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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
  Report
Delayed London Stock Exchange  -  11:40 2022-11-30 am EST
5585.00 GBX   +0.40%
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Rio Tinto Calls for ERA Chairman to Resign

10/02/2022 | 04:25pm EST

By David Winning


SYDNEY--Rio Tinto PLC said it is seeking the resignation of the chairman of Energy Resources of Australia Ltd., citing differences over the approach to rehabilitating the tapped-out Ranger uranium mine in northern Australia.

Rio Tinto said ERA Chairman Peter Mansell should step down as the small mining company had failed to put forward an acceptable funding solution to meet its obligations to rehabilitate the Ranger site. Rio Tinto owns around 86% of ERA's stock.

"Rio Tinto has remained deeply concerned that the opposition to further uranium mining on the land of the Mirarr People, the traditional owners of the area, has not been appropriately recognised in any funding proposals put forward by the Independent Board Committee" of ERA, said Rio Tinto on Monday.

The open-pit Ranger mine, surrounded by the Kakadu National Park in the Northern Territory, produced more than 132,000 metric tons of uranium oxide across four decades before mining ceased. In February, ERA estimated the cost of rehabilitating the mine at between 1.6 billion Australian dollars (US$896 million) and A$2.2 billion.

The rehabilitation cost has strained ERA's finances. In July, ERA said it had been engaging with major shareholders about a possible A$300 million capital raising to continue its rehabilitation work through 2023, with new shares to be offered at a 10-15% discount to its share price. However, Rio Tinto balked at the terms.

"There remains a strong difference of opinion between Rio Tinto and the IBC on the terms of rehabilitation funding, with the IBC's view that successful rehabilitation could underpin potential future growth opportunities, despite the Mirarr People's long-held opposition to further uranium mining on their country," said Kellie Parker, Rio Tinto's country head in Australia.

Rio Tinto has become more sensitive to its relationships with traditional land owners following the destruction of two ancient rock shelters in Australia's minerals-rich Pilbara region in 2020 that were culturally significant to a local indigenous group. The Juukan caves disaster led to the removal of Jean-Sébastien Jacques as chief executive and the ouster of other senior executives.


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


(END) Dow Jones Newswires

10-02-22 1825ET

Stocks mentioned in the article
ChangeLast1st jan.
ENERGY RESOURCES OF AUSTRALIA LTD 4.65% 0.225 Delayed Quote.-35.29%
OUSTER, INC. -4.07% 1.18 Delayed Quote.-77.31%
RIO TINTO PLC 0.40% 5585 Delayed Quote.14.17%
SILVER -0.26% 22.278 Delayed Quote.-8.92%
All news about RIO TINTO PLC
12:06pLONDON MARKET CLOSE: European markets in the green; US GDP rises
AN
08:07aRIO TINTO : Barclays maintains a Sell rating
MD
06:19aEuropean Midday Briefing: Stocks Firmer as Eurozone Inflation D..
DJ
05:49aCommodity stocks help UK's FTSE 100 log its best month in two years
RE
05:36aRIO TINTO : Gets a Neutral rating from RBC
MD
05:32aRio Tinto expects fall in diamond production; tips environmental plan
AN
04:56aLONDON BROKER RATINGS: Barclays starts Rolls-Royce with 'overweigh..
AN
04:50aRio Tinto Sets 2023 Target for Pilbara Iron Ore Shipments; Plans Further Investment in ..
MT
03:43aEuropean shares rise with the focus on data, Fed's Powell
RE
02:48aRio Tinto Unveils FY23 Production Guidance; Maintains 2022 Targets
MT
More news
Analyst Recommendations on RIO TINTO PLC
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Financials (USD)
Sales 2022 54 000 M - -
Net income 2022 14 246 M - -
Net Debt 2022 1 074 M - -
P/E ratio 2022 7,67x
Yield 2022 8,21%
Capitalization 110 B 110 B -
EV / Sales 2022 2,07x
EV / Sales 2023 2,29x
Nbr of Employees 49 000
Free-Float 65,5%
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Technical analysis trends RIO TINTO PLC
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Last Close Price 66,65 $
Average target price 64,03 $
Spread / Average Target -3,92%
EPS Revisions
Managers and Directors
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Dominic S. Barton Chairman
Mark Davies Chief Technical Officer
Arnaud Soirat Chief Operating Officer
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