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RIO, RIO TINTO LIMITED
blacksheep
post Posted: Dec 5 2019, 10:02 AM
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Rio Tinto to curtail operations at Richards Bay Minerals
04 December 2019

QUOTE
Rio Tinto has decided to curtail operations at Richards Bay Minerals (RBM) in South Africa to ensure the safety
and security of its employees due to an escalation in violence in the communities surrounding the operations.

There has been an escalation of criminal activity towards RBM employees and one was shot and seriously
injured in the last few days. As a result, all mining operations at RBM have been halted and the smelters are
operating at a reduced level, with a minimum number of employees now on site. Construction of the Zulti South
project has also been temporarily paused.

Bold Baatar, chief executive, Energy & Minerals said “The safety of our people is Rio Tinto’s key priority and we
have taken decisive action to stop operations to reduce the risk of serious harm to our team members.

“We are in discussions with the local communities, regional and national governments, and the police in order to
find a way to address the safety and security issues. Our goal is to return RBM to normal operations in a safe
and sustainable way. We would like to acknowledge and thank the police and authorities for their support.”

Rio Tinto will contact customers to discuss how to minimise any potential disruptions. Titanium dioxide slag
production for 2019 is now expected to be at the bottom end of 2019 guidance of between 1.2 and 1.4 million
tonnes.

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 22 2019, 02:59 PM
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In Reply To: blacksheep's post @ Nov 20 2019, 01:17 PM

Rio Tinto faces having to renegotiate terms at Oyu Tolgoi
Reuters | November 21, 2019
QUOTE
Rio Tinto faces renegotiating the terms of an agreement underpinning its Mongolian copper mine project, after lawmakers on Thursday approved plans to revise the deal to make it more beneficial for Mongolia.

The Oyu Tolgoi mine, Mongolia’s biggest foreign investment project, has already been subject to delays and ballooning costs, leaving Mongolian lawmakers impatient for income, while Rio Tinto says it has invested billions.

Rio Tinto-owned Turquoise Hill Resources has a 66% stake in the multi-billion-dollar project and the Mongolian state owns 34%, with investment terms agreed in 2015 in a deal known as the Dubai Agreement.

Rio Tinto said in an email that it understood that the Mongolian parliament’s vote on Thursday to revise the deal needed to be finalised and it would provide a further update once that happened.

Thursday’s vote was the culmination of a two-year process after a working group was set up to establish the benefits of the Dubai Agreement and submitted its report to parliament.

“For now, the Oyu Tolgoi agreement is not benefiting Mongolian citizens,” Battumur Baagaa, a member of the Mongolian parliamentary working group, said when he first presented the report in July.

“It is good to attract foreign investment but that doesn’t mean foreign investment should only benefit the foreign side.”

In July, Rio Tinto announced a cost overrun of up to $1.9 billion, saying total capital expenditure was expected to be in a range of $6.5 billion-$7.2 billion, and it expected a delay of up to 30 months at the Oyu Tolgoi underground extension.

The recommendations approved by parliament include replacing the 34% interest with a special royalty and bringing forward the date – currently set at 2041 – when Mongolia begins receiving dividends.

The working group argued the Dubai agreement was never ratified by parliament and was not legally binding.

On Monday, Mongolia’s Administrative Court ruled that former prime minister Chimed Saikhanbileg had violated the law when he signed the Dubai Agreement. A non-governmental organisation named Darkhan Mongol Nogoo Negdel had asked the court to check the legality of Saikhanbileg’s approval of the agreement.

Turquoise Hill, which is 51%-owned by Rio Tinto, also said it would provide a further update once the parliamentary resolution was finalised.

Rio’s difficulties in Mongolia have held back its share price, analysts say. Rio shares fell 1.2% on Thursday. They have gained around 11% this year, but Turquoise Hill shares have shed around 74% this year.

(By Anand Dairtan, Barbara Lewis and Jeff Lewis; Editing by Susan Fenton)

https://www.mining.com/web/rio-tinto-faces-...copper-project/




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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 20 2019, 01:17 PM
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In Reply To: early birds's post @ Nov 20 2019, 10:11 AM

Delays, budget over runs, legal problems - Oyu Tolgoi has got the lot. Must rank up there with their Alcan Aluminium and Mozambican coal ventures. Probably more to come.



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
early birds
post Posted: Nov 20 2019, 10:11 AM
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In Reply To: blacksheep's post @ Nov 20 2019, 09:09 AM

more than 2 years ago...i thought Oyu Tolgoi copper mine will be huge plus for RIO

seems the geo political issues got that mine with opposite effect. not what i expected.. ohmy.gif

no holding atm. just keep eye on it.




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blacksheep
post Posted: Nov 20 2019, 09:09 AM
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Rio Tinto faces fresh legal setback at Oyu Tolgoi mine
QUOTE
The world’s second largest miner Rio Tinto (ASX, LON, NYSE: RIO) is facing a fresh setback at its massive Oyu Tolgoi underground copper project in Mongolia as an administrative court has backed a non-governmental organization’s claims that the government didn’t follow due process on the agreement that underpins the asset’s development.

Local Darkhan Mongol Nogoon Negdel group, which advocates for ecological balance and economic independence, is disputing the agreement signed in 2015, as well as the authority of Mongolian officials involved in the negotiations leading to the deal.

The court’s formal written ruling is expected to be released in the coming weeks, Rio said.

THE RULING IS A FRESH BLOW TO A PROJECT THAT HAS BEEN PLAGUED BY DELAYS, LEGAL PROBES, COST OVERRUNS AND GOVERNMENT PRESSURE

The looming lawsuit is one of many recent challenges Rio Tinto has faced in Mongolia in the past two years.

read more - https://www.mining.com/rio-tinto-faces-lega...yu-tolgoi-mine/



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 20 2019, 09:06 AM
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A bit of speculation - not the first time this has been suggested

Glencore trip puts spotlight on Rio Tinto tie-up
QUOTE
Glencore top brass Ivan Glasenberg and Steve Kalmin's visit to Australia last week has got tongues wagging about the merits of a Rio Tinto takeover of Glencore.


QUOTE
In July 2014 Glencore chief executive Glasenberg lobbed the idea of a takeover onto then Rio chairman Jan du Plessis' desk.

That early-stage offer never made it past the Rio Tinto board, who rejected it a month later.


read more - https://www.afr.com/street-talk/glencore-tr...20191115-p53az4



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

sentifi.com

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blacksheep
post Posted: Nov 16 2019, 07:09 PM
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Rio Tinto to pay $221m to fund Ranger uranium mine closure
Reuters | November 15, 2019
QUOTE
Rio Tinto said it will subscribe to $221 million rights shares of Energy Resources of Australia Ltd (ERA), which has been desperately seeking funds to close and rehabilitate a controversial uranium mine.

The world’s second-biggest listed miner, which has a 68.4% stake in ERA, also said it will fully underwrite ERA’s A$476 million ($326 million) equity fundraising, after the uranium miner failed to secure someone else willing to do so.

Shares of ERA slumped 22.5% to A$0.190 on Friday, their lowest in almost five months, in a broader market that was up around a percent.

ERA has been looking to raise money to fund the closure and rehabilitation of the Ranger project in Australia’s Northern Territory after it ran into controversy due to its proximity to the Kakadu National Park – the country’s largest.

The Australian Government has documented more than 200 environmental incidents at the mine between 1979 and 2003.

ERA said it has been working closely with Rio for a funding solution after flagging, earlier this year, a higher-than-expected rehabilitation provision for the Ranger project which it could not cover.

“We take mine closure very seriously and ensuring ERA is able to fund the closure and rehabilitation of the Ranger Project Area, through participating in this entitlement offer, is a priority,” Rio’s group executive for energy and minerals, Bold Baatar, said in a statement.

ERA has until January 2021 to end mining activities, and until January 2026 to complete rehabilitation of the area. The rehabilitation work will not lead to any returns for ERA.

ERA was the target of some of the biggest environmental protests across Australia in 1998, including an eight-month blockade and 500 arrests, after the local indigenous Mirarr people opposed its planned development of the nearby Jabiluka concession on the fringe of the Kakadu rainforest.

($1 = 1.4588 Australian dollars)

(By Nikhil Kurian Nainan and Melanie Burton; Editing by Muralikumar Anantharaman and Himani Sarkar)

https://www.mining.com/web/rio-tinto-to-pay...m-mine-closure/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: early birds  
 
blacksheep
post Posted: Oct 23 2019, 06:00 PM
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In Reply To: nipper's post @ Oct 23 2019, 08:47 AM

Joe Lowry's view on this news

Joe Lowry@globallithium
MoreJoe Lowry Retweeted Henry Sanderson
Rio is wrong. US Borax (now a Rio subsidiary) tried and failed to produce lithium economically back in the day. Yes, technology has improved but Rio isn’t going to be #1 in the US or a serious producer with this asset which is hardly a “gateway to producing in Serbia”.

Two opther thoughts contained in the FT article Lowry was responding to
QUOTE
“I don’t see it as a volume play but as an IP [intellectual property] play. You understand the processing first hand, then the key is where do you go after that?” - Simon Moores


QUOTE
Still, that is likely to be a small part of global lithium supply, which is expanding rapidly and last year was an estimated 284,000 tonnes of lithium carbonate, according to Australian bank Macquarie.

https://www.ft.com/content/7ca543b2-f4b7-11...9c-bc9acae3b654




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Oct 23 2019, 08:47 AM
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QUOTE
Rio Tinto could soon produce lithium, making treasure from the trash of its sideline American borates business. Borates have been produced near California's Death Valley for more than a century and Rio, which has owned the business since 1976, now has about 90 years of waste rock and tailings at the site.

A recent trial sought to find valuable minerals in all that waste, and Rio said the trial found a way to extract lithium after roasting, leaching and undertaking some other secret procedures with the waste.

''Our team had a eureka moment when they did some testing to look for valuable minerals beyond boron in our waste rock and found high grades of lithium,'' said Bold Baatar, Rio's energy and minerals chief executive. "If the trials continue to prove successful, this has the potential to become America’s largest domestic producer of battery-grade lithium."

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blacksheep
post Posted: Oct 16 2019, 11:57 AM
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Rio Tinto ore shipments up 5pc
By Nick Toscano
QUOTE
Mining heavyweight Rio Tinto's shipments of the steelmaking raw material iron ore – Australia's most valuable export commodity – have increased by 5 per cent in the past three months despite concerns about trade tensions dampening demand from China's steel mills.

The Anglo-Australian miner reported on Wednesday it had shipped 86.1 million tonnes of iron ore in the July-September quarter, up from 81.9 million tonnes a year earlier.

"We have delivered improved production across the majority of our products in the third quarter, with a solid result at our Pilbara mines driving increased sales of iron ore into robust markets," Rio Tinto chief executive Jean-Sébastien Jacques said.

"Our strong value over volume approach, coupled with our focus on operational performance and disciplined allocation of capital, will continue to deliver superior returns to shareholders over the short, medium and long term."
Noted also this morning Iron ore was up overnight +1.6% to $US93 a tonne

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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