Mining companies with ties to Russian businesses are severing relations in the aftermath of Russia's invasion of Ukraine. Summary of such announcements is as underRIO TINTO is cutting all ties with Russian businesses, including fuel and other materials' sources for its Mongolian copper operations at Oyu Tolgoi, where possible, and the use of an alumina refinery in Ireland. Rio Tinto, (RIO.AX) has a joint venture with Rusal International PJSC, holding 80% of Queensland Alumina Ltd, Australia's second-largest refinery processing alumina, the chemical compound that contains aluminium. Rusal owns the remaining 20%. Being the majority stakeholder in the joint venture may make it more difficult for Rio to relinquish its ties with Rusal. Rio Tinto also has a supply and offtake contract with Rusal Aughinish, Europe's largest alumina refinery in Ireland, which it is also looking to halt.GLENCORE has a 10.5% stake in EN+ Group, which it said last week it is reviewing as well as its 0.57% stake in oil giant Rosneft.KINROSS GOLD is suspending its Russian operations, including its Udinsk development project and its Kupol mine in northeastern Russia.BHP GROUP said it does not sell into Russia, nor does it have any investments or commercial arrangements in Russia or with Russian organisations.ANGLO AMERICAN said that it has no operations or offices in Russia, but it is assessing any commercial relationships with Russian businesses to ensure we make the right decisions.
Mining companies with ties to Russian businesses are severing relations in the aftermath of Russia's invasion of Ukraine. Summary of such announcements is as underRIO TINTO is cutting all ties with Russian businesses, including fuel and other materials' sources for its Mongolian copper operations at Oyu Tolgoi, where possible, and the use of an alumina refinery in Ireland. Rio Tinto, (RIO.AX) has a joint venture with Rusal International PJSC, holding 80% of Queensland Alumina Ltd, Australia's second-largest refinery processing alumina, the chemical compound that contains aluminium. Rusal owns the remaining 20%. Being the majority stakeholder in the joint venture may make it more difficult for Rio to relinquish its ties with Rusal. Rio Tinto also has a supply and offtake contract with Rusal Aughinish, Europe's largest alumina refinery in Ireland, which it is also looking to halt.GLENCORE has a 10.5% stake in EN+ Group, which it said last week it is reviewing as well as its 0.57% stake in oil giant Rosneft.KINROSS GOLD is suspending its Russian operations, including its Udinsk development project and its Kupol mine in northeastern Russia.BHP GROUP said it does not sell into Russia, nor does it have any investments or commercial arrangements in Russia or with Russian organisations.ANGLO AMERICAN said that it has no operations or offices in Russia, but it is assessing any commercial relationships with Russian businesses to ensure we make the right decisions.
