Rio Tinto was formed in 1873 when British and European investors formed the Rio Tinto Company in London to reopen ancient copper mines beside the River Tinto in southern Spain.
The Rio Tinto mines in Spain had been operating since about 750 BC, when the ancient Phoenicians traded in the Mediterranean. They provided silver, copper and gold which contributed significantly to the economic prosperity and culture of ancient Greece and Rome.
The Spanish government wanted to sell its stake in the mines and a British-European syndicate was led by Scottish entrepreneur Hugh Matheson made a bid of £3,680,000 for the mines on condition they be ceded in perpetuity. The Spanish Government accepted the terms on 17 February 1873. Following purchase of the mines, the syndicate launched the Rio Tinto Company, registering it as a public company on 29 March 1873. From 1877 to 1891, the Rio Tinto mine was the world's leading producer of copper.
Rio Tinto operations
- Argyle Diamonds
- Argyle Diamonds - Pink Tender
- Borax
- Cloud Peak Energy Inc
- Coal & Allied
- Dampier Salt
- Diavik Diamonds
- ERA (Energy Resources of Australia)
- Escondida
- Hydrogen Energy
- Iron Ore Company of Canada
- Kennecott Eagle Minerals
- Kennecott Utah Copper
- Kennecott Land
- Daybreak Community (Kennecott Land)
- La Granja project
- Northparkes
- Oyu Tolgoi
- Palabora
- QMM Madagascar
- QMP Powders
- Resolution Copper project
- Richards Bay Minerals
- Rio Tinto Alcan
- Rio Tinto Australia
- Rio Tinto Canada
- Rio Tinto China
- Rio Tinto Coal Australia
- Rio Tinto Exploration
- Rio Tinto Fer et Titane
- Rio Tinto Marine/Rio Tinto Shipping
- Rio Tinto Minerals
- Rio Tinto Procurement
- Rössing Uranium
- Pilbara infrastructure, Rio Tinto Iron Ore
- Rio Tinto Diamonds
- Rio Tinto India
- Rio Tinto Iron Ore
- Rio Tinto Japan
- Sorel Metal, Rio Tinto Iron & Titanium
- Simandou project
Rio Tinto released their first quarter operational review today:
Their iron ore production dropped from 65 million tonnes to 59 million, copper production dropped by 13% to 119500 tonnes, aluminium production fell from 961000 tonnes to 854000.
Aluminium prices have shed about a fifth of their value since touching a peak of $2 800 per tonne in May last year, and analysts estimate about 30% of global aluminium operations are loss-making. Rio signalled a major retreat from its aluminium business last October when it unveiled plans to sell 13 assets, including smelters and alumina refineries, only four years after buying aluminium giant Alcan in one of the sector’s biggest ever deals. The sale, which would leave Rio Tinto's remaining aluminium business focused mainly on its more profitable Canadian operations, is designed to help the group boost its aluminium earnings’ margins to 40%, up from 20% last year.
"We had a solid first quarter with increased production of iron ore, coal, bauxite, alumina and titanium dioxide compared with the first quarter of 2011," Rio Tinto CEO Tom Albanese said in its latest quarterly operations report.
Rio Tinto shares, which had been trading higher ahead of the production report, fell nearly 1% after the release and last traded down 0.9% at A$64.60. The broader market fell 0.3%.
Read more on:
http://www.fin24.com/Companies/Mining/Rio-Tinto-output-hit-by-bad-weather-20120417
http://www.riotinto.com/
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