Press release from CNW Group
Rio Tinto gifts stake in Northern Dynasty Minerals to Alaskan charities
Monday, April 07, 2014
Rio Tinto gifts stake in Northern Dynasty Minerals to Alaskan charities08:48 EDT Monday, April 07, 2014
LONDON, April 7, 2014 /CNW/ - Rio Tinto will gift its 19.1 per cent shareholding in Northern Dynasty Minerals Ltd (Northern Dynasty), owner of the Pebble Project, to two local Alaskan charitable foundations. The decision follows the strategic review announced last year of Rio Tinto's interest in Northern Dynasty which concluded the Pebble Project does not fit with Rio Tinto's strategy.
The shares in Northern Dynasty will be divided equally between the Alaska Community Foundation to fund educational and vocational training and the Bristol Bay Native Corporation Education Foundation, which supports educational and cultural programmes in the region.
Rio Tinto Copper chief executive Jean-Sebastien Jacques said "Rio Tinto has long and historic ties to Alaska and we continue to see Alaska as an attractive location for potential future investment. By giving our shares to two respected Alaskan charities, we are ensuring that Alaskans will have a say in Pebble's future development and that any economic benefit supports Alaska's ability to attract investment that creates jobs."
Prior to the gift, Rio Tinto, through Rio Tinto Fer et Titane Inc., an indirect wholly-owned subsidiary of Rio Tinto plc, owned 18,145,845 common shares of Northern Dynasty.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America.
About Alaska Community Foundation and the Bristol Bay Native Corporation Education Foundation
The Alaska Community Foundation is a state-wide philanthropy organisation established in 1995 that is focused on strengthening Alaska's communities. The Alaska Community Foundation will use the gift of shares to create a new Vocational Fund for Alaska's Future which will support programmes that provide vocational training and skills development needed in the mining and extractive industries. The Bristol Bay Native Corporation Education Foundation, established in 1986, is a Native Alaskan charitable organisation that supports education and cultural programmes for Bristol Bay native youth. Both organisations have independent boards of directors and mandates to manage assets for the benefit of future generations.
SOURCE RIO TINTO PLC
For further information: 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; Investor Relations, EMEA/Americas, Mark Shannon, T +44 20 7781 1178, M +44 7917 576597; 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, David Luff, T +61 3 9283 3620, M +61 419 850 205; Bruce Tobin, T +61 3 9283 3612, M +61 419 103 454; Investor Relations, Australia/Asia, Christopher Maitland, T +61 3 9283 3063, M +61 459 800 131; Rachel Storrs, T +61 3 9283 3628, M +61 417 401 018; Galina Rogova, T +852 2839 9208, M +852 6978 3011; Rio Tinto plc, 2 Eastbourne Terrace, London W2 6LG, United Kingdom, T +44 20 7781 2000, Registered in England, No. 719885; Rio Tinto Limited, 120 Collins Street, Melbourne 3000, Australia, T +61 3 9283 3333, Registered in Australia, ABN 96 004 458 404; Rio Tinto Fer et Titane Inc., 1625 Marie-Victorin Road, Sorel-Tracy, Quebec J3R 1M6 Canada, T +1 450 746 3000, Registered in Quebec, No. 1146439816