Rio Tinto (ASX:RIO) Likely To Face $250 Million Payout For Juukan Gorge Destruction

Anglo-Australian Mining giant Rio Tinto (ASX:RIO) might have to pay up to $250 million compensation for destructing the Juukan Gorge cave.

Located in the Hamersley Range, within Western Australia’s Pilbara region, the ancient rock shelters were a sacred site to the traditional Aboriginal landowners as well as an archeologically significant location.

RIO blasted the site on 23 May 2020 causing widespread public outrage across the country and the world.

Australia’s Ntaional Native Title Council suggested a $250 million compensation payout, considering the economic, cultural and spiritual loss.

On 10 December 2020, the parliamentary committee released an interim report on the destruction of the site and the Chief Executive of Australia’s National Native Title Council (NNTC), Jamie Lowie suggested $250 million compensation. To add to this, the committee’s report also recommended a temporary moratorium on official approvals to destroy heritage sites.

Meanwhile, the RIO stock traded at $116.420 at 03:12 PM AEDT.

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