Rio Tinto plc - RIO STOCK NEWS

Rio Tinto (LSE: RIO) acknowledges the Australian Federal Government's response to a report regarding the 2020 destruction of rock shelters at Juukan Gorge, which affected the Puutu Kunti Kurrama and Pinikura people. CEO Jakob Stausholm emphasized the company's commitment to improving engagement with Indigenous communities and preserving cultural heritage. Key initiatives include co-management models, legislative support for heritage protection, and revisions to internal processes. The company aims to strengthen relationships and ensure Indigenous perspectives are considered throughout mining operations.

Rio Tinto has successfully proven its low-carbon iron-making process, BioIron™, using Australian ores in a pilot plant in Germany. This innovative method employs raw biomass as a reductant and microwave energy, potentially leading to near-zero CO₂ emissions in steelmaking. Following extensive testing, the company plans to develop a larger pilot plant to further evaluate this process, which could significantly impact global decarbonization efforts in the steel industry. The promising results have also garnered independent support from the engineering firm Hatch.

Rio Tinto is investing A$250 million in Western Australia's new Resources Community Investment Initiative, aiming to enhance community infrastructure over the next 10 years. This initiative, announced by Premier Mark McGowan, allows resource companies to contribute to projects in key areas like education, health, and energy decarbonisation. An advisory committee will oversee the initiative, ensuring alignment with community needs. In addition, Rio Tinto reported a 53% increase in global social investments to $72 million in 2021, indicating commitment to positive social outcomes.

Rio Tinto is addressing concerns from minority shareholders of Turquoise Hill Resources Ltd. regarding dissent rights related to a proposed acquisition of 49% of Turquoise Hill shares at C$43.00 per share. Following unsuccessful negotiations with certain minority shareholders, Rio Tinto will terminate agreements with them but proceed with the acquisition plan. They have waived a 12.5% dissent condition and will ensure equal access to dissent rights for all minority shareholders. The arrangement presents a 67% premium over Turquoise Hill's recent share price.

Rio Tinto and Yindjibarndi Aboriginal Corporation (YAC) have updated their agreement to enhance social and economic outcomes for the Yindjibarndi people. The agreement, signed on Yindjibarndi Country, emphasizes direct and indirect employment opportunities and sustainable benefits for the community. It supports YAC's 3C Strategy, which focuses on Community, Commercial, and Culture projects. Rio Tinto aims to modernize its relationship with Traditional Owners and plans to implement a co-management model in 2023, demonstrating its commitment to collaboration and mutual trust.

CR Minerals Company has entered an agreement with Rio Tinto (NYSE: RIO) to produce pozzolans from waste materials at the U.S. Borax facility in Boron, California. The new facility aims to manufacture low carbon alternatives to cement using onsite waste tailings. This collaboration emphasizes environmental sustainability and supports decarbonization efforts in the construction materials industry. Both companies highlight their commitment to utilizing waste streams effectively, contributing to a circular economy and achieving lasting positive environmental change.

Rio Tinto has reached agreements with Securityholders regarding its proposed acquisition of Turquoise Hill Resources. The deal, set at C$43.00 per share, aims to acquire the remaining 49% of Turquoise Hill shares. The Special Meeting to vote on this Arrangement has been postponed to November 8. Securityholders will withhold their votes and pursue dissent rights, with Rio Tinto increasing the dissent threshold from 12.5% to 17.5%. The payment structure involves an initial C$34.40 per share, pending arbitration, followed by the remaining amount. Rio Tinto states this offer is final.

Rio Tinto and BHP have partnered to enhance water recovery from mine tailings, aiming to minimize safety risks and environmental impact. The initial project will test a large-volume filter unit at a BHP copper mine in Chile, with potential water recovery of up to 80%. The project, leveraging Rio Tinto's prior experience, is set to start operations in early 2024, and may lead to significant reductions in water consumption and environmental footprint. This initiative aligns with growing global demands for sustainable mining practices.