Timeline
Rio Tinto is a combination of two companies: Rio Tinto plc, based in the UK, and Rio Tinto Limited, based in Australia. The British based Rio Tinto Company was formed by investors in 1873 to mine ancient copper workings at Rio Tinto near Huelva in southern Spain. The Consolidated Zinc Corporation was incorporated in 1905 to treat zinc bearing mine waste at Broken Hill, New South Wales, Australia.
The RTZ Corporation (formerly The Rio Tinto-Zinc Corporation) was formed in 1962 by the merger of The Rio Tinto Company and The Consolidated Zinc Corporation. CRA Limited (formerly Conzinc Riotinto of Australia Limited) was formed at the same time by a merger of the Australian interests of The Consolidated Zinc Corporation and The Rio Tinto Company.
RTZ and CRA were unified in December 1995. Directed by a common board of directors, the companies operate as a single entity even though they maintain separate shareholder lists in the UK and Australia. This places the shareholders of both companies in substantially the same position as if they held shares in a single enterprise owning all of the assets of both companies.
In June 1997, The RTZ Corporation became Rio Tinto plc and CRA Limited became Rio Tinto Limited, together known as the Rio Tinto Group. Rio Tinto plc is listed on the London and New York Stock Exchanges. Rio Tinto Limited is listed on the Australian Stock Exchange. Since the 1995 merger, the Group has continued to invest in developments and acquisitions in keeping with its strategy.
|
Year |
Event |
|---|---|
1905 |
Consolidated Zinc Corporation is incorporated, operating in Broken Hill, New South Wales |
1954 |
Two-thirds of the Spanish business is sold. The rest would be divested later |
1962 |
The Rio Tinto-Zinc Corporation (RTZ) is created, the result of a merger between British owned The Rio Tinto Company and The Consolidated Zinc Corporation, an Australian company |
1962-68 |
Discovery and development of many major projects by RTZ and CRA, including Palabora (copper) in South Africa, Rössing (uranium) in Namibia, Hamersley (iron ore) in Australia, Bougainville (copper) in Papua New Guinea, Comalco (bauxite, alumina refining and aluminium smelting) in Australia and New Zealand, Argyle (diamonds), Blair Athol and Tarong (coal) in Australia, and Kelian (gold) and Kaltim Prima (coal) in Indonesia. In 1968, RTZ acquires Borax Group |
1968-85 |
RTZ develops significant interests in cement, chemicals, oil and gas and manufactures products for the construction and automotive industries |
1987-88 |
Major strategic review; decision taken to re-focus the company on mining and related activities |
1988-94 |
Series of disposals of non-mining interests and acquisition of other mining interests, including the major part of BP's international minerals business (1989), such as Kennecott Utah Copper in the US, and BP's Australian coal assets (1989), Nerco and Cordero's US coal mining businesses (1993) and a 70.7% interest in Coal & Allied Industries' New South Wales operations |
1995 |
The RTZ Corporation PLC and CRA Limited unify as a dual listed company (DLC). Rio Tinto is formed |
1997 |
Name changes: The RTZ Corporation PLC becomes Rio Tinto plc and CRA Limited becomes Rio Tinto Limited |
2000 |
With the acquisition of North Ltd and Ashton Mining a US$4 billion spate of major aluminium, iron ore, diamonds and coal assets, added further strength to Rio Tinto's already exceptional resource base |
2001 |
Coal & Allied Industries acquires the Peabody Group's Australian coal businesses |
2004 |
Sale of a number of non-core assets. Capital expenditure on many projects in Australia reaches record levels |
2007 |
In a US$38 billion agreed bid Rio Tinto acquired the Canadian aluminium producer Alcan Inc. to become the global leader in aluminium |
