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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
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Rio Tinto: Richards Bay Minerals to Shut a Furnace as Stockpiles Depleted

07/21/2021 | 02:46am EDT

By Rhiannon Hoyle

SYDNEY--Rio Tinto PLC on Wednesday said one of four furnaces at the Richards Bay Minerals mineral-sands business in South Africa will be shut off, as stockpiles of feedstock are depleted after mining was stopped amid escalating security issues.

Mining operations at Richards Bay Minerals, in which Rio Tinto has a 74% stake, were halted last month because of concerns about safety that followed the fatal shooting of a senior manager a month earlier. The world's second-biggest miner by market value declared force majeure on customer contracts.

"RBM will regularly reassess the situation to make further decisions on any potential restart or the shutting of the other furnaces, depending on when the safety and security position improves," Rio Tinto said Wednesday.

On May 24, Nico Swart, a general manager for mining operational services at Richards Bay Minerals, was fatally shot on his way to work, an earlier statement from the Rio Tinto subsidiary said. The operations subsequently faced problems with arson attacks and theft.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

07-21-21 0246ET

Stocks mentioned in the article
ChangeLast1st jan.
RIO TINTO PLC -0.57% 4830.5 Delayed Quote.-11.69%
SILVER 0.00% 22.39 Delayed Quote.-14.41%
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Analyst Recommendations on RIO TINTO PLC
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Financials (USD)
Sales 2021 65 708 M - -
Net income 2021 23 525 M - -
Net cash 2021 3 472 M - -
P/E ratio 2021 4,58x
Yield 2021 17,2%
Capitalization 109 B 109 B -
EV / Sales 2021 1,61x
EV / Sales 2022 1,97x
Nbr of Employees 47 500
Free-Float 65,3%
Chart RIO TINTO PLC
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Rio Tinto plc Technical Analysis Chart | RIO | GB0007188757 | MarketScreener
Technical analysis trends RIO TINTO PLC
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 66,03 $
Average target price 82,54 $
Spread / Average Target 25,0%
EPS Revisions
Managers and Directors
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Simon Robert Thompson Chairman
Arnaud Soirat Chief Operating Officer
Megan Clark Independent Non-Executive Director
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1st jan.Capi. (M$)
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