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

RIO TINTO GROUP

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Rio Tinto : neglected good communication with Indigenous groups - executive

11/24/2020 | 11:08pm EST
The Rio Tinto mining company's logo is photographed at their annual general meeting in Sydney

MELBOURNE (Reuters) - Global miner Rio Tinto neglected deep communications with traditional owners during China's iron ore boom, focusing instead on the technical challenges of ramping up and then shrinking its business, an executive said on Tuesday.

That led to procedural failures and the destruction of sacred rockshelters for a mine expansion in Australia, Steve McIntosh, Rio Tinto's outgoing head of growth and innovation, told a mining conference in Melbourne.

The blasting of two ancient sacred caves in May caused public outcry and the departure of Rio's chief executive and two deputies. A parliamentary inquiry is due to report on the incident on Dec. 9.

"During the China-led boom, the industry grew enormously. You grow a business, iron ore in this case by 350%, is everything going to keep up with that growth? Technically, yes, the company was able to achieve it," he said.

"But clearly in terms of internal systems and processes, because of the size and scale of those businesses ... we've ended up with an issue where we probably became overly transactional and there were clearly breakdowns in communications that need to be fixed."

McIntosh, a respected industry figure credited with Rio's Winu copper find in Western Australia, is on long service leave after announcing his retirement this year. He will depart Rio at year-end following 30 years with the company.

McIntosh headed exploration, working closely with Aboriginal communities during a period when Rio built what was seen as a first-class reputation for dealing with Indigenous Australians.

Rio's leadership legacy should not be viewed through the prism of this one event, he said, given the company's other achievements. Moving forward, all miners must prioritise sustainable development goals, and deal with legacies such as tailings dams.

"There are lots of big issues, a company simply just has to get them all right," McIntosh said.

(Reporting by Melanie Burton; Editing by Tom Hogue)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
RIO TINTO GROUP -1.44% 118.79 End-of-day quote.4.36%
RIO TINTO PLC -0.84% 5923.0237 Delayed Quote.9.21%
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Financials (USD)
Sales 2020 43 862 M - -
Net income 2020 10 693 M - -
Net Debt 2020 2 263 M - -
P/E ratio 2020 12,0x
Yield 2020 5,88%
Capitalization 135 B 135 B -
EV / Sales 2020 3,13x
EV / Sales 2021 2,85x
Nbr of Employees 46 000
Free-Float 65,2%
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Mean consensus HOLD
Number of Analysts 25
Average target price 78,54 $
Last Close Price 81,13 $
Spread / Highest target 55,6%
Spread / Average Target -3,19%
Spread / Lowest Target -36,5%
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Managers and Directors
NameTitle
Jakob Stausholm Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Peter Lloyd Cunningham Chief Financial Officer
Michael Gerard L'Estrange Independent Non-Executive Director
Megan Clark Independent Non-Executive Director
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