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These Cookies also facilitate sharing information with social networks or recording your interactions with particular ads. About Our materials are essential for the low-carbon transition. Aluminium for lightweight cars. Copper to help things work more efficiently — from renewables to the power in your home. Iron ore for the steel in our electricity infrastructure. Following that retrocession, the Guinean Government designated Rio Tinto's exploration and mining perimeter land area at km2 through the Convention and Concession.
The Simandou concession area is located along kms of the Simandou mountain range in south eastern Guinea. Rio produces aluminium, copper, diamonds, coal, iron ore, uranium, gold and industrial minerals borates, titanium dioxide, salt, talc. To support and deliver its long term strategy, Rio Tinto structures its medium term activities around the six core strategic pillars:.
Rio seeks to expand its business by operating its assets with an emphasis on maximizing efficiency and therefore margins. Rio Tinto has a 95 percent stake in the Simandou project and the International Finance Corporation holds a five percent stake.
After the death of long term ruler Lansana Conte in , a military junta under the leadership of Dadis Camara came to power.
Both Conte and Camara have regularly threatened to close down mining companies or to significantly change agreements with the companies. In August , Rio Tinto received correspondence from the Guinean Government purporting to rescind the Concession, the legality of which Rio Tinto questioned. In December , Rio's plans for the project were thrown into disarray when the government stripped it of the northern half of the mining concession, handing it to BSG Resources Guinea, a subsidiary of Israeli businessman Benny Steinmetz's BSG Resources.
Rio has engaged in top level discussions with various stakeholders in an effort to clarify the status of the project. Rio Tinto remains of the view that it has complied with all its obligations in relation to the Concession such that it is entitled to hold and retain the entire Concession. It continues working with the Guinean Government to seek to resolve this matter on that basis. At a proposed production rate of over 70 million tonnes per annum, the Simandou mine would pay millions of dollars each year in taxes and royalties to the Government of Guinea, and millions of dollars to a regional development fund.
This would amount to billions of dollars over the life of the mine. The expected annual royalties from the Simandou project alone would represent many times what the Government currently receives from all mining revenues in Guinea.
This revenue to the Government would increase in proportion to increased production. Chief Financial Officer. Bold Baatar. Chief Executive - Rio Tinto Copper. Sinead Kaufman. Chief Executive - Rio Tinto Minerals. New Stories. The author is a Reuters Breakingviews columnist. The opinions expressed are their own. A mining industry group in Western Australia said it opposes a proposed overhaul of national heritage laws that would give greater control to Aboriginal landholders in the wake of the destruction of ancient sites.
Rio Tinto Group on Friday reduced its iron ore shipments forecast, as a tighter labour market in Western Australia delayed the completion of a new greenfield mine at Gudai-Darri. Miners and travel stocks pressured London's FTSE index on Tuesday, with investors also worried about higher energy costs, supply chain disruptions and a looming rate hike crimping economic recovery. The world needs Guinea's massive Simandou iron ore deposit to be developed, Rio Tinto's chief executive said on Thursday, despite uncertainty in Guinea after last month's coup.
Rio Tinto and Canadian union Unifor have reached a labour agreement in principle for the global miner's operations in the western Canadian province of British Columbia, the company said on Sunday.
About 2, protesters marched through Belgrade on Saturday to urge Serbia's government to do more to prevent industrial pollution, and some denounced plans by Anglo-Australian miner Rio Tinto to develop a lithium mine. An executive with mining company Rio Tinto has played down damage to Indigenous Australian heritage, an Aboriginal group said on Thursday, in a submission to an inquiry into widespread destruction of sites of cultural significance.
A group of Aboriginal people has filed a complaint to the United Nations over Western Australia's draft heritage protection laws, more than a year after a public outcry over the destruction of culturally significant rock shelters by Rio Tinto. A group of Aboriginal people has filed a complaint to the United Nations over Western Australia's draft heritage protection laws, more than a year after miner Rio Tinto legally destroyed historically and culturally significant rock shelters.
Mining giant Rio Tinto is yet to pay compensation to the Aboriginal group whose ancient rock shelters it destroyed for an iron ore mine in Western Australia last year, company officials told a parliamentary inquiry Friday.
Mining giant Rio Tinto is yet to pay compensation to the Aboriginal group whose ancient rock shelters it destroyed at one of its iron ore sites in Western Australia last year, company officials told a parliamentary inquiry Friday. Four years from now, fields in the Jadar river valley in western Serbia where Djorjde Kapetanovic grows corn and soy to feed his cattle will be turned into a waste dump for Europe's biggest lithium mine.
Rio Tinto said on Tuesday it has restarted operations at its Richards Bay Minerals project in South Africa after a furnace in July was shut down as the supply of raw materials was affected. Aboriginal protesters on Thursday sharply criticised revisions to Western Australia's heritage laws, saying that, under the proposed changes, their traditional lands remained exposed to the risk of being destroyed by developers.
Australian Aboriginal groups will be consulted more widely but gain no veto over development projects on their traditional lands, under proposed changes to laws in the state where miner Rio Tinto destroyed ancient rock shelters last year. Australian shares ended little changed on Thursday as losses in Commonwealth Bank and Rio Tinto tempered gains driven by robust blue-chip earnings and gold miners.
Quote and financial data from Refinitiv. Fund performance data provided by Lipper.
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