1
February 2008
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released at 08.37am
Rio Tinto signs long-term agreements to
supply Pilbara iron ore to Hyundai Steel
Rio Tinto and its joint venture partners have sealed
long-term contracts to supply iron ore to Hyundai Steel, under which
more than 40 million tonnes of iron ore from the Pilbara will be
exported to the Korean producer over the next decade.
Hyundai Steel is Korea’s second largest steel maker
and the world’s second largest electric arc furnace (EAF) producer.
Under the contracts, Hamersley Iron, Robe River and
Hope Downs will commence shipments in 2009 ramping up to an annual
total of 4.6Mt from 2012 to 2019.
Sam Walsh, chief executive of Rio Tinto Iron Ore,
said the agreements marked the next stage in a relationship that had
endured through most of the lifespan of the Pilbara iron ore industry. “Rio Tinto has enjoyed a long relationship with Korea,
going back to our first shipment in 1973. These agreements with
Hyundai Steel are the culmination of several years’ negotiations and
open the next chapter in what has been a successful, mutually
rewarding partnership.”
About Rio Tinto
Rio Tinto is a leading international mining group
headquartered in the UK, combining Rio Tinto plc, a London 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, energy (coal and uranium), gold, industrial minerals
(borax, titanium dioxide, salt, talc) and iron ore. Activities span
the world but are strongly represented in Australia and North
America with significant businesses in South America, Asia, Europe
and southern Africa.
Forward-Looking Statements
This announcement includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of historical facts included in this announcement, including, without
limitation, those regarding Rio Tinto’s financial position, business
strategy, plans and objectives of management for future operations
(including development plans and objectives relating to Rio Tinto’s
products, production forecasts and reserve and resource positions),
are forward-looking statements. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
Rio Tinto, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements.
Such forward-looking statements are based on numerous
assumptions regarding Rio Tinto’s present and future business
strategies and the environment in which Rio Tinto will operate in
the future. Among the important factors that could cause Rio Tinto’s
actual results, performance or achievements to differ materially
from those in the forward-looking statements include, among others,
levels of demand and market prices, the ability to produce and
transport products profitably, the impact of foreign currency
exchange rates on market prices and operating costs, operational
problems, political uncertainty and economic conditions in relevant
areas of the world, the actions of competitors, activities by
governmental authorities such as changes in taxation or regulation
and such other risk factors identified in Rio Tinto's most recent
Annual Report on Form 20-F filed with the United States Securities
and Exchange Commission (the "SEC") or Form 6-Ks furnished to the
SEC. Forward-looking statements should, therefore, be construed in
light of such risk factors and undue reliance should not be placed
on forward-looking statements. These forward-looking statements
speak only as of the date of this announcement. Rio Tinto expressly
disclaims any obligation or undertaking (except as required by
applicable law, the City Code on Takeovers and Mergers (the
“Takeover Code”), the UK Listing Rules, the Disclosure and
Transparency Rules of the Financial Services Authority and the
Listing Rules of the Australian Securities Exchange) to release
publicly any updates or revisions to any forward-looking statement
contained herein to reflect any change in Rio Tinto’s expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
Nothing in this announcement should be interpreted to
mean that future earnings per share of Rio Tinto plc or Rio Tinto
Limited will necessarily match or exceed its historical published
earnings per share.
Subject to the requirements of the Takeover Code,
none of Rio Tinto, any of its officers or any person named in this
announcement with their consent or any person involved in the
preparation of this announcement makes any representation or warranty (either express or implied) or gives any assurance that the
implied values, anticipated results, performance or achievements
expressed or implied in forward-looking statements contained in this
announcement will be achieved.
For further information, please contact:
Media Relations, Australia
Amanda Buckley Office: +61 (0) 3 9283
3627 Mobile: +61 (0) 419 801 34
Gervase Green Office: +61 (0) 8 9327
2975 Mobile: +61 (0) 408 098 572
Media Relations, London
Christina Mills Office: +44 (0) 20 8080
1306 Mobile: +44 (0) 7825 275 605
Nick Cobban Office: +44 (0) 20 8080
1305 Mobile: +44 (0) 7920 041 003
Media Relations, Americas
Nancy Ives Mobile: +1 619 540 3751
Investor Relations, Australia
Dave Skinner Office: +61 (0) 3 9283
3628 Mobile: +61 (0) 408 335 309
Simon Ellinor Office: +61 (0) 7 3867
1607 Mobile: +61 (0) 439 102 811
Investor Relations, North
America
Jason Combes Office: +1 (0) 801 685
4535 Mobile: +1 (0) 801 558 2645
Investor Relations, London
Nigel Jones Office: +44 (0) 20 7781
2049 Mobile: +44 (0) 7917 227365
David Ovington Office: +44 (0) 20 7781
2051 Mobile: +44 (0) 7920 010 978
Email: questions@riotinto.com
Websites:
www.riotinto.com
www.riotintoironore.com High
resolution photographs available at: www.newscast.co.uke attached
media release was announced to the London Stock Exchange today at
XXXX hours.
A full copy of the press release is also available on
the Rio Tinto website: www.riotinto.com/media
High resolution photographs available at Newscast www.newscast.co.uk
Bryan
Smith Principal
Adviser,
Digital Media Communications and
External Relations |
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