Form 6-K RIO TINTO PLC For: May 07
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Dated 7 May 2015
Commission file number: 001-10533 |
Commission file number: 001-34121 |
|
|
Rio Tinto plc |
Rio Tinto Limited |
|
ABN 96 004 458 404 |
(Translation of registrants name into English) |
(Translation of registrants name into English) |
|
|
2 Eastbourne Terrace |
Level 33, 120 Collins Street |
London, W2 6LG, United Kingdom |
Melbourne, Victoria 3000, Australia |
(Address of principal executive offices) |
(Address of principal executive offices) |
Indicate by check mark whether
the registrant files or will file annual reports under cover of
Form 20-F or
Form 40-F:
Form 20-F _X_ Form 40-F ___
Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T
Rule 101(b)(1): ___
Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T
Rule 101(b)(7): ___
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No _X_
If "Yes" is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b): 82- ________
EXHIBITS
99.1 |
16 April 2015 |
Rio Tinto plc |
Annual General Meeting presentation slides | ||
99.2 | 16 April 2015 | Rio Tinto plc |
Transcript of speeches | ||
99.3 | 7 May 2015 | Rio Tinto plc and Rio Tinto Limited |
Voting results | ||
|
|
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorised.
Rio Tinto plc |
Rio Tinto Limited |
(Registrant) |
(Registrant) |
|
|
|
|
By /s/ Eleanor Evans | |
Name Eleanor Evans |
Name Eleanor Evans |
Title Company Secretary |
Title Joint Company Secretary |
|
|
Date 7 May 2015 |
7 May 2015 |
|
16 April 2015 | ||||||||||||||||||
2015 Annual general meeting | ||||||||||||||||||
16 April 2015 | ||||||||||||||||||
Jan du Plessis |
Chairman
Board of directors |
|
A consistent strategy |
|
Strong financial performance |
|
Delivered underlying earnings of US$9.3 billion
Generated free cash flow of US$14.3 billion
Maintained EBITDA margin at 39%
A business |
|
Since 2012, Rio Tinto has:
reduced costs by US$4.8 billion
released US$2.1 billion in working capital
more than halved capital expenditure to US$8.2 billion
cut net debt almost by half to US$12.5 billion
reduced gearing to a conservative 19 per cent
Delivering shareholder returns |
|
2014 full year dividend increase of 12%
Share buy-back of US$2 billion
Cash returns to shareholders increased by 64%
Active governance |
|
A responsible and transparent business |
|
2014 total global
tax contribution
US$7.1 billion
A further
US$1.8
billion of taxes paid on
behalf of employees
Global economic outlook |
|
A strong and resilient future |
|
16 April 2015 | ||||||||||||||||||
Sam Walsh Chief executive |
Safety | |
Focus on value | |
World-class assets |
|
Our sustainable future |
|
Delivering shareholder value |
|
16 April 2015 | ||||||||||||||||||
Sustainable returns for shareholders | ||||||||||||||||||
Resolutions 1-18 |
Resolution 1: Receipt of 2014 Annual Report Resolution 2: Approval of Remuneration Policy Report Resolution 3: Approval of the Directors Report on Remuneration Resolution 4: Approval of Remuneration Report Resolutions 5-16: Election / Re-election of directors Resolution 17: Re-appointment of auditors Resolution 18: Remuneration of auditors |
|
|
R
Resolutions |
Resolution 19: General authority to allot shares Resolution 20: Disapplication of pre-emption rights Resolution 21: Authority to purchase Rio Tinto plc shares Resolution 22: Notice period for general meetings other than
|
|
|
16 April 2015 | ||||||||||||||||||
John Varley
Remuneration |
Resolutions 2-4 |
Resolution 2: Approval of Remuneration
Policy Report
Resolution 3: Approval of the Directors
Report on Remuneration
Resolution 4: Approval of full Remuneration
Report |
Remuneration policy |
|
Remuneration outcomes |
|
Engaging in dialogue with our shareholders
Linking remuneration with strategy
Aligning interests between shareholders and executives
16 April 2015 | ||||||||||||||||||
2015 Annual general meeting | ||||||||||||||||||
Rio Tinto plc AGM Address by the chairman
London, 16 April 2015
Jan du Plessis, chairman
**Check against delivery**
Good morning ladies and gentlemen.
It is my great pleasure to welcome you to Rio Tintos 2015 annual general meeting.
Thank you for your attendance.
For those shareholders joining us by webcast, I also want to welcome you to todays proceedings.
This is my sixth AGM as your chairman and it is good to see a number of familiar faces in the room.
During 2014, your company maintained its steadfast commitment to generate sustainable shareholder returns, by supplying the commodities essential for modern life.
In doing so, we also aim to generate significant benefit for the communities and governments that host our operations around the world.
I am pleased to be able to share with you today some of the highlights of the year, and offer my perspectives on the future prospects of your company.
However, before I do this, let me start with safety. As you know, safety is our prime consideration.
Therefore, please offer your full attention while we conduct a short safety briefing.
(QEII CENTRE SAFETY ANNOUNCEMENT)
Thank you for your attention to that announcement.
All your directors are present at todays meeting, either in person or via video link.
May I extend a warm welcome to Richard Goodmanson, Michael LEstrange and Megan Clark who are joining us from Melbourne.
As your chairman, my aim is to continue to broaden the experience and diversity of your board. With this in mind, during the second half of 2014, we welcomed Michael LEstrange and Megan Clark to the board.
Michael brings to Rio Tinto a depth of public policy experience and international relations expertise. In a career stretching across the highest tiers of the Australian public service, he was appointed by the Prime Minister as Cabinet Secretary, was head of the Department of Foreign Affairs and Trade, and was the executive director of the Australian National Universitys National Security College.
I should also note that for a period he was Australias High Commissioner to the United Kingdom and so its fair to say that he knows the UK well.
Page 1 of 6
Megan holds a PhD in economic geology from Queens University, Canada and has held various minerals exploration and strategy roles with NM Rothschild, and directly in the mining industry with Western Mining Corporation and BHP Billiton.
Most recently, she was the chief executive officer of Australias pre-eminent science research institute, the CSIRO.
Michael and Megans appointments, combined with Anne Lauvergeons and Simon Thompsons early last year, bring skills and insights deeply relevant to Rio Tinto from mining, energy, technology, finance and international relations.
Sadly, as we welcome some new directors, we will also say farewell to some longstanding members of the board.
At the conclusion of our Australian Annual General Meeting in Perth next month, both Lord Kerr and Mike Fitzpatrick will retire after many years of outstanding and dedicated service. I would like to take this opportunity to thank them both for their tremendous contribution over that time.
It has become something of a truism that each year we seem to face ever greater levels of market volatility and unforeseen geopolitical challenges.
The past year was no different, with:
human tragedies of country-scale proportion, like the terrible Ebola virus in West Africa;
civil conflicts and ongoing disputes in a number of places in the world; and,
significant falls in the prices of key commodities - as diverse as iron ore, copper, coal, and of course, oil.
And we have also seen:
substantial drops in export revenues for a number of economies;
the consequent devaluation of a number of currencies; and partly in response,
divergent monetary policies in Europe, Asia and the Americas.
There is no doubt that it has been a year that saw some exceptional challenges, particularly in our industry.
I firmly believe that in times of change, it is important that companies focus on the long term and stay true to a clear and consistent strategy - and this is what your company is doing.
Our strategy to invest in and operate long-life, low-cost, expandable operations in the most attractive industry sectors, has served us well for over 140 years.
I am confident that this strategy, executed by some of the best people in the industry, will help us turn volatility and uncertainty into opportunity.
Despite the challenging headwinds of 2014, we delivered robust underlying earnings of $9.3 billion.
Our continuing focus on cash generation led to net cash from operations of $14.3 billion and we were able to maintain our EBITDA margin at 39 per cent.
Page 2 of 6
In fact, Sam, his team and our 60,000 employees around the world have strengthened your business significantly over the last two years.
Since 2012, Rio Tinto has:
reduced costs by $4.8 billion;
released $2.1 billion of cash by reducing our working capital;
more than halved capital expenditure to around $8 billion;
cut net debt by almost $10 billion, taking net debt down to $12.5 billion; and
reduced net gearing to around 19 per cent.
Our balance sheet is now one of the strongest in the industry, delivered with tight capital discipline and a demonstrable focus on managing the business for cash.
Such a sound balance sheet means we have the capacity to weather difficult market conditions, fund future growth and appropriately reward shareholders.
Even so, we will continue to tightly manage the business and our balance sheet in the face of the lower commodity prices weve seen so far in 2015.
Delivering sustainable shareholder value is part of our ongoing commitment and I am very pleased to report we honoured this with materially increased cash returns in 2014.
In February of this year, we announced a 12 per cent increase in our full year dividend and a $2 billion share buy-back programme.
The combination of the dividend and the share buy- back represent a total cash return to shareholders, in respect of 2014, of almost $6 billion a 64 per cent increase over the previous year.
Delivering shareholder value is at the centre of our strategy and will remain our core focus.
Good corporate governance is essential to long-term business success.
However, good governance must not only be maintained, it must also be seen to be in place it should be well communicated and understood by our stakeholders inside and outside the company.
That is why the board continues to visit our operations from time-to-time and meets with investors to discuss our approach to governance.
Visiting our operations gives us real insights into the pool of management talent across the company and into the challenges faced on the front line of our operations.
There is no better example of this than our visit last year to our coal operations in the Hunter Valley of Australia. We saw first-hand the premier position, and the favourable geology, these assets hold in the district.
It was clear a great deal has been done by a very focused management team to lower costs and improve productivity. As the coal industry continues to face subdued pricing, we will continue to build on this good work.
In the past 12 months we have also held two corporate governance forums with the chairs of the various board committees, in Australia in November and in London last month.
Page 3 of 6
These forums enable us to share Rio Tintos governance approach and practice with investors and shareholder groups.
Just as we share our governance approaches openly, we pursue a similarly open and transparent approach with our communities and stakeholders.
As a responsible business, how we deliver results is just as important as the quality of the results themselves.
We operate in a complex and interconnected world where many global issues and local activities overlap.
Issues of biodiversity, climate change, community engagement and regional economic development bring both risk and opportunity through the life-cycle of our operations from first exploration, to development and eventually to closure.
By listening carefully to the concerns of our stakeholders, we seek to manage risks together to deliver mutual value. We facilitate social development, encourage growth, and behave in an environmentally responsible way that creates value for you, our shareholders, and also creates value for the communities in which we work.
I recommend to you our online Sustainable development report which we released in March, to see how these principles are applied in practice.
For example, at the local level, in the past year we have been involved in many socio-economic programmes, touching thousands of lives.
At the macro level, over the past four years, our direct economic contribution has exceeded $230 billion. Our indirect economic contribution is naturally even greater.
Our spending on wages and on local procurement of goods and services with numerous suppliers leads directly to national prosperity and wealth which brings me to taxation.
As you know, your company continues to lead the industry with our commitment to tax transparency.
Last month we published our annual Taxes paid report to provide a reference of accountability both for ourselves and host governments.
At a time when many public treasuries are under severe pressure, it is our hope that this kind of transparency will help thwart the economic drag of corruption and enhance the visibility of the value we generate.
In 2014, we paid taxes and royalties of $7.1 billion globally, and a further $1.8 billion of taxes on behalf of our employees. The report very clearly shows that your company pays its fair share of taxes.
Let me close now with some thoughts on the outlook for your company.
It is clear that in the short term we will continue to face challenging commodity markets as economic and geopolitical uncertainty continues.
Divergent monetary policy paths in Europe, the US and parts of Asia are contributing to the uncertainty.
Page 4 of 6
China is now experiencing slower, but still significant, economic growth as it rebalances its economic priorities from investment towards consumption.
However, we should not lose sight of the longer-term drivers of our industry.
Let us keep in perspective that across the globe 70 million people each year are entering the middle class.
The Chinese economy is almost 25 times the size it was 25 years ago and over the next decade 170 million rural Chinese will move to an urban environment.
The fortunes of the mining industry have always been linked to increasing development and prosperity. And this will remain the case, regardless of short-term dynamics.
Our aim is to ensure we are well positioned to deliver value through the cycle.
At a time of significant distress for late-entrant and high-cost producers, Rio Tinto is in a position of strength.
In times of increased market volatility, investors seek strength, reliability and consistency and in such times, Rio Tinto thrives.
But we will not, and must not, be complacent. Now is the time for even greater focus and discipline.
I am very confident about Rio Tinto, its future and its place in meeting our modern societys needs as a pre-eminent supplier of raw materials, refined metals and mineral products.
The commodities we produce respond to both late- cycle and early-cycle demand. Said in another way, we have a suite of businesses for all seasons, and we will continue to deliver, through all cycles.
Let me assure you that your board, management, and all our people are committed to delivering sustainable returns to you, our shareholders.
On behalf of the board, I would like to thank you for your continued support.
I would also like to thank Sam and Chris, the Executive Committee, and all of our employees across the world for the tremendous commitment, leadership and resilience they have demonstrated over the last year.
Ladies and gentlemen, thank you for your attention, and I now have the pleasure of handing over to your chief executive, Sam Walsh.
Page 5 of 6
Contacts
www.riotinto.com
Follow @RioTinto on Twitter |
|
Media Relations, EMEA/Americas |
Media Relations, Australia/Asia |
Illtud Harri |
Ben Mitchell |
T +44 20 7781 1152 |
T +61 3 9283 3620 |
M +44 7920 503 600 |
M +61 419 850 212 |
David Outhwaite |
Bruce Tobin |
T +44 20 7781 1623 |
T +61 3 9283 3612 |
M +44 7787 597 493 |
M +61 419 103 454 |
David Luff |
Matthew Klar |
T + 44 20 7781 1177 |
T +61 7 3625 4244 |
M + 44 7780 226 422 |
M +61 457 525 578 |
Investor Relations, EMEA/Americas |
Investor Relations, Australia/Asia |
John Smelt |
Natalie Worley |
T +44 20 7781 1654 |
T +61 3 9283 3063 |
M +44 7879 642 675 |
M +61 409 210 462 |
David Ovington |
Rachel Storrs |
T +44 20 7781 2051 |
T +61 3 9283 3628 |
M +44 7920 010 978 |
M +61 417 401 018 |
Grant Donald |
Galina Rogova |
T +44 20 7781 1262 |
T +86 21 6103 3550 |
M +44 7920 587 805 |
M +86 152 2118 3942 |
|
|
Rio Tinto plc | Rio Tinto Limited |
2 Eastbourne Terrace | 120 Collins Street |
London W2 6LG | Melbourne 3000 |
United Kingdom |
Australia |
T +44 20 7781 2000 | T +61 3 9283 3333 |
Registered in England | Registered in Australia |
No. 719885 | ABN 96 004 458 404 |
Page 6 of 6
Rio Tinto plc AGM Address by the chief executive
London, 16 April 2015
Sam Walsh, chief executive
**Check against delivery**
Thank you, Chairman.
Good morning ladies and gentlemen.
It is a real pleasure to be here today and it is my privilege to be leading your great company.
A company that has the best assets and the best people in the industry.
We have strong customers and marketing capabilities and an unquestionable commitment to our core values. Teamwork, accountability, respect and integrity.
When I came into this role just over two years ago, I talked about how we would improve, strengthen and deliver results all with the aim of delivering value to our shareholders.
And last year at this time, I talked about how we would build on the operating and commercial excellence your company has long been known for.
This year, I am happy to report that even in the challenging operating environment of 2014 your company has delivered excellent results.
What is most pleasing is that we have significantly increased cash returns to you, our shareholders. I often say to my team around the world, my plan is my promise, and I am thrilled that we have been able to keep our promise to materially increase shareholder returns.
And we have done it at the same time, reducing our debt.
We now have one of the strongest balance sheets in the industry and we are focused on further performance improvements.
Rio Tintos qualities mean that we thrive in challenging times. Our sound results in 2014, in a time of market uncertainty, only reinforces this fact.
As the industry has faced tough commodity markets, we have returned to a position of strength.
And that strength gives me confidence that we will continue to deliver value throughout the cycle, whatever the environment.
Its the kind of strength that comes, in part, from having a world-class portfolio of assets. But thats just one element of the value equation.
We also have an outstanding team of 60,000 employees operating those assets, right around the world.
It is this, together with significant support from our stakeholders and partners, which makes our business success possible.
Page 1 of 8
Recently I have been fortunate enough to visit many of our operations including our Resolution copper project in Arizona, our remarkable copper operation in the South Gobi desert of Mongolia, and our coal assets in Australia.
During these trips I met a lot of people. Our employees, our partners, and community members were incredibly kind to host us. It confirmed we do very valuable work. We provide jobs and improve livelihoods. But I have also learnt that what matters in business, as in life, is having quality relationships.
It is important that we value and cherish our relationships with our customers.
It is important we add value to the communities and governments that host us.
It is important we value the relationships we have with suppliers and our many partners around the world.
We deal with complicated issues and we continue to listen and be transparent. These characteristics are what make Rio Tinto unique. They are also what makes for a world-class business.
Of course, great businesses keep their people safe and there is nothing more important than this.
As I reflect on the many ways we have transformed the business for the better, safety is an area in where we need to do better.
At first glance, the news looks good. In 2014, our key safety indicator the all injury frequency rate fell by nine per cent. From that perspective, it was our best safety year ever.
And over the last 15 years, we have reduced all injuries by 85 per cent.
But that is not good enough. That doesnt count when a colleague is killed at work.
It is with great sadness I report that two of our employees were killed at work last year, and there were two more fatalities in early 2015.
These are tragedies. All of us at Rio Tinto feel each loss. They happened on our watch. They are unacceptable and we simply must do better.
The positive safety trends are real, but they are not reliable predictors of fatalities. Therefore, I want to take some time here, today, to talk about each one of these fatalities. We have a responsibility to learn from them.
In February last year, at the Gove alumina refinery in Australia, an employee died while carrying out maintenance work on a kiln.
In November last year, in Canada, a landslide on public ground derailed an iron ore train, killing the locomotive driver.
In January this year, in Madagascar, an operator drowned when the ground beneath an excavator gave way and the equipment and the operator slid into a large tailings pond.
And in February this year, in South Africa, a security guard died when his car rolled over on a public road.
Page 2 of 8
So, even though our safety performance has been steadily improving, we will not call our safety efforts a success until all of our people arrive home safely from work every day. As industry leaders we set the highest standard.
In 2015, we substantially updated our safety strategies, procedures and training, learning from our serious near misses and fatalities.
The work to make Rio Tinto safer will never stop.
Right across Rio Tinto, we have a culture of performance and learning. And this is fully embodied in our 2014 results. You see a company thats been transforming, delivering and succeeding.
In particular, we have driven a financial transformation by focusing on cash generation, ensuring that every dollar is spent wisely.
At the same time we have been focusing on reducing our costs. Compared with the 2012 base, we have now reduced our annual operating cash costs and evaluation spend by $4.8 billion.
In 2014, we achieved substantial cost reductions across our portfolio with around $900 million coming out of our Copper group, $800 million each from our Aluminum and Energy groups, $700 million from Iron Ore, and $400 million from Diamonds and Minerals, and our central functions.
Importantly, were not stopping there. We are restless to do even more and have set a target for a further $750 million cost reduction for 2015.
We have more than halved our capital spend since 2012 to just over $8 billion last year. This year it will be less than $7 billion.
And we have liberated significant working capital, releasing $2.1 billion of cash from our inventories and receivables. All of these factors added together helped us generate free cash flow of $14.3 billion in 2014.
By focusing on cash and tightening our capital allocation, we have a balance sheet few in our industry can match.
In capital intensive industries like ours, a robust balance sheet is a competitive advantage especially during periods of market uncertainty. It protects the business, it protects shareholders and it creates a platform for the future.
Moreover, it provides the flexibility to undertake future projects − when the value case is compelling.
And it underpins our ability to reward you our shareholders as we did in 2014 - through announcing a total cash return to shareholders of almost $6 billion.
Our strong financial results reflect a disciplined execution of our long-standing strategy: to operate long-life, low-cost, expandable assets in the most attractive industry sectors.
The quality of our assets puts your company in an enviable position.
But as I suggested earlier, its not enough just to have world-class assets, youve got to run them with equally matched world-class operational and commercial expertise.
Page 3 of 8
Our team around the world made many operational improvements in 2014, delivering significant value to you. Id like to share a few of the highlights.
At our iron ore operations in Australia, Andrew Harding and his team ensured the expansion to 290 million tonnes was delivered two months ahead of schedule. We have also substantially reduced our operating costs.
No matter how you look at our Iron Ore operations, there is no doubt it is a world-class business.
The ability to consistently deliver an attractive EBITDA margin through the cycles, over many years, has been a trademark of our Iron Ore business.
We have worked hard to stay in front of the challenges associated with the market, particularly at a time of lowering iron ore prices. It is imperative that we continue to do this.
With iron ore now trading around $50/t delivered into China, we have more to do to ensure that we maintain the margin between ourselves and the high cost producers.
Being the lowest cost producer is not about a competition, or a bid to secure bragging rights. Rather, its fundamental to the health of our business.
The global iron ore market is in a period of transition, with high-cost supply being supplanted by low-cost production.
We have already seen the winding back of iron ore supply from Chinese producers, on top of production cuts from high-cost seaborne suppliers.
And major industry shifts of this nature never take place in a smooth and uniform manner, so we can expect continued bumps, before the market settles at a new equilibrium.
Operating in a global market has always presented cyclical challenges and we have worked hard to stay ahead of the sector. In todays environment, more than ever, it is essential, that we remain one step ahead.
And we continue to lead the industry in adopting technology that delivers higher productivity, better safety, and lower environmental impact.
We now have 57 driverless trucks in operation, delivering more tonnes, on less fuel, and the trials have begun on the worlds first autonomous, heavy-haul railway.
Our Pilbara network of trucks, trains, ports and a fleet of over 200 vessels is integrated and unrivalled.
Our aluminium business which has undertaken more than 500 efficiency initiatives has grown to be a significant contributor, doubling its underlying earnings year on year.
In 2014, our Aluminium production was broadly in line with the previous years production. Now, that may not sound impressive, but maintaining output hides the fact that eight smelters achieved production records in order to offset closures and curtailments elsewhere.
When the new Kitimat smelter, in British Columbia, pours first hot metal in the coming months, more than 80 per cent of our smelters will be in the lowest-cost quartile.
Page 4 of 8
And Kitimat will only enhance your companys position as one of cleanest, greenest producers of aluminium. Our emissions intensity will be about half the industry average.
As someone who has spent seven years in Rio Tintos aluminium business, it is great to see such a tremendous transformation that is led very capably by Alf Barrios and his team.
As most of you know, before joining Rio Tinto I worked in the automotive industry, so Im thrilled that our metal goes into one out of every four aluminium alloy wheels in the US car market. Now we just need to get the other three.
Our copper business is another product group where weve driven marked improvements in productivity.
In Utah, our Kennecott operation increased cash flow, while in Mongolia the ramp-up of Oyu Tolgoi led to record production and lower costs.
Jean-Sebastien Jacques and his team have delivered impressive cost improvements, and they have reshaped the Copper product group, preserving EBITDA margins of 42 per cent year-on-year.
And in 2014, we opened the Processing Excellence Centre, after successful trials at a number of copper and energy sites.
That Centre in Brisbane provides real-time comparisons of the mill circuits and float tanks at the copper concentrators in Mongolia and Utah.
Another example of our applying innovation to increase performance and lower costs.
In our coal business we set production records at Hail Creek and our Hunter Valley operation. The aggressive programme of cost and productivity improvements during the past two years, delivered more than $800 million in savings.
Although the coal market continues to be extremely tough, we are focusing on cash generation and cost reductions. Our Australian operations were cash flow positive last year, but were not satisfied with the current level of returns on these assets. We are working hard to further improve performance from these businesses.
In our diamonds and minerals business, led by Alan Davies, we delivered a 43 per cent increase in net cash in 2014 by being agile in aligning production with the market conditions for its different commodities.
These are all highlights from 2014. That is, of course, last year.
I am eager and excited to see what we can do in the year ahead.
Today, much of the mining industry is looking forward with some hesitation due to uncertain markets.
But were confident in our ability to continue to meet our customers needs.
The quality of our assets, our high productivity, our low costs, and our robust balance sheet, all create a platform for sound growth, even in challenging market conditions.
We have a compelling pipeline of quality growth projects. This means we can be selective: making sure that only the best projects can attract investment.
Page 5 of 8
In other words, only the projects with the most attractive returns will proceed: the projects that will deliver the most additional value to shareholders.
By way of example, this year in the Pilbara we will undertake low-capital-cost brownfield expansions as we grow our capacity. And this will be achieved at a capital intensity of approximately $9 a tonne, continuing to confirm our competitive position as the worlds lowest-cost supplier of seaborne iron ore.
Our Pilbara expansion represents a clear and consistent strategic response to the unprecedented long-term growth in China. The world remains on a path towards greater urbanisation. It should be remembered that growth of just one per cent per year is required for China to reach one billion tonnes of crude steel production by 2030.
We have some exciting growth prospects in Copper and these will progress at the right time, and only on sound commercial terms that protect and enhance value.
At Resolution - which is one of the worlds largest and best undeveloped copper deposits - we made some good progress with the land exchange in 2014, and we hope to make further progress in 2015.
And, of course, discussions in Mongolia continue with the Government, to progress the underground development of Oyu Tolgoi.
In South Africa, we are progressing studies for Zulti-South to further optimise our titanium dioxide operations at Richards Bay.
In Australia, I am pleased to report that recent steps towards government approvals for Mt Thorley Warkworth will ensure that the 30-year-old mine can continue. This will be good news for over 1000 employees and the hundreds of businesses that depend on the mine.
In our bauxite business, we continue to look at options for the South of Embley bauxite project, to maintain and build on our long history of exports from northern Australia.
And in Guinea, we continue to work on the bankable feasibility study for Simandou.
If I may just take a moment on Simandou. I would like to pay special tribute to the wonderful work of our team during the Ebola epidemic in West Africa. I want to acknowledge the great work which ultimately touched thousands of people, and which succeeded in preventing any infection amongst our employees and their families.
For those efforts, the President of Guinea, Alpha Condé, has expressed his deep gratitude.
So, let me close by saying your company has strong foundations, we have deep expertise, and solid options for growth. We also operate in an uncertain world that will continue to present new challenges.
Now is certainly not the time for complacency.
In February, I announced the further streamlining of our business.
As part of these changes, we consolidated from five product groups to four.
The coal assets of the former Energy group have now become part of a new Copper & Coal group, and the uranium assets have become part of the Diamonds & Minerals group.
Page 6 of 8
We also consolidated a number of corporate functions. With such changes, unfortunately some great and dedicated people have left the company.
One of those who left us is Harry Kenyon-Slaney, and I would like to recognise his significant contributions. Harry served our company for nearly 25 years, most recently as a member of the Executive Committee, leading the transformation of our Energy business.
We made these changes because, whilst 2014 was a year of financial achievement, we knew that 2015 would be a tough year for the industry.
We cant control all the external factors, but we will take charge of the things we can:
We will continue to improve our safety;
We will keep reining in our costs, making sure every dollar is wisely spent;
We will maintain our relentless focus on efficiency and productivity; and,
We will continue to deliver superior value for you, our shareholders.
I would like to thank our 60,000 employees for their dedication and hard work, our stakeholders for continuing to partner with us, and you, our shareholders for investing in our great company.
I shall now hand back to the Chairman.
Page 7 of 8
Contacts
www.riotinto.com
Follow @RioTinto on Twitter |
|
Media Relations, EMEA/Americas |
Media Relations, Australia/Asia |
Illtud Harri |
Ben Mitchell |
T +44 20 7781 1152 |
T +61 3 9283 3620 |
M +44 7920 503 600 |
M +61 419 850 212 |
David Outhwaite |
Bruce Tobin |
T +44 20 7781 1623 |
T +61 3 9283 3612 |
M +44 7787 597 493 |
M +61 419 103 454 |
David Luff |
Matthew Klar |
T + 44 20 7781 1177 |
T +61 7 3625 4244 |
M + 44 7780 226 422 |
M +61 457 525 578 |
Investor Relations, EMEA/Americas |
Investor Relations, Australia/Asia |
John Smelt |
Natalie Worley |
T +44 20 7781 1654 |
T +61 3 9283 3063 |
M +44 7879 642 675 |
M +61 409 210 462 |
David Ovington |
Rachel Storrs |
T +44 20 7781 2051 |
T +61 3 9283 3628 |
M +44 7920 010 978 |
M +61 417 401 018 |
Grant Donald |
Galina Rogova |
T +44 20 7781 1262 |
T +86 21 6103 3550 |
M +44 7920 587 805 |
M +86 152 2118 3942 |
|
|
Rio Tinto plc | Rio Tinto Limited |
2 Eastbourne Terrace | 120 Collins Street |
London W2 6LG | Melbourne 3000 |
United Kingdom |
Australia |
T +44 20 7781 2000 | T +61 3 9283 3333 |
Registered in England | Registered in Australia |
No. 719885 | ABN 96 004 458 404 |
Page 8 of 8
|
Media Release |
Results of voting at 2015 annual general meetings of Rio Tinto plc and Rio Tinto Limited
7 May 2015
The annual general meetings of Rio Tinto plc and Rio Tinto Limited were held on 16 April 2015 and 7 May 2015 respectively. All resolutions were passed by poll and the results are set out below.
Under Rio Tinto's dual listed companies structure established in 1995, decisions on significant matters affecting shareholders of Rio Tinto plc and Rio Tinto Limited in similar ways are taken through a joint electoral procedure. Resolutions 1 to 18 contained in the notice of meeting for both Rio Tinto plc and Rio Tinto Limited fall into this category. Resolutions 19 to 22 of the Rio Tinto plc notice of meeting were put to Rio Tinto plc shareholders only and resolution 19 of the Rio Tinto Limited notice of meeting was put to Rio Tinto Limited shareholders only.
The following resolutions, which were put to both Rio Tinto plc and Rio Tinto Limited shareholders on a poll at the respective annual general meetings, were subject to the joint electoral procedure and the aggregate results of the joint polls were as follows:
Page 1 of 4
The poll results for Rio Tinto plc only resolutions of the meeting held on 16 April 2015
Page 2 of 4
The poll results for Rio Tinto Limited only resolutions of the meeting held on 7 May 2015
|
|
For |
% of votes Cast |
Against |
% of votes Cast |
19 |
Renewal of off-market and on-market share buy-back authorities |
224,784,413 |
99.85% |
343,051 |
0.15% |
As previously announced, at the conclusion of the Rio Tinto Limited annual general meeting, non-executive directors Michael Fitzpatrick and Lord Kerr retired from the board.
Page 3 of 4
Contacts
www.riotinto.com
Follow @RioTinto on Twitter
Media Relations, EMEA/Americas Illtud Harri T +44 20 7781 1152 M +44 7920 503 600
David Outhwaite T +44 20 7781 1623 M +44 7787 597 493
David Luff T + 44 20 7781 1177
Investor Relations, EMEA/Americas John Smelt T +44 20 7781 1654 M +44 7879 642 675
David Ovington T +44 20 7781 2051 M +44 7920 010 978
Grant Donald T +44 20 7781 1262 M +44 7920 587 805 |
Media Relations, Australia/Asia Ben Mitchell T +61 3 9283 3620 M +61 419 850 212
Bruce Tobin T +61 3 9283 3612 M +61 419 103 454
Matthew Klar T +61 7 3625 4244 M +61 457 525 578
Investor Relations, Australia/Asia Natalie Worley T +61 3 9283 3063 M +61 409 210 462
Rachel Storrs T +61 3 9283 3628 M +61 417 401 018
Galina Rogova T +86 21 6103 3550 M +86 152 2118 3942 |
|
|
|
|
Rio Tinto plc 2 Eastbourne Terrace London W2 6LG United Kingdom
T +44 20 7781 2000 No. 719885 |
Rio Tinto Limited 120 Collins Street Melbourne 3000 Australia
T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404 |
Page 4 of 4
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Rio Tinto donates $1.5 million to support the people and community of GrindavĂk in Iceland
- Ali Yassine Joins AiMining Technologies, a Subsidiary of iMining, as Healthcare Advisory Board Member
- Rio2 Closes C$23M Offering
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!