Key Developments: Rio Tinto PLC (RIO)

RIO on New York Consolidated

55.16USD
11 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Rio Tinto PLC Comments On H1 2013 Profit Guidance-AAP
Monday, 5 Aug 2013 01:27am EDT 

Australian Associated Press reported that Rio Tinto PLC is expected to post profit of over USD4 billion for first half of 2013, with strong iron ore sales to overcome predicted losses in other commodities.  Full Article

Rio Tinto PLC To Divest Interest Holdings in Northparkes to China Molybdenum Co., Ltd. - WSJ
Sunday, 28 Jul 2013 10:49am EDT 

The Wall Street Journal reported that Rio Tinto PLC will divest its holdings of an 80% stake in Northparkes to China Molybdenum Co., Ltd. (CMOC) for USD 820 million. Northparkes is an Australia-based copper and gold mining zone.  Full Article

Rio Tinto PLC And BHP Billiton To Spend $3 Billion To Build New Seawater Desalination Plant At Escondida Mine In Chile-AAP
Thursday, 25 Jul 2013 07:25pm EDT 

Australian Associated Press reported that Rio Tinto PLC and BHP Billiton will spend USD3 billion (AUD3.26 billion) to build a new seawater desalination plant at the Escondida mine in Chile. Rio, which has a 30% stake in the mine, will contribute USD1.03 billion (AUD1.13 billion) and BHP Billiton, which has a 57% share and also operates the mine, will put in USD1.97 billion (AUD2.14 billion). The companies say the 2,500-litre-per-second facility will provide a sustainable supply of water for the new OGP1 copper concentrator approved in February 2012 to minimise Escondida's reliance on regional aquifers. Construction will start this month with commissioning scheduled for 2017. The project will include two pipelines, four high-pressure pump stations, a reservoir at the mine site and high voltage infrastructure to support the system. The remaining interests in the Escondida mine, located 3,100 metres above sea level and 170 kilometres southeast of the City of Antofagasta, are owned by JECO Corporation (10.0%) and JECO 2 Ltd (2.5%). Rio said its investment will be funded through the company's share of Escondida's cash flows. BHP gave no details on its funding source.  Full Article

Rio Tinto PLC's Businesses Announces New Contracts
Thursday, 18 Jul 2013 05:32am EDT 

Rio Tinto PLC announced that its Calibre Rail Pty Ltd has been awarded an EPCM contract valued at approximately $30 million by BHP Billiton Iron Ore for the execution of the Ore Car Repair Shop (OCRS) project at Mooka, 33km south of Port Hedland, Western Australia. The project will involve approximately 40 Calibre personnel for the duration. Work on the project has commenced and is expected to be completed in 2016. Calibre’s project scope covers the delivery of both rail and infrastructure components, including roads, track, signalling, communications electrical engineering, water supply and construction of the maintenance workshop, a warehouse and process equipment installation. Calibre Global has been awarded the Definitive Engineering Study (DES) for Rio Tinto’s Koodaideri Mine and Rail Projects, in Western Australia. Work on both studies is due for completion by the end of March 2014 and carries a combined value of approximately $30 million. As previously disclosed Calibre had already undertaken the earlier Rail Preliminary Engineering Study (PES), but was also subsequently contracted to undertake verification work on the Koodaideri Mine Project Preliminary Engineering Study (PES) that had been carried out by a third party. The DES works represent the initial phase of a potential multi-phase greenfield development of the Koodaideri Project, located approximately 35km to the north west of Rio Tinto’s Yandicoogina iron-ore operations in the East Pilbara.  Full Article

Rio Tinto PLC Updates On Sale Of Shareholding In Palabora Mining Company Limited
Thursday, 18 Jul 2013 02:00am EDT 

Palabora Mining Co Ltd announced that with reference to the earlier announcement, regarding the conclusion of the Rio/Anglo Sale Agreement between Rio Tinto, Anglo American and a consortium of purchasers comprising South African and Chinese entities led by the Industrial Development Corporation of South Africa SOC Limited and Hebei Iron & Steel Group Co. Ltd. Shareholders are advised that it is Palabora's understanding that the Rio/Anglo Sale Agreement has become unconditional and therefore effective following the fulfilment of the final remaining suspensive conditions thereto, upon the completion agreement governing the BBBEE Transaction becoming unconditional on July 15, 2013 and no material adverse change having occurred between the signature date of the Rio/Anglo Sale Agreement and the date of the fulfilment of the suspensive condition referred to above, being July 15, 2013. As previously advised, the Consortium will accordingly be required to extend an offer to all remaining Shareholders to acquire their shares in Palabora (Mandatory Offer) upon the Rio Tinto and Anglo American Divestment being completed and the Consortium acquiring a beneficial interest in the relevant shares in Palabora. The Rio Tinto and Anglo American Divestment is presently anticipated by Rio Tinto to be completed on or about July 31, 2013.  Full Article

Lundin Mining Corp Announces Closing Of Acquisition Of Eagle Mine and Construction Ramp-Up From Rio Tinto PLC's Rio Tinto Nickel
Wednesday, 17 Jul 2013 11:45am EDT 

Lundin Mining Corp announced that the closing of the acquisition of the high grade Eagle nickel/copper mine from Rio Tinto Nickel Company, a subsidiary of Rio Tinto plc (Rio Tinto), previously announced on June 12, 2013. Total cash consideration paid at closing by the Company was approximately $315 million, consisting of a $250 million purchase amount plus project expenditures from January 1, 2013 until transaction closing of $65 million, subject to minor adjustments to reflect actual project expenses. The acquisition has been entirely funded from Lundin Mining's current net cash balance and its existing $350 million revolving credit facility. The purchase price reflects project expenditures from Jan 1, 2013 to closing being lower than previously anticipated due to an earlier than expected closing date.  Full Article

Vedanta Resources PLC Pulls Out of Bidding for Rio Tinto PLC's Canadian Iron Ore Assets-DJ
Tuesday, 2 Jul 2013 12:30am EDT 

Dow Jones reported that Vedanta Resources Plc has pulled out of the bidding for the iron-ore assets of Rio Tinto PLC, a person familiar with Vedanta's thinking told The Wall Street Journal. Since early this year, Rio Tinto has been trying to sell all or part of its 59% stake in the Iron Ore Co. of Canada, according to other people familiar with the matter. The stake is estimated to be worth around $4 billion. A first round of bids has already been submitted and bidders include commodities major Glencore Xstrata PLC and private-equity firm Blackstone Group LP, people familiar with the matter had told The Wall Street Journal in May. Vedanta, which had shown interest in these assets in March, has backed off because the acquisition would add to the company's financial burden.  Full Article

Rio Tinto PLC Wins End To Human Rights Abuse Lawsuit In U.S.-Reuters
Sunday, 30 Jun 2013 06:01pm EDT 

Reuters reported that Rio Tinto PLC has won the dismissal of a nearly 13-year-old U.S. lawsuit accusing the Anglo-Australian mining company of complicity in human rights abuses on the South Pacific island of Bougainville. Friday's ruling by a majority of an 11-judge panel of the 9th U.S. Circuit Court of Appeals ends litigation begun in 2000. Steve Berman, a lawyer for the Bougainville plaintiffs, did not immediately respond to requests for comment. Steve Berman, a lawyer for the Bougainville plaintiffs, did not immediately respond to requests for comment.  Full Article

Rio Tinto PLC Opts To Retain Diamonds Businesses
Monday, 24 Jun 2013 02:00am EDT 

Rio Tinto PLC announced that it has decided to retain its diamonds businesses after concluding a strategic review which considered a range of options, including potential divestment.  Full Article

Rio Tinto PLC Announces Job Cuts At Iron Ore HQ In Western Australia-DJ
Wednesday, 19 Jun 2013 12:58am EDT 

Dow Jones reported that Rio Tinto PLC has laid off senior staff at its regional iron ore headquarters in Western Australia state, in its latest move to cut costs as commodity prices remain low. Rio Tinto is targeting USD5 billion in savings across all businesses by the end of 2014, and the sale of a string of assets like its iron ore operations in Canada, as part of a strategy to boost profits and shareholder returns.  Full Article

Photo

Rio's Christ to light up Twitter's World Cup campaign

SAO PAULO - Rio's iconic Christ statue will be lit up on the eve of Sunday's World Cup final in the colors of each of the finalists' flags with Twitter users to determine which is displayed the longest.

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