59.58 0.00 (0.00%)
After hours: 4:47PM EDT
|Bid||59.65 x 800|
|Ask||59.66 x 1000|
|Day's Range||59.17 - 59.94|
|52 Week Range||35.35 - 66.55|
|Beta (5Y Monthly)||0.62|
|PE Ratio (TTM)||13.52|
|Forward Dividend & Yield||3.82 (6.45%)|
|Ex-Dividend Date||Mar. 06, 2020|
|1y Target Est||70.64|
Outgoing Rio Tinto Chief Executive Jean-Sébastien Jacques said on Friday the miner was committed to reform after a lawmaker accused the industry of incremental cultural genocide at an Australian inquiry into the destruction of an ancient cave. Speaking for a second time at a parliamentary inquiry into how the world's biggest iron ore miner destroyed a culturally significant 46,000-year-old rockshelter in Western Australia, Jacques repeated an apology and vowed Rio would improve its efforts. "It should have never happened," Jacques told the inquiry into the destruction of the rockshelters at Juukan Gorge as part of an iron ore mine expansion in May, which caused deep distress to the Puutu Kunti Kurrama and Pinikura (PKKP) people.
(Bloomberg) -- Rio Tinto Group has made key changes to its cultural heritage management since the May explosions that damaged two Aboriginal Australian sites, outgoing CEO Jean-Sebastien Jacques told a Parliamentary hearing Friday.The miner is modernizing agreements with traditional landowners, won’t enforce clauses that restrict communities from speaking publicly about their concerns and is examining other measures to increase the economic benefit Indigenous people derive from Rio’s operations, Jacques said.Rio is also reviewing all activities with the potential to impact heritage sites as a result of failures exposed in the Juukan Gorge blasts, the London-based producer said in a letter sent this week to 12 traditional owner groups.“We are committed to learning and we have made changes,” Jacques told the hearing, speaking from Canberra. “What Juukan has shown us is that we must modernize our approach to working with communities. It is a critical moment for us and the industry.”Jacques was forced out last month after investors and legislators criticized Rio’s tame initial response to the incident, and will leave his position by March. Two other key executives are also leaving the company.It remains unclear what the long-term implications are for Rio’s iron ore unit -- its top earning division -- as the company revises its approach, and as Australia’s heritage laws are amended, Rio said earlier in a production report. Iron ore shipments fell 5% in the third quarter on maintenance work, the company said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Rio Tinto Chief Executive J-S Jacques said "We have delivered a good operational performance across most of our assets catching up on planned maintenance activity, particularly in iron ore, and continuing to adapt to new operating conditions as we learn to live with COVID-19. We have maintained our capex guidance and our 2020 production guidance across our key products.