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We supply the metals and minerals used to help the world grow and decarbonise
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The primary raw material used to make steel, which is strong, long-lasting and cost-efficient
Lithium
The lightest of all metals, it is a key element needed for low-carbon technologies
Copper
Tough but malleable, corrosion-resistant and recyclable, and an excellent conductor of heat and transmitter of electricity
Bringing to market materials critical to urbanisation and the transition to a low-carbon economy
Oyu Tolgoi
One of the most modern, safe and sustainable operations in the world
Rincon Project
A long-life, low-cost and low-carbon lithium source
Simandou Project
The world’s largest untapped high-grade iron ore deposit
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We’re targeting net zero emissions by 2050
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Our nature-based solutions projects complement the work we're doing to reduce our Scope 1 and 2 emissions
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Our START™ initiative tracks traceability and responsible production of Rio Tinto materials.
We aim to deliver superior returns to our shareholders while safeguarding the environment and meeting our obligations to wider society
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Refuelling the mining industry
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How we're working to decarbonise iron ore and steel
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The Rio Tinto board today confirmed its recommendation that shareholders vote in favour of the sale of Rio Tinto’s wholly-owned subsidiary Coal & Allied Industries Limited ("C&A") to Yancoal Australia Limited ("Yancoal"). The recommendation follows consideration by the board of a revised offer from Glencore plc ("Glencore") received on 23 June 2017, and a revised offer from Yancoal received on 25 June 2017 comprising further improved terms. In summary, Yancoal’s most recent offer includes:
The board has considered both of the latest offers and is recommending Yancoal’s improved offer to its shareholders based on greater transaction certainty and higher net present value. In detail, the Yancoal offer has:
The Rio Tinto board considers that all parties have had significant opportunity to put forward improved terms for the acquisition of C&A since the transaction with Yancoal was announced on 24 January 2017. Therefore, it is in the best interests of shareholders to put the improved transaction with Yancoal to a vote of shareholders on the current timetable.
Rio Tinto chief executive J-S Jacques said "The revised offer from Yancoal of $2.69 billion offers compelling value to our shareholders for our Australian thermal coal assets. This sale process has been in progress for a long period of time and we believe it is in the best interests of our shareholders to take the greater certainty of Yancoal’s strong proposal."
Under the UK Listing Rules and ASX Listing Rules, the transaction with Yancoal requires the approval of Rio Tinto shareholders and accordingly the Rio Tinto plc general meeting will take place on 27 June 2017 and the Rio Tinto Limited general meeting will take place on 29 June 2017.
On 24 January 2017, Yancoal agreed to acquire C&A on the following terms:
On 9 June 2017, Glencore submitted a proposal to acquire C&A for $2.55 billion comprising:
On 20 June 2017, Rio Tinto announced it had agreed improved terms for the sale of C&A to Yancoal for:
On 23 June 2017, Glencore submitted a revised proposal to acquire C&A for:
The offer was subject to regulatory approvals from Australia, China, Korea and Taiwan.
On 25 June 2017, Yancoal submitted a further proposal to acquire C&A for: