The annual general meetings of Rio Tinto plc and Rio Tinto Limited were held on 18 April 2013 and 9 May 2013 respectively. All resolutions were passed by poll and the results are set out in attached.
Addresses by Rio Tinto chairman, Jan du Plessis, and Rio Tinto chief executive, Sam Walsh, at the annual general meeting for Rio Tinto Limited in Sydney today.
Rio Tinto chief executive Sam Walsh said “Our operations achieved a solid performance in the first quarter, recovering rapidly from the seasonal weather disruptions. At Bingham Canyon, last week’s pit wall slide will have a significant impact on our copper production this year.
At 9.30 pm local time on 10 April 2013, Kennecott Utah Copper’s Bingham Canyon Mine experienced a slide along a geotechnical fault line of its north eastern wall. Movement on the north eastern wall had accelerated in recent weeks and pre-emptive measures were taken to relocate facilities and roads prior to the slide. All employees are safe and accounted for.
Rio Tinto has taken a major step forward in its expansion of its Pilbara operations, with the installation of the new shiploader with a nominal 55 million tonne annual capacity on the new wharf at Cape Lambert.
Rio Tinto Minerals today formally launched its Asia Technology Centre (ATC) to serve the growing market for borates in Asia.
Rio Tinto has published its latest Taxes Paid report which details the US$11.6 billion of taxes the company paid globally in 2012.
Rio Tinto has appointed Chris Lynch as chief financial officer to succeed Guy Elliott, with effect from 18 April 2013. Chris Lynch joined the Rio Tinto boards as a non-executive director in September 2011. He remains on the boards and will become an executive director and member of the Executive Committee as chief financial officer-elect on 1 March 2013. He will be based in London.
Rio Tinto has appointed Andrew Harding as Iron Ore chief executive, replacing Sam Walsh who became Rio Tinto chief executive in January 2013. Andrew’s successor as Copper chief executive is Jean-Sebastien Jacques, formerly Copper president, International Operations. He will join the Executive Committee. Both appointments take effect today.
Rio Tinto chief executive Sam Walsh said “Today I am setting out how we can build on our strengths and improve this great company. Under my leadership, Rio Tinto will have an unrelenting focus on pursuing greater value for shareholders. To do this we need to run the business as owners not managers and my immediate priority is to build more focus, discipline and accountability throughout the organisation. Demonstrating this commitment, we will deliver our capital reduction and cost savings targets and improve performance across our business.”
Pacific Aluminium’s alumina refinery in Nhulunbuy will continue operating as planning, approvals and delivery of the gas to Gove project progresses.
Rio Tinto welcomes the Australian Competition Tribunal’s decision that its Hamersley and Robe rail lines should not be opened up to other users.
Rio Tinto expects to recognise a non-cash impairment charge of approximately US$14 billion (post tax) in its 2012 full year results. These impairments include an amount of approximately US$3 billion relating to Rio Tinto Coal Mozambique (RTCM), as well as reductions in the carrying values of Rio Tinto’s aluminium assets (mostly Rio Tinto Alcan (RTA) but also Pacific Aluminium) in the range of US$10-11 billion. The Group also expects to report a number of smaller asset write-downs in the order of US$500 million. The final figures will be included in Rio Tinto’s full year results on 14 February 2013.
Rio Tinto chief executive Tom Albanese said “This was another year of strong operational performance across the Group. We achieved record annual iron ore production and shipments as our expansion programme continues on schedule, delivering industry leading returns for our shareholders. Our copper, bauxite, alumina, thermal coal and titanium dioxide businesses all delivered substantial production increases on 2011 levels.
Rio Tinto has reached a binding agreement to sell its 57.7 per cent effective interest in Palabora Mining Company Limited (Palabora) for US$373 million.
Rio Tinto has priced EUR 1.25 billion and GBP 500 million of fixed rate notes under its European Debt Issuance Programme.
You can download the presentation from today's investor seminar in Sydney here.
Oyu Tolgoi has signed a binding agreement with a Chinese power company for the supply of electricity to the nearly-completed copper and gold mine in Mongolia.
Rio Tinto's 2012 Argyle Pink Diamonds Tender, the most exclusive diamond sale in the world, has demonstrated strong global appeal and delivered an exceptional result for its iconic gems.
Rio Tinto chief executive Tom Albanese said “We have delivered another strong set of production results in the third quarter, including record quarterly Pilbara iron ore production. Copper, bauxite, alumina, and titanium dioxide production were all higher than in the same quarter of 2011.
Rio Tinto is holding an investor seminar in London and New York today that includes an in-depth look at its Copper product group and its Technology & Innovation group.
The High Court of Australia has held that the Full Court of the Federal Court of Australia, in deciding not to declare the Hamersley and Robe rail lines, wrongly endorsed consideration by the Australian Competition Tribunal of material it was not entitled to take into account.
Rio Tinto has doubled its holding in Richards Bay Minerals (RBM) following the completion of its acquisition of BHP Billiton’s entire interests. The purchase price paid by Rio Tinto on completion was $1.7 billion.
Rio Tinto has completed the sale of the North American portion of its Alcan Cable business to General Cable Corporation for $151 million in cash, subject to customary adjustments primarily related to working capital levels at closing.
Rio Tinto has priced US$3.0 billion of fixed rate bonds with a weighted average coupon of 2.67% and a weighted average maturity of 12.9 years.