Rio Tinto - RIO STOCK NEWS

Rio Tinto has issued a call for Expressions of Interest (EOI) from manufacturers in Western Australia to produce 100 rail cars for its Pilbara iron ore operations. Following a September announcement, the company aims to support local businesses and jobs by initially purchasing 50 cars, followed by 10 cars annually for the next five years. This initiative aligns with the WA Government's goal to develop local manufacturing capabilities, with Rio Tinto as a participating member. Interested manufacturers can find details on the Rio Tinto Buy Local portal.

The Board of Rio Tinto has appointed Dominic Barton as the new Chair, effective April 4, 2022, succeeding Simon Thompson. Barton, who has over 30 years of experience at McKinsey & Company and served as Canada's Ambassador to China, will officially take on the role after the annual general meeting on May 5, 2022. He aims to lead the company through a period of climate transition and strengthen its governance. Thompson served as Chair for four years, and the appointment follows consultations with shareholders regarding necessary qualities for the role.

Rio Tinto's QIT Madagascar Minerals (QMM) and Crossboundary Energy have commenced construction on a renewable energy project in Fort Dauphin, Madagascar. This initiative aims to power QMM's ilmenite mine operations with renewable energy, targeting carbon neutrality by 2023. The project includes an 8 MW solar facility, a 12 MW wind power plant, and an 8.25 MW battery storage system, expected to reduce carbon emissions by 26,000 tonnes annually and decrease heavy fuel oil purchases by 8,500 tonnes. The renewable energy will also benefit the local community of Fort Dauphin.

Rio Tinto is making a significant impact in Canada by contributing CAD $355,000 to support 14 organizations focused on preventing domestic violence and assisting victims. This initiative is part of the 16 Days of Activism Against Gender-Based Violence. The funding will provide essential services, including shelters and counseling, and aims to raise employee awareness around domestic violence. This follows last year's CAD $360,000 donation aimed at expanding support for affected communities.

Rio Tinto has acquired the remaining 40% stake in the Diavik Diamond Mine from Dominion Diamond Mines, making it the sole owner. This move follows the approval from the Court of Queen’s Bench of Alberta and a 19-month process initiated in April 2020 due to Dominion's insolvency. With Diavik’s diamond production expected to end in 2025, Rio Tinto aims to maintain the supply of high-quality Canadian diamonds. The acquisition includes unsold production and cash collateral for future closure costs, while relieving Dominion of outstanding liabilities.

Rio Tinto is investing US$87 million to enhance low-carbon aluminium production at its AP60 smelter in Quebec, Canada. This investment will increase production by 45%, adding 26,500 metric tonnes annually, bringing total capacity to 86,500 metric tonnes. The project will secure jobs for approximately 100 employees and aligns with projected global aluminium market growth of 3.3% per year. The AP60 technology, known for its energy efficiency, reduces greenhouse gas emissions significantly.

Rio Tinto is investing in Inobat Auto, a European battery technology firm, to bolster the battery ecosystem in Europe. This investment will aid in completing Inobat's research center and pilot battery line in Slovakia. Rio Tinto's Jadar lithium-borates project in Serbia, valued at $2.4 billion, holds the potential to produce around 58,000 tonnes of battery-grade lithium, establishing Rio as a leading lithium supplier in Europe for the next 15 years. Both companies aim to support the circular economy and technological independence in the European electric vehicle market.

Rio Tinto Finance has accepted $759.95 million for purchase as part of a Tender Offer following the issuance of $1.25 billion 30-year bonds, settled on November 2, 2021. The Tender Offer commenced on October 28, 2021, and concluded on November 3, 2021. The Securities will be retired and cancelled after purchase, with a settlement date set for November 5, 2021. Additionally, Rio Tinto announced a redemption notice for remaining Securities, effective December 3, 2021. Proceeds from the bond issuance will also fund the redemption of outstanding Securities.