1st Feb 2008 08:30
Rio Tinto PLC01 February 2008 Rio Tinto signs long-term agreements to supply Pilbara iron ore to Hyundai Steel 1 February 2008 Rio Tinto and its joint venture partners have sealed long-term contracts tosupply iron ore to Hyundai Steel, under which more than 40 million tonnes ofiron ore from the Pilbara will be exported to the Korean producer over the nextdecade. Hyundai Steel is Korea's second largest steel maker and the world's secondlargest electric arc furnace (EAF) producer. Under the contracts, Hamersley Iron, Robe River and Hope Downs will commenceshipments in 2009 ramping up to an annual total of 4.6Mt from 2012 to 2019. Sam Walsh, chief executive of Rio Tinto Iron Ore, said the agreements marked thenext stage in a relationship that had endured through most of the lifespan ofthe Pilbara iron ore industry. "Rio Tinto has enjoyed a long relationship withKorea, going back to our first shipment in 1973. These agreements with HyundaiSteel are the culmination of several years' negotiations and open the nextchapter in what has been a successful, mutually rewarding partnership." About Rio Tinto Rio Tinto is a leading international mining group headquartered in the UK,combining Rio Tinto plc, a London listed company, and Rio Tinto Limited, whichis listed on the Australian Securities Exchange. Rio Tinto's business is finding, mining, and processing mineral resources. Majorproducts are aluminium, copper, diamonds, energy (coal and uranium), gold,industrial minerals (borax, titanium dioxide, salt, talc) and iron ore.Activities span the world but are strongly represented in Australia and NorthAmerica with significant businesses in South America, Asia, Europe and southernAfrica. Forward-Looking Statements This announcement includes "forward-looking statements" within the meaning ofSection 27A of the Securities Act of 1933, as amended, and Section 21E of theSecurities Exchange Act of 1934, as amended. All statements other thanstatements of historical facts included in this announcement, including, withoutlimitation, those regarding Rio Tinto's financial position, business strategy,plans and objectives of management for future operations (including developmentplans and objectives relating to Rio Tinto's products, production forecasts andreserve and resource positions), are forward-looking statements. Suchforward-looking statements involve known and unknown risks, uncertainties andother factors which may cause the actual results, performance or achievements ofRio Tinto, or industry results, to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking statements. Such forward-looking statements are based on numerous assumptions regarding RioTinto's present and future business strategies and the environment in which RioTinto will operate in the future. Among the important factors that could causeRio Tinto's actual results, performance or achievements to differ materiallyfrom those in the forward-looking statements include, among others, levels ofdemand and market prices, the ability to produce and transport productsprofitably, the impact of foreign currency exchange rates on market prices andoperating costs, operational problems, political uncertainty and economicconditions in relevant areas of the world, the actions of competitors,activities by governmental authorities such as changes in taxation or regulationand such other risk factors identified in Rio Tinto's most recent Annual Reporton Form 20-F filed with the United States Securities and Exchange Commission(the "SEC") or Form 6-Ks furnished to the SEC. Forward-looking statementsshould, therefore, be construed in light of such risk factors and undue relianceshould not be placed on forward-looking statements. These forward-lookingstatements speak only as of the date of this announcement. Rio Tinto expresslydisclaims any obligation or undertaking (except as required by applicable law,the City Code on Takeovers and Mergers (the "Takeover Code"), the UK ListingRules, the Disclosure and Transparency Rules of the Financial Services Authorityand the Listing Rules of the Australian Securities Exchange) to release publiclyany updates or revisions to any forward-looking statement contained herein toreflect any change in Rio Tinto's expectations with regard thereto or any changein events, conditions or circumstances on which any such statement is based. Nothing in this announcement should be interpreted to mean that future earningsper share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceedits historical published earnings per share. Subject to the requirements of the Takeover Code, none of Rio Tinto, any of itsofficers or any person named in this announcement with their consent or anyperson involved in the preparation of this announcement makes any representationor warranty (either express or implied) or gives any assurance that the impliedvalues, anticipated results, performance or achievements expressed or implied inforward-looking statements contained in this announcement will be achieved. For further information, please contact: Media Relations, Australia Media Relations, London Amanda Buckley Christina Mills Office: +61 (0) 3 9283 3627 Office: +44 (0) 20 8080 1306 Mobile: +61 (0) 419 801 349 Mobile: +44 (0) 7825 275 605 Gervase Green Nick Cobban Office: +61 (0) 8 9327 2975 Office: +44 (0) 20 8080 1305 Mobile: +61 (0) 408 098 572 Mobile: +44 (0) 7920 041 003 Media Relations, Americas Nancy Ives Mobile: +1 619 540 3751 Investor Relations, Australia Investor Relations, London Dave Skinner Nigel Jones Office: +61 (0) 3 9283 3628 Office: +44 (0) 20 7781 2049 Mobile: +61 (0) 408 335 309 Mobile: +44 (0) 7917 227365 Simon Ellinor David Ovington Office: +61 (0) 7 3867 1607 Office: +44 (0) 20 7781 2051 Mobile: +61 (0) 439 102 811 Mobile: +44 (0) 7920 010 978 Investor Relations, North America Jason Combes Office: +1 (0) 801 685 4535 Mobile: +1 (0) 801 558 2645 Email: [email protected] Website: www.riotinto.com High resolution photographs available at: www.newscast.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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