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Mining giant buries ties with Russia — RT Business News


Rio Tinto is the first global miner to sever ties with the country amid sanctions

Multinational mining giant Rio Tinto announced on Thursday that it was cutting ties with Russian companies.

Rio Tinto is in the process of ending all business relationships it has with any Russian company“, said the spokesperson for the company in a message to Reuters.

The company previously said it had no operational assets or employees in Russia. However, it owns 80% of Australia’s Queensland Alumina, one of the world’s leading aluminum refiners, in a joint venture with Russian aluminum producer Rusal. The company has not yet commented on how the decision to end relations with Russian companies will affect its relationship with Rusal.

Rio Tinto shares fell 2.3% on the Australian Stock Exchange after the announcement.

The news could worsen the crisis in the aluminum market if the miner were to cut deliveries to Rusal from Queensland Alumina, analysts said. Aluminum prices already hit historic highs earlier this week.

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The oil giant leaves Russia

Rio Tinto’s announcement is also the latest in a growing list of companies that recently said they would withdraw from Russia, amid sanctions imposed on the country over its ongoing military operation in Ukraine. Along with consumer goods companies and fast food chains, several energy giants have said they will exit Russia, including BP, Shell, Exxon and Total.

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