RIO - Over $100??

[winner69]

Good news ...investors force CEO and 2 others out for RIO wanton destruction of heritage aboriginal shelters.

Hope they don’t get any severance pay

https://www.smh.com.au/business/comp...10-p55uf8.html

[peat]

it seems like a contradiction in goals to me for a mining company. What if the company destroyed say a years dividends in the name of heritage preservation. How would the shareholders react then?

Let the shareholders give their dividends to preservation and restoration of heritage sites if thats what they want but dont expect mining executives to not dig where they can and where they have permission to, as they did in this case.

[Jaa]

Some things are more important than money.

[kiora]

This looks and smells pretty ugly!
"The mining giant, which owns just under 80 per cent of New Zealand Aluminium Smelters (NZAS), said it estimated there were 217,000 tonnes of spent cell lining (SCL) on the site, about 20 per cent more than the amount previously reported.

While the material is mineral rich, it is also hazardous and costly to move"
https://www.nzherald.co.nz/business/...day+1+May+2021

And this doesn't even cover the gooey stuff stored off site. Sounds like a cesspit waiting to happen.
Making money hand over fist on the back of their cheap power price but were is their corporate governance?

[macduffy]

NZAS CEO resigns. Tiwai will become someone else's problem!

https://www.stuff.co.nz/business/125...cutive-resigns

[kiora]

Yuck
"Robertson had laid out five conditions for Rio Tinto to get the payment, mostly around site remediation; the key one was that the company had to commit to excavating the huge smelter landfill.

That would be very expensive.

Rio Tinto has not committed to that.

"We have not yet determined the appropriate action to take with respect to the landfill," the smelter told RNZ on Thursday."
https://www.odt.co.nz/business/docum...ions-rio-tinto

What are they committed to?

[Bobdn]

https://www.bloomberg.com/news/artic...ome-the-miners

It's going to be raining cash soon, it's so exciting!!

[jonu]

https://www.bloomberg.com/news/artic...ome-the-miners

It's going to be raining cash soon, it's so exciting!!

Let's hope Rio Tinto put some aside to cover their environmental responsibilities at Tiwai, and stop holding our government over a barrel at every opportunity.
Was very pleased to see Contact and Meridian's plan to make use of the surplus electricity for hydrogen production once these ****holes are gone

[kiora]

Yuck
"Rio Tinto, the owner of the Bluff aluminium smelter, noted in its results statement how successful its threat to shut down the smelter late last year had been. The threat led 51% state-owned Meridian Energy to give Rio Tinto a $60m per year electricity price cut, which means the smelter now pays just $35 per megawatt/hr. That compares with the average wholesale electricity price since January, when the price cut was introduced, of $239 per megawatt/hr. The price this week in the lower South Island is $103/mw/hr."
https://thespinoff.co.nz/business/29...y+31+July+2021

[Bobdn]

This looks like good news too for Rio and BHP. A looming copper shortage..

https://www.youtube.com/watch?v=6LBC8ntzgIA

I get most of my copper exposure through asr.nzx, asd.nzx and Vanguard's materials ETF (VAW). I'm highly diversified across sectors and countries - while I'm loving the commodities boom and will let my investments ride, who knows where this will go. We've all been here before and we know the music can stop abruptly.