11th Feb 2008 07:01
Rio Tinto PLC11 February 2008 New leadership at world class Simandou project 11 February 2008 Rio Tinto chief executive Tom Albanese has announced the appointment of Dr DavidSmith, currently Pilbara Iron managing director, as head of the world classSimandou project in Guinea, West Africa, setting it on track to become one ofthe world's great mining provinces. Dr Smith will take up his post as managing director and president Simandou inMarch and will be based in the Guinean capital Conakry. Dr Smith, currentlyresponsible for all mine operations in the Pilbara, has a wide career spanningnearly 30 years with Rio Tinto. "The strategic importance of Simandou for Rio Tinto cannot be overstated, giventhe size and quality of the deposit and the market opportunity, but itsimportance to the people of Guinea is even more profound. Dr Smith'sappointment, with his long association with industry and community groups andhis strong support for training and employment programs, will ensure Simandou isdeveloped in a sustainable, beneficial manner for both the Guinean community andthe Rio Tinto shareholders," Mr Albanese said. Rio Tinto's pre-feasibility study into the development of a 70 million tonne perannum mine at Simandou is well advanced. Its development would make it one ofthe largest iron ore mines and there are future plans to make it even larger, to170 million tonne per annum. "Simandou is a major new iron ore province, and promises to have the sameexciting potential as the Pilbara of the 1960s," said Sam Walsh, chief executiveof Rio Tinto Iron Ore. "Dr Smith has considerable experience and a range of attributes to ensure theSimandou project is accelerated. He has been a senior executive with a numberof our operational and technology businesses, has had considerable community andnon-mining involvement and has previously lived and worked in Africa." About Simandou Simandou is a greenfield exploration project that began in the late 1990s. Itis considered one of the best undeveloped major iron ore deposits in the world,with targeted mineralisation of between eight and 11 billion tonnes1 withsubstantial opportunities to explore along the ore body. The deposit is a large,high quality haematite deposit with a targeted grade of more than 65% ironcontent. Rio Tinto has committed US$145 million to date on the Simandou pre-feasibility study and a further US$44 million on airport, road and informationtechnology infrastructure. The 70 million tonne per annum project is expectedto cost in the order of US$6 billion. 1 The target quantity and grade of mineralisation is based on an assessment oftenure areas in the region using surface mapping, drilling results and otherinformation. The potential quantity and grade is conceptual in nature - therehas been insufficient exploration to define a Mineral Resource, and it isuncertain if further exploration will result in the determination of a MineralResource. About Rio Tinto Rio Tinto is a leading international mining group headquartered in the UK,combining Rio Tinto plc, a London and NYSE listed company, and Rio TintoLimited, which is 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, London Media Relations, AustraliaChristina Mills Ian HeadOffice: +44 (0) 20 7781 1154 Office: +61 (0) 3 9283 3620Mobile: +44 (0) 7825 275 605 Mobile: +61 (0) 408 360 101 Nick Cobban Amanda BuckleyOffice: +44 (0) 20 7781 1138 Office: +61 (0) 3 9283 3627Mobile: +44 (0) 7920 041 003 Mobile: +61 (0) 419 801 349 Media Relations, US Media Relations, CanadaNancy Ives Stefano BertolliMobile: +1 619 540 3751 Office: +1 514 848 8151 Investor Relations, London Investor Relations, AustraliaNigel Jones Dave SkinnerOffice: +44 (0) 20 7781 2049 Office: +61 (0) 3 9283 3628Mobile: +44 (0) 7917 227 365 Mobile: +61 (0) 408 335 309 David Ovington Simon EllinorOffice: +44 (0) 20 7781 2051 Office:+ 61 (0) 7 3867 1068Mobile: +44 (0) 7920 010 978 Investor Relations, North AmericaJason CombesOffice: +1 (0) 801 685 4535Mobile: +1 (0) 801 558 2645 Email: [email protected] Website: www.riotinto.comHigh 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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