Rio Tinto (NYSE:RIO)
Rio Tinto (NYSE:RIO) said on Monday that as part of a reparation agreement for demolishing two historic rock shelters at Juukan Gorge in Western Australia in 2020, the company would establish a foundation to benefit the Puutu Kunti Kurrama people.
Juukan Gorge sites that provided evidence of human habitation were destroyed. dating back at least 46,000 years resulted in outrage on a global scale, the loss of jobs for A legislative investigation, an overhaul of the board, three top Rio Tinto (RIO) executives, and two board members agreements that the mining industry has with Aboriginal peoples.
Rio Tinto (RIO) has announced that it will give the foundation financial backing to grow. various cultural and social projects. One of these projects will be creating a new place to store critical cultural materials. The specifics of this support have not been disclosed.
Rio (RIO) added the legacy foundation to the list. that continued repair of the Juukan Gorge’s rock shelters and its environs are the primary focuses of debate about the potential for a new method to co-manage mining operations.
The Australian government responded to the parliamentary inquiry into the Juukan Gorge last week by releasing its response and stating that it would make traditional owners “primary decision-makers” on projects that would take place on their ancestral land and increase the authority of the federal government over state approvals.
An analysis written by Juxtaposed Ideas and recently published on Seeking Alpha predicts that the recovery of iron ore prices will continue to face headwinds from China’s zero-COVID policy and the cooling property market in the United States. These factors will add to the negative pressure on Rio Tinto’s (RIO) stock price and financial performance in the near future.
Featured Image – Pexels © Tom Fisk
Author Shariq Khan 
