Rio Tinto Group
Rio Tinto Group
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Global miner Rio Tinto has boosted its bid for 100% ownership of Turquoise Hill Resources, lifting its cash offer to the minority shareholders of the Canadian-based miner by 18% to $C40 per share.
The new offer values Turquoise Hill’s 49% minority stake at $US3.1B, up from the $2.7B bid that was rejected by the target company’s independent directors last week.
Global miner Rio Tinto insists its commitment to the Oyu Tolgoi copper-gold project in Mongolia is not affected by the rejection of its bid for 100% ownership of subsidiary Turquoise Hill Resources, 66% partner with the Mongolian government in the mine.
Turquoise Hill has terminated its review of Rio Tinto's $US2.7B offer to acquire the 49% stake it does not hold in the Canadian company.
The construction of surface infrastructure including two conveyors and an electrical substation for the underground development at the Rio Tinto-operated Oyu Tolgoi copper and gold mine in Mongolia features in $A100M of new work announced by Australian-based engineer Monadelphous.
No-one is releasing details, but Australian civil construction group Decmil and specialist services contractor Southern Cross Electrical Engineering have settled their dispute over a subcontract on construction of non-processing facilities at Rio Tinto’s Amrun bauxite project in Qld.
Their original 2017 contract was for $A6M, but SCEE was seeking $10.5M compensation for claimed delays, disruption and works beyond the original scope.
Largely flat production results in a challenging market environment have seen global major Rio Tinto return a 26% decline in underlying EBITDA to $US15.6B for the six months to end-June (H1FY2022), down from $21.04B a year earlier.
Net cash generated from operating activities dipped to $10.48B (H1FY2021: $13.66B) and free cashflow to $7.15B ($10.18B). Attributable profit after tax was $8.91B ($12.31B).
(SUSTAINABILITY)
Iconic automaker Ford has positioned itself to become a foundation customer for Rio Tinto’s Rincon lithium brine project in Argentina as it pushes for secure, sustainable supply chains for battery and low-carbon materials to be used in electric vehicles.
Mining and civil contractor MACA has won the early works contract at Rio Tinto’s Western Range iron ore project, 8km W of Paraburdoo in the West Australian Pilbara region.
MACA will commence pre-approval works including construction of a camp pad and access road as well as crushing and screening work by year-end. The contract, to take about 12 months, is expected to generate about $A60M revenue.
The first delivery from the main plant at its Gudai-Darri mine in June has Rio Tinto predicting higher iron ore delivery after skilled labour shortages, COVID-19 disruptions and above-average rainfall in May lowered June qtr (Q2 FY2022) shipments at its Pilbara operations in Western Australia to 79.9Mt.
Following its Q1 drop to 71.5Mt, Rio Tinto’s first half shipments of 151.4Mt were 2% lower than the corresponding period- but it maintains its FY2022 guidance at 320-335Mt.
Western Australia’s iron ore powerhouse in the Pilbara region has delivered three new contracts from major operators for construction, maintenance and industrial services engineer Monadelphous Group.
Leading western world rare earths producer Lynas has appointed West Australian engineer DIAB to fabricate and erect the filter building, a key component of a $A500M processing facility being constructed in Kalgoorlie to produce rare earth carbonate from locally mined ore.
Fabrication of the 1,500t unit will be done at DIAB’s Geraldton facility before transportation to site and installation.