Rio Tinto

NZAS terminates electricity contract and plans to wind-down operations following strategic review

Wednesday, July 8, 2020 - 9:02pm

As a result, NZAS has given Meridian Energy notice to terminate the power contract, which will end in August 2021, when the wind-down of operations is expected to complete.

Key Points: 
  • As a result, NZAS has given Meridian Energy notice to terminate the power contract, which will end in August 2021, when the wind-down of operations is expected to complete.
  • Extensive discussions with a wide range of interested parties have failed to secure a power contract that will enable the operation to become both competitive and profitable.
  • During the next 14 months, NZAS and Rio Tinto will work closely with partners as detailed planning is undertaken to wind-down operations, and eventually close the smelter.
  • Rio Tinto Aluminium chief executive Alf Barrios said We recognise the decision to wind-down operations at NZAS will have a significant impact on employees, the community and our customers.

Pentwater Calls For Turquoise Hill to Provide an Update to the Potential Funding Shortfall For Construction of the Oyu Tolgoi Underground Development

Monday, July 6, 2020 - 3:54pm

Pentwater must ask at this point: is the Board and management team deaf, corrupt, or mindless?

Key Points: 
  • Pentwater must ask at this point: is the Board and management team deaf, corrupt, or mindless?
  • Last Thursdays press release states, Turquoise Hill now expects to have liquidity available to fund operations and underground development beyond Q3 2021.
  • The Company also admitted that it has, decided to defer further discussions with Rio Tinto regarding possible interim funding arrangements.
  • Your vote is critical to initiate much-needed change, to restore accountability and to safeguard minority shareholder interests in Turquoise Hill.

XCMG Celebrates Partnership Achievements with Industry Partners on International Day of Cooperatives

Saturday, July 4, 2020 - 4:31pm

XUZHOU, China, July 4, 2020 /PRNewswire/ --Leading Chinese construction machinery manufacturer XCMG (SHE: 000425) is celebrating the 2020 International Day of Cooperatives on July 4 through a retrospective of its successful partnership achievements with top global industry partners over the past year.

Key Points: 
  • XUZHOU, China, July 4, 2020 /PRNewswire/ --Leading Chinese construction machinery manufacturer XCMG (SHE: 000425) is celebrating the 2020 International Day of Cooperatives on July 4 through a retrospective of its successful partnership achievements with top global industry partners over the past year.
  • XCMG entered strategic agreements with two existing long-term partners leading diesel engine manufacturer Cummins and leading global mining group Rio Tinto in the fall of 2019.
  • Together, the companies have committed to strengthen mutually beneficial global activities across all areas of the product and value chain.
  • In addition, the partners have pledged to share resources and new technologies, while continuously improving global R&D, manufacturing and service systems.

XCMG Celebrates Partnership Achievements with Industry Partners on International Day of Cooperatives

Saturday, July 4, 2020 - 4:18pm

XUZHOU, China, July 4, 2020 /PRNewswire/ --Leading Chinese construction machinery manufacturer XCMG (SHE: 000425) is celebrating the 2020 International Day of Cooperatives on July 4 through a retrospective of its successful partnership achievements with top global industry partners over the past year.

Key Points: 
  • XUZHOU, China, July 4, 2020 /PRNewswire/ --Leading Chinese construction machinery manufacturer XCMG (SHE: 000425) is celebrating the 2020 International Day of Cooperatives on July 4 through a retrospective of its successful partnership achievements with top global industry partners over the past year.
  • XCMG entered strategic agreements with two existing long-term partners leading diesel engine manufacturer Cummins and leading global mining group Rio Tinto in the fall of 2019.
  • In addition, the partners have pledged to share resources and new technologies, while continuously improving global R&D, manufacturing and service systems.
  • "XCMG is committed to working hand-in-hand with our partners to grow and succeed together.

Oyu Tolgoi mine design confirms project schedule and cost ranges and update to Ore Reserves and Mineral Resources

Thursday, July 2, 2020 - 11:38pm

The updated study incorporates a new mine design for Panel 0 of the Hugo Dummett North underground mine at Oyu Tolgoi.

Key Points: 
  • The updated study incorporates a new mine design for Panel 0 of the Hugo Dummett North underground mine at Oyu Tolgoi.
  • The new design also confirms that the caving method of mining remains valid and that the underground schedule and costs remain within the ranges previously disclosed.
  • We remain focused on delivering the underground project safely and within the guidance ranges we have announced on both cost and schedule.
  • On 3 July 2020 Rio Tinto released to the Australian Securities Exchange (ASX) updated Mineral Resources and Ore Reserves for the Oyu Tolgoi mine.

Rio Tinto adds a strategy and development role to the executive committee

Tuesday, June 30, 2020 - 11:38pm

Stephen joined Rio Tinto as an exploration geophysicist in 1987 and led the exploration team from 2011 to 2016, joining the executive committee in 2016.

Key Points: 
  • Stephen joined Rio Tinto as an exploration geophysicist in 1987 and led the exploration team from 2011 to 2016, joining the executive committee in 2016.
  • Both Peter and Mark will join the Rio Tinto executive committee on 1 October, reporting to chief executive, J-S Jacques.
  • Peter, a dual Hungarian and Australian citizen, joined Rio Tinto in 2014 as global head of Strategy.
  • In 2015, he became head of Corporate Development with responsibility for corporate strategy (including climate strategy) and business development.

Agreement reached on a preferred long-term power supply for Oyu Tolgoi

Sunday, June 28, 2020 - 11:33pm

Rio Tinto, Turquoise Hill and the Government of Mongolia have reached an agreement on the preferred domestic power solution for Oyu Tolgoi that paves the way for the Government to fund and construct a State Owned Power Plant at Tavan Tolgoi.

Key Points: 
  • Rio Tinto, Turquoise Hill and the Government of Mongolia have reached an agreement on the preferred domestic power solution for Oyu Tolgoi that paves the way for the Government to fund and construct a State Owned Power Plant at Tavan Tolgoi.
  • The agreement, which is a revision of the Power Source Framework Agreement (PSFA) signed in 2018, states that the Parties will work towards finalising a Power Purchase Agreement by the end of March 2021.
  • Oyu Tolgoi currently uses imported power and both the Government of Mongolia and Oyu Tolgoi have committed to extending the current arrangement to ensure continued stable power is supplied to the mine and underground project until the State Owned Power Plant is commissioned and is able to supply stable, reliable and continuous power.
  • Arnaud Soirat, Copper & Diamonds chief executive, said, This agreement provides a potential pathway to securing a domestic power supply for the Oyu Tolgoi mine and underground project for the benefit of all shareholders and the wider community.

Pentwater Issues Letter to Turquoise Hill Calling for Increased Transparency in Financial Disclosures and Urges Shareholders to Vote for Pentwater’s Proposals to Restore Accountability

Wednesday, June 24, 2020 - 12:30pm

The letter outlines yet another example of how the Board has benefited its largest shareholder Rio Tinto by failing to disclose important and necessary financial information to TRQ shareholders.

Key Points: 
  • The letter outlines yet another example of how the Board has benefited its largest shareholder Rio Tinto by failing to disclose important and necessary financial information to TRQ shareholders.
  • In July 2018, TRQ reaffirmed that Shaft 2 would be completed by the end of 2018.
  • We encourage our fellow shareholders to consider the facts and take action against the current culture of entrenchment, value destruction and misconduct at Turquoise Hill.
  • Your vote is critical to initiate much-needed change, to restore accountability and to safeguard minority shareholder interests in Turquoise Hill.

Madison Metals and American Pacific Mining Announce Madison Shareholder Approval for the Sale of the Madison Project

Tuesday, June 23, 2020 - 2:00pm

VANCOUVER, British Columbia, June 23, 2020 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDF) (APM) and Madison Metals Inc. (Madison) are pleased to announce that, further to its news release of April 14, 2020, the shareholders of Madison have approved the sale of the Madison Copper Gold Project near Silver Star Montana, USA (the Madison Project) to APM (the Transaction).

Key Points: 
  • VANCOUVER, British Columbia, June 23, 2020 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDF) (APM) and Madison Metals Inc. (Madison) are pleased to announce that, further to its news release of April 14, 2020, the shareholders of Madison have approved the sale of the Madison Copper Gold Project near Silver Star Montana, USA (the Madison Project) to APM (the Transaction).
  • The Madison Project is currently under an earn-in, joint venture agreement, whereby Kennecott Exploration Company, part of the Rio Tinto Group may spend $30 million USD to earn up to 70% of the Madison Project.
  • About American Pacific Mining Corp.
    American Pacific Mining Corp. is a gold explorer focused on precious metal opportunities in the Western United States.
  • The Gooseberry Gold/Silver Project and the Tuscarora Gold Project are two high-grade, precious metal projects located in key mining districts of Nevada USA.

Rio Tinto announces details of board-led heritage process review

Friday, June 19, 2020 - 12:44am

The review will be conducted by Michael LEstrange AO, an independent non-executive director of Rio Tinto, and will seek input from Rio Tinto employees and the Puutu Kunti Kurrama and Pinikura people (PKKP).

Key Points: 
  • The review will be conducted by Michael LEstrange AO, an independent non-executive director of Rio Tinto, and will seek input from Rio Tinto employees and the Puutu Kunti Kurrama and Pinikura people (PKKP).
  • The review will complement and inform Rio Tintos cooperation with the Inquiry by the Joint Standing Committee on Northern Australia.
  • Rio Tinto will also continue to support the West Australian governments planned reform of the Aboriginal Heritage Act 1972 (WA).
  • Simon Thompson, chairman of Rio Tinto, said On behalf of the Rio Tinto board, I would like to apologise to the Puutu Kunti Kurrama and Pinikura people.