Why is Rio Tinto (ASX:RIO) making headlines today?

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 Why is Rio Tinto (ASX:RIO) making headlines today?
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Highlights

  • Rio Tinto has joined hands with PKKP to make Juukan Gorge Legacy Foundation.
  • Rio and PKKP have signed a remedy agreement regarding the destruction of two ancient rock shelters at Juukan Gorge in the Pilbara region of Western Australia in 2020.

Anglo-Australian multinational metals and mining firm Rio Tinto (ASX:RIO) announced today (28 November 2022) that it has collaborated with the Puutu Kunti Kurrama and Pinikura (PKKP) Aboriginal Corporation and created a Juukan Gorge Legacy Foundation.

As per the ASX release, both parties have signed this remedy after the catastrophic devastation of two ancient rock shelters at Juukan Gorge in the Pilbara region of Western Australia in 2020.

Meanwhile, the shares of Rio were spotted trading 2.153% lower at AU$103.375 apiece at 1:03 PM AEDT on the ASX on Monday.

 

Key takeaways from the deal between Rio and PKKP

  • As per Rio, the deal suggests that the traditional owners of the land have this desire to make a foundation that works towards fulfilling the group's cultural, social, educational and economic objectives.
  • The foundation will be led and controlled by the traditional owners.
  • The foundation will also allow the commercial partnership chances and, therefore, more benefits.
  • As per Rio, under the deal, Rio will provide financial support to the foundation to take the cultural and social projects ahead.
  • One project includes a new storage place for keeping important cultural materials.
  • The deal is a part of Rio Tinto’s pledge to remedy and rebuild its relationship with the PKKP community.
  • Rio stated that besides creating the Juukan Gorge Legacy Foundation, remedy discussions have started on newer ways to co-manage the country along with the current rehabilitation of the rock shelters and their surrounds at Juukan Gorge.

The share price performance of Rio Tinto on the ASX:

Rio shares have shed 1.95% in the last five trading days on the ASX. The shares, however, gained 16.68% in the last month on the ASX. In the previous six months on the ASX, Rio shares have lost 9.21%, while in the last year, Rio gained 8.31% on the ASX. On a year-to-date basis, the shares have gained 3.64% on the ASX. In the previous five years on the ASX, Rio has moved up by 45.17% on the ASX (as of 1:27 PM AEDT, 28 November 2022).

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