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Rio Tinto chief executive J-S Jacques said "Today we have announced total cash returns to shareholders of $3 billion. By driving performance, focusing on cash and allocating it with discipline we are delivering superior cash returns to our shareholders.
The company which used to the run the controversial Panguna copper mine on the island of Bougainville is now trying to reopen it with the support of the island's Government.
Rio Tinto chief executive J-S Jacques said: "Today's results show we have kept our commitment to maximise cash and productivity from our world-class assets, delivering $3.6 billion in shareholder returns while maintaining a robust balance sheet. At the same time, we strengthened the portfolio and advanced our high-value growth projects as we look to the future.
Polo Resources Limited (AIM: POL), the natural resources investment company with interests in oil and gas, gold, coal, copper, phosphate, iron and vanadium announces it will today send a Circular to Shareholders to convene the Annual General Meeting (the "AGM") of the Company to seek Shareholders approval to adopt a new investing policy in accordance with AIM Rule 8 and a Revised Share Options Plan.
The Directors of Thor Mining PLC (AIM, ASX: THR) are pleased to announce the Company's annual results for the year ended 30 June 2016.
The Autonomous Region of Bougainville is engaged in a new struggle with the Papua New Guinean Government over the ownership of the island's controversial Panguna copper mine.
SYDNEY: Papua New Guinea's prime minister on Wednesday (Aug 17) sought to sooth anger about his government's increased stake in a mine at the centre of a decade-long civil war in Bougainville by giving part of it to the local community.
Rio Tinto chief executive J-S Jacques said: "Rio Tinto has generated net cash from operating activities of $3.2 billion and reported underlying earnings of $1.6 billion, against a backdrop of continued volatility and lower commodity prices.
On Thursday, June 30, most of the companies related to base metals and precious metals gained due to stability in their respective sectors.
In a significant move today, Rio Tinto plc (NYSE:RIO) took a step back from its 53.83% holding in Bougainville Copper Limited (BCL), as it handed over the stake to Equity Trustees Limited (EQT), which will distribute it between the Autonomous Bougainville Government (ABG) and Independent State of Papua New Guinea. The development is expected to benefit the island’s people and the landowners in the Panguna town.
Rio Tinto has today transferred its 53.8 per cent shareholding in Bougainville Copper Limited (BCL) to an independent trustee.
Rio Tinto will sever mining links with resource-rich Papua New Guinea, relinquishing ownership of the Panguna copper mine on Bougainville island which has been closed for around 25 years after a secessionist rebellion.
The clean-up of Rio Tinto's portfolio has continued with the miner relinquishing its stake in Bougainville Copper Limited.
Rio Tinto chief executive Sam Walsh will retire from the business on 1 July 2016 and will be succeeded by Copper & Coal chief executive Jean-Sébastien Jacques. To ensure a smooth transition, Jean-Sébastien, will join the board and become deputy chief executive with immediate effect.
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