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Rio Tinto PLC (RIO.L)

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Latest Key Developments (Source: Significant Developments)

Eclipse Metals executes farm-in joint venture with Rio Tinto
Sunday, 21 Aug 2016 09:47pm EDT 

Eclipse Metals Ltd : Rio Tinto & Eclipse Metals Ltd farm-in joint venture . Expenditure to earn a 90% interest in one of the five Eclipse liverpool project uranium-gold-palladium tenements . Rio Tinto can fund up to $5 million exploration expenditure to earn 90% interest in 1 of 5 Eclipse liverpool project uranium-gold-palladium tenements .  Full Article

Moody's changes Rio Tinto Group's, all subsidiary outlooks to stable
Thursday, 18 Aug 2016 01:47pm EDT 

Moody's - : Moody's changes Rio Tinto Group's and all subsidiary outlooks to stable; affirms all ratings (BAA1 Sr. Unsecured) . Moody's on Rio Tinto Group - Outlook anticipates company to be free cash flow generative, liquidity position to continue comfortably above ongoing requirements .Moody's - We expect Rio Tinto's performance to slowly improve from the weak levels evidenced in 2015, particularly in the second half.  Full Article

Rio Tinto updates on sale of Mount Pleasant coal assets
Thursday, 4 Aug 2016 06:28pm EDT 

Rio Tinto Ltd : Rio Tinto completes sale of Mount Pleasant coal assets . Sale agreement has been amended to bring forward two payments originally scheduled eight and 16 months after completion . New agreement sees the total unconditional payments decrease by approximately $3.3 million . Agreement now includes a single payment on completion of US$195.7 million, a conditional payment of US$25 million, and royalties .Agreement includes royalties, payable qtrly at 2% of gross fob revenue for coal sold from existing reserve estimates at prices exceeding us$72.50/tonne.  Full Article

Rio Tinto says HY underlying earnings $1.6 bln
Wednesday, 3 Aug 2016 02:16am EDT 

Rio Tinto Ltd : Rio Tinto 2016 half year results . HY underlying earnings of $1.6 billion, $1.4 billion lower than 2015 first half . HY net earnings $1.713 billion versus $806 million a year ago . Has announced an interim dividend of 45 US cents per share . Intention of the board is that the total full year dividend will be not less than 110 US cents per share, equivalent to $2 billion . Operating cash cost improvements of $2 billion (pre-tax) expected over 2016 and 2017, in line with previous guidance . Maintained a strong balance sheet with net debt of $12.9 billion and gearing of 23 per cent, in the lower half of the targeted range" . Capital expenditure expected to be around $4.0 billion in 2016, around $5.0 billion in 2017 and around $5.5 billion in 2018 . Development of the oyu tolgoi underground copper mine in Mongolia first tonnes expected in 2020, with average production of 560 thousand tonnes between 2025 and 2030 . Operating cash cost improvements (including exploration and evaluation savings) of $2 billion (pre-tax) expected over 2016 and 2017 . Continuing to target 20 to 30 per cent gearing ratio through the cycle" . Global growth forecasts for 2016 have been downgraded to around three per cent, matching the pace of the past few years." . Expects total cash returns to shareholders over longer term to be in a range of 40 to 60 per cent of underlying earnings in aggregate through the cycle.  Full Article

Rio Tinto approves development of Silvergrass mine
Tuesday, 2 Aug 2016 06:49am EDT 

Rio Tinto Plc : Rio Tinto approves development of Silvergrass mine . Expected internal rate of return for this investment well in excess of 100 per cent and a pay back of less than three years . As anticipated in previous guidance, this Silvergrass investment adds 10 million tonnes of capacity . Final stage of Silvergrass development is subject to obtaining necessary approvals from west australian government. . Will invest an incremental $338 million to complete development of Silvergrass mine in its world-class Pilbara iron ore operations in Western Australia . Key element in maintaining Rio Tinto's premium Pilbara blend, and also delivers incremental tonnage and lower unit costs. . Final stage of Silvergrass development is subject to obtaining necessary approvals from West Australian government .Investment will lower mine operating costs by replacing road haulage with a more efficient conveyor system.  Full Article

Rio Tinto says qtrly Pilbara iron ore shipments 82.2 mt
Monday, 18 Jul 2016 06:30pm EDT 

Rio Tinto Ltd : Rio Tinto releases second quarter production results . Q2 aluminium production 911 kt, +11% . Qtrly mined copper production 141.0 kt, +5% . Qtrly pilbara iron ore shipments (100% basis) 82.2 mt, +6% . For iron ore, rio tinto's expected pilbara iron ore shipments in 2016 are around 330 million tonnes (100 per cent basis), subject to weather conditions . 2016 expected share of production remains unchanged at 45 million tonnes of bauxite, 7.8 million tonnes of alumina and 3.6 million tonnes of aluminium . In 2016, Rio Tinto continues to expect its share of mined copper production to be between 575 and 625 thousand tonnes . Qtrly pilbara iron ore production (100% basis) 80.9 mt, up 8 percent . FY refined copper production is also unchanged at 220 to 250 thousand tonnes .  Full Article

Rio Tinto transferred its 53.8 pct shareholding in Bougainville Copper
Wednesday, 29 Jun 2016 07:42pm EDT 

Rio Tinto Ltd : ABG and PNG will both hold an equal share in BCL of 36.4 per cent if the transfers are completed . Says Rio Tinto has today transferred its 53.8 per cent shareholding in Bougainville Copper Limited (BCL) to an independent trustee . ABG to receive 68 per cent of rio tinto's shareholding from the independent trustee for no consideration . Under the trust deed PNG is entitled to the remaining 32 per cent . BCL chairman peter Taylor will resign with immediate effect . Although Rio Tinto will no longer hold any interest in BCL, Rio Tinto will continue to meet its obligations under agreement during the period .  Full Article

Savannah and Rio Tinto extend joint venture long stop date
Wednesday, 29 Jun 2016 02:00am EDT 

Savannah Resources Plc :Rio Tinto and Savannah Co agreed to extend long stop date for fulfillment of conditions precedent of joint venture until Sept. 30..  Full Article

Rio Tinto paid $4.5 billion in taxes and royalties in 2015
Tuesday, 28 Jun 2016 06:26pm EDT 

Rio Tinto Ltd : Rio Tinto paid $4.5 billion in taxes and royalties in 2015 .Spent almost $18 bln buying goods and services from suppliers around world last year.  Full Article

Rio Tinto says to reduce gross debt by $3 billion
Tuesday, 21 Jun 2016 05:52am EDT 

Rio Tinto Plc : Rio tinto to reduce gross debt by $3 billion . Will reduce its gross debt after accepting for purchase $1.252 billion of debt under its maximum tender offer and $1.748 billion under any and all offer . Final aggregate principal amount of securities purchased under any and all offer that expired on 13 June 2016 was $1.748 billion .Both offers commenced on 7 June 2016 and are part of rio tinto's ongoing capital management..  Full Article

Some Japanese aluminium buyers agree to Q4 premium of $75 per tonne: sources

TOKYO Some Japanese aluminium buyers have agreed to pay producers a premium of $75 per tonne for shipments in the October-December quarter, reflecting softer spot premiums, two sources directly involved in the quarterly pricing talks said on Thursday.