Rio Tinto is working with the Government of Mongolia to ensure Oyu Tolgoi is operating in accordance with the restrictions the Mongolian authorities have put in place to contain the spread of COVID-19. The first priority of the Rio Tinto and Oyu Tolgoi teams is the health and safety of all of our employees, contractors and the wider community. Since January the movement of goods and people within Mongolia have been [...]
As previously disclosed, in light of the ongoing investigations by regulators into a payment made to a consultant in relation to the Simandou iron ore project in Guinea, a deed of deferral was mutually agreed between Rio Tinto and Sam Walsh, as a matter of good corporate governance. Sam was chief executive of the iron ore product group at the time the payment was made. The principal provision of this deed was that the [...]
The Rio Tinto 2019 full year results presentation slides are available at https://www.riotinto.com/invest/financial-news-performance/regulatory-filings The presentation will be given at 8.30am GMT today by Rio Tinto chief executive, Jean-Sébastien Jacques, and chief financial officer, Jakob Stausholm. The live webcast will be available at https://www.riotinto.com/invest/presentations/2020/annual-results View source [...]
Rio Tinto Chief Executive J-S Jacques said “We have again delivered strong financial results with underlying EBITDA of $21.2 billion, underlying EBITDA margin of 47% and return on capital employed of 24%. This performance allows us to return a record final ordinary dividend of $3.7 billion, resulting in a full-year ordinary dividend of $6.2 billion and total cash returns of $7.2 billion. “In line with our [...]
Rio Tinto will appoint three new independent non-executive directors to the board. Hinda Gharbi, executive vice president of Reservoir & Infrastructure at Schlumberger Ltd. , and Jennifer Nason, a Global Chairman at JP Morgan Chase & Co , will join the board with effect from 1 March 2020. Ngaire Woods, Professor of Global Economic Governance at Oxford University, will join with effect from 1 September 2020. The new [...]
Rio Tinto continues to progress options to secure domestically sourced power for the Oyu Tolgoi copper mine in Mongolia, which it is obliged to do by 30 June 2023 under the 2009 Investment Agreement between Turquoise Hill, the Government of Mongolia and Rio Tinto and subsequent Power Sector Framework Agreement, signed in 2018. In compliance with these agreements, Oyu Tolgoi LLC today submitted to the Government of [...]
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 [...]
Rio Tinto has approved a $98 million investment in a new solar plant at the Koodaideri mine in the Pilbara, Australia, as well as a lithium-ion battery energy storage system to help power its entire Pilbara power network. The 34 megawatt solar photovoltaic plant is expected to supply all of Koodaideri’s electricity demand during peak solar power generation times and approximately 65 per cent of the mine’s [...]
Rio Tinto will conduct a strategic review of the ISAL smelter in Iceland, to determine the operation’s ongoing viability and explore options to improve its competitive position. ISAL is expected to remain unprofitable in the short to medium term in the challenging conditions facing the aluminium industry, due to the smelter’s uncompetitive energy costs and historically low aluminium prices. Rio Tinto will [...]
Join Ellis Martin for a conversation with David Watkinson, the President and CEO of Emgold Mining Corp. . Emgold is a gold, silver, and base metal exploration company focused on Nevada and Quebec. The Company's strategy is to look for asset acquisitions in a buyer's market, add value to the acquisitions through computerization and remodeling of historic exploration data, new exploration, and application of modern [...]
Rio Tinto has donated US$1 million to the Chinese Red Cross Foundation to contribute to China’s nationwide medical effort to support those impacted by the novel coronavirus outbreak. The funds will be used by the Red Cross Foundation, the Chinese Government’s preferred foreign donor, to support hospital upgrades and the purchase of medical supplies in the areas most affected by the outbreak. The Foundation [...]
Rio Tinto is committed to paying small and medium business suppliers with up to $1 million of annual expenditure within 30 days of receipt of invoice. This is in line with the Australian Supplier Payment Code. Rio Tinto is continually striving to improve supplier experiences, and our on-time supplier payments rate, which currently stands at approximately 96 per cent. Last year, Rio Tinto introduced a voluntary online [...]
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