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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Rio Tinto Limited    RIO   AU000000RIO1

RIO TINTO LIMITED

(RIO)
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Rio Tinto : celebrates its 30 year Indo-Argyle partnership

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06/27/2019 | 09:41pm EDT

Rio Tinto's diamonds business is celebrating 30 years in India with a tribute in Mumbai to the extraordinary Indo-Argyle partnership.

At a celebratory dinner for customers and diamond industry partners, Rio Tinto's management reflected on the ground breaking partnership that began with the first influx of diamonds from the Argyle diamond mine in Western Australia in the 1980s.

Mr Alan Chirgwin, vice president of sales and marketing for Rio Tinto's Copper & Diamonds business said 'Rio Tinto's 30-year diamond history in India contains many milestones. Our Mumbai office was opened in 1989 in recognition of the growing importance of India as a major trading partner and diamond cutting centre. Argyle undertook its initial cutting tests in India and together with our Indian partners we have built innovative marketing programs.

The Indo-Argyle relationship has thrived on mutual respect and understanding. It gave the owners of Argyle considerable assurance, in June 1996, that it could take the lonely path of being the first diamond producer to independently market all of its production.'

Rio Tinto initiatives undertaken in partnership with the Indian diamond industry include the launch of the Indo Argyle Diamond Council in 1993 to create awareness and acceptance of Indian-made diamond jewellery in the US. This paved the way for direct sales to US retailers and the ground-breaking Business Excellence Model, which drove safety, product assurance, quality management and continuous improvement in the diamond and jewellery manufacturing industries and retail trade in India. More recently, Rio Tinto's Australian Diamonds initiative in India has delivered a leading-edge tracking system for Argyle diamonds, developed in collaboration with downstream partners, for monitoring the movement of Rio Tinto's rough Australian diamonds from their source at the Argyle mine through to finished jewellery.

Vikram Merchant, director of Rio Tinto's diamond sales and marketing business in India said 'Thirty years ago, very few people would have predicted that India would become the powerhouse of the diamond industry that it is today. Rio Tinto is proud of the role of the Argyle diamond mine in this development and equally proud of the Indian diamond industry's role in unlocking the beauty and value of our diamonds.'

Disclaimer

Rio Tinto Ltd. published this content on 28 June 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2019 01:40:01 UTC

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Financials (USD)
Sales 2019 43 703 M
EBIT 2019 17 390 M
Net income 2019 11 405 M
Debt 2019 4 480 M
Yield 2019 4,81%
P/E ratio 2019 14,4x
P/E ratio 2020 15,2x
EV / Sales2019 1,98x
EV / Sales2020 2,03x
Capitalization 82 094 M
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Number of Analysts 12
Average target price 70,63  $
Last Close Price 103,17  $
Spread / Highest target -20,1%
Spread / Average Target -31,5%
Spread / Lowest Target -53,0%
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NameTitle
Jean-Sébastien Jacques Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Jakob Stausholm Chief Financial Officer & Director
Ann Frances Godbehere Independent Non-Executive Director
Michael Gerard L'Estrange Independent Non-Executive Director
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