81-596: South Crofty is a metalliferous tin and copper mine located in the village of Pool , Cornwall , England. An ancient mine, it has seen production for over 400 years, and extends almost two and a half miles across and 3,000 feet (910 m) down and has mined over 40 lodes . Evidence of mining activity in South Crofty has been dated back to 1592, with full-scale mining beginning in the mid-17th century. The mine went into serious decline after 1985 and eventually closed in 1998. After several changes of ownership, South Crofty
162-584: A 100% interest in the South Crofty Tin Project and associated mineral rights in Cornwall. In April 2017 Strongbow announced that it has filed an NI 43-101 Technical Report and Preliminary Economic Assessment for the South Crofty mine. In October 2017, following successful water treatment trials, Strongbow announced that it had received a dewatering permit from the UK Environment Agency allowing
243-552: 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
324-458: A diminishing ore supply, this mill was progressively shut and by 1988 all South Crofty ore was trucked for processing at Wheal Jane . As well as a reduction in manpower, the mines were rationalised and a programme of modernisation, started by RTZ before the price crash, was stepped up. This was made possible by the co-operation and financial support of the Department of Trade and Industry (DTI) in
405-614: 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
486-592: 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
567-556: 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
648-463: A multimillion-pound development of 150 acres (0.61 km) including the South Crofty site. However, by March 2012, CPR Regeneration had ceased operational activity. In November 2007, a new company named Western United Mines Limited was formed to own and operate the mine. The previous owner of the mine, Baseresult Holdings Ltd. was the majority shareholder of the new company alongside Casserite LP, an investment vehicle acting for Galena Asset Management,
729-456: 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
810-411: A subsidiary of commodity trading company Trafigura . By this time the mine was employing 26 people and total capital investment to re-open the mine was forecast to reach £9 million by June 2008, with the anticipation of its reopening at the end of 2009 after further investment of £50 million. The owners of the mine stated that it had the "potential for a mining life of eighty years". On 28 November 2007,
891-550: 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
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#1732852244146972-512: Is located within the Cornwall and West Devon Mining Landscape which had been designated as a World Heritage Site by UNESCO in 2006. In June 2013 the South Crofty site was placed into administration. In October 2015 a local newspaper again raised the idea that the mine could be reopened. In March 2016 it was revealed that the Canadian company Strongbow Exploration had acquired, from administration,
1053-471: 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
1134-437: Is owned by Cornish Metals Inc, which is working to re-open the mine, as of November 2022, having received a permit for dewatering the mine. South Crofty Mine, at Pool between Camborne and Redruth , is an ancient tin mine. For several centuries its shallow workings exploited copper rather than the deeper tin mineralisation. References implying mining, rather than streaming, occur in the area as early as 1592, and clearly by
1215-499: Is the world's second largest metals and mining corporation (behind BHP ). It was founded in 1873 when 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
1296-480: 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
1377-558: The Bougainville separatist crisis . There have also been corruption concerns: In July 2017 the UK's Serious Fraud Office announced an investigation of the company's business practices in Guinea . 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
1458-788: 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
1539-587: 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
1620-574: The New York Stock Exchange , giving it listings on three major stock exchanges. In the 2020 Forbes Global 2000 , it was ranked the world's 114th-largest public company. In May 2020, to expand the Brockman 4 mine , Rio Tinto demolished a sacred cave in Juukan Gorge , Western Australia , which had evidence of 46,000 years of continual human occupation, and was considered the only inland site in Australia to show signs of continual human occupation through
1701-452: 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
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#17328522441461782-611: 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,
1863-464: 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
1944-520: The article wizard to submit a draft for review, or request a new article . Search for " Metalliferous " in existing articles. Look for pages within Misplaced Pages that link to this title . Other reasons this message may be displayed: If a page was recently created here, it may not be visible yet because of a delay in updating the database; wait a few minutes or try the purge function . Titles on Misplaced Pages are case sensitive except for
2025-418: 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
2106-486: 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
2187-575: The 1860s, South Wheal Crofty was still almost entirely a copper mine but by 1873, after a substantial investment in new dressing machinery, the mine was - financially at least - dependent upon tin. Copper remained significant until 1880, when shallow reserves were exhausted. The mine was now operating at the 260-fathom (1,560 ft; 480 m) level, where only tin was found. The collapse of the tin price affected South Wheal Crofty both directly (loss of revenue) and indirectly, via increased pumping costs as neighbouring mines closed down. In February 1896 mining
2268-496: The 205-fathom (1,230 ft; 375 m) level and work had begun on a second new shaft at New Cooks Kitchen. Increasing use was made of rock drills and, by 1910, the mine operated profitably hoisting 60,000 tons of ore annually. By 1914, the works were down to 310 fathoms (1,860 ft; 570 m). For the next 70 years South Crofty continued to modernise and expand. As nearby mines closed, they were acquired by South Crofty to supplement its ore reserves at depth. The major purchase
2349-628: 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
2430-460: 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
2511-600: 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,
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2592-665: 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
2673-585: 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,
2754-965: The United Kingdom. metalliferous Look for Metalliferous on one of Misplaced Pages's sister projects : [REDACTED] Wiktionary (dictionary) [REDACTED] Wikibooks (textbooks) [REDACTED] Wikiquote (quotations) [REDACTED] Wikisource (library) [REDACTED] Wikiversity (learning resources) [REDACTED] Commons (media) [REDACTED] Wikivoyage (travel guide) [REDACTED] Wikinews (news source) [REDACTED] Wikidata (linked database) [REDACTED] Wikispecies (species directory) Misplaced Pages does not have an article with this exact name. Please search for Metalliferous in Misplaced Pages to check for alternative titles or spellings. You need to log in or create an account and be autoconfirmed to create new articles. Alternatively, you can use
2835-432: 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
2916-482: 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
2997-519: 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
3078-492: 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
3159-558: 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
3240-456: 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,
3321-498: 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
South Crofty - Misplaced Pages Continue
3402-637: The discharge of up to 25,000 cubic metres of treated water per day into the Red River. The granting of this permit means South Crofty is fully permitted to work towards a production decision. By early 2018 the funding was in place for the construction of a water treatment plant with work commencing that spring. Test drilling commenced in June 2020, and the next month Strongbow was renamed as Cornish Metals Inc. Cornish wrestling tournaments were held at South Crofty Mine for prizes. From Robert Hunt 's Mineral Statistics of
3483-450: The dormant Wheal Jane processing plant was purchased, and although some of this was outdated, it was planned that some elements would be refurbished at South Crofty to be used in the new mill adjacent to the decline entrance. Local support for the mine was mixed, although nearly 2,000 people attended an Open Day in support of the mine on 8 July 2006. However others, including local councillor and former miner Mark Kaczmarek, believed that it
3564-511: The economic viability of the South Crofty mine, with identified and inferred reserves of about 50,000 tonnes of tin (in 1994) had improved considerably. In May 2011, a Canadian company, Celeste Copper Corporation, entered into an earn-in agreement to acquire up to a 100% interest of the property and assets of the mine. By 2012, the area covered by South Crofty extended over the setts of some 34 former mines, and Celeste Copper Corporation estimated that there were about 7.95 million tonnes of tin in
3645-471: The equity. Carnon Holdings Limited, was incorporated at this time. In February 1991 the DTI stopped support of capital projects. The company substantially reduced labour costs which coupled with a small rise in the tin price allowed the mine to continue operating at a small loss. The losses were funded through the sale of surplus land and redundant assets. The mine produced about 1,900 tons of black tin in 1993 which
3726-491: 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
3807-405: The first character; please check alternative capitalizations and consider adding a redirect here to the correct title. If the page has been deleted, check the deletion log , and see Why was the page I created deleted? Retrieved from " https://en.wikipedia.org/wiki/Metalliferous " Rio Tinto Group Rio Tinto Group is a British-Australian multinational company that
3888-409: The form of loans for the capital improvement. The majority of this capital was put into the South Crofty mine. In addition, RTZ also provided a loan to fund the operating losses. Carnon became privately owned in June 1988 when the business and assets of the group were purchased from RTZ through a management buy-out. A trust was established for the benefit of the employees who received twenty per cent of
3969-472: The fortune of the Bassett family. Following the opening of the numerous copper mines on Anglesey , which occurred in the 1770-1780 period, most of the mines around South Crofty closed down. By 1822, copper ore was being raised at a new mine in the area, East Wheal Crofty, which by 1833 included Penhellick Vean. Mining depths were now 80 metres (260 ft) or more, and throughout the 1830s a substantial investment
4050-844: The last Ice Age . The company later apologised for the demolition and CEO Jean-Sébastien Jacques subsequently stepped down. Rio Tinto has been widely criticised by environmental groups as well as the government of Norway for the environmental impacts of its mining activities. Claims of severe environmental damage related to its engagement in the Grasberg mine in Indonesia led the Government Pension Fund of Norway to exclude it from its investment portfolio. Academic observers have also expressed concern regarding Rio Tinto's operations in Papua New Guinea, which they allege were one catalyst of
4131-432: The mid-17th century mining was well established. During this period part of the mine which today is known as South Crofty was then called Penhellick Vean. The first really significant developments came in 1710 when Francis Bassett obtained a lease of Penhellick Vean and a drainage adit was begun. Over the next twenty years these shallow workings (less than 40 metres or 130 feet deep) produced copper of great value and made
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#17328522441464212-401: The mill. By 1975 the mill was processing more than 200,000 tonnes of ore (including some from Pendarves mine) to yield around 1,500 tonnes of tin concentrate. In mid-1982, the company was acquired from St Piran by Charter Consolidated, which subsequently disposed of 40% of its holdings to Rio Tinto Zinc (RTZ) . These holdings were vested in a new holding company, Wheal Crofty Holdings Ltd, with
4293-523: The mine, valued at £1.5 billion ($ 2.4 billion). The company said it planned to start pumping out the shallower workings in the Dolcoath section in 2013 at a cost of £2.6 million. However, in November 2012, UNESCO called for a halt on work to reopen the mine until "an assessment had been made of the project's impact" because it said it had not been consulted before planning consent was granted in 2011. South Crofty
4374-513: The owners of the mine successfully challenged the regeneration plan developed by Kerrier District Council for the area around the surface workings. Crofty Developments Ltd., a partner of Western United Mines appealed to the High Court on the basis that it had not been involved in the consultation process. The price of tin increased from below $ 4,000/tonne in 2002 to over $ 17,000/tonne in March 2010, and
4455-546: 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
4536-502: 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
4617-430: 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
4698-619: 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
4779-473: The refining of bauxite and iron ore. It has joint head offices in London , England and Melbourne , Australia. Rio Tinto 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
4860-515: The repeated demand by Cornwall Council for Review of Mineral Planning Permissions (ROMPs), which the Council first requested in 2002. After three further reviews submitted by Baseresult in 2002, 2004 and 2005, the Council finally granted permission for the mine in September 2006. One month later CPR Regeneration announced that they would be applying for a Compulsory Purchase Order , and published plans for
4941-411: 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
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#17328522441465022-451: 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
5103-526: The same balance of ownership. Then in 1984 RTZ acquired Charter's 60% interest and South Crofty became part of Carnon Consolidated Ltd. In October 1985, the price of tin dropped dramatically on the world markets following the collapse of the International Tin Agreement . Carnon rationalised the operations, involving closure of the Pendarves mine which had supplied ore to the South Crofty mill. With
5184-427: 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:
5265-426: 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
5346-545: Was also produced at the mine, the former accounting for around 50 tons to 150 tons between 1907 and 1956, and the latter between 500 tons and 1000 tons between 1907 and 1919, declining to 100 tons by 1956. In 1967, South Crofty Ltd became a wholly owned subsidiary of Siamese Tin Syndicate Ltd and Siamese Tin's subsidiary, St Piran Ltd. This change of ownership was the start, in 1969, of a £1 million programme to increase ore hoisting capacity and to make substantial improvements to
5427-592: 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
5508-587: 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
5589-472: 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 ,
5670-726: 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
5751-547: Was imminent, and after further attempts at the time to keep the mine open, closure was completed by March 1998. In March 2001, a new locally formed company named Baseresult Holdings Ltd. bought the mine with the stated aim of re-opening it. In the same year the company started refurbishment of the New Cooks Kitchen section of the mine. By 2003 an underground refurbishment of the Tuckingmill Decline and Old Engine shaft
5832-468: 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
5913-440: Was of Dolcoath mine in 1936. Ore production, which had not exceeded 75,000 tons a year since 1906, was increased to 92,000 tons in 1959 following improvements in both mine and mill. Production exceeded 100,000 tons in 1968 for the first time. Black tin production was steady at between 500 and 800 tons a year from 1907 to 1956, excluding a break in production during the tin price slump of the early 1920s. Wolframite and arsenic
5994-564: 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)
6075-571: 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
6156-557: Was shipped to a smelter in Malaysia. In 1994 South Crofty was purchased by Crew Natural Resources of Canada; at this time the mines' identified and inferred reserves were expected to allow it to continue working for at least ten years. The New Roskear shaft took over from the Robinson Shaft as the secondary access shaft of access. However, after several more years of depressed tin prices, South Crofty Ltd announced in August 1997 that closure
6237-464: Was suspended and the mine flooded. In 1899, further backing was obtained and South Crofty gradually reopened, and acquired the adjacent New Cooks Kitchen mine. Improvements were made in the mine and the deepening of Robinsons Shaft commenced in 1903. The mine returned to profit and in 1906 a new era began, with the incorporation of South Crofty Limited. By 1908, the Robinsons Shaft had been sunk to
6318-533: 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,
6399-430: Was time to redevelop the site. A local regeneration company, CPR Regeneration , set up in 2001, actively opposed the reopening of the mine. CPR wished to develop the South Crofty site, initially for a leisure centre, but latterly for a housing and business park. In 2003, 2006, and 2007 CPR threatened Baseresult with a Compulsory Purchase Order of the site. South Crofty cited the reason for delays in re-commencing mining as
6480-419: Was under way, and later that year access was mined into New Cooks Kitchen Deep Adit level from the Tuckingmill Decline. The refurbishment of the New Cooks Kitchen section was completed in October 2003 and opened to the public for tours. In 2004, mining commenced at the 10-fathom (60 ft; 18 m) level drilling a crosscut north from the Tuckingmill Decline to New Cooks Kitchen Shaft. In 2006, equipment from
6561-450: Was undertaken to improve the mine including a rail link; so much that by 1842 East Wheal Crofty was regarded as a 'model' mine. This state of affairs did not last however, and by 1863 part of the property was for sale. The remainder of the mine, now at least 210 metres (690 ft) deep, was renamed South Wheal Crofty which, with the deletion of 'Wheal', has been the name ever since. The mine now faced one of its most far-reaching changes. In
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