LONDON, UK: Rio Tinto (ASX: RIO) has agreed to invest A$40.4 million in Sovereign Metals Limited (ASX: SVM) to acquire an initial 15% stake in the company and support the development of its Kasiya Rutile-Graphite Project in Malawi. The investment will enable Sovereign to advance the Kasiya project, which hosts a large-scale, high-grade, low-cost and…
Tag: Rio tinto
Rio Tinto boosts copper production at Kennecott mine in Utah
LONDON, UK: Rio Tinto, a global mining company, has announced that it is investing in its Kennecott copper mine near Salt Lake City, Utah, to increase its production from underground mining and improve its processing facilities. The company said on Tuesday that it has approved $498 million of funding to develop an area known as…
Rio Tinto to acquire Rincon Mining lithium project for $825mn
SYDNEY, AUSTRALIA: Rio Tinto has agreed to acquire Rincon Mining Pty Limited, which owns the Salar del Rincón Project in Argentina; and Lithium Extraction Technologies (Australia) Pty which holds certain intellectual property which may be applied in conjunction with lithium projects. Rio Tinto has entered into a binding agreement to acquire the Rincon lithium project…
Austin Engineering wins 5-year contract with Rio Tinto
SYDNEY, AUSTRALIA: Austin Engineering Limited (ASX: ANG) signed a five-year mining products and service supply contract with Rio Tinto Services Ltd (Rio Tinto). Austin Engineering is a global leader in mining equipment, design and manufacture. The contract is for the supply of dump bodies, lightweight trays for ore trucks, heavy machinery buckets, water bodies and…
Rio Tinto, BHP and Fortescue collaborate to create safer workplaces
MELBOURNE, AUSTRALIA: Rio Tinto, BHP and Fortescue Metals Group have agreed to partner and fund programs as part of a continued commitment towards creating safer workplaces that are free from sexual harassment, bullying and racism. Through this partnership, Rio Tinto, BHP and Fortescue will fund and contribute to the design, build and implementation of new…
Santos enters new gas supply agreement with Rio Tinto
SYDNEY: Santos, Western Australia’s biggest domestic gas producer, signed a new gas supply agreement with global miner, Rio Tinto. Under the agreement, Santos will supply up to 15 PJs of natural gas to Rio Tintocommencing in late 2021. Santos Managing Director and Chief Executive Officer Kevin Gallagher said Rio has been a long-term buyer of…
Rio Tinto signs agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi
LONDON: Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion building on and replacing the arrangements established…
Rio Tinto announces new executive team to focus on operational excellence
LONDON: Rio Tinto will increase its focus on operational excellence and project development, strengthening the company’s ESG credentials, and rebuilding trust, particularly in Australia, under a new organisational structure. This approach will be underpinned by the safe operation of our world-class assets, continued disciplined capital allocation, and a strong balance sheet. To achieve these goals,…
Rio Tinto appoints Jakob Stausholm as chief executive
LONDON: Rio Tinto has appointed Jakob Stausholm as chief executive, effective 1 January 2021. Since joining Rio Tinto as an executive director and chief financial officer in 2018, Mr Stausholm has played a leading role in the Group’s strong performance, maintaining capital allocation discipline and delivering significant shareholder returns, while strengthening the balance sheet. Mr…
Rio Tinto announces Executive Committee changes
MELBOURNE: Rio Tinto has announced that by mutual agreement, J-S Jacques will step down from his role as an executive director and Chief Executive of the Group. A process to identify his successor is underway. J-S will remain in his role until the appointment of his successor or 31 March 2021, whichever is earlier. This…
Rio Tinto reveals maiden resource at Winu and new discovery
LONDON: Rio Tinto has disclosed the maiden Inferred Mineral Resource at the 100% owned Winu copper-gold project and revealed the discovery of a new zone of gold dominant mineralisation approximately 2 km east of the Winu deposit in the Paterson Province of Western Australia. The Inferred Mineral Resource, reported at a 0.2% copper equivalent cutoff,…
Rio Tinto plans to wind-down operations of New Zealand Aluminium Smelters
LONDON: Rio Tinto will start planning for the wind-down of operations and the eventual closure of New Zealand Aluminium Smelters (NZAS) following the conclusion of its strategic review which has shown the business is no longer viable given high energy costs and a challenging outlook for the Aluminum industry. As a result, NZAS has given…