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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Rio Tinto Group    RIO   AU000000RIO1

RIO TINTO GROUP

(RIO)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 10/20
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Rio Tinto Investor Calls for Independent Review of Agreements With Traditional Landowners

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09/09/2020 | 09:15pm EDT

By David Winning

SYDNEY--Rio Tinto PLC should authorize an independent and transparent review of all agreements negotiated with indigenous groups, a pension-fund investor said Thursday, as pressure builds on the miner for a stronger response to the destruction of two ancient rock shelters in Australia.

Hesta, an Australian pension fund for health-care workers, said it had lost confidence in Rio Tinto's ability to address issues around its agreements with traditional landowners on its own. Those issues weren't addressed by Rio Tinto's review into the May 24 destruction of two caves at Juukan Gorge in the minerals-rich Pilbara region that were culturally significant to a local indigenous group, it said.

Rio Tinto has apologized for blowing up the caves during work to expand its iron-ore operations, and last month cut bonuses for Chief Executive Jean-Sébastien Jacques and two other executives for governance failures outlined in an internal review that aimed to prevent similar missteps from happening again.

In a review of the event released Aug. 24, Rio Tinto found that no single individual or error was responsible for the destruction of the rock shelters that were significant to the indigenous group, the Puutu Kunti Kurrama and Pinikura people, or PKKP.

"Accountability for the destruction at Juukan Gorge should rest at the highest levels of Rio but a larger, systemic issue of how the company and the mining sector negotiates agreements with traditional owners needs to be urgently addressed," Hesta said in a statement.

Hesta, which owns Rio Tinto shares worth around $182 million, said Rio Tinto's public statements to a federal parliamentary inquiry into the caves' destruction indicated that agreements with traditional owners exist, "requiring the surrender of certain legal rights, past and future, and they remain currently in use."

Without an independent review, Hesta said it couldn't adequately assess the reputational and legal risks to Rio Tinto and the impact this could have on the company's value.

Rio Tinto declined to comment on Hesta's statement.

 

Write to David Winning at david.winning@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
RIO TINTO GROUP -1.50% 94.13 End-of-day quote.-6.25%
RIO TINTO PLC -0.37% 4602.5 Delayed Quote.1.93%
SILVER 1.31% 25.08 Delayed Quote.36.97%
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Financials (USD)
Sales 2020 42 436 M - -
Net income 2020 9 628 M - -
Net Debt 2020 3 564 M - -
P/E ratio 2020 9,53x
Yield 2020 7,33%
Capitalization 98 660 M 98 693 M -
EV / Sales 2020 2,41x
EV / Sales 2021 2,44x
Nbr of Employees 46 000
Free-Float 65,2%
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Technical analysis trends RIO TINTO GROUP
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 64,81 $
Last Close Price 59,46 $
Spread / Highest target 38,0%
Spread / Average Target 8,98%
Spread / Lowest Target -30,4%
EPS Revisions
Managers
NameTitle
Jean-Sébastien Jacques Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Jakob Stausholm Chief Financial Officer & Executive Director
Michael Gerard L'Estrange Independent Non-Executive Director
Megan Clark Independent Non-Executive Director
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