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Rio Tinto Group (RIO) is a global leader in mining and metals, providing essential materials for industries worldwide. This dedicated news hub offers investors and industry professionals centralized access to official press releases, financial updates, and operational developments.
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Rio Tinto is investing
The facility, expected to begin operations in Q2 2024, will have an initial capacity of 30,000 tons per year and is projected to generate
Rio Tinto has submitted an Improved Proposal to acquire approximately 49% of Turquoise Hill's shares, offering C$40 per share. This values Turquoise Hill's minority share capital at about US$3.1 billion and presents an 18% premium over Rio Tinto's initial C$34 offer. The proposal reflects a 56% premium over Turquoise Hill's price as of March 11, 2022, and a 109% premium prior to a major announcement in January. While Rio Tinto asserts this proposal is advantageous for all stakeholders, there is no guarantee of a final agreement, as discussions are ongoing.
Rio Tinto announced that the Turquoise Hill Special Committee has terminated its review of Rio Tinto's proposal for full ownership of Turquoise Hill at C$34 per share. This offer represented a significant premium, with a 32% increase over Turquoise Hill's closing price on March 11, 2022. Rio Tinto expressed disappointment, emphasizing that the proposal would provide compelling value for minority shareholders. Furthermore, Turquoise Hill revealed the need to raise over US$1 billion for funding requirements amidst a 35% decline in peer companies' share prices since the proposal date.
The joint venture company, La Compagnie du TransGuinéen, was incorporated to develop the Simandou project infrastructure in Guinea, as per the Framework Agreement signed on March 25, 2022. This milestone enables the co-development of crucial rail and port infrastructures, which are essential for economic growth in the region. The shareholding is divided among WCS, Rio Tinto, and the Guinean government. The partnership emphasizes adherence to ESG standards, intending to create a sustainable source of wealth for Guinea.
Rio Tinto reported financial results for H1 2022, revealing underlying EBITDA of
Emergent Metals Corp. announced a non-brokered private placement to raise up to CDN$1,000,000 by issuing up to 5,000,000 units at CDN$0.20 each. Each unit consists of one common share and one warrant, exercisable at CDN$0.26 for 24 months. Insiders may participate, exempting them from certain minority approval requirements. Funds will be used for exploration in Quebec and Nevada. The offering is subject to TSX Venture Exchange approval. Securities will have a four-month and one-day hold period.
Rio Tinto has reached agreements with the Australian Taxation Office (ATO) and the Inland Revenue Authority of Singapore (IRAS) to resolve longstanding tax disputes. The agreements cover transfer pricing and tax matters from 2010 to 2021, ensuring Rio Tinto is not subject to double taxation. As part of the settlement, Rio Tinto will pay an additional A$613 million in taxes, which includes A$55 million in interest and A$22 million in penalties. These resolutions provide certainty for future tax outcomes until 2026.
Rio Tinto's CEO, Jakob Stausholm, highlights operational enhancements in its Pilbara projects, including the launch of the Gudai-Darri mine, which is expected to boost productivity. The company is also producing critical minerals, such as scandium and tellurium, from existing waste streams. In the second quarter of 2022, Pilbara iron ore shipments increased by 5% to 79.9 million tonnes. However, aluminium production saw a significant decrease of 10%. The company maintains its annual shipment guidance of 320 to 335 million tonnes amidst fluctuating performance across various commodities.
