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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
  Report
Delayed London Stock Exchange  -  11:35:22 2023-01-31 am EST
6319.00 GBX   +0.02%
02:23pThe Naskapi Nation of Kawawachikamach and IOC sign the “Aganow” agreement
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06:37aNorth American Morning Briefing: Stocks Seen Down -2-
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Rio Tinto to create Juukan Gorge foundation after heritage destruction

11/28/2022 | 03:28am EST

(Alliance News) - Rio Tinto on Monday said it has agreed to create the Juukan Gorge Legacy Foundation after signing a remedy agreement for the destruction of two ancient rock shelters at Juukan Gorge in Western Australia by the miner in 2020.

Under the agreement with Puutu Kunti Kurrama & Pinikura Aboriginal Corp, Rio Tinto will provide financial support to the foundation to progress cultural and social projects including a new keeping place for storage of important cultural materials.

"In accordance with the right to self-determination, the agreement reflects the desire of the traditional owners to create a foundation that supports the cultural, social, educational and economic aspirations of the group. The foundation, to be led and controlled by traditional owners, will also enable the delivery of broader benefits through commercial partnership opportunities. Under the agreement, Rio Tinto will provide financial support to the foundation to progress major cultural and social projects including a new keeping place for storage of important cultural materials," the company said.

Rio Tinto Chief Executive Officer Jakob Stausholm said: "We fell far short of our values as a company and breached the trust placed in us by the PKKP people by allowing the destruction of the Juukan Gorge rock shelters. As we work hard to rebuild our relationship, I would like to thank the PKKP people, their elders, and the corporation for their guidance and leadership in forming this important agreement."

Last week, Rio Tinto "acknowledged" the Australian government's response to a report into the destruction of the rock shelters in Juukan Gorge.

In May 2020, Rio Tinto blasted the rock shelters in Western Australia's remote Pilbara region, destroying one of the earliest known sites occupied by Australia's indigenous people in order to expand its iron ore mine.

Speaking in the Australian parliament last Thursday, Environment Minister Tanya Plibersek quoted the Puutu Kunti Kurrama and Pinikura people's submission to the enquiry: "The Juukan Gorge disaster is a tragedy not only for our people. It is also a tragedy for the heritage of all Australians and indeed humanity as a whole.

"It is unthinkable that we would ever knowingly destroy Stonehenge, or the Egyptian pyramids, or the Lascaux caves in France," she said. "When the Bamiyan Buddhas were destroyed in Afghanistan, the world was rightly outraged. But that's precisely what occurred at the Juukan Gorge."

The Australian government will legislate for new protections for indigenous heritage sites, accepting all but one of the eight recommendations made in a report that was issued by the Joint Standing Committee on Northern Australia in October 2021.

Rio Tinto shares were down 1.1% to 5,318.00 pence each on Monday morning in London. They had closed down 1.4% in Sydney.

By Tom Budszus; tombudszus@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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02:23pThe Naskapi Nation of Kawawachikamach and IOC sign the “Aganow” agreement
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Financials (USD)
Sales 2022 54 392 M - -
Net income 2022 13 861 M - -
Net Debt 2022 3 233 M - -
P/E ratio 2022 9,24x
Yield 2022 6,82%
Capitalization 131 B 130 B -
EV / Sales 2022 2,46x
EV / Sales 2023 2,63x
Nbr of Employees 49 000
Free-Float 65,5%
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Technical analysis trends RIO TINTO PLC
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Mean consensus HOLD
Number of Analysts 23
Last Close Price 78,17 $
Average target price 73,59 $
Spread / Average Target -5,86%
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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