Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Rio Tinto Limited    RIO   AU000000RIO1

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Australia Environment Minister Cautious Over Rio's Bauxite Expansion

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/24/2012 | 10:10am CEST

Australia's federal environment minister said Thursday that he wouldn't apologize for his caution over a proposal by Rio Tinto PLC (RIO) to expand its bauxite mining operations in Queensland state.

A word of words has erupted between the Labor Party's Tony Burke and Queensland's Liberal National Party government over Rio's US$1.5 billion project, after the state gave conditional approval to the project Wednesday despite Mr. Burke's insistence that the effect of expanded shipping on the Great Barrier Reef be assessed.

"We will do what the Queensland government hasn't done, and that is make a decision that also ensures the protection of the reef," Mr. Burke said. "It doesn't matter how many times the Queensland government thumps the table and tells me they would prefer me to ignore the reef in this approval process, I won't."

Jeff Seeney, deputy premier of Queensland, a day earlier criticized the federal government for duplicating the review process for the South of Embley project on Cape York, which Rio has said would extend the life of its nearby Weipa mine by 40 years. Mr. Seeney said the federal government was holding up its review on "highly spurious grounds."

Mr. Burke, in a statement emailed by his department to Dow Jones Newswires in response to questions, said there is a large number of projects under way that would involve increased shipping through the Great Barrier Reef. "I am going to make sure that everything is assessed properly and all of the relevant impacts are taken into account," he said.

Mr. Burke's department is preparing guidelines for a revised draft environmental impact statement from Rio, having halted the process in March after receiving what he said was significant new information regarding shipping through the reef.

Rio's Alcan aluminum unit said in a community newsletter published this month that at full capacity as many as 700 ships would be loaded at the South of Embley port, but 400 of those would be headed to Asia and other markets, leaving 300 travelling each year to refineries at Gladstone. It said that in perspective, those 300 ships would represent 6% of the ships moving through Great Barrier Reef marine Park, excluding any extra ships that may be used for liquefied natural gas projects in the region.

Construction of the project had been set to begin this year, with the first bauxite shipment set for 2015. The new operation, if it goes ahead, could provide between 22.5 million and 50 million metric tons a year that would supplement declining grades at Rio's Weipa mine.

The plans include building a power station, a processing plant, warehouses and workshops, in addition to barge, ferry and ship-loading facilities.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on RIO TINTO LIMITED
10/19 BHP presents united front against activist Elliott
10/18 RIO TINTO : U.S. SEC charges Rio Tinto, former top executives with fraud
10/18 RIO TINTO : U.S. SEC charges Rio Tinto, former top executives with fraud
10/18DJRio Tinto Faces Reckoning Over Africa Bets
10/18 Excerpts from U.S. SEC fraud filing against Rio Tinto former top executives
10/18 TIMELINE : Rio Tinto faces fraud charges over Mozambique coal investment
10/18DJEUROPEAN MORNING BRIEFING : Stocks Likely to Struggle Again
10/18 RIO TINTO : says will vigorously defend itself against SEC charges
10/17DJSEC Sues Rio Tinto, Two Former Executives -- Update
10/17DJSEC Sues Rio Tinto, Two Former Executives
More news
News from SeekingAlpha
07/13 Red River Report - The Downfall Of A Great Australian Miner
2016 Asia Frontier Capital's Mongolia Travel Report
2016 EWA : Getting In Down Under
Financials ($)
Sales 2017 39 375 M
EBIT 2017 13 325 M
Net income 2017 8 031 M
Debt 2017 5 592 M
Yield 2017 5,06%
P/E ratio 2017 12,09
P/E ratio 2018 13,68
EV / Sales 2017 2,38x
EV / Sales 2018 2,59x
Capitalization 88 307 M
Chart RIO TINTO LIMITED
Duration : Period :
Rio Tinto Limited Technical Analysis Chart | RIO | AU000000RIO1 | 4-Traders
Technical analysis trends RIO TINTO LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 57,4 $
Spread / Average Target 3,2%
EPS Revisions
Managers
NameTitle
Jean-Sébastien Jacques Chief Executive Officer & Executive Director
Jan Petrus du Plessis Chairman
Christopher J. Lynch Chief Financial Officer & Non-Executive Director
Paul Mathias Tellier Independent Non-Executive Director
Ann Frances Godbehere Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
RIO TINTO LIMITED19.30%88 307
BHP BILLITON LIMITED8.98%107 158
BHP BILLITON PLC6.39%107 158
RIO TINTO13.95%88 307
ANGLO AMERICAN23.10%26 454
GRUPO MEXICO S.A. DE C.V.8.97%25 481