Rio Tinto Group
Rio Tinto Group
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Rio Tinto chief executive Jakob Stausholm has re-emphasised the need to lift the global mining giant’s operational performance after a challenging first quarter of FY2022 that saw lower production of iron ore, aluminium and copper.
Global major Rio Tinto is maintaining FY2022 production guidance for its iron ore operations in Western Australia despite a challenging March qtr (Q1) that saw its Pilbara production and shipments fall 15%.
Resource shortages and supply chain quality issues trimmed Q1 shipments to 71.5Mt (Q4FY2021: 84.1Mt), but Rio predicts increased production and improved product mix in H2 support its FY forecast of 320-335Mt.
Australian engineer Monadelphous has won Rio Tinto’s nod to carry out upgrades and modifications to the existing plant infrastructure in the Western Turner Syncline Phase 2 mine at its 100%-owned Greater Tom Price operation.
The shutdown work, part of the global miner’s work to maintain production capacity in its WA Pilbara system, is due for completion in the second half of 2022.
The new contract is among new contracts and extensions for Monadelphous in the resources and energy sector, collectively worth $A230M.
Australian explorer Twenty Seven has attracted global major Rio Tinto as partner in a $A5M search for non-gold minerals at its 100%-owned North Rover project in an area of exploration resurgence, in WA’s central Yilgarn region.
Rio Tinto Exploration can earn an 80% JV interest in the non-gold rights by sole-funding work in the historically under-explored area while TSC continues drill target definition work for gold.
Rio Tinto has completed the acquisition of the Rincon lithium project in Argentina for $US825M, following approval from Australia’s Foreign Investment Review Board (FIRB).
The project was bought from Rincon Mining, a company owned by funds managed by the private equity group Sentient Equity Partners.
Rio Tinto launches a $US2.7B cash bid to take a direct 66% stake in the massive Oyu Tolgoi copper-gold project in the Gobi Desert to strengthen its copper portfolio and establishing a simpler and more efficient partnership structure with the Mongolian government.
Global major Rio Tinto has launched a $US2.7B cash bid to take a direct majority stake in the massive Oyu Tolgoi copper-gold project in Mongolia, making a non-binding proposal to take 100% ownership of its 51%-owned subsidiary Turquoise Hill.
The Canadian-based company holds 66% of Oyu Tolgoi, with the remaining 34% held by the Mongolian government. Rio Tinto, which manages the operation, currently derives its effective 33% interest from its Turquoise stake.
Australia’s Federal Court has ordered global mining major Rio Tinto to pay a $A750,000 penalty after finding the company had contravened its continuous disclosure obligations.
Rio Tinto pays its highest ever dividend after lifting FY/CY 21 profit to $21.1B
Australian uranium miner ERA will seek to extend its tenure over the Ranger uranium mine to allow for significant increases in the costs and timeline for rehabilitation of the site in the heart of the world-renowned Kakadu National Park.