Rio Tinto (RIO)

[77ss]

......
https://www.riotinto.com/news/releases/ ... tern-Range

nb No RNS on this thus far.

Ian.

RNS - no extra info as far as I can see:

https://www.investegate.co.uk/rio-tinto ... 00123582Z/

The cryptic remark :

In accordance with UK Listing Rule 11.1.10, Rio Tinto plc has obtained written confirmation from a sponsor that the terms of the Transaction are fair and reasonable as far as Rio Tinto plc's shareholders are concerned.

Would be more impressive if the 'sponsor' were named etc. Maybe this will be forthcoming.

[idpickering]

......
https://www.riotinto.com/news/releases/ ... tern-Range

nb No RNS on this thus far.

Ian.

RNS - no extra info as far as I can see:

https://www.investegate.co.uk/rio-tinto ... 00123582Z/

The cryptic remark :

In accordance with UK Listing Rule 11.1.10, Rio Tinto plc has obtained written confirmation from a sponsor that the terms of the Transaction are fair and reasonable as far as Rio Tinto plc's shareholders are concerned.

Would be more impressive if the 'sponsor' were named etc. Maybe this will be forthcoming.

Thanks for following this RNS up. I ran out of time waiting for it to appear, despite the 0700hrs alleged posting of the RNS.

I agree re the sponsor matter you've mentioned.

As for RIO, I'm toying with topping up my holdings soon maybe, but I've topped up my RIO holdings twice this year already, so we'll see? Don't want to grasp at falling knives to much.

Ian.

[77ss]

...
As for RIO, I'm toying with topping up my holdings soon maybe, but I've topped up my RIO holdings twice this year already, so we'll see? Don't want to grasp at falling knives to much.

Ian.

I wouldn't think of RIO as being a falling knife. It is one of just 2 shares that I regularly tinker with - the other, oddly enough, is LGEN.

Over the past 19 years, almost all top-ups I have made have been followed by a rise in share price within 2 years - often within just 1 year.

Skill? Judgement? Hell no - its just the nature of the business.

Even the near death ALCAN experience in 2008 was a profitable time.

No guarantees for the future of course, but there never are.

I have no spare cash at the moment, but later this month, when RIO's interim arrives, RIO is definitely head of my short list for a top up. Aided by my having sold 1/3rd back in April when it hit 145% of median - taking a leaf out of Terry's book!

[idpickering]

Proposed joint venture between Rio Tinto and Baowu to develop Western Range deposit in the Pilbara: publication of shareholder circulars and notices of general meetings.

Rio Tinto will today issue notices for general meetings of Rio Tinto plc and Rio Tinto Limited, which are being convened for the purpose of approving entry into an unincorporated joint venture and associated iron ore sales arrangement between Rio Tinto and China Baowu Steel Group Co. Ltd to jointly invest $2 billion to develop the Western Range project in the Pilbara, Western Australia. The notices will be available at riotinto.com/gm2022 . Rio Tinto Limited's notice of general meeting will also be released to the ASX.

The general meetings will be held contemporaneously on 25 October 2022. Rio Tinto plc will hold its general meeting at 9.00 a.m. (BST) in London and Rio Tinto Limited will hold its extraordinary general meeting at 4.00 p.m. (AWST) in Perth. Shareholders are invited to participate in the meetings in person.

In the lead up to the general meetings, Rio Tinto will continue to monitor the COVID-19 situation in the United Kingdom and in Australia. If it becomes necessary or appropriate to make alternate arrangements to hold the meetings, shareholders will be given as much notice as possible. Updates will be made available at riotinto.com/gm2022 .

https://www.investegate.co.uk/rio-tinto ... 00135207Z/

Ian

[idpickering]

Notice of dividend currency exchange rates.

On 27 July 2022, Rio Tinto announced an interim dividend of 267.00 US cents per share for the half year ended 30 June 2022, with Rio Tinto Limited shareholders to be paid:

· an interim dividend of 383.70 Australian cents per ordinary share;

and Rio Tinto plc shareholders to be paid:

· an interim dividend of 221.63 British pence per ordinary share.

American Depositary Receipt (ADR) holders will receive the dividends in US dollars as announced on 27 July 2022.

The currency exchange rates which apply to Rio Tinto Limited shareholders who elect to receive the interim dividend in pounds sterling or New Zealand dollars and Rio Tinto plc shareholders who elect to receive the interim dividend in Australian dollars or New Zealand dollars are the currency exchange rates applicable on 15 September 2022.

This announcement confirms the currency exchange rates applicable for the 2022 interim dividend for shareholders who have made a currency election:

Interim dividend of 224.34 British pence

The payment date for the interim dividend payable to shareholders of Rio Tinto Limited and Rio Tinto plc and to ADR holders will be 22 September 2022. However, due to the National Day of Mourning declared by the Australian Federal Government to commemorate Queen Elizabeth II, 22 September 2022 is now a non-business day for banking and ASX purposes. As a result, payments for Rio Tinto Limited shareholders who have elected to receive their dividends via direct credit in Australian dollars will be processed on 21 September 2022. Shareholders who have elected to receive their dividend payments in pounds sterling or New Zealand dollars will be paid on 22 September 2022. On-market purchases to satisfy the Rio Tinto Limited Dividend Reinvestment Plan allocations will commence on 23 September 2022.

https://www.investegate.co.uk/rio-tinto ... 00046829Z/

Ian.

[idpickering]

Rio Tinto provides update on Communities and Social Performance commitments.

Rio Tinto has published its second progress report on Communities and Social Performance (CSP) practices, which includes direct feedback from Traditional Owners and details the actions the company has taken to rebuild relationships with Indigenous peoples and external stakeholders.

As part of efforts to increase transparency in its approach to cultural heritage protection, Rio Tinto established the Communities and Social Performance report in September 2021, engaging employees, Traditional Owners and other stakeholders to improve the business' CSP practice and outcomes.

The report details progress made in areas such as Traditional Owner partnerships and agreement modernisation in Western Australia.

It also details the implementation of new CSP organisational structures, standards and practices across the company; improved governance; and increased social expertise within the business, with 500 CSP professionals working on 60 operations in 41 countries (compared to 250 professionals in 2020).

Rio Tinto Chief Executive Jakob Stausholm said "We thank those Traditional Owners who generously shared their constructive feedback and perspectives for this report.

"Listening to and responding to feedback is invaluable as we work to improve our practices. In the two years since the tragic destruction of the rock shelters at Juukan Gorge, we have been changing the way we work in every part of our business. While we have made progress, we know it will take time to rebuild relationships and regain the trust of Traditional Owners and the wider community.

"We remain focused on improving our engagement, and together with the Indigenous peoples of the lands on which we operate, we are committed to ensuring cultural heritage is respected, valued and conserved for future generations."

This report provides an update on:

· Rio Tinto's progress against its commitments and internal workplans, external obligations and recommendations, including rebuilding relationships with Traditional Owners.

· The views of the Traditional Owners who work with Rio Tinto in the Pilbara on how successfully these commitments are being met.

· The governance arrangements in place to oversee progress against these actions.

· How Rio Tinto is working to advocate for enhanced sector-wide cultural heritage management.

· Increasing Indigenous leadership, employment and cultural connection within Rio Tinto.

https://www.investegate.co.uk/rio-tinto ... 00040970C/

Ian.

[idpickering]

Rio Tinto releases third quarter production results.

Rio Tinto Chief Executive Jakob Stausholm, said: “Delivering the full potential of our assets remains a priority:
production improved versus the prior quarter across most of our sites, particularly where we have implemented
the Rio Tinto Safe Production System (RTSPS). We progressed our excel in development objective,
commissioning some major projects and advancing the next tranche of Pilbara mines, agreeing to enter a joint
venture with Baowu to develop Western Range and modernising the joint venture covering the Rhodes Ridge
project in the East Pilbara, unlocking a pathway to develop this significant, high quality resource. We also
approved growth capital for underground mining at Kennecott, early works funding at Rincon Lithium and
continue to progress Oyu Tolgoi. Our proposal to take Turquoise Hill Resources private has unanimous support
of the Turquoise Hill Board who have recommended shareholders vote in favour of the transaction.
“We continue to deliver our strategy with decarbonisation at its centre. Last week we announced a partnership
with the Government of Canada to invest up to C$737 million over eight years to decarbonise our Rio Tinto Fer
et Titane operations in Québec, and to position the business as a centre of excellence for critical minerals
processing.
“We are taking action to transform our culture and rebuild trust, implementing the recommendations of the
Everyday Respect report and publishing our second progress report on our Communities and Social
Performance practices, which includes increased feedback from Traditional Owner groups, with responses from
seven groups compared to four in 2021.”
Production*

Q3 2022 operational highlights and other key announcements.

• In the last quarter we exceeded four years without a fatality on a managed site. However, our all-injury
frequency rate of 0.43 has deteriorated from the third quarter of 2021 (0.40), and from the prior quarter
(0.36). We continue to prioritise the safety, health and wellbeing of our workforce and communities where
we operate.
• Pilbara operations produced 84.3 million tonnes (100% basis) in the third quarter, 1% higher than the third
quarter of 2021, and 7% higher than the prior quarter with continued commissioning and ramp-up of GudaiDarri and Robe Valley. Shipments were 82.9 million tonnes (100% basis), 1% lower than the third quarter of
2021, and 4% higher than the prior quarter despite two unplanned rail outages on the Yandicoogina and
Gudai-Darri lines. The investigation into the Gudai-Darri derailment is ongoing. Full year shipments are
expected to be at the low end of the original 320 to 335 million tonne range.

• On 14 September, we agreed to enter a joint venture with China Baowu Steel Group Co. Ltd with respect to
the Western Range iron ore project in the Pilbara, investing $2 billion ($1.3 billion Rio Tinto share1
) to
develop the mine. Its annual capacity of 25 million tonnes will help sustain production of the Pilbara Blend,
with construction expected to begin in early 2023 and first production anticipated in 2025. The transaction
with Baowu is subject to satisfaction of various conditions precedent, including approvals from Rio Tinto
shareholders, the Australian Government, Chinese Government regulatory agencies and the Western
Australian Government, among others.
• We have agreed, together with Wright Prospecting Pty Ltd, to modernise the joint venture covering the
Rhodes Ridge project in the East Pilbara, Western Australia. The joint venture updates an existing
agreement between the two parties dating back to 1972 and now provides a pathway for the development
of the Rhodes Ridge deposits utilising Rio Tinto’s rail, port and power infrastructure. The participants have
commenced an Order of Magnitude study, to be conducted by Rio Tinto, which will consider the
development of an operation before the end of the decade with initial plant capacity of up to 40 million
tonnes annually, subject to the receipt of relevant approvals.
• Bauxite production of 13.7 million tonnes was 2% lower than the third quarter of 2021 due to equipment.

Full item here; https://www.riotinto.com/-/media/Conten ... e22b8b2c0d

I hold, have topped up twice this year, and am toying with buying more.

Ian.

[idpickering]

Rio Tinto modernises Rhodes Ridge Joint Venture.

Rio Tinto (50 per cent) and Wright Prospecting Pty Ltd (50 per cent) have agreed to modernise the joint venture covering the Rhodes Ridge project in the East Pilbara in Western Australia, home to one of the world's largest and highest quality undeveloped iron ore deposits.

The binding joint venture updates an existing agreement between the two parties dating back to 1972 and now provides a pathway for the development of the Rhodes Ridge deposits utilising Rio Tinto's rail, port and power infrastructure.

The participants have commenced an Order of Magnitude study, conducted by Rio Tinto, which will consider the development of an operation before the end of the decade with initial plant capacity of up to 40 million tonnes annually, subject to the receipt of relevant approvals.

https://www.investegate.co.uk/rio-tinto ... 00061799D/

Ian.

[idpickering]

Rio Tinto releases third quarter production results.

Rio Tinto Chief Executive Jakob Stausholm, said: “Delivering the full potential of our assets remains a priority:
production improved versus the prior quarter across most of our sites, particularly where we have implemented
the Rio Tinto Safe Production System (RTSPS). We progressed our excel in development objective,
commissioning some major projects and advancing the next tranche of Pilbara mines, agreeing to enter a joint
venture with Baowu to develop Western Range and modernising the joint venture covering the Rhodes Ridge
project in the East Pilbara, unlocking a pathway to develop this significant, high quality resource. We also
approved growth capital for underground mining at Kennecott, early works funding at Rincon Lithium and
continue to progress Oyu Tolgoi. Our proposal to take Turquoise Hill Resources private has unanimous support
of the Turquoise Hill Board who have recommended shareholders vote in favour of the transaction.
“We continue to deliver our strategy with decarbonisation at its centre. Last week we announced a partnership
with the Government of Canada to invest up to C$737 million over eight years to decarbonise our Rio Tinto Fer
et Titane operations in Québec, and to position the business as a centre of excellence for critical minerals
processing.
“We are taking action to transform our culture and rebuild trust, implementing the recommendations of the
Everyday Respect report and publishing our second progress report on our Communities and Social
Performance practices, which includes increased feedback from Traditional Owner groups, with responses from
seven groups compared to four in 2021.”
Production*

Q3 2022 operational highlights and other key announcements.

• In the last quarter we exceeded four years without a fatality on a managed site. However, our all-injury
frequency rate of 0.43 has deteriorated from the third quarter of 2021 (0.40), and from the prior quarter
(0.36). We continue to prioritise the safety, health and wellbeing of our workforce and communities where
we operate.
• Pilbara operations produced 84.3 million tonnes (100% basis) in the third quarter, 1% higher than the third
quarter of 2021, and 7% higher than the prior quarter with continued commissioning and ramp-up of GudaiDarri and Robe Valley. Shipments were 82.9 million tonnes (100% basis), 1% lower than the third quarter of
2021, and 4% higher than the prior quarter despite two unplanned rail outages on the Yandicoogina and
Gudai-Darri lines. The investigation into the Gudai-Darri derailment is ongoing. Full year shipments are
expected to be at the low end of the original 320 to 335 million tonne range.

• On 14 September, we agreed to enter a joint venture with China Baowu Steel Group Co. Ltd with respect to
the Western Range iron ore project in the Pilbara, investing $2 billion ($1.3 billion Rio Tinto share1
) to
develop the mine. Its annual capacity of 25 million tonnes will help sustain production of the Pilbara Blend,
with construction expected to begin in early 2023 and first production anticipated in 2025. The transaction
with Baowu is subject to satisfaction of various conditions precedent, including approvals from Rio Tinto
shareholders, the Australian Government, Chinese Government regulatory agencies and the Western
Australian Government, among others.
• We have agreed, together with Wright Prospecting Pty Ltd, to modernise the joint venture covering the
Rhodes Ridge project in the East Pilbara, Western Australia. The joint venture updates an existing
agreement between the two parties dating back to 1972 and now provides a pathway for the development
of the Rhodes Ridge deposits utilising Rio Tinto’s rail, port and power infrastructure. The participants have
commenced an Order of Magnitude study, to be conducted by Rio Tinto, which will consider the
development of an operation before the end of the decade with initial plant capacity of up to 40 million
tonnes annually, subject to the receipt of relevant approvals.
• Bauxite production of 13.7 million tonnes was 2% lower than the third quarter of 2021 due to equipment.

Full item here; https://www.riotinto.com/-/media/Conten ... e22b8b2c0d

I hold, have topped up twice this year, and am toying with buying more.

Ian.

For those who prefer it, the RNS on the above is here; https://www.investegate.co.uk/rio-tinto ... 01031821D/

Ian.

[Bouleversee]

I was also wondering about topping up or advising sprogs to do so but this is what ADVFN's morning bulletin said today:
"On the downside, Rio Tinto slipped after the miner trimmed its full-year production guidance, as the weakening global economic outlook weighed on the third quarter".
I can't help thinking that they must still be a buying opportunity, though. What do wiser heads than mine think?

Edit: Having said that, I've just read that a majority analyst rating is only a hold so maybe I'll hold off for a while.

[scrumpyjack]

I was also wondering about topping up or advising sprogs to do so but this is what ADVFN's morning bulletin said today:
"On the downside, Rio Tinto slipped after the miner trimmed its full-year production guidance, as the weakening global economic outlook weighed on the third quarter".
I can't help thinking that they must still be a buying opportunity, though. What do wiser heads than mine think?

Edit: Having said that, I've just read that a majority analyst rating is only a hold so maybe I'll hold off for a while.

With a huge company like Rio, the company will be analysed in detail by many in the market and IMO the price at any point in time will reflect the balance of market opinion and of all available information. I certainly would take no notice of the 'majority analyst rating'. Your guess is as good as theirs, probably better!

I'm happy to remain overweight the big miners, Rio and BLT. They both have low production costs so should remain profitable throughout the cycle, and are engaged in real business producing products that will always be in demand and overall pretty well protected against general inflation. No point trying to time your purchase, or sales, of these. Just buy and keep IMO.

[idpickering]

I was also wondering about topping up or advising sprogs to do so but this is what ADVFN's morning bulletin said today:
"On the downside, Rio Tinto slipped after the miner trimmed its full-year production guidance, as the weakening global economic outlook weighed on the third quarter".
I can't help thinking that they must still be a buying opportunity, though. What do wiser heads than mine think?

Edit: Having said that, I've just read that a majority analyst rating is only a hold so maybe I'll hold off for a while.

With a huge company like Rio, the company will be analysed in detail by many in the market and IMO the price at any point in time will reflect the balance of market opinion and of all available information. I certainly would take no notice of the 'majority analyst rating'. Your guess is as good as theirs, probably better!

I'm happy to remain overweight the big miners, Rio and BLT. They both have low production costs so should remain profitable throughout the cycle, and are engaged in real business producing products that will always be in demand and overall pretty well protected against general inflation. No point trying to time your purchase, or sales, of these. Just buy and keep IMO.

For what it's worth, I'm with scrumpyjack on this. I am very impressed with his comment above, and couldn't have put it better. I humbly rec/thank his post.

Ian.

[idpickering]

Results of Rio Tinto general meetings relating to the proposed joint venture with China Baowu Steel Group Co., Ltd.

The general meetings of Rio Tinto plc and Rio Tinto Limited relating to the proposed joint venture with China Baowu Steel Group Co., Ltd were held on 25 October 2022 as contemporaneous meetings in London and Perth respectively.

Under Rio Tinto's dual listed companies structure (DLC) established in 1995, decisions on significant matters affecting shareholders of Rio Tinto plc and Rio Tinto Limited in similar ways are put to both Rio Tinto plc and Rio Tinto Limited shareholders on a poll by way of a joint electoral procedure. Resolutions 1 and 2 contained in the notices of meeting of each of Rio Tinto plc and Rio Tinto Limited fall into this category.

Information on the final proxy position for each company is detailed in Appendix 1, and the votes cast on each resolution as a percentage of the issued capital of each company is set out on our website at riotinto.com/gm2022 .

Resolutions 1 and 2 as set out below were each duly carried as ordinary resolutions. The results of the polls were as follows:

https://www.investegate.co.uk/rio-tinto ... 16470439E/

Ian.

[idpickering]

Rio Tinto reaches agreement with certain shareholders of Turquoise Hill Resources.

Rio Tinto has entered into agreements ("Agreements") with certain funds and other entities related to Pentwater Capital Management LP and SailingStone Capital Partners LLC (the "Securityholders") in relation to the special meeting ("Special Meeting") of Turquoise Hill Resources Ltd ("Turquoise Hill") shareholders to vote on Rio Tinto's acquisition by way of plan of arrangement (the "Arrangement") of the approximately 49% of the issued and outstanding shares of Turquoise Hill that Rio Tinto does not own for C$43.00 per share in cash (the "Consideration"). As announced by Turquoise Hill, the Special Meeting has been postponed until Tuesday 8th November.

Under the Agreements, the Securityholders have agreed to withhold their votes at the Special Meeting and exercise their dissent rights in respect of the Arrangement. Rio Tinto has agreed to increase the dissent condition under the Arrangement Agreement from 12.5% to 17.5% of Turquoise Hill shares issued and outstanding. Under the Agreements, the parties have also agreed that the dissent proceedings with the Securityholders and certain other claims shall be conducted by arbitration, and the Securityholders shall be paid C$34.40 of the Consideration following the completion of the Arrangement, with the remaining Consideration payable following the final determination of the arbitration. The Agreements contain customary releases of the parties.

Rio Tinto reconfirms that the proposal of C$43.00 per Turquoise Hill share is best and final.

https://www.investegate.co.uk/rio-tinto ... 00079955E/

Ian.

[idpickering]

Update - Transaction with Turquoise Hill Resources.

Rio Tinto has carefully considered the concerns raised by minority shareholders of Turquoise Hill Resources Ltd. ("Turquoise Hill") in relation to the dissent and dispute resolution provisions in the agreements (the "Agreements") it entered into with certain funds and other entities related to Pentwater Capital Management LP and SailingStone Capital Partners LLC (the "Named Securityholders") that were previously announced on 1 November 2022. Rio Tinto in good faith has been negotiating with the Special Committee of Turquoise Hill on comparable provisions for other minority shareholders. However, notwithstanding the parties best efforts, those negotiations have been unsuccessful.

Rio Tinto has now agreed to terminate the Agreements with the Named Securityholders. While Rio Tinto's proposed transaction to acquire, by way of a plan of arrangement (the "Arrangement"), the approximately 49% of the issued and outstanding shares of Turquoise Hill that Rio Tinto does not own for C$43.00 per share in cash (the "Proposed Transaction") will proceed, there is no assurance that any of the Named Securityholders will continue to withhold their vote or whether any of them will vote for or against the Arrangement. Copies of the termination agreements are being publicly filed by Rio Tinto as part of its 13D amendment in the U.S.

All minority shareholders of Turquoise Hill will have access to the same dissent rights and statutory process through the Yukon Courts for Rio Tinto's Proposed Transaction as described in Turquoise Hill's circular dated 27 September 2022 (the "Circular"). To further support the Proposed Transaction, Rio Tinto irrevocably commits to:

· Waive the 12.5% dissent condition in respect of the Arrangement, provided that Turquoise Hill shares for which dissent is validly exercised do not exceed 17.5% of Turquoise Hill shares outstanding;

· Pay C$34.40 per share (the "Upfront Payment") to any Turquoise Hill shareholder who validly dissents and elects to receive such amount (an "Electing Shareholder"), within two business days of the effective date of the Arrangement (the "Effective Date");

· Pay to an Electing Shareholder interest at the Canada 1 Year Treasury Bill Yield on any balance of "fair value" that becomes payable under the dissent process over and above the Upfront Payment up to C$43 per share calculated from the Effective Date to the date of payment, provided that no other interest shall be payable to an Electing Shareholder in respect of any fair value payment; and

· Allow any oppression claims by any Turquoise Hill minority shareholders, including Electing Shareholders, against Turquoise Hill, Rio Tinto or their respective affiliates, to survive the Arrangement and be pursued following the Effective Date, where such claims are served on or provided to Turquoise Hill and Rio Tinto no later than seven days following the Effective Date.

Rio Tinto Copper Chief Executive Bold Baatar said: "We have acknowledged feedback received from minority shareholders and returned to the proposal originally unanimously recommended by the Turquoise Hill Special Committee. We will work with the Turquoise Hill Special Committee to secure a new shareholder meeting date so that the Proposed Transaction can be voted on by minority shareholders as soon as practicable. We continue to believe that a premium of 67% for their shares and removal of financial uncertainty is an attractive proposition for minority shareholders."

https://www.investegate.co.uk/rio-tinto ... 00058372G/

Ian.

[idpickering]

PKKP and Rio Tinto to create Juukan Gorge Legacy Foundation.

The Puutu Kunti Kurrama and Pinikura (PKKP) Aboriginal Corporation and Rio Tinto have agreed to create the Juukan Gorge Legacy Foundation after signing a remedy agreement regarding the tragic destruction of two ancient rock shelters at Juukan Gorge in the Pilbara region of Western Australia in 2020.

In accordance with the right to self-determination, the agreement reflects the desire of the Traditional Owners to create a foundation that supports the cultural, social, educational and economic aspirations of the group. The foundation, to be led and controlled by Traditional Owners, will also enable the delivery of broader benefits through commercial partnership opportunities.

Under the agreement, Rio Tinto will provide financial support to the foundation to progress major cultural and social projects including a new keeping place for storage of important cultural materials.

The agreement forms part of Rio TintoÕs commitment to remedying and rebuilding its relationship with the PKKP people. In addition to supporting the creation of the Juukan Gorge Legacy Foundation, remedy discussions have centred on agreeing a new approach to co-management of Country as well as the ongoing rehabilitation of the rock shelters and their surrounds at Juukan Gorge.

Rio Tinto Chief Executive Jakob Stausholm said, ÒW e fell far short of our values as a company and breached the trust placed in us by the PKKP people by allowing the destruction of the Juukan Gorge rock shelters. As we work hard to rebuild our relationship, I would like to thank the PKKP people, their elders, and the Corporation for their guidance and leadership in forming this important agreement.Ó

At the request of the PKKP Aboriginal Corporation, the financial terms of the agreement will not be disclosed.

https://www.investegate.co.uk/rio-tinto ... 00097022H/

I hold, and may top up my holdings soon.

It is good to see RIO 'doing the right thing'.

Ian.

[Dod101]

I think notwithstanding the business case for miners (subject of course to the business cycle) Rio in particular poses a number of concerns re ethics. Interesting that the last two posts have been on this subject. In the second case do it first and then apologise, knowing full well that no matter what money was offered the Traditional Owners would never agree to blowing up their sacred sites. Now that the deed is done, just come to an agreement re compensation. They have got what they wanted anyway. 'Doing the right thing'? No option and that sadly, is no way to run a business.

Dod

[idpickering]

I think notwithstanding the business case for miners (subject of course to the business cycle) Rio in particular poses a number of concerns re ethics. Interesting that the last two posts have been on this subject. In the second case do it first and then apologise, knowing full well that no matter what money was offered the Traditional Owners would never agree to blowing up their sacred sites. Now that the deed is done, just come to an agreement re compensation. They have got what they wanted anyway. 'Doing the right thing'? No option and that sadly, is no way to run a business.

Dod

Thanks for your input Dod. All fair comments too. It does show a lack of foresight, bordering on arrogance, on their part perhaps?

Ian.

[monabri]

The chief exec lost his (£2.7m) bonus and then his job.

https://www.bbc.co.uk/news/business-56261514

(Includes pictures of the caves before and after)

"In December, a parliamentary inquiry ordered Rio Tinto to rebuild the cave system, and blasted their destruction as "inexcusable". In its report - titled Never Again - the inquiry concluded Rio Tinto "knew the value of what they were destroying but blew it up anyway"."

The report is a pdf to which the BBC report provides a link. It appears that Rio had previously funded research and they knew what was in the caves and their cultural value.

[Dod101]

The chief exec lost his (£2.7m) bonus and then his job.

https://www.bbc.co.uk/news/business-56261514

(Includes pictures of the caves before and after)

"In December, a parliamentary inquiry ordered Rio Tinto to rebuild the cave system, and blasted their destruction as "inexcusable". In its report - titled Never Again - the inquiry concluded Rio Tinto "knew the value of what they were destroying but blew it up anyway"."

The report is a pdf to which the BBC report provides a link. It appears that Rio had previously funded research and they knew what was in the caves and their cultural value.

They can always find another CEO and not paying him his bonus helped fund the compensation to the TOs. The culture is all wrong as the CEO evidently knew exactly what he was doing.

Dod