R/€ = 16.76 Change: 0.00
R/$ = 14.64 Change: 0.00
Au 1184.72 $/oz Change: 7.82
Pt 786.75 $/oz Change: 5.92
 
 
R/€ = 16.76 Change: 0.00
R/$ = 14.64 Change: 0.00
Au 1184.72 $/oz Change: 7.82
Pt 786.75 $/oz Change: 5.92
 
 
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Rio Tinto moves to comply with US sanctions, declares force majeure on Rusal contracts

16th April 2018 BY: Esmarie Swanepoel
Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Mining major Rio Tinto will declare a force majeure on certain contracts with the world’s second-largest aluminium producer, United Company Rusal, after the US government imposed sanctions against a number of Russian businessmen and corporations.

Rio told shareholders that the company had reviewed its arrangements with Rusal, following the US government announcement, including Rusal’s 20% interest in Queensland Alumina refinery, which produces some 3.95-million tonnes a year of alumina.

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Rusal also has supply and offtake arrangements associated with the Queensland Alumina operation, as well as bauxite offtake agreements for its refinery in Ireland, along with offtake contracts for alumina used at Rio’s smelters in France and Iceland.

Rio said that the company was working with customers to minimise any disruption of supplies, but added that it was committed to fully complying with US sanctions. 

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EDITED BY: Mariaan Webb Creamer Media Senior Researcher and Deputy Editor Online
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