Rio Tinto plc - RIO STOCK NEWS

Rio Tinto has reported its Q3 2021 operational performance amid ongoing COVID-19 challenges, highlighting a 2% increase in Pilbara iron ore shipments year-over-year to 83.4 million tonnes. However, production fell 4% compared to Q3 2020, partly due to delays in project completions and heritage management. Adjustments to production guidance were also made, lowering expectations for iron ore shipments and refined copper due to operational challenges. The company is focusing on enhancing operational performance while committing to sustainability and net-zero emissions goals.

Rio Tinto has officially opened its new community Hub in Karratha, Australia, aimed at strengthening ties with local residents and businesses. Located in Karratha’s CBD on Ngarluma country, the Hub features workstations, a meeting room, and facilities for community engagement. The Hub will operate weekdays from 9 AM to 4 PM, providing information on employment, local procurement, and community grants. Executive Simon Trott emphasized the importance of Karratha to Rio Tinto's operations, while Richard Cohen expressed commitment to enhancing connections with local stakeholders.

Rio Tinto is advancing a new low-carbon steel technology using sustainable biomass instead of coking coal. This innovative process, developed over ten years, combines biomass with microwave technology for iron ore conversion and is currently being tested in a pilot plant. If successful, the technology could significantly reduce carbon emissions in steel production, where 70% of Rio Tinto’s Scope 3 emissions originate. The project aims to utilize non-food biomass and ensure sustainability through rigorous certification processes.

Rio Tinto has opened a vaccination hub at Perth Airport to facilitate COVID-19 vaccinations for fly-in fly-out (FIFO) workers in the mining industry. In collaboration with the Western Australia Department of Health, this hub is designed to be accessible for all FIFO workers, regardless of their employer. Vaccination is now mandatory for FIFO and other resources sector employees. The clinic operates weekdays from 10 AM to 8 PM and requires appointments to ensure efficiency. This initiative aims to enhance vaccination rates in Western Australia.

Rio Tinto is enhancing local manufacturing in Western Australia by committing to build iron ore rail cars using local suppliers. A tender for the initial purchase of 50 ore rail cars will be released soon, followed by a commitment to buy 10 cars annually for five years. This initiative supports the WA Government’s efforts to bolster the regional economy through local supply chains. In 2020, Rio Tinto spent AUD$7.5 billion with over 2,000 local businesses in WA, further solidifying its long-standing presence and commitment to the region.

Rio Tinto has released its inaugural report on enhancing Communities and Social Performance (CSP) practices, aiming to restore trust with Traditional Owners after the Juukan Gorge incident in Western Australia. The report, detailing advancements through July 30, 2021, covers partnerships with Traditional Owners, improved governance, and cultural heritage management. CEO Jakob Stausholm emphasized the commitment to meaningful engagement with Indigenous peoples and outlined actions like remediation work at Juukan Gorge and a $50 million investment in Indigenous leadership.

Rio Tinto has announced the approval of a new solar farm and battery storage at Weipa, Queensland. This project will more than triple the area's solar generation capacity, contributing to cleaner energy for operations. EDL is contracted to build a 4MW solar plant and a 4MW/4MWh battery system, enhancing stability for local power needs. The combined system will provide approximately 11 gigawatt hours annually, reducing diesel consumption by 7 million liters and lowering CO2 emissions by 20,000 tonnes per year, which is akin to removing 3,750 cars from the road.

Rio Tinto has partnered with the WA Government to launch a COVID-19 vaccination clinic in Tom Price, Western Australia. The clinic, which operates from 9am to 6pm until September 21, aims to enhance vaccination rates in the region, serving local residents, including Aboriginal communities and Rio Tinto employees. Vaccine supply can cover approximately 3,000 individuals aged 12 and over. Additional clinics are planned in Pannawonica and Dampier. The initiative supports the WA Department of Health in prioritizing vaccinations in remote areas.

On March 2, 2021, the Australian Taxation Office (ATO) issued amended assessments to Rio Tinto regarding denied interest deductions linked to a 2015 dividend payment. The ATO imposed penalties of A$352 million (US$257.9 million) while reducing the original interest assessment to A$27 million (US$19.8 million). Rio Tinto plans to dispute these assessments, having already paid 50% of the primary tax as part of the objections process. The company reported paying over A$8.4 billion (US$6.4 billion) in Australian income tax during the relevant period.