted our exploration and evaluation expenditure to $624 million in 2019, further strengthening our pipeline of opportunities.

"We have the platform and performance to maintain our delivery of superior returns to shareholders over the short, medium and long-term, driven by our strong value over volume approach and ongoing disciplined allocation of capital."


https://www.investegate.co.uk/rio-tinto ... 00050969A/

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Re: Rio Tinto (RIO)

#284960

Postby idpickering » February 17th, 2020, 3:31 pm

Update on Tropical Cyclone Damien

Rio Tinto's iron ore operations in the Pilbara, Western Australia, are progressively resuming following the passing of Tropical Cyclone Damien. The cyclone caused infrastructure damage across our entire Pilbara network, including impact to access roads, electrical and communications infrastructure and accommodation. All mine sites experienced some disruption and will take time to return to normal operations.

As a result, Rio Tinto's Pilbara shipments in 2020 are now expected to be between 324 million tonnes and 334 million tonnes (100 per cent basis) versus previous guidance of between 330 million tonnes and 343 million tonnes. Rio Tinto is working with its customers to minimise any disruption in supply.

https://www.investegate.co.uk/rio-tinto ... 18292150D/

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Re: Rio Tinto (RIO)

#286762

Postby idpickering » February 26th, 2020, 7:11 am


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Re: Rio Tinto (RIO)

#287014

Postby Breelander » February 27th, 2020, 6:13 am

Also the Final Results RNS is here: https://www.investegate.co.uk/rio-tinto ... 00041245E/

idpickering
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Re: Rio Tinto (RIO)

#287299

Postby idpickering » February 28th, 2020, 7:16 am

Two items of news;

Changes to Ore Reserves and Mineral Resources

https://www.investegate.co.uk/rio-tinto ... 00044207E/

Annual Financial Report

https://www.investegate.co.uk/rio-tinto ... 00044206E/

idpickering
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Re: Rio Tinto (RIO)

#293604

Postby idpickering » March 24th, 2020, 7:31 am

Rio Tinto update on COVID-19

Today, as a result of separate actions by the Premier of Quebec and the President of South Africa to contain the spread of COVID-19, Rio Tinto will slow down some of its operations.

At Richards Bay Minerals (RBM) in South Africa Rio Tinto will curtail production in compliance with a directive from the Government aimed at containing the spread of COVID-19. As a result, all mining operations at RBM will be halted by midnight on Thursday, 26 March, for 21 days.

In line with the President's directive, Rio Tinto will make arrangements for the furnaces to be put on care and maintenance in order to avoid damage to their continuous operations. At this time, it is too early to speculate on when operations will resume or on 2020 production guidance. Resumption of the construction of the Zulti South project will be delayed.


https://www.investegate.co.uk/rio-tinto ... 00032970H/

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Re: Rio Tinto (RIO)

#318148

Postby monabri » June 13th, 2020, 11:20 am

https://mobile.reuters.com/article/amp/idUSKBN23J0FK

Rio Tinto Chief Executive Jean-Sebastien Jacques on Friday apologised for distress caused by Rio's destruction last month of two ancient and sacred Aboriginal caves in Western Australia, pledging full cooperation with an Australian government inquiry."

"With state government approval, the world's biggest iron ore miner destroyed two caves at Juukan Gorge that had previously contained evidence of continual human habitation stretching back 46,000 years"

And a nod to BHP..

"BHP Group's application to disturb 40 culturally significant Aboriginal sites as part of its South Flank mine expansion was approved by the state just days after Rio Tinto blew up the Juukan caves."

idpickering
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Re: Rio Tinto (RIO)

#319651

Postby idpickering » June 19th, 2020, 7:06 am

Rio Tinto board-led heritage process review

Rio Tinto has launched a board-led review of its heritage management processes within Iron Ore following the events at Juukan Gorge, with a focus on recommending improvements to the effectiveness of its internal processes and governance.

The review will be conducted by Michael L'Estrange AO, an independent non-executive director of Rio Tinto, and will seek input from Rio Tinto employees and the Puutu Kunti Kurrama and Pinikura people (PKKP). The review will be informed through engagement with Indigenous leaders, Traditional Owners and subject matter experts.

The review will focus on events at Juukan Gorge and appraise Rio Tinto's internal heritage standards, procedures, reporting and governance, and will examine the company's relationship and communications with the PKKP


https://www.investegate.co.uk/rio-tinto ... 00054412Q/

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Re: Rio Tinto (RIO)

#319722

Postby tjh290633 » June 19th, 2020, 11:22 am

idpickering wrote:Rio Tinto board-led heritage process review

I don't think they had much option. It was a stupid act, and they have to make sure that nothing similar happens again. It was analgous with removing Stonehenge to extract minerals from that site.

TJH

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Re: Rio Tinto (RIO)

#319738

Postby idpickering » June 19th, 2020, 11:49 am

tjh290633 wrote:
idpickering wrote:Rio Tinto board-led heritage process review

I don't think they had much option. It was a stupid act, and they have to make sure that nothing similar happens again. It was analgous with removing Stonehenge to extract minerals from that site.

TJH



Thanks for your input Terry. I agree with your comment. If they don't do the right thing, it certainly makes to company look bad.

Ian.

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Re: Rio Tinto (RIO)

#322437

Postby idpickering » June 29th, 2020, 7:08 am

Agreement on long-term power supply for Oyu Tolgoi

Rio Tinto, Turquoise Hill and the Government of Mongolia have reached an agreement on the preferred domestic power solution for Oyu Tolgoi that paves the way for the Government to fund and construct a State Owned Power Plant at Tavan Tolgoi.

The agreement, which is a revision of the Power Source Framework Agreement (PSFA) signed in 2018, states that the Parties will work towards finalising a Power Purchase Agreement by the end of March 2021. In addition, the amended PSFA sets a proposed timetable for development, with construction of the coal-fired power plant set to begin no later than 1 July 2021, and commissioning within four years thereafter.


https://www.investegate.co.uk/rio-tinto ... 00092994R/

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Re: Rio Tinto (RIO)

#323442

Postby idpickering » July 3rd, 2020, 7:05 am

Oyu Tolgoi mine design confirms project schedule and cost ranges and update to Ore Reserves and Mineral Resources

Oyu Tolgoi LLC has completed an updated feasibility study (OTFS20) and is in the process of submitting this to the Government of Mongolia. The OTFS20 has been prepared in accordance with Mongolian regulations and standards which require mining companies to submit updated feasibility studies every five years. The updated study incorporates a new mine design for Panel 0 of the Hugo Dummett North underground mine at Oyu Tolgoi. The new design also confirms that the caving method of mining remains valid and that the underground schedule and costs remain within the ranges previously disclosed.

These ranges include a delay of 21 to 29 months for first sustainable production compared to the original feasibility study guidance in 2016 and an increase of $1.3 billion to $1.8 billion from the original $5.3 billion development capital. Detailed study, design, engineering and optimisation work is ongoing to support the definitive estimate of Panel 0 for the development of this world-class orebody, which remains due in the second half of 2020. These estimates are subject to any additional scheduling delays or increases in capital costs arising from the impacts of the ongoing COVID-19 pandemic.

https://www.investegate.co.uk/rio-tinto ... 00059222R/

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Re: Rio Tinto (RIO)

#324737

Postby idpickering » July 9th, 2020, 7:14 am

NZAS terminates electricity contract and plans to wind-down operations following strategic review

Rio Tinto will start planning for the wind-down of operations and the eventual closure of New Zealand Aluminium Smelters (NZAS) following the conclusion of its strategic review which has shown the business is no longer viable given high energy costs and a challenging outlook for the Aluminum industry.

As a result, NZAS has given Meridian Energy notice to terminate the power contract, which will end in August 2021, when the wind-down of operations is expected to complete.

The strategic review concluded that the smelter, which has made Rio Tinto an underlying loss of NZ$46m in 2019, is not economically viable due to energy costs that are some of the highest in the industry globally, coupled with a challenging short to medium term aluminum outlook. Extensive discussions with a wide range of interested parties have failed to secure a power contract that will enable the operation to become both competitive and profitable.


https://www.investegate.co.uk/rio-tinto ... 00074849S/

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Re: Rio Tinto (RIO)

#326738

Postby idpickering » July 17th, 2020, 7:04 am

Rio Tinto second quarter production results

Rio Tinto Chief Executive J-S Jacques said "We delivered a strong performance, particularly in iron ore and bauxite, demonstrating the underlying resilience of our business and ability to adapt in difficult conditions. Our iron ore assets are performing well in a strong pricing environment and we are on track to meet our 2020 iron ore guidance. Despite various COVID-19 related challenges, all our assets have continued to operate, with our first priority to protect the health and safety of all our employees and communities.

"Our focus is to maintain a business as usual approach with many safeguards at a very unusual time. Our operational teams are continuing to run our assets safely so we can continue to contribute to local and national economies and serve our customers. We remain even more committed to our relationship with communities, following the Juukan Gorge events in the Pilbara, and we are engaging extensively with Traditional Owners around our operations and across Australia.

"We are executing our value over volume strategy to drive performance, productivity and free cash flow per share. We will remain agile and ready to adapt to the changing operating and macro environment."


https://www.investegate.co.uk/rio-tinto ... 00032821T/

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Re: Rio Tinto (RIO)

#329097

Postby idpickering » July 28th, 2020, 7:27 am

Rio Tinto reveals maiden Resource at Winu and new discovery

Rio Tinto has today disclosed to the Australian Securities Exchange (ASX) the maiden Inferred Mineral Resource at the 100% owned Winu copper-gold project and revealed the discovery of a new zone of gold dominant mineralisation approximately 2 km east of the Winu deposit in the Paterson Province of Western Australia.

The Inferred Mineral Resource, reported at a 0.2% copper equivalent cutoff, is 503Mt at 0.45% copper equivalent (CuEq). This includes a higher grade component of 188Mt at 0.68% CuEq at a cutoff grade of 0.45% CuEq.

Study work to date suggests the copper mineralisation supports the development of a relatively shallow open-pit mine, combined with industry-standard processing technology that is used at other Rio Tinto sites. Drilling continues to refine the overall geometry of the system and controls. The deposit remains open at depth as well as to the north and southeast. The Winu project team continues to work with local Nyangumarta and Martu Traditional Owners and regulators to progress the agreements and approvals required for any future development. We are targeting first production from Winu in 2023, subject to securing all necessary approvals.

The discovery of a new zone of gold dominant mineralisation approximately 2 km east of the Winu deposit, at a prospect called Ngapakarra, as well as a number of other encouraging drilling results in close proximity to the maiden Winu Resource, provides further encouragement about the potential for the development of multiple ore bodies within one system.


https://www.investegate.co.uk/rio-tinto ... 00043038U/

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Re: Rio Tinto (RIO)

#329310

Postby idpickering » July 29th, 2020, 7:25 am


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Re: Rio Tinto (RIO)

#335368

Postby idpickering » August 24th, 2020, 7:11 am

Board review of cultural heritage management

Rio Tinto today published the board review of cultural heritage management, following the destruction of the Juukan rockshelters in May 2020 ( https://www.riotinto.com/news/inquiry-into-juukan-gorge ). The review details what elements of Rio Tinto's systems, decision-making processes and governance failed to work as they should have and sets out recommendations to prevent a similar incident occurring in the future.

The board review builds on Rio Tinto's submission to the Inquiry by the Australian Parliament's Joint Standing Committee on Northern Australia. While the submission sets out details of Rio Tinto's relationship with the Puutu Kunti Kurrama and Pinikura people (PKKP) from 2003 to 2020 and the circumstances that led to the events that occurred in the Juukan Gorge, the board review addresses why it happened and how Rio Tinto can improve internal processes and practices within Iron Ore and across Rio Tinto.

The board review concluded that while Rio Tinto had obtained legal authority to impact the Juukan rockshelters, it fell short of the Standards and internal guidance that Rio Tinto sets for itself, over and above its legal obligations. The review found no single root cause or error that directly resulted in the destruction of the rockshelters. It was the result of a series of decisions, actions and omissions over an extended period of time, underpinned by flaws in systems, data sharing, engagement within the company and with the PKKP, and poor decision-making.

And later;

In light of the findings of the review, the board has decided that J-S Jacques, chief executive; Chris Salisbury, chief executive of Iron Ore; and Simone Niven, Group Executive, Corporate Relations, will not receive a performance-related bonus for 2020 under the company's Short-Term Incentive Plan (STIP). In addition, J-S's 2016 Long-Term Incentive Plan (LTIP) award, that is due to vest in the first half of 2021, will be reduced by £1 million (subject to vesting). The rationale for this decision is outlined in the Addendum to the review.

https://www.investegate.co.uk/rio-tinto ... 00099002W/


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