Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Rio Tinto plc
  6. News
  7. Summary
    RIO   GB0007188757

RIO TINTO PLC

(RIO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Rio Tinto : Biden admin still undecided on Minnesota copper mine project -Vilsack

05/05/2021 | 03:32pm EDT

May 5 (Reuters) - U.S. Agriculture Secretary Tom Vilsack said on Wednesday that the White House has not decided on the fate of the Twin Metals copper mining project in Minnesota, as it works to balance economic growth and strong opposition from environmentalists.

Vilsack's comments were among the first from a senior official in President Joe Biden's administration on the proposed underground mine, which environmentalists fear would permanently mar the Boundary Waters Canoe Area Wilderness on the U.S.-Canada border.

Twin Metals and its supporters, including several Minnesota labor unions, have said the project can be constructed safely and in a way that boosts the region's economy.

The Biden administration is "trying to find the balance between preserving a pristine area, and at the same time looking for ways in which job growth, economic growth can take place in rural areas. And that's what we're going to attempt to do. There are no final decisions being made on this," Vilsack told reporters in a White House briefing.

The mine would, if built, be a major supplier of copper to the United States as Biden aims to build more electric vehicles, which use twice as much of the red metal as those with internal combustion engines.

Representatives for Twin Metals, which is controlled by Chile's Antofagasta Plc, said the company expects the regulatory review process "to remain fair and based on science and law in the years ahead."

Friends of the Boundary Waters Wilderness, an environmental group opposed to the project, said in response to Vilsack's comments that mining in the region would be "much more of a soggy Band-Aid than any kind of real fix for the area's economy."

Former U.S. President Barack Obama's administration had started a two-year process that would have banned copper mining in the Boundary Waters region for 20 years. But his successor, Donald Trump, put that process on hold, effectively letting mine planning continue.

Some of Twin Metals' leases for the land also expired under Obama, though Trump reissued them.

Environmentalists had been expecting the Agriculture Department, which oversees the U.S. Forest Service, the agency that controls federal lands in the region, to restart the review process for the 20-year ban and also pull the land leases.

Representative Betty McCollum, a Minnesota Democrat, introduced a bill last month that would ban mining in the region. Biden only has the power to block mining for 20 years in the region, though Congress can permanently block it.

In March, Vilsack moved to temporarily block another controversial copper mine, Rio Tinto Plc's Resolution Copper project in Arizona. (Reporting by Andrea Shalal in Washington and Ernest Scheyder in Houston Editing by Marguerita Choy)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANTOFAGASTA PLC 0.07% 1448.5 Delayed Quote.-0.17%
RIO TINTO PLC 1.37% 6007 Delayed Quote.9.69%
All news about RIO TINTO PLC
03:23aPRESS RELEASE  : SunMirror AG strengthens its Management Team with Simon Griffit..
DJ
02:55aFTSE 100 Seen Edging Higher Ahead of BOE Decision
DJ
02:53aRIO TINTO  : Modern Slavery & Human Trafficking Statement 2020
PU
12:31aEMEA MORNING BRIEFING  : Uncertainty Over Fed Stimulus Outlook to Hold Back Stoc..
DJ
12:23aRIO TINTO  : Partners With Schneider Electric To Decarbonize Operations
MT
06/23Interior sec'y says no plan 'right now' to ban new oil, gas leasing
RE
06/23CATERPILLAR  : Rio Tinto to deploy world's first fully autonomous water trucks a..
AQ
06/23RIO TINTO  : Schneider Electric Form Sustainable Partnership
MT
06/23Today on Wall Street: We shall not be ruled by inflation fears
06/23RIO TINTO  : partners with Schneider Electric to drive decarbonisation through c..
BU
More news
Financials (USD)
Sales 2021 61 401 M - -
Net income 2021 21 240 M - -
Net cash 2021 2 475 M - -
P/E ratio 2021 6,57x
Yield 2021 11,9%
Capitalization 139 B 139 B -
EV / Sales 2021 2,22x
EV / Sales 2022 2,70x
Nbr of Employees 47 500
Free-Float 65,3%
Chart RIO TINTO PLC
Duration : Period :
Rio Tinto plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends RIO TINTO PLC
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Last Close Price 83,49 $
Average target price 90,17 $
Spread / Average Target 8,01%
EPS Revisions
Managers and Directors
NameTitle
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Simon Robert Thompson Chairman
Arnaud Soirat Chief Operating Officer
Megan Clark Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
RIO TINTO PLC9.69%137 742
BHP GROUP12.18%166 774
ANGLO AMERICAN PLC20.60%48 818
GRUPO MÉXICO, S.A.B. DE C.V.8.99%35 151
SAUDI ARABIAN MINING COMPANY (MA'ADEN)40.25%18 639
TECK RESOURCES LIMITED19.48%11 987