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