One of the world’s largest mining companies, Rio Tinto Plc, has announced its intention to sever all commercial relations with Russian business due to Russia’s military invasion of Ukraine.

According to the company, Rio Tinto is currently in the process of terminating all commercial ties with Russia, Interfax-Ukraine reports.

Rio Tinto controls the Queensland Alumina (QAL) alumina processing plant in Australia, where the Russian company Rusal owns 20%. Rio Tinto is considering further options for this partnership, according to The Wall Street Journal, citing a source.

At the same time, Rusal’s main shareholder En + is currently reviewing its strategy for the company’s international assets, including a spin off of these assets. Rusala’s international alumina, bauxite and aluminum assets in Africa, Australia (including 20% ​​in QAL) and Europe can be allocated to the new company. Until 2007, most of these companies belonged to the Swiss trader Glencore, which made them part of the merged company Rusal, becoming its founder alongside Russian Aluminum Oleg Deripaska and SUAL Victor Vekselberg and his partners.

Rio Tinto is also purchasing fuel and other products from Russia for its operations, including the Oy Tolga gold-copper development project in Mongolia.

The WSJ notes that other commodity companies, including Glencore Plc, are also reconsidering their attitudes toward Russian investment, suppliers and customers. On Thursday, the global engineering company Worley Ltd., which is a contractor in a number of LNG projects, also announced its refusal to work in Russia. Джерело: https://biz.censor.net/n3323676

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