The Rio Tinto Foundation for a Sustainable Minerals Industry
In June 2002, as part of the Australian Government's assistance for the establishment of the Comalco Alumina Refinery in Queensland, Rio Tinto entered into an agreement with the Australian Federal Government to:
- Create a management framework for research and technical development, specifically focused on the sustainable development issues facing resource businesses,
- Locate that capability in Australia, and
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- Manage activities under the framework by establishing the Rio Tinto Foundation for a Sustainable Minerals Industry.
The Foundation is an initiative involving Federal Government funding of A$35 million, by way of an interest free loan to Rio Tinto. Rio Tinto intends to contribute a similar level of funding.
The Foundation seeks to support research and technical development that will help the minerals industry face the challenges of sustainable development.
An important aim of the Foundation is to develop practical innovations that can make a difference 'on the ground'. The depth and breadth of Rio Tinto's business and technical capability are brought to bear on the technologies that are pursued.
Rio Tinto's technical professionals, reaching across its businesses, are involved in the major work programmes. These Rio Tinto networks are in turn linked with over 70 research organisations, both nationally and internationally. The Foundation is overseen by an Advisory Board, comprising three Rio Tinto representatives, one Federal Government representative, and a representative from each of academia and business. A Secretariat and Executive Director administer the day to day running of the Foundation.
A Working Group, comprising seven Rio Tinto technology professionals, has been established to facilitate project identification and management throughout Rio Tinto's Australian business units. The Working Group also assesses projects against selection criteria approved by the Advisory Board, and reviews and represents those projects for Advisory Board consideration.
To date, the Foundation has allocated A$48 million to 46 projects, including A$26 million contributed by Rio Tinto.
View the 2005 Annual Report.
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