Rio Tinto (RIO)

[idpickering]

Rio Tinto and Giampaolo Group complete Matalco aluminium recycling transaction.

Rio Tinto and Giampaolo Group have completed a transaction to form the Matalco joint venture, combining the strengths of North America's largest primary and secondary aluminium producers to meet the growing demand from manufacturers for low carbon materials.

Following the receipt of all regulatory approvals, Rio Tinto has acquired a 50% equity stake in the Matalco business from Giampaolo Group for $700 million, subject to usual closing adjustments.

As Rio Tinto begins to market Matalco products, Rio Tinto will be able to offer customers a full suite of aluminium products including low-carbon primary aluminium made with hydropower and a diverse portfolio of recycled aluminium solutions.

The investment will expand Rio Tinto's aluminium business in the US, where demand for recycled aluminium is forecast to increase by more than 70% from 2022 to 2032, driven by the transportation, construction, and packaging sectors. Over the same period, global recycled aluminium consumption is forecast to grow by more than 60%.

https://www.investegate.co.uk/announcem ... v-/7917246

nb, This announcement is from last Friday,

Ian (I hold RIO).

[idpickering]

Rio Tinto invests with discipline to strengthen the performance of assets and grow.

Rio Tinto will today hold its 2023 Investor Seminar in Sydney, where it will update on progress in its long-term strategy of investing with discipline to strengthen operations, deliver growth in a decarbonising world and continue to generate attractive shareholder returns.

Rio Tinto Chief Executive Jakob Stausholm said: "We strongly believe we are well positioned in an opportunity rich world. There has never been greater demand for what we do, from mining to processing, and the work we are doing today is creating a stronger Rio Tinto for years to come.

https://www.investegate.co.uk/announcem ... ne/7924084

Ian (I hold).

[idpickering]

Simandou iron ore project update.

Rio Tinto is providing an update today at its Investor Seminar on the world class Simandou iron ore project in Guinea, which is being progressed in partnership with CIOH, a Chinalco-led consortium, Winning Consortium Simandou[1] (WCS), Baowu and the Republic of Guinea.

Simandou is the world's largest untapped high-grade iron ore deposit. The Simfer joint venture's[2] mine concession held an estimated Total Mineral Resource as at 31 December 2022 of 2.8 billion tonnes, of which Rio Tinto is today reporting the conversion of an estimated 1.5 billion tonnes to Ore Reserves that support a mine life of 26 years, with an average grade of 65.3% iron[3] and low impurities. Rio Tinto is also reporting Mineral Resources exclusive of Ore Reserves of 1.4 billion tonnes at 66.1% Fe and low impurities.

Rio Tinto estimates that its initial[4] share of capital expenditure to develop the Simfer mine and the co-developed rail and port infrastructure project is approximately $6.2 billion[5].

https://www.investegate.co.uk/announcem ... te/7924083

nb, The RIO CEO was interviewed on Bloomberg TV (UK) this morning on the this topic.

Ian.

[idpickering]

Rio Tinto releases fourth quarter production results

Q4 2023 operational highlights and other key announcements

Rio Tinto Chief Executive Jakob Stausholm said: “We were fatality free for the fifth consecutive year at our
managed operations but we remain vigilant and continue to learn from safety incidents. The Group’s total
copper equivalent production increased by just over 3% from 2022, reflecting the Gudai-Darri mine in the
Pilbara reaching its nameplate capacity and deployment of our Safe Production System. We also benefited
from our increased ownership in Oyu Tolgoi as the underground ramps up and the Kitimat aluminium smelter
returned to full capacity.
“We made real progress in shaping our portfolio for the future, entering the recycled aluminium market in North
America and progressing the world class Simandou iron ore project in Guinea. We have one of the most
exciting exploration pipelines in years, including our new copper joint venture with Codelco, launched in
December. We continue to work hard to transform our culture and to invest in deep engagement and
partnerships with Traditional Owners, such as our agreement to explore renewable energy projects with the
Yindjibarndi Energy Corporation.
“There is good demand for the materials we produce, and our purpose and long-term strategy make more
sense than ever. The work we are doing today is creating a stronger Rio Tinto for years to come, as we invest in
profitable growth while continuing to deliver attractive shareholder returns.”

• The safety, health and wellbeing of our workforce and communities where we operate remains our
priority. We achieved our fifth consecutive year with no fatalities at our managed operations. But we
maintain a state of chronic unease as safety incidents continued to occur at our sites, including two
Permanent Disabling Injuries in 2023. We are applying learnings from these to enhance processes
across our operations.
• Pilbara operations produced 331.5 million tonnes (100% basis) of iron ore, 2% higher than 2022.
Improved productivity, supported by ongoing implementation of the Safe Production System, and the
ramp up of Gudai-Darri to its nameplate capacity of 43 million tonnes per annum, within 12 months of
commissioning, more than offset mine depletion. Shipments were 331.8 million tonnes (100% basis),
3% higher (+10 million tonnes) than 2022 and the second highest on record, with healthy inventory
positions at year-end.
• On 18 October, we announced plans to increase iron ore production capacity at Gudai-Darri by 7 million
tonnes to 50 million tonnes a year through incremental productivity gains, at a cost of around $70
million. The capacity increase is subject to environmental, heritage and other relevant approvals.
• Bauxite production of 54.6 million tonnes in 2023 was unchanged from 2022. Operations saw a
continued improvement in the fourth quarter, with production 8% higher than the prior quarter, following
the challenges of higher-than-average rainfall at Weipa in the first quarter and equipment downtime at
both Weipa and Gove in the first half.

The item is downloadable via here; https://www.riotinto.com/en/invest/fina ... production

A RNS may follow at 0700hrs today?

Ian (I hold RIO).

[idpickering]

Further to the above;

Fourth quarter production results

https://www.investegate.co.uk/announcem ... s-/7990498

Ian.

[idpickering]

Rio Tinto Statement – Plane crash near Fort Smith, Northwest Territories, Canada.

We have been informed by authorities that a plane on its way to our Diavik mine, carrying a number of our people, crashed near Fort Smith, Northwest Territories, Canada, resulting in fatalities.

Rio Tinto Chief Executive, Jakob Stausholm said "I would like to extend our deepest sympathy to the families, friends, and loved ones of those who have been affected by this tragedy. As a company we are absolutely devastated by this news and offering our full support to our people and the community who are grieving today.

"We are working closely with authorities and will help in any way we can with their efforts to find out exactly what has happened."

https://finance.yahoo.com/news/rio-tint ... 00119.html

RIP all who died in this tragic incident.

Ian.

[idpickering]

Further to the above sad news;

Plane crash in Canada

https://www.investegate.co.uk/announcem ... da/8003259

Ian.

[idpickering]

Rio Tinto to drive development of Australia's largest solar farm at Gladstone

Rio Tinto will drive development of Australia's largest solar power project near Gladstone, after agreeing to buy all electricity from the 1.1GW1 Upper Calliope Solar Farm to provide renewable power to Rio Tinto's Gladstone operations.

The agreement will bring more renewable power into one of Australia's most important industrial hubs and marks another step towards Rio Tinto's climate goal of halving its global Scope 1 & 2 carbon emissions this decade2. If combined with more renewable power and suitable firming, transmission and industrial policy, it could also provide the core of a solution to repower Rio Tinto's three Gladstone production assets - the Boyne aluminium smelter, the Yarwun alumina refinery and the Queensland Alumina refinery.

Under a new power purchase agreement (PPA) signed with European Energy Australia, Rio Tinto will buy all power generated from the Upper Calliope solar farm for 25 years. The plant will be built and operated by European Energy, at a site about 50 kilometres south-west of Gladstone, pending development and grid connection approvals.

Once approved and developed, Upper Calliope would have the potential to lower Rio Tinto's operating carbon emissions by 1.8 million tonnes per year.

https://www.investegate.co.uk/announcem ... e-/8003244

Ian.

[idpickering]

Update on Fort Smith plane crash

We have been informed by authorities that four team members from our Diavik diamond mine and two airline crew members have died in a plane crash near Fort Smith, Northwest Territories, Canada. Another member of our Diavik team survived the crash and received treatment in hospital. The charter flight was on its way to Diavik.

Rio Tinto Chief Executive Jakob Stausholm said: "We are feeling numb with the devastating news that we have lost dear friends and colleagues. I extend our deepest sympathy to the families, friends, and loved ones of those who have been affected by this tragedy. I am heading to the Northwest Territories to be with our team and to offer our full support.

"We will be working closely with authorities over the coming days, weeks and months, to support their efforts to understand the full facts of what has happened."

https://www.investegate.co.uk/announcem ... sh/8005391

Ian.

[idpickering]

Rio Tinto wins in Russian sanctions lawsuit.

Rio Tinto correctly interpreted international sanctions against Russia in 2022 when it refused to continue working with the minority shareholder in its Queensland alumina refinery, the Federal Court has found.

Justice Michael O’Bryan dismissed a claim by subsidiaries of Russian aluminium giant Rusal, which sought to overturn Rio’s decision to cease supplying bauxite and alumina to the Russian company and its subsidiaries.

Rusal subsidiaries own 20 per cent of Queensland Alumina Limited, a company that is 80 per cent-owned by Rio and operates a refinery near Gladstone that turns bauxite into alumina.

The Russian company and two Russian citizens who are indirectly its biggest shareholders – Oleg Deripaska and Viktor Vekselberg – became the target of sanctions when Russia invaded Ukraine in February 2022.

Rio responded to those sanctions by refusing to sell bauxite to the Rusal subsidiaries and refusing to let the company take shipments of alumina from the refinery.

https://www.afr.com/companies/mining/ri ... 201-p5f1p6

Ian.

[idpickering]

2023 full year results

Production growth of 3% from focused investment in the health of our business;
underlying EBITDA of $23.9 billion and full year ordinary dividend of 435 US cents per
share
• Underlying EBITDA of $23.9 billion. Net cash generated from operating activities of $15.2 billion.
• Profit after tax attributable to owners of Rio Tinto (referred to as "net earnings" throughout this
release) of $10.1 billion, after $0.7 billion of net impairment charges, mainly relating to our
Australian alumina refineries.
• Underlying earnings of $11.8 billion, leading to a full year ordinary dividend of $7.1 billion, a 60%
payout.

Rio Tinto Chief Executive Jakob Stausholm said: "The tragic loss of our four Diavik colleagues and
two airline crew members in a plane crash last month is a devastating reminder of why safety is and
must always be our top priority. We continue to work closely with the authorities to support their efforts
to understand the full facts of what happened. This tragedy strengthens our resolve to never be
complacent about safety, so that we continue to learn and improve.
"We are making clear progress as we shape Rio Tinto into a stronger and even more reliable
company. By focusing on our four objectives, we are building a portfolio that is fit for the future -
including our Oyu Tolgoi underground copper mine in Mongolia and the Simandou iron ore project in
Guinea. We have taken significant steps over the past month towards our target to halve our global
Scope 1 & 2 carbon emissions this decade with agreements to contract future renewable wind and
solar power for our Gladstone operations.
"In 2023, we lifted our overall copper equivalent production by over 3% and delivered resilient
financial results, with underlying EBITDA of $23.9 billion, free cash flow of $7.7 billion and underlying
earnings of $11.8 billion, after taxes and government royalties of $8.8 billion. Our balance sheet
strength enables us to continue to invest with discipline while also paying an ordinary dividend of
$7.1 billion, a 60% payout.
"We will continue paying attractive dividends and investing in the long-term strength of our business
as we grow in the materials needed for a decarbonising world."

And later;

The 2023 final ordinary dividend to be paid to our Rio Tinto Limited shareholders will be fully franked.
The Board expects Rio Tinto Limited to be in a position to pay fully franked dividends for the
foreseeable future.

On 18 April 2024, we will pay the 2023 final ordinary dividend to holders of ordinary shares and
holders of ADRs on the register at the close of business on 8 March 2024 (record date). The exdividend date is 7 March 2024.
Rio Tinto plc shareholders may choose to receive their dividend in Australian dollars or New Zealand
dollars, and Rio Tinto Limited shareholders may choose to receive theirs in pounds sterling or New
Zealand dollars. Currency conversions will be based on the pound sterling

Item downloadable via here; https://www.riotinto.com/en/invest/fina ... ce/results

RNS no doubt issued at 0700hrs UK time.

Ian.

[idpickering]

RNS re the above here; https://www.investegate.co.uk/announcem ... ts/8047762

Ian.

[scrumpyjack]

divi is 203.77p xd 7/3, pay 18/4

[77ss]

divi is 203.77p xd 7/3, pay 18/4

A 10% increase in the final dividend. Considerably better than I was expecting.

[idpickering]

Results of Rio Tinto plc AGM.

The annual general meeting of Rio Tinto plc was held on 4 April 2024.

Under Rio Tinto's dual listed companies structure established in 1995, decisions on significant matters affecting shareholders of Rio Tinto plc and Rio Tinto Limited in similar ways are taken through a joint electoral procedure. Resolutions 1 to 22 (inclusive) of the Rio Tinto plc annual general meeting fall into this category, and the results of the voting on these resolutions will be announced shortly after the Rio Tinto Limited annual general meeting which will be held in Australia on 2 May 2024.

The remaining resolutions 23 to 26 (inclusive) were put to Rio Tinto plc shareholders on a poll at the annual general meeting today. The results of that poll are set out below.

https://www.investegate.co.uk/announcem ... gm/8121704

Ian.

[idpickering]

Rio Tinto appoints Bold Baatar as Chief Commercial Officer.

Rio Tinto has appointed Bold Baatar to the role of Chief Commercial Officer, to lead the Group's commercial and business development activities globally. Bold will succeed Alf Barrios as Chief Commercial Officer, following his decision to retire from Rio Tinto.

Bold, who is currently Chief Executive Copper, will take on accountability for business development immediately, and will relocate to Singapore to take up the role of Chief Commercial Officer on 1 September 2024. His successor as Chief Executive Copper will be announced in due course.

In order to ensure a smooth transition, Alf will continue in his role as Chief Commercial Officer until the end of August, and thereafter as Chair for China, Japan and Korea, and Executive Committee member, until his retirement at the end of 2024.

https://www.investegate.co.uk/announcem ... er/8125190

Ian (I hold).

[idpickering]

Notice of dividend currency exchange rates - 2023 final dividend.

On 21 February 2024, Rio Tinto announced a final dividend of 258.00 US cents per share for the full year ended 31 December 2023, with Rio Tinto Limited shareholders to be paid a final dividend of 392.78 Australian cents per ordinary share and Rio Tinto plc shareholders to be paid a final dividend of 203.77 British pence per ordinary share. American Depositary Receipt (ADR) holders will receive the dividends in US dollars as announced on 21 February 2024.

The currency exchange rates which apply to Rio Tinto Limited shareholders who elect to receive the final dividend in pounds sterling or New Zealand dollars and Rio Tinto plc shareholders who elect to receive the final dividend in Australian dollars or New Zealand dollars are the currency exchange rates applicable on 11 April 2024.

This announcement confirms the currency exchange rates applicable for the 2023 final dividend for shareholders who have made a currency election:

https://www.investegate.co.uk/announcem ... es/8134260

Ian.

[idpickering]

First quarter production results.

Rio Tinto Chief Executive Jakob Stausholm said: "We have been deeply affected by the loss of four Diavik colleagues and two airline crew members in a plane crash in January. This tragedy has strengthened our resolve to never be complacent about safety.

"We delivered stable operating results in the first quarter, including improvements at our bauxite and aluminium businesses, as we navigated seasonal challenges across our global operations. Our full year guidance is unchanged across all our products. We remained focused on growth in energy-transition materials, with the ramp-up at Oyu Tolgoi underground, the first full quarter of recycled aluminium production from Matalco and further progress at Simandou, our high grade iron ore project in Guinea.

"Action to decarbonise our operations continues, with power purchase agreements signed marking a significant step towards a competitive renewable energy solution for our Gladstone operations - the single largest lever towards our 2030 emissions goal. We also joined with BHP and BlueScope to investigate the development of Australia's first electric smelting furnace pilot plant, progressing our work on steel decarbonisation. We continue to pursue our long-term strategy, and have a clear pathway to deliver operational excellence, while investing in profitable growth and delivering attractive shareholder returns."

https://www.investegate.co.uk/announcem ... ts/8141170

Ian (I hold).