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…
Tag: Rio tinto
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…
Rio Tinto adds a strategy and development role to the executive committee
MELBOURNE: Rio Tinto has added a new role to its executive committee as it considers the next phase of its transformation to reinforce the company’s commitment to strategy, technology and climate change in a new era. Peter Toth will become Group executive, Strategy and Development with a focus on leading Rio Tinto’s transformation efforts around…
Rio Tinto announces details of board-led heritage process review
LONDON: Rio Tinto has launched a board-led review of its heritage management processes within Iron Ore following the events at Juukan Gorge, with a focus on recommending improvements to the effectiveness of its internal processes and governance. The review will be conducted by Michael L’Estrange AO, an independent non-executive director of Rio Tinto, and will…