Eiffel Flats is a village in the province of Mashonaland West , Zimbabwe . It is located about 7 km east of Kadoma .
104-641: The village began in 1905 as a residential township for the Cam and Motor gold mine, operated by Rio Tinto Group , now Rio Zim. The original mines are now closed. Wiridzayi Nguruve, who in 1982 became the first Commissioner of the Zimbabwe Republic Police , was the member in charge of the Eiffel Flats Police Station and served as a Sub Inspector, in the mid-1970s. Eiffel Flats economy is based around mining and metals, with Cam and Motor, historically
208-552: A bid of £ 3.68 million ( ESP 92.8 million). The bid also specified that Spain would permanently relinquish any right to claim royalties on the mine's production. Following purchase of the mine, the syndicate launched the Rio Tinto Company, registering it on 29 March 1873. At the end of the 1880s, control of the firm passed to the Rothschild family , who increased the scale of its mining operations. Following their purchase of
312-681: A global systemically important bank by the Financial Stability Board since 2011. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . According to a 2020 article in the New Yorker , Deutsche Bank had long had an "abject" reputation among major banks, as it has been involved in major scandals across various issue areas. Deutsche Bank
416-419: A golf course, the Cam and Motor Squash, Bowls, and Tennis clubs, along with a sports bar and family restaurant. 18°19′S 29°59′E / 18.317°S 29.983°E / -18.317; 29.983 Rio Tinto Group Rio Tinto Group is a British-Australian multinational company that is the world's second largest metals and mining corporation (behind BHP ). It was founded in 1873 when
520-516: A government bailout. One of them claims that "If Lehman Brothers didn't have to mark its books for six months it might still be in business, and if Deutsche had marked its books it might have been in the same position as Lehman." Deutsche had become the biggest operator in this market, which were a form of credit derivative designed to behave like the most senior tranche of a CDO. Deutsche bought insurance against default by blue-chip companies from investors, mostly Canadian pension funds, who received
624-620: A group of investors purchased a mine complex on the Rio Tinto , in Huelva , Spain, from the Spanish government. It has grown through a long series of mergers and acquisitions. Although primarily focused on extraction of minerals, it also has significant operations in refining, particularly the refining of bauxite and iron ore. It has joint head offices in London , England and Melbourne , Australia. Rio Tinto
728-744: A higher rate of a discount than English or French bills. The founding members were: Hermann Zwicker (Bankhaus Gebr. Schickler, Berlin); Anton Adelssen (Bankhaus Adelssen & Co., Berlin); Adelbert Delbrück (Bankhaus Delbrück, Leo & Co.); Heinrich von Hardt (Hardt & Co., Berlin, New York); Ludwig Bamberger (politician, former chairman of Bischoffsheim, Goldschmidt & Co); Victor Freiherr von Magnus (Bankhaus F. Mart Magnus); Adolph vom Rath [ de ] (Bankhaus Deichmann & Co., Cologne); Gustav Kutter (Bankhaus Gebrüder Sulzbach, Frankfurt); and Gustav Müller (Württembergische Vereinsbank, Stuttgart). The First directors were Wilhelm Platenius, Georg Siemens , and Hermann Wallich . Georg Siemens
832-614: A key factor in recommending the transaction to its shareholders. In March 2010, it was announced that Chinalco would invest $ 1.3 billion for a 44.65% stake in Rio Tinto's iron ore project in Simandou , Guinea. Rio Tinto retained 50.35% ownership at Simandou. In November 2011, Rio joined with Chinalco to explore for copper resources in China's complex landscape, by setting up a new company, CRTX, 51% owned by Chinalco and 49% by Rio Tinto. Under
936-592: A major producer of borax , bought in 1968, Kennecott Utah Copper and BP 's coal assets which were bought from BP in 1989, and a 70.7% interest in the New South Wales operations of Coal & Allied , also in 1989. In 1993, the company acquired Nerco and the United States coal mining businesses of Cordero Mining Company . In 2000, Rio Tinto acquired North Limited , an Australian company with iron ore and uranium mines, for $ 2.8 billion. The takeover
1040-556: A memorandum of understanding to develop Rio Tinto's iron ore project in the Simandou mine in Simandou , Guinea . On 29 July 2010, Rio Tinto and Chinalco signed a binding agreement to establish this joint venture covering the development and operation of the Simandou mine. Under the terms of the agreement, the joint venture maintains Rio Tinto's 95% interest in the Simandou project as follows: By providing US$ 1.35 billion on an earn-in basis through sole funding of ongoing development over
1144-406: A price later determined to be well below actual value. The purchasers of the mine were led by Hugh Matheson 's Matheson & Company , which ultimately formed a syndicate consisting of Deutsche Bank (56% ownership), Matheson (24%) and the civil engineering firm Clark, Punchard and Company (20%). At an auction held by the Spanish government to sell the mine on 14 February 1873, the group won with
SECTION 10
#17328689200971248-550: A required 9% core Tier 1 ratio after sovereign debt write-down starting in mid-2012. As of 2012, Deutsche Bank had negligible exposure to Greece , but Spain and Italy accounted for a tenth of its European private and corporate banking business with credit risks of about €18 billion in Italy and €12 billion in Spain. In 2017, Deutsche Bank needed to get its common equity tier-1 capital ratio up to 12.5% in 2018 to be marginally above
1352-463: A risk specialist from Merrill Lynch , who hired two other former Merrill Lynch risk specialists Anshu Jain and William S. Broeksmit. By the mid-1990s, the buildup of a capital-markets operation had got underway with the arrival of a number of high-profile figures from major competitors. Ten years after the acquisition of Morgan Grenfell, the US firm Bankers Trust was added. Bankers Trust suffered losses during
1456-505: A stream of insurance premiums as income in return for posting a small amount of collateral. The bank then sold protection to US investors via the CDX credit index , the spread between the two was tiny but was worth $ 270m over the 7 years of the trade. It was considered very unlikely that many blue chips would have problems at the same time, so Deutsche required collateral of just 10% of the contract value. The risk of Deutsche taking large losses if
1560-550: A two-to-three-year period, Chalco, a subsidiary of Chinalco, would acquire a 47% interest in the joint venture. Once the full sum was paid, Rio Tinto would be left with a 50.35% interest in the project and Chalco would have 44.65%. The remaining 5% would be owned by the International Finance Corporation (IFC), the financing arm of the World Bank . On 22 April 2011 Rio Tinto, its subsidiary Simfer S.A. (Simfer), and
1664-711: Is a dual-listed company traded on both the London Stock Exchange , where it is a component of the FTSE 100 Index , and the Australian Securities Exchange , where it is a component of the S&;P/ASX 200 index. American depositary shares of Rio Tinto's British branch are also traded on the New York Stock Exchange , giving it listings on three major stock exchanges. In the 2020 Forbes Global 2000 , it
1768-751: Is a German multinational investment bank and financial services company headquartered in Frankfurt , Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange . Deutsche Bank was founded in 1870 in Berlin . From 1929 to 1937, following its merger with Disconto-Gesellschaft , it was known as Deutsche Bank und Disconto-Gesellschaft or DeDi-Bank. Other transformative acquisitions have included those of Mendelssohn & Co. in 1938, Morgan Grenfell in 1990, Bankers Trust in 1998, and Deutsche Postbank in 2010. As of 2018,
1872-471: Is mainly concentrated in Australia and Canada, and owns its mining operations through a complex web of wholly and partly owned subsidiaries. Rio Tinto is primarily organised into four operational businesses, divided by product type: These operating groups are supported by separate divisions providing exploration and function support. Rio Tinto is structured as a dual-listed company , with listings on both
1976-442: Is wholly owned. Operations typically include mining of ore through to production of 99.99% purified copper, including extraction of economically valuable by-products . Together, Rio Tinto's share of copper production at its mines totalled nearly 700,000 tonnes , making the company the fourth-largest copper producer in the world. Rio Tinto Copper continues to seek new opportunities for expansion, with major exploration activities at
2080-573: The 1998 Russian financial crisis since it had a large position in Russian government bonds, but avoided financial collapse by being acquired by Deutsche Bank for $ 10 billion in November 1998. On 4 June 1999, Deutsche Bank merged its Deutsche Morgan Grenfell and Bankers Trust to became Deutsche Asset Management (DAM) with Robert Smith as the CEO. This made Deutsche Bank the fourth-largest money management firm in
2184-480: The Australian Competition & Consumer Commission . The largest barrier to completing the investment may come from Rio Tinto's shareholders; support for the deal by shareholders was never overwhelming and has reportedly declined in 2009, as other financing options (such as a more traditional bond issuance) are beginning to appear more realistic as a viable alternative funding source. A shareholder vote on
SECTION 20
#17328689200972288-630: The FTSE 100 Index of the London Stock Exchange, and the S&P/ASX 200 index of the Australian Securities Exchange. LSE-listed shares in Rio Tinto plc can also be traded indirectly on the New York Stock Exchange via an American Depositary Receipt . As of 4 March 2009, Rio Tinto was the fourth-largest publicly listed mining company in the world, with a market capitalisation around $ 134 billion. As of mid-February 2009, shareholders were geographically distributed 42% in
2392-726: The Landesbank für Bosnien und Herzegowina in Sarajevo , together with the Société Générale de Belgique and its affiliate Banque Belge pour l'Étranger . In 1940, following the German invasion of Belgium , Deutsche Bank bought out the Belgian stake under duress and became the AJB's dominant shareholder, with 88 percent held either directly or through Creditanstalt. Deutsche Bank simultaneously took control of
2496-452: The London Stock Exchange (symbol: RIO), under the name "Rio Tinto Plc", and the Australian Securities Exchange (symbol: RIO) in Sydney, under the name "Rio Tinto Limited". The dual-listed company structure grants shareholders of the two companies the same proportional economic interests and ownership rights in the consolidated Rio Tinto, in such a way as to be equivalent to all shareholders of
2600-767: The National Bank of Greece during the Axis occupation of Greece , without however acquiring ownership out of consideration for Italian sensitivities. Through the Creditanstalt-Bankverein, Deutsche Bank also became a major shareholder of the Allgemeiner Jugoslawischer Bankverein (AJB), which had been formed in 1928 from the two former branches of the Wiener Bankverein in Belgrade and Zagreb, and of
2704-935: The Northern Pacific Railroad in the US and the Baghdad Railway (1888). In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp (1879) and introduced the chemical company Bayer to the Berlin stock market. The second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large regional banks, giving itself an entry into Germany's main industrial regions. It thus formed community-of-interests partnerships with Bergisch-Märkische Bank [ de ] in Elberfeld and Schlesischer Bankverein [ de ] in Breslau , linked to
2808-452: The Phoenicians , Greeks , Romans , Visigoths and Moors . After a period of abandonment, the mines were rediscovered in 1556 and the Spanish government began operating them once again in 1724. However, Spain's mining operations there were inefficient, and the government itself was otherwise distracted by political and financial crises, leading the government to sell the mines in 1873 at
2912-563: The Pilbara , Western Australia. The Pilbara iron ore operations include 16 iron ore mines, four independent port terminals, a 1,700-kilometre rail network and related infrastructure. The corporation also has had a majority stake in Iron Ore Company of Canada since its 2000 hostile takeover of North Limited. Copper was one of Rio Tinto's main products from its earliest days operating at the Rio Tinto complex of mines in Spain. Since that time,
3016-514: The Resolution Copper project in the United States, Winu in Australia, and Oyu Tolgoi underground mine in Mongolia. In addition, the company is seeking to become a major producer of nickel, with exploration projects currently underway in the United States and Indonesia. Although not the primary focus of Rio Tinto Copper's operations, several economically valuable by-products are produced during
3120-464: The Spanish Civil War , World War II and Franco's nationalistic policies . In the 1950s, the political situation made it increasingly difficult for mostly British and French owners to extract profits from Spanish operations, and the company decided to dispose of the mines from which it took its name. Thus, in 1954, Rio Tinto Company sold two-thirds of its stake in the Rio Tinto mines, disposing of
3224-431: The clearing center for the three banks. Since the mid-1990s Deutsche Bank commercial real estate division offered Donald Trump financial backing, even though in the early 1990s Citibank , Manufacturers Hanover , Chemical , Bankers Trust , and 68 other entities refused to financially support him. In 2008, Trump sued Deutsche Bank for $ 3 billion and a few years later, he shifted his financial portfolio from
Eiffel Flats - Misplaced Pages Continue
3328-628: The crisis summer of 1931 the Deutsche Golddiskontbank , a subsidiary of the Reichsbank , acquired 35 percent of DeDi-Bank's equity as part of a sector-wide rescue, bringing total government ownership of the bank to 38.5 percent. This did not, however, result in significant government interference in the management of the company, unlike at Dresdner Bank whose capital was near-completely nationalized. When Adolf Hitler became leader of Germany, Deutsche Bank increasingly became integrated into
3432-418: The uranium market ; to do so, the cartel engaged in bid rigging , price fixing , and market sharing . Westinghouse filed an antitrust lawsuit against cartel members in 1976 and the cartel disbanded. Like many major mining companies, Rio Tinto has historically grown through a series of mergers and acquisitions. The company's first major acquisition occurred in 1929, when the company issued stock for
3536-435: The $ 16 billion Canadian group's " poison pill " defence was not valid. Ivanhoe had developed Oyu Tolgoi in Mongolia, one of the world's largest-known copper deposits. On 28 January 2012, Rio Tinto gained control of Ivanhoe Mines and removed the management. In October 2013, Rio Tinto agreed to sell its majority stake in Australia's third-largest coal mine to Glencore and Sumitomo for a little over US$ 1 billion, as part of
3640-563: The 12% median CET1 ratio of Europe's 24 biggest publicly traded banks, so there would be no dividend for 2015 and 2016. Furthermore, 15,000 jobs were to be cut. In June 2015, the then co-CEOs, Jürgen Fitschen and Anshu Jain, both offered their resignations to the bank's supervisory board, which were accepted. Jain's resignation took effect in June 2015, but he provided consultancy to the bank until January 2016. Fitschen continued as joint CEO until May 2016. The appointment of John Cryan as joint CEO
3744-415: The 12.25% required by regulators. In January 2014, Deutsche Bank reported a €1.2 billion ($ 1.6 billion) pre-tax loss for the fourth quarter of 2013. This came after analysts had predicted a profit of nearly €600 million, according to FactSet estimates. Revenues slipped by 16% versus the prior year. Deutsche Bank's Capital Ratio Tier-1 (CET1) was reported in 2015 to be only 11.4%, lower than
3848-717: The 39-story building continued for nearly a decade, and was completed in early 2011. In October 2001, Deutsche Bank was listed on the New York Stock Exchange . This was the first NYSE listing after interruption due to 11 September attacks . The following year, Josef Ackermann became CEO of Deutsche Bank and served as CEO until 2012 when he became involved with the Bank of Cyprus . Then, beginning in 2002, Deutsche Bank strengthened its U.S. presence when it purchased Scudder Investments. Meanwhile, in Europe, Deutsche Bank increased its private-banking business by acquiring Rued Blass & Cie (2002) and
3952-628: The Australian coal businesses of the Peabody Energy . On 14 November 2007, Rio Tinto completed its largest acquisition to date, purchasing Canadian aluminium company Alcan for $ 38.1 billion, as of 2014 , "the largest mining deal ever completed". Alcan's chief executive, Jacynthe Côté, led the new division, renamed Rio Tinto Alcan with its headquarters situated in Montreal . Activity in 2008 and 2009
4056-460: The Australian firm Consolidated Zinc to form the Rio Tinto – Zinc Corporation (RTZ) and its main subsidiary, Conzinc Riotinto of Australia (CRA). The merger provided Rio Tinto the ability to exploit its new-found opportunities, and gave Consolidated Zinc a much larger asset base. RTZ and CRA were separately managed and operated, with CRA focusing on opportunities within Australasia and RTZ taking
4160-757: The Creditanstalt expanded its operations into Nazi-occupied Czechoslovakia, Poland, Yugoslavia, and in Nazi-allied Bulgaria. In September 1938, following the Munich Agreement , Deutsche Bank took over the branches of Prague-based Böhmische Union Bank (BUB) in the Sudetenland . In March 1939, it forcibly took over control of the BUB itself, in which it built a majority stake complemented with prior shareholding of Creditanstalt. It also took over management control of
4264-600: The Guinean Government signed a settlement agreement that secured Rio Tinto's mining rights in Guinea to the southern concession of Simandou, known as blocks 3 and 4. According to the agreement, Simfer would pay US$ 700 million and receive mining concession and government approval of the proposed Chalco and Rio Tinto Simandou joint venture. In April 2011, Rio Tinto gained a majority stake in Riversdale Mining . In 2011,
Eiffel Flats - Misplaced Pages Continue
4368-817: The Landesbank in Sarajevo. Following the German invasion of Yugoslavia , the AJB was divided into two separate institutions, respectively the Bankverein AG Belgrad in occupied Serbia , and the Bankverein für Kroatien AG in the Independent State of Croatia . Both these banks' assets were eventually confiscated by the newly established Communist authorities in October 1944, and they were subsequently liquidated. During
4472-550: The Nazi government fully re-privatized Deutsche Bank in 1935–1937, largely out of budgetary considerations. Its name changed back to Deutsche Bank in 1937. While the Nazi policies of financial repression were largely unhelpful to the domestic business of Deutsche and other German commercial banks, its expansionary behavior created opportunities that Deutsche Bank pursued. In 1938 following Hitler's Anschluss of Austria , Deutsche Bank gradually took control of Creditanstalt-Bankverein ,
4576-511: The Nazi power structures, and fully implemented the Nazi policy of aryanization . In 1934 it dismissed its three Jewish management board members, Oscar Wassermann , Theodor Frank, and Georg Solmssen ; in 1938 it dismissed its last Jewish supervisory board member. By the end of 1938, it had been involved as an intermediary and lender in at least 363 cases of expropriation of Jewish-owned businesses. In 1938, it acquired Jewish-controlled German bank Mendelssohn & Co. under duress. Meanwhile,
4680-611: The Reichsbank, of which 744 kg came from Holocaust victims. In an effort to come to terms with its past during the Nazi era, Deutsche Bank in 1995 published a history volume that detailed its entanglement with the dictatorship. In December 1999, along with other major German companies, Deutsche Bank contributed to a US$ 5.2 billion compensation fund following lawsuits brought by Holocaust survivors; U.S. officials had reportedly threatened to block Deutsche Bank's $ 10 billion purchase of Bankers Trust if it did not contribute to
4784-665: The Rio Tinto Mine, the new ownership constructed a number of new processing facilities, innovated new mining techniques, and expanded mining activities. From 1877 to 1891, the Rio Tinto Mine was the world's leading producer of copper. From 1870 through 1925, the company was inwardly focused on fully exploiting the Rio Tinto Mine, with little attention paid to expansion or exploration activities outside of Spain. The company enjoyed strong financial success until 1914, colluding with other pyrite producers to control market prices. However, World War I and its aftermath effectively eliminated
4888-902: The Russian investment bank United Financial Group (2005) founded by the United States banker Charles Ryan and the Russian official Boris Fyodorov which followed Anshu Jain 's aggressive expansion to gain strong relationships with state partners in Russia. Jain persuaded Ryan to remain with Deutsche Bank at its new Russian offices and later, in April 2007, sent the president and chairman of the management board of VTB Bank Andrey Kostin 's son Andrey to Deutsche Bank's Moscow office. Later, in 2008, to establish VTB Capital , numerous bankers from Deutsche Bank's Moscow office were hired by VTB Capital. In Germany, further acquisitions of Norisbank , Berliner Bank and Deutsche Postbank strengthened Deutsche Bank's retail offering in its home market. This series of acquisitions
4992-430: The U.S. in 1939 after more than one year in custody. Later in 1938, Creditanstalt was jointly taken over, without compensation, by German government holding VIAG [ de ] , Deutsche Bank, and the Reichsbank , which held respectively 51 percent, 25 percent, and 12 percent of its capital. In April 1942, Deutsche Bank raised its ownership to 51 percent by acquiring a block of shares from VIAG. During wartime,
5096-585: The United Kingdom, 18% in North America, 16% in Australia, 14% in Asia and 10% in continental Europe. On 8 November 2007, rival mining company BHP Billiton announced it was seeking to purchase Rio Tinto in an all-share deal. This offer was rejected by the board of Rio Tinto as "significantly undervalu[ing]" the company. Another attempt by BHP Billiton for a hostile takeover , valuing Rio Tinto at $ 147 billion,
5200-432: The United States as a viable market for European pyrites , leading to a decline in the firm's prominence. The company's failure to diversify during this period led to the slow decline of the company among the ranks of international mining firms. However, this changed in 1925, when Sir Auckland Geddes succeeded Lord Alfred Milner as chairman. Geddes and the new management team he installed focused on diversification of
5304-701: The acquisition in 1993 of Banca Popolare di Lecco from Banca Popolare di Novara for about $ 476 million. In 1999, it acquired a minority interest in Cassa di Risparmio di Asti . In the 11 September 2001 terrorist attacks the Deutsche Bank Building in Lower Manhattan , formerly Bankers Trust Plaza, was heavily damaged by the collapse of the South Tower of the World Trade Center. Demolition work on
SECTION 50
#17328689200975408-432: The arrested, Australian citizen Stern Hu , was "suspected of stealing Chinese state secrets for foreign countries and was detained on criminal charges", according to a spokesman for the Chinese foreign ministry. Stern Hu was also accused of bribery by Chinese steel mill executives for sensitive information during the iron ore contract negotiations. On 19 March 2010 Rio Tinto and its biggest shareholder, Chinalco , signed
5512-450: The bank developed and owned the Cosmopolitan of Las Vegas , after the casino's original developer defaulted on its borrowings. Deutsche Bank ran it at a loss until its sale in May 2014. The bank's exposure at the time of sale was more than $ 4 billion, and sold the property to Blackstone Group for $ 1.73 billion. On 3 January 2014, it was reported that Deutsche Bank would settle a lawsuit brought by US shareholders, who had accused
5616-561: The bank entered retail banking by introducing small personal loans. In the 1970s, the bank pushed ahead with international expansion, opening new offices in new locations, such as Milan (1977), Moscow , London , Paris , and Tokyo . In the 1980s, this continued when the bank paid U$ 603 million in 1986 to acquire Banca d'America e d'Italia . In 1972, the bank established its Fiduciary Services Division which provides support to its private wealth division . At 8:30 am on 30 November 1989, Alfred Herrhausen , chairman of Deutsche Bank,
5720-407: The bank of bundling and selling bad real estate loans before the 2008 downturn. This settlement came subsequent and in addition to Deutsche's $ 1.93 billion settlement with the US Housing Finance Agency over similar litigation related to the sale of mortgage-backed securities to Fannie Mae and Freddie Mac . Former employees including Eric Ben-Artzi and Matthew Simpson have claimed that, during
5824-672: The bank purchased the state's share of Universum Film Aktiengesellschaft ( UFA ). In 1926, the bank assisted in the merger of Daimler and Benz. The bank merged with Disconto-Gesellschaft in 1929 and rebranded itself Deutsche Bank und Disconto-Gesellschaft , sometimes referred to as DeDi-Bank. By 1930, Deutsche Bank & Disconto-Gesellschaft maintained a similar dominant position as before World War I, with 4.8 billion Reichsmarks in total deposits ahead of Danat-Bank (2.4 billion), Dresdner Bank (2.3 billion), Commerz- und Privatbank (1.5 billion), Reichs-Kredit-Gesellschaft (619 million), and Berliner Handels-Gesellschaft (412 million). In
5928-426: The bank's network spanned 58 countries with a large presence in Europe, the Americas, and Asia. It is a component of the DAX stock market index and is often referred to as the largest German banking institution , with Deutsche Bank holding the majority stake in DWS Group for combined assets of 2.2 trillion euros, rivaling even Sparkassen-Finanzgruppe in terms of combined assets. Deutsche Bank has been designated
6032-399: The basis that Deutsche may be forced to book another €3 billion to €4 billion of litigation charges in 2016." May 2017, Chinese conglomerate HNA Group became its biggest shareholder, owning 9.90% of its shares. However, HNA Group's stake reduced to 8.8% as of 16 February 2018. In November 2018, the bank's Frankfurt offices were raided by police in connection with investigations around
6136-400: The collateral was wiped out in a crisis was called the gap option. Ben-Artzi claims that after modeling came up with "economically unfeasible" results, Deutsche accounted for the gap option first with a simple 15% "haircut" on the trades (described as inadequate by another employee in 2006) and then in 2008 by a $ 1–2bn reserve for the credit correlation desk designed to cover all risks, not just
6240-471: The company has divested itself from its original Spanish mines, and grown its copper-mining capacity through acquisitions of major copper resources around the world. The copper group's main active mining interests are Oyu Tolgoi mine in Mongolia, Kennecott Utah Copper in the United States, and Minera Escondida in Chile. Most of these mines are joint ventures with other major mining companies, with Rio Tinto's ownership ranging from 30% to 80%; only Kennecott
6344-492: The company in represented by DPG Advisory Solutions. Rio Tinto's main business is the production of raw materials including copper, iron ore, bauxite, diamonds, uranium and industrial minerals including titanium dioxide, salt, gypsum and borates. Rio Tinto also performs processing on some of these materials, with plants dedicated to processing bauxite into alumina and aluminium, and smelting iron ore into iron. The company also produces other metals and minerals as by-products from
SECTION 60
#17328689200976448-456: The company is to transact banking business of all kinds, in particular, to promote and facilitate trade relations between Germany, other European countries and overseas markets. Prior to the founding of Deutsche Bank, German importers and exporters were dependent upon British and French banking institutions in the world markets—a serious handicap in that German bills were almost unknown in international commerce, generally disliked and subject to
6552-509: The company rekindled its interest in potash when it entered a joint venture with Acron Group to develop the Albany potash development, in southern Saskatchewan , Canada. Following an exploration program, Acron in a June 2014 statement described Albany as "one of the best potash development opportunities in the world". On 13 December 2011, an independent arbitrator cleared the way for Rio Tinto, which had owned 49% of Ivanhoe Mines (now known as Turquoise Hill Resources ), to take it over: he said
6656-456: The company's dual-listed company structure, management powers of the Rio Tinto are consolidated in a single senior management group led by a board of directors and executive committee. The board of directors has both executive and non-executive members, while the executive committee is composed of the heads of major operational groups. Rio Tinto engages professional lobbyists to represent its interests in various jurisdictions. In South Australia,
6760-498: The company's investment strategy and the introduction of organisational and marketing reforms. Geddes led the company into a series of joint ventures with customers in the development of new technologies, as well as exploration and development of new mines outside of Spain. Between 1925 and 1931, Geddes recruited two directors: JN Buchanan (finance director) and RM Preston (commercial director), as well as other executives involved with technical and other matters. Perhaps most significant
6864-417: The creation of the Deutsch-Asiatische Bank in Shanghai , in 1894, of the Banca Commerciale Italiana in Milan , and in 1898, of the Banque Internationale de Bruxelles . In addition, the bank rapidly perceived the value of specialist institutions for the promotion of foreign business. Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Überseeische Bank in 1886 and
6968-430: The crisis, Deutsche failed to recognize up to $ 12 billion of paper losses on its $ 130 billion portfolio of leveraged super senior trades, although the bank rejects the claims. A company document of May 2009 described the trades as "the largest risk in the trading book", and the whistleblowers allege that had the bank accounted properly for its positions its capital would have fallen to the extent that it might have needed
7072-535: The fast-growing industrial economies of the Rhineland and Silesia respectively; it eventually acquired the two banks in 1914 and 1917 respectively. Joint ventures were symptomatic of the concentration then under way in the German banking industry. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time; the Frankfurt branch dated from 1886 and the Munich branch from 1892, while further branches were established in Dresden and Leipzig in 1901. In 1889, Deutsche Bank participated in
7176-444: The firm's plans to focus on larger operations. Less than a year later, Rio Tinto rejected two merger proposals from Glencore, proffered in July and August 2014; the merger of Glencore and Rio Tinto would have created the world's largest mining company. In May 2015, Rio Tinto announced plans to sell some of its aluminium assets as part of a possible $ 1 billion deal, two years after a similar but failed attempt. In September 2020, it
7280-456: The former country's leading bank. On 26 March 1938 the latter was coerced to enter a "friendship agreement" with Deutsche Bank, by which the latter secured a presence in its board of directors. Creditanstalt executive Louis de Rothschild was immediately arrested and imprisoned, deprived of his position and property, then released upon payment of $ 21,000,000, believed to have been the largest bail bond in history for any individual, and migrated to
7384-410: The fund. Following Germany's defeat in World War II , the Allied authorities, in 1948, ordered Deutsche Bank's break-up into regional banks. These regional banks were later consolidated into three major banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG. In 1957, these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt. In 1959,
7488-553: The gap option but actively mismarking the value of their trades. In 2008, Deutsche Bank reported its first annual loss in five decades, despite receiving billions of dollars from its insurance arrangements with AIG , including US$ 11.8 billion from funds provided by US taxpayers to bail out AIG. Based on a preliminary estimation from the European Banking Authority (EBA), in late 2011, Deutsche Bank AG needed to raise capital of about €3.2 billion as part of
7592-429: The gap option. In October 2008, it stopped modeling the gap option and just bought S&P put options to guard against further market disruption, but one of the whistleblowers has described this as an inappropriate hedge. A model from Ben-Artzi's previous job at Goldman Sachs suggested that the gap option was worth about 8% of the value of the trades, worth $ 10.4bn. Simpson claims that traders were not simply understating
7696-467: The investment banking division to Deutsche Bank private wealth division with Rosemary Vrablic , formerly of Citigroup , Bank of America , and Merrill Lynch , becoming Trump's new personal banker at Deutsche Bank. In 2007, the company's headquarters, the Deutsche Bank Twin Towers building, was extensively renovated for three years, certified LEED Platinum and DGNB Gold. In 2010,
7800-527: The largest gold mine in Zimbabwe. This mine was closed in 1969, but it is planned to reopen. There are two smelters: Empress, which is a nickel toll refinery, and Maranatha ferrochrome, which produces chrome. Eiffel Flats Primary School was established in 1917 by the Rio Tinto Foundation and its first Headmaster was Mr Loveridge. It was later handed over to the community in the early 1990s when Rio Tinto
7904-546: The processing of its main resources, including gold, silver, molybdenum , sulphuric acid , nickel, potash , lead and zinc . Rio Tinto controls gross assets of $ 81 billion in value across the globe, with main concentrations in Australia (35%), Canada (34%), Europe (13%) and the United States (11%), and smaller holdings in South America (3%), Africa (3%) and Indonesia (1%). The Australian operations of Rio Tinto Iron Ore (RTIO) comprises an integrated iron ore operations in
8008-452: The proposed deal was expected in the third quarter of 2009. Rio Tinto is believed to have pursued this combined asset and convertible bond sale to raise cash to satisfy its debt obligations, which required payments of $ 9.0 billion in October 2009 and $ 10.5 billion by the end of 2010. The company has also noted China's increasing appetite for commodities, and the potential for increased opportunities to exploit these market trends, as
8112-430: The purchase of ownership interests of Rio Tinto assets in its iron ore, copper and aluminium operations, plus $ 7.2 billion for convertible bonds . The transaction would bring Chinalco's ownership of the company to roughly 18.5%. The deal is still pending approval from regulators in the United States and China, and has not yet been approved by shareholders, although regulatory approval has been received from Germany and
8216-619: The purpose of raising 2.5 million pounds to invest in Northern Rhodesian copper mining companies, which was fully invested by the end of 1930. The Rio Tinto company consolidated its holdings of these various firms under the Rhokana Corporation by forcing the various companies to merge. Rio Tinto's investment in Rhodesian copper mines did much to support the company through troubled times at its Spanish Rio Tinto operations spanning
8320-444: The refining of copper ore into purified copper. Gold, silver, molybdenum and sulphuric acid are all removed from copper ore during processing. Due to the scale of Rio Tinto's copper mining and processing facilities, the company is also a leading producer of these materials, which drive substantial revenues to the company. Deutsche Bank Deutsche Bank AG ( German pronunciation: [ˈdɔʏtʃə ˈbaŋk ʔaːˈɡeː] )
8424-411: The rest of the world. However, the companies continued to trade separately, and RTZ's ownership of CRA dipped below 50% by 1986. The two companies' strategic needs eventually led to conflicts of interest regarding new mining opportunities, and shareholders of both companies determined a merger was in their mutual best interest. In 1995, the companies merged into a dual listed company , in which management
8528-451: The rest over the following years. The sale of the mines financed extensive exploration activities over the following decade. The company's exploration activities presented the company with an abundance of opportunities, but it lacked sufficient capital and operating revenue to exploit those opportunities. This situation precipitated the next, and perhaps most significant, merger in the company's history. In 1962, Rio Tinto Company merged with
8632-496: The stake taken in the newly established Deutsch-Asiatische Bank three years later, but the success of those companies showed that their existence made sound commercial sense. By end-1908, Deutsche was by far the largest German joint-stock bank by total deposits, with a total of 489 million Marks ahead of Dresdner Bank (225 million), Disconto-Gesellschaft (219 million), Darmstädter Bank (109 million) and A. Schaaffhausen'scher Bankverein (72 million). At that time, Deutsche Bank
8736-427: The two companies actually being shareholders in a single, unified entity. This structure was implemented to avoid adverse tax consequences and regulatory burdens. To eliminate currency exchange issues, the company's accounts are kept, and dividends paid, in United States dollars. Rio Tinto is one of the largest companies listed on either exchange. As such, it is included in the widely quoted indices for each market:
8840-573: The war, Deutsche Bank provided banking facilities for the Gestapo and, through its branch in Katowice , loaned the funds used to build the Auschwitz camp and the nearby IG Farben facilities. Deutsche Bank publicly acknowledged its involvement at Auschwitz in 1999. It also was a principal participant in the Nazi regime's gold transactions. Between 1942 and 1944, Deutsche Bank purchased 4,446 kg of gold from
8944-513: The world after UBS , Fidelity Investments , and the Japanese post office's life insurance fund. At the time, Deutsche Bank owned a 12% stake in DaimlerChrysler but United States banking laws prohibit banks from owning industrial companies, so Deutsche Bank received an exception to this prohibition through 1978 legislation from Congress. Deutsche continued to build up its presence in Italy with
9048-522: Was a prime necessity for the establishment of credit for the German trade in what was then the world's money center. Deutsche Bank also took advantage of the Panic of 1873 by taking over a number of banks in liquidation, including the Berlin-based Deutsche Union which had itself consolidated a number of failed banks in the early 1870s. Major projects in the early years of the bank included
9152-846: Was a son of a cousin of Werner von Siemens . The bank initially operated from the first floor of a building at 21 Französische Strasse, then in 1871 moved to premises near the Berlin Stock Exchange , and in 1876 started building its massive head office complex on Mauerstrasse. The bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen and Hamburg . Its first overseas offices opened in Shanghai and Yokohama in 1872, and London in 1873, followed by South American offices between 1874 and 1886. The branch opening in London, after one failure and another partially successful attempt,
9256-426: Was able to divest two-thirds of its Spanish operations in 1954 and the remainder over the following years. The company was part of the uranium producers' cartel , Societe d'Etudes de Recherches d'Uranium, which operated from 1972 to 1976. The other cartel members were based in Australia, France, and South Africa. It was formed by the major non-United States uranium producers to mitigate the impacts of US policy on
9360-592: Was announced Rio Tinto had acquired a 15% stake in the Australian exploration and development company, Sovereign Metals for US $ 27.6 million. In October 2024, Rio Tinto signed an agreement to acquire U.S.-based Arcadium Lithium for $ 6.7 billion. The deal involved a cash offer of $ 5.85 per share, reflecting a nearly 90% premium over Arcadium's recent closing price. The acquisition, expected to close in mid-2025, would integrate Arcadium's lithium assets into Rio's operations, further enhancing its portfolio of critical minerals. The company has operations on six continents, but
9464-587: Was announced that the company's chief executive Jean-Sébastien Jacques , along with two executives, would resign because of Rio Tinto's destruction of two ancient rock shelters in the Pilbara region of Australia. The company's chief financial officer, Jakob Stausholm , became the new chief executive on 1 January 2021. In March 2022, Rio Tinto completed the acquisition of Rincon Mining's lithium project in Argentina for $ 825 million, following approval by Australia's Foreign Investment Review Board . In July 2023, it
9568-420: Was announced, effective July 2015; he became sole CEO at the end of Fitschen's term. In January 2016, Deutsche Bank pre-announced a 2015 loss before income taxes of approximately €6.1 billion and a net loss of approximately €6.7 billion. Following this announcement, a bank analyst at Citi declared: "We believe a capital increase now looks inevitable and see an equity shortfall of up to €7 billion, on
9672-419: Was closely aligned with the bank's strategy of bolt-on acquisitions in preference to so-called "transformational" mergers. These formed part of an overall growth strategy that also targeted a sustainable 25% return on equity , something the bank achieved in 2005. On 1 October 2003, Deutsche Bank and Dresdner Bank entered into a payment transaction agreement with Postbank to have Postbank process payments as
9776-472: Was consolidated into a single entity and shareholder interests were aligned and equivalent, although maintained as shares in separately named entities. The merger also precipitated a name change; after two years as RTZ-CRA , RTZ became Rio Tinto plc and CRA became Rio Tinto Limited , referred to collectively as Rio Tinto . Major acquisitions following the Consolidated Zinc merger included US Borax ,
9880-542: Was disinvesting from Zimbabwe. A parents body represented by an elected Board of Governors runs the school at the moment. The current headmaster who is Gift Bere, who took over from Mr Campher. It was rated as one of the best ATS primary schools along with Bryden , Lilfordia and Barwick. In 2012, the school won the Environmental Education Association of Southern Africa Presidential Award for its environmental campaigns. The Cam and Motor Club incorporates
9984-676: Was focused on divestments of assets to raise cash and refocus on core business opportunities. The company sold three major assets in 2008, raising about $ 3 billion in cash. In the first quarter of 2009, Rio Tinto reached agreements to sell its interests in the Corumbá iron ore mine and the Jacobs Ranch coal mine, and completed sales of an aluminium smelter in China and the company's potash operations, for an additional estimated $ 2.5 billion. On 5 July 2009, four Rio Tinto employees were arrested in Shanghai for corruption and espionage. One of
10088-523: Was founded in 1870 in Berlin as a specialist bank for financing foreign trade and promoting German exports. It subsequently played a large part in developing Germany's financial services industry, as its business model focused on providing finance to industrial customers. The bank's statute was adopted on 22 January 1870, and on 10 March 1870 the Prussian government granted it a banking license. The statute laid great stress on foreign business: The object of
10192-468: Was in talks to receive a substantial equity infusion from Chinalco , a major Chinese state-controlled mining enterprise, in exchange for ownership interest in certain assets and bonds. Chinalco was already a major shareholder, having bought up 9% of the company in a surprise move in early 2008; its ownership stake had risen to 9.8% by 2014, making it Rio Tinto's biggest investor. The proposed investment structure reportedly involves $ 12.3 billion for
10296-520: Was killed when a car that he was in exploded while he was traveling in the Frankfurt suburb of Bad Homburg . The Red Army Faction claimed responsibility for the blast. In 1989, the first steps towards creating a significant investment-banking presence were taken with the acquisition of Morgan, Grenfell & Co. , a UK-based investment bank which was renamed Deutsche Morgan Grenfell in 1994. In 1995 to greatly expand into international investments and money management, Deutsche Bank hired Edson Mitchell,
10400-564: Was partially motivated as a response to North Limited's 1999 bid to have Rio Tinto's Pilbara railway network declared open access . The Australian Competition & Consumer Commission regulatory body approved the acquisition in August 2000, and the purchase was completed in October of the same year. That year, Rio Tinto also bought North Limited and Ashton Mining for US$ 4 billion, adding additional resources in aluminium, iron ore, diamonds and coal. In 2001, it bought (under Coal & Allied)
10504-420: Was ranked the world's 114th-largest public company. Rio Tinto has faced widely criticism by environmental groups as well as the government of Norway for the environmental impacts of its mining activities. Since antiquity, a site along the Rio Tinto in Huelva , Spain, has been mined for copper, silver, gold and other minerals. Around 3000 BC, Iberians and Tartessians began mining the site, followed by
10608-642: Was referred to as one of the four "D-Banks" (all of which had names starting with a D) that dominated German commercial banking, together with Darmstädter Bank, Disconto-Gesellschaft, and Dresdner Bank. During World War I and in its immediate aftermath, the operations of Deutsche Bank in Brussels, London, Tokyo and Yokohama were expropriated; conversely, its activity in the Ottoman Empire expanded considerably, and it greatly expanded its footprint in Germany. In 1919,
10712-576: Was rejected on the same grounds. Meanwhile, the Chinese government-owned resources group Chinalco and the US aluminium producer Alcoa purchased 12% of Rio Tinto's London-listed shares in a move that would block or severely complicate BHP Billiton's plans to buy the company. BHP Billiton's bid was withdrawn on 25 November 2008, with the BHP citing market instability from the global financial crisis of 2008–2009 . On 1 February 2009, Rio Tinto management announced it
10816-533: Was the company's investment in copper mines in Northern Rhodesia , later Zambia , which it eventually consolidated into the Rhokana Corporation. These and later efforts at diversification eventually allowed the company to divest from the Rio Tinto mine in Spain. By the 1950s, Franco 's nationalistic government had made it increasingly difficult to exploit Spanish resources for the profit of foreigners. Rio Tinto Company, supported by its international investments,
#96903