10 Mar 2022 14:06

Rio Tinto to sever commercial ties with Russian companies

LOUISVILLE. March 10 (Interfax) - Rio Tinto Plc plans to sever all commercial ties with Russian businesses over the situation in Ukraine, the miner said in a press release.

Rio Tinto said it was "in the process of terminating all commercial relationships it has with any Russian business."

Rio Tinto controls the Queensland Alumina Ltd (QAL) alumina refinery where UC Rusal has a 20% stake and is "reviewing options for that partnership," sources told The Wall Street Journal.

Rio Tinto buys fuel and other products from Russia for operations including its Oyu Tolgoi copper mine in Mongolia.

Other resources companies, including rival Glencore plc, have been reevaluating their exposure to Russian investments, suppliers and customers, The Wall Street Journal said. Earlier Thursday, Australia-listed Worley Ltd., a global engineering contractor, said it had begun to withdraw its services in Russia and wouldn't enter any new contracts, the paper said.

UC Rusal's core owner, En+ , is currently reviewing its strategy with respect to overseas assets and could spin some of them off, including Rusal's alumina, bauxite and aluminum assets in Africa, Australia and Europe. Most of them were owned by Glencore until 2007, when the Swiss commodities trader contributed them to the United Company Rusal that it co-owned with Oleg Deripaska's Russian Aluminum and SUAL, owned by Viktor Vekselberg and his associates.