Tete is a province of Mozambique . It has an area of 98,417 km and a population of 2,648,941 (2017 census).
68-544: Tete is the capital of the province. The Cahora Bassa Dam is situated in this province. On March 21, 2013, Mozambique's Assembly of the Republic authorized the creation of 13 new districts throughout the nation. Two were added to Tete. Tete Province's districts include: A fossil site of global significance covers almost 1500 square km of the region. Well-preserved fossil wood from the Late Permian provides an insight into
136-535: 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 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
204-588: A 5.56% growth. Tete has a hot semi-arid climate ( Köppen climate classification BSh ). 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 a group of investors purchased a mine complex on the Rio Tinto , in Huelva , Spain, from the Spanish government. It has grown through
272-552: 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
340-584: A deep-water international port facility is being constructed in Beira. In addition to this port at Beira, a coal terminal at Chinde , north of Beira is being planned by coal producers that will have a 20 million tonne terminal and whose opening will coincide with the beginning of production at the Zambeze Project, owned by Rio Tinto , in 2015. The link between Beira Port and the Tete Province is being referred to as
408-614: 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
476-567: 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 is a dual-listed company traded on both the London Stock Exchange , where it is a component of the FTSE 100 Index , and
544-592: 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
612-556: 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
680-406: 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
748-550: 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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#1732858052291816-402: Is located in the district of Magoé , between Cahora Bassa and Magoé and approximately 250 km west of the city of Tete. In 1859 Richard Thornton completed the first studies of coal occurrence in the Tete Province as part of an exhibition under Dr. David Livingstone . In his report from the trip, Mr. Thornton stated that the coal, which was dug by natives from an outcropping seam on the bank of
884-626: Is located on the Zambezi River , and is the site of two of the four bridges crossing the river in Mozambique. A Swahili trade center before the Portuguese colonial era , Tete continues to dominate the west-central part of the country and region, and is the largest city on the Zambezi. In the local language, Nyungwe , Tete (or Mitete) means "reed". The region was an important Swahili trade center before
952-419: 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
1020-480: 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
1088-650: 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 was ranked the world's 114th-largest public company. In May 2020, to expand the Brockman 4 mine , Rio Tinto demolished
1156-558: 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
1224-630: 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
1292-572: The Karoo Supergroup . Depositional environments were primarily fluvial and deltaic but also included some minor lacustrine and shoreline settings. In Mozambique , 95% of coal licenses issued have been granted to forty different companies operating within the Tete Province. On 29 September 2011 the Mozambican government suspended the issuing of new coal licenses in the Tete Province in order to assess to what extent companies currently hold licenses in
1360-452: 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
1428-452: 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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#17328580522911496-611: 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,
1564-610: The Portuguese colonial era . On the east coast of Africa the Portuguese were drawn to Mozambique and the Zambezi river by news of a local ruler, the Munhumutapa , who was said to have had fabulous wealth in gold. In their efforts to reach the Munhumutapa, the Portuguese established in 1531 two settlements far up the Zambezi – one of them, at Tete, some 420 kilometres (260 mi) from
1632-464: 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
1700-641: 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
1768-418: 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
1836-486: 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
1904-501: The 'Beira Corridor', along which there are now plans to upgrade all major rail freight routes so that they have the capacity to transport coal resources. Local communities have been relocated from their land in order for the development of coal resources to commence. Vale relocated 5,000 people into new 'settlements' in order to develop its projects. The 'settlements' offered new housing and infrastructure however, people must pay for any energy which they consume. Rio Tinto have established
1972-556: The 'Riversdale Training Centre', Tete , where currently 28,300 candidates are registered and 1,172 people have been trained in various civil trades and building. At the Moatize Coal Mine, 90% of Vale's employees and contractors are Mozambicans. 15°30′S 32°30′E / 15.500°S 32.500°E / -15.500; 32.500 Tete, Mozambique Tete is the capital city of Tete Province in Mozambique . It
2040-628: 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
2108-460: 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
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2176-600: 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,
2244-584: The Province and whether they are complying with contracts signed by the government. A large amount of investment has been made portending to the development of coal resources and infrastructure required for mining and development. The International Finance Corporation , member of the World Bank Group has announced that it will invest up to US$ 5 million in Baobab Resources Plc's exploration projects with
2312-665: 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
2380-483: The River Muntizi, showed no tendency to cake; was free-burning; contained very little sulphur or iron although a large proportion of ash along with a small amount of gaseous matter The Tete Province is reported to host coal reserves of approximately 6.7 billion tons, of which 3 billion tons represent sub-economic or economic grades. The province was then regarded geologically as the largest undiscovered coal province in
2448-585: 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,
2516-432: 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
2584-482: 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
2652-519: 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
2720-492: 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
2788-558: 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
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2856-456: 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,
2924-498: 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
2992-544: The country, but Zimbabwe and Malawi as well. A second bridge south of the city was opened in late 2014 to allow traffic to Zambia or Malawi to bypass the provincial capital. Tete's bridges, the rail Dona Ana Bridge , and the Armando Emilio Guebuza Bridge at Caia are the only bridges across the lower Zambezi. Projected to be the ninth fastest growing city on the African continent between 2020 and 2025, with
3060-423: The exodus of Mozambique's ethnic Portuguese, descended into civil war between 1977 and 1992. Chingozi Airport ( IATA : TET , ICAO : FQTT ) on the northeastern side of the city has a 2.4 km paved runway. The one-kilometre-long Samora Machel Bridge , finished in 1973 by the Portuguese and designed by Edgar Cardoso , is a vital link on the major highway linking not just the northern and southern parts of
3128-491: 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
3196-575: The flora of the area just prior to the end-Permian mass extinction . Many species are recorded, notably of conifers, all within the Matinde Formation which comprises sandstones , siltstones and coal beds. Marking its importance, the International Union of Geological Sciences has included the site within its 'First 100 IUGS Geological Heritage Sites' list, published in October 2022. The forest
3264-499: The intention of fostering economic development. In 2011 Vale approved a US$ 6 billion expansion of its Moatize coal project in order to increase output from 11 million tons per year mined initially to 22 million tons per year. The Mozambican government have undertaken a US$ 375 million refurbishment of the 600 km rail link between Moatize and Beira which was severely damaged during the Mozambican Civil War . Furthermore,
3332-697: The mid-17th century. Given a Portuguese town charter in 1761, it became a city of the Portuguese Overseas Province of Mozambique in 1959. After the Portuguese Colonial War in Portuguese Africa and the April 1974 military coup in Lisbon , the then Portuguese Overseas Province of Mozambique become an independent state. The newly independent People's Republic of Mozambique , created in 1975 after
3400-546: 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
3468-492: The project is a working mine which has now doubled its original output and is producing 22 million metric tons of coal per year Most coal resources are located within the remnants of the Ecca Rock Group, member of the Karoo Supergroup , and are hosted within the Zambezi graben. The coal seams were formed during the early and late Permian and deposits are associated with non-marine terrestrial clastic sedimentary sequences of
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#17328580522913536-452: 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
3604-430: 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
3672-619: 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
3740-411: 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
3808-451: 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
3876-458: The sea. The Munhumutapa Kingdom and gold mines remained autonomous and mostly isolated from the Portuguese. But in this region of east Africa – as in Portuguese Guinea and Angola in the west – Portuguese involvement became sufficiently strong to survive into the third quarter of the 20th century. Under Portuguese influence Tete had become a market centre for ivory and gold by
3944-427: 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:
4012-470: The world and it is estimated that the Province could be producing 25% of the world's coking coal by 2025. The largest coal reserve presently discovered in the Tete Province is the Moatize metallurgical and thermal coal deposit which contains 2.4 billion tons of coal and is located with the Moatize sub-basin. Vale SA bid US$ 122.8 million for exploration and development rights of the project in 2008. Today,
4080-426: 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
4148-592: 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
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#17328580522914216-587: 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
4284-472: 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 ,
4352-726: 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
4420-468: 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
4488-564: 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)
4556-480: 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
4624-474: 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,
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