Rio Tinto plc - RIO STOCK NEWS

Rio Tinto, led by CEO Jakob Stausholm, reported a fatality-free year for 2022, emphasizing safety in operations. The Pilbara iron ore mine achieved numerous operational records, with a total production of 324.1 million tonnes, up 1% from 2021. The company’s copper guidance has been raised following the acquisition of Turquoise Hill Resources, enhancing its copper portfolio. Meanwhile, lithium and Simandou projects are progressing. However, aluminium production fell 4%, and challenges were noted in mined copper production due to maintenance issues. Overall, Rio Tinto aims to enhance shareholder value through strategic investments and a focus on sustainable practices.

Rio Tinto has appointed Kaisa Hietala as a non-executive director effective 1 March 2023. With extensive experience in sustainability and renewables, Ms. Hietala previously served as Executive Vice President of Renewable Products at Neste, enhancing its transformation into a leading renewable products producer. She currently holds board positions at Exxon Mobil and Smurfit Kappa Group. Chairman Dominic Barton expressed confidence in her ability to guide Rio Tinto in adapting to a decarbonizing world and enhancing its long-term strategy for net-zero transformation.

Rio Tinto has successfully acquired Turquoise Hill Resources Ltd for approximately $3.1 billion, enhancing its stake in the Oyu Tolgoi mine in Mongolia. This acquisition grants Rio Tinto a 66% interest in the project, with 34% retained by the Government of Mongolia. The deal follows approval from the Yukon court in Canada and support from a majority of Turquoise Hill's minority shareholders. Rio Tinto aims to strengthen its copper portfolio and improve governance as it continues sustainable production at Oyu Tolgoi, which is considered a valuable asset.

Rio Tinto conducted a site visit for the financial community at its Bundoora Technical Development Centre in Melbourne, Australia. The event provided insights into the company's technical capabilities and future plans. Additional resources, including a presentation from the visit, are accessible on the Rio Tinto website. For further inquiries, media relations contacts are provided for various regions, including Australia, the UK, and the Americas.

Rio Tinto has gained support from Turquoise Hill Resources Ltd shareholders for its acquisition of the remaining 49% of shares it does not own. The transaction, subject to Supreme Court of Yukon approval on 14 December, aims to streamline governance and enhance the Oyu Tolgoi project in Mongolia. CEO Bold Baatar emphasized the benefits for all shareholders resulting from the acquisition. Completion is anticipated shortly after court approval, pending customary closing procedures.

Rio Tinto has updated investors on its long-term strategy during an Investor Seminar in London. The company anticipates a 25% increase in demand for its products, driven by the energy transition by 2035, and plans to invest up to $3 billion annually in growth projects. Rio Tinto is also targeting a 50% reduction in Scope 1 and 2 emissions by 2030, with investments of around $7.5 billion expected from 2022 to 2030. The production guidance for 2023 remains stable for several key commodities, including Pilbara iron ore.

Rio Tinto plans to invest $600 million in renewable energy assets in Pilbara to decarbonize its iron ore operations. This investment will support the construction of two 100MW solar facilities and 200MWh of battery storage by 2026, adding to the existing 34MW installed at the Gudai-Darri mine. The projects aim to abate around 300,000 tonnes of CO₂ emissions and reduce gas costs by approximately $55 million annually. This aligns with Rio Tinto's commitment to invest $7.5 billion to halve emissions by 2030.

Rio Tinto has partnered with the Puutu Kunti Kurrama and Pinikura Aboriginal Corporation to establish the Juukan Gorge Legacy Foundation. This initiative follows a remedy agreement concerning the 2020 destruction of ancient rock shelters at Juukan Gorge, aiming to support the cultural, social, educational, and economic aspirations of the PKKP people. Rio Tinto will provide financial backing for various cultural projects, including a storage facility for important cultural materials. The agreement emphasizes the company's commitment to rebuilding trust with the PKKP community.