When was rio tinto formed

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These Cookies also facilitate sharing information with social networks or recording your interactions with particular ads. Potential organizational and managerial limits to growth were overcome by the progressive devolution of responsibilities to a series of nationally based companies, each charged with the goal of involving RTZ in substantial new projects.

By the early s RTZ had emerged as a loosely knit family of companies with the activities of the parent concern limited to the provision of group services, the controlling of major strategic and financial decisions, and the appointment of top personnel.

The strategy, organization, and policies devised by Val Duncan remained in place in the s. Duncan was succeeded as chief executive by Mark Turner. He continued in office until his death in December Turner saw no need to change course, nor did Anthony Tuke who replaced him, nor has Alistair Frame or Derek Birkin, the latest in the long line of distinguished chairmen which began with Hugh Matheson.

The essential integrity of RTZ has been maintained while growth has continued. New mines and smelters have been brought on stream, and new processing facilities have been developed. Some businesses have been bought; others have been sold. This deal brought to RTZ one of the greatest names in world mining, the Kennecott Corporation, and a portfolio of assets in 15 countries, including the world's largest opencast copper mine and the world's largest producer of titanium dioxide feedstock.

RTZ immediately became one of the world's largest producers of gold outside South Africa. The shares of world output accounted for by the much-enlarged company in were 55 percent of borates, 30 percent of titanium dioxide feedstock, 13 percent of zircon, 15 percent of industrial diamonds, 14 percent of vermiculite, eight percent of talc, and five percent or more of uranium, copper, and molybdenum.

RTZ also ranked amongst the world's largest producers of tin, bauxite, silver, iron ore, gold, lead, and zinc. In the mids, the company's exploration of mines around the world continued, with projects for gold in Papua New Guinea, prospecting in northern Norway's Finnmark region, and expanded coalmining by buying U.

In , copper and gold exploration looked promising at Famatina in northwestern Argentina. Copper, gold and other minerals, and industrial minerals, were now based in London. In Australia, aluminum was headquartered in Brisbane, energy in Melbourne, and iron ore in Perth. The businesses would be supported by the worldwide technology and exploration groups which remained headquartered in London.

In June , the name was changed to Rio Tinto plc. As the s drew to a close, Rio Tinto was looking at a strong world economy that would demand primary raw materials, such as copper, gold, and coal. Prices were holding, as well, but competition might be a concern from such emerging markets as Russia and China. With its long view in production and project development, many new projects, open management style, and responsiveness to opportunity, Rio Tinto was expected to remain the world's top global mining company.

Principal Subsidiaries: Kennecott Corp. Borax Inc. Zimbabwe; Australia; Australia ; Rio Paracatu Mineracao S. France; Namibia; Papua New Guinea; South Africa; Toggle navigation. User Contributions:. Comment about this article, ask questions, or add new information about this topic: Name:.

E-mail: Show my email publicly. Human Verification:. Public Comment: characters. In August , Rio Tinto received correspondence from the Guinean Government purporting to rescind the Concession, the legality of which Rio Tinto questioned.

In December , Rio's plans for the project were thrown into disarray when the government stripped it of the northern half of the mining concession, handing it to BSG Resources Guinea, a subsidiary of Israeli businessman Benny Steinmetz's BSG Resources.

Rio has engaged in top level discussions with various stakeholders in an effort to clarify the status of the project. Rio Tinto remains of the view that it has complied with all its obligations in relation to the Concession such that it is entitled to hold and retain the entire Concession.

It continues working with the Guinean Government to seek to resolve this matter on that basis. At a proposed production rate of over 70 million tonnes per annum, the Simandou mine would pay millions of dollars each year in taxes and royalties to the Government of Guinea, and millions of dollars to a regional development fund.

This would amount to billions of dollars over the life of the mine. The expected annual royalties from the Simandou project alone would represent many times what the Government currently receives from all mining revenues in Guinea. This revenue to the Government would increase in proportion to increased production.

Rio employs fewer than expatriate staff and "a few hundred" Guinean nationals in the West African state, where the company is conducting work on the Simandou iron ore project, one of the world's largest undeveloped iron ore deposits. The safety of our workforce is our immediate focus.

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