rio tinto ltd (RTNTF) Key Developments
Rio Tinto Announces Executive Changes
May 22 13
Greg Lilleyman is quitting his role in charge of Rio Tinto's Pilbara iron ore unit as part of a major executive shake-up overseen by new divisional head Andrew Harding. Mr. Harding succeeded Sam Walsh as Rio's head of iron ore in February 2013. As part of a flatter iron ore management structure, Michael Gollschewski will be promoted to the executive committee as managing director of the 14 Pilbara mines, alongside ports and rail boss Clayton Walker. Projects and development David Joyce takes on extra responsibilities, as does chief financial officer Paul Shannon. Mr. Lilleyman's future Rio role, and in which commodity, remains unclear given the company's Perth base is dominated by the Pilbara iron ore operations. However, another former iron ore executive, Joanne Farrell, has taken on a global portfolio looking after the company's group-wide health, safety, environment and communities based in Perth.
Rio Tinto plc and Rio Tinto Ltd. Announces Changes in Company Secretary
May 13 13
Eleanor Evans has been appointed company secretary of Rio Tinto plc and joint company secretary of Rio Tinto Ltd., effective from 7 June 2013. Ben Mathews has informed the Group of his intention to resign from the role of company secretary of Rio Tinto plc and joint company secretary of Rio Tinto Limited with effect from the same date. Ms Evans will be based in London. Tim Paine continues to be joint company secretary of Rio Tinto Limited, based in Melbourne.
Rio Tinto Ltd. Appeal to the NSW Supreme Court to Speed Up its Bid to Reverse Court Decision Blocking the Extension of Warkworth Coal Project in the Hunter Valley
May 1 13
Rio Tinto Ltd. has applied to the NSW Supreme Court to speed up its bid to reverse a court decision blocking the extension of its Warkworth coal project in the Hunter Valley. Rio has already cut 40 jobs after its permission to expand the Mount Thorley mine was overturned in the NSW Land and Environment Court in April after residents from the tiny town of Bulga succeeded in a battle against the project. Rio appealed the decision, and applied to expedite the appeals process. In an affidavit filed with the original appeal, it announced the immediate effect of not being able to proceed with the extension was that an area known as Saddleback Ridge could not be mined, and that coal production would drop from 12 million tonnes a year to 10 million tonnes. Rio announced the mine had an existing workforce of 1,300, and the extension would create an additional 150 jobs over its life. The NSW Land and Environment Court's decision has been slammed by Rio and industry bodies, including the Australian Coal Association, for increasing uncertainty in the sector already besieged by weak pricing and a high Australian dollar.
Rio Tinto To Float Its Diamond Business
Apr 29 13
Rio Tinto Ltd. (ASX:RIO) is considering a $2 billion-plus float of its diamonds business as early as this year despite strong interest from trade buyers in some of the assets to date. Rio Tinto's Chief Executive Officer of diamonds and minerals, Alan Davies, said that while there was international interest in its diamond business, it was a complex portfolio and the miner would consider all options."The complexity of the business is quite difficult for organizations that don't run multiple-continent type businesses," Alan Davies said. It is understood if Rio were to pursue a float of the business later this year, most likely in London or Hong Kong, it would need to do so on the basis of its interim accounts to June 30, 2013.
Update On Diavik Mine Sale
Apr 28 13
Rio Tinto Ltd. (ASX:RIO) could soon rake in more than $1 billion in proceeds from the sale of its Diavik diamond mine in Canada. The deal for the potential sale of the 60% stake in Diavik to the Rio Tinto's joint venture partner, Dominion Diamond Corporation (TSX:DDC) may be struck by the end of June 2013. Rio expects to achieve "significant cash proceeds" from asset sales this year. Dominion Chief Executive Robert Gannicott last week told analysts there would be "some benefits" in owning both Diavik and Ekati, including marketing, head office consolidation and the ability to share a power plant and airstrip. "By the end of the second quarter we hope we'd have some resolution to where Rio Tinto are heading with the sales process," Robert Gannicott said. Dominion last month completed the $750 million sale of its jewellery division to Swatch to focus on mining, placing it in a stronger position to buy the Diavik stake.