Back in 2018 #RioTinto made a big announcement about getting out of coal, with its chairman stating in relation to climate change that the company was “determined to be part of the solution, not part of the problem”?
But all is not what it seems.
Thread. 1/5
When it sold its coal assets, Rio Tinto imposed a royalty on them. Clever move. It means that it still earns money from them, doesn’t take any of the operational risk, and can tell all of those activist shareholders that they are out. 2/5
Annual Report 2019 p.203:
“We also have royalty receivables, with a carrying value of US$124 million (2018: US$158 million), arising from the sale of our coal assets in prior periods. These are classified as 'Other investments, including loans' within the balance sheet.” 3/5
Rio Tinto’s sneaky behaviour of “apologising” for any “distress caused” from blowing up ancient Indigenous artefacts when it knew full well how significant and important they are, has a lot of precedent. They are trying to con us about their climate change commitment too. 4/5
Links:
australianmining.com.au/news/rio-tinto…
riotinto.com/invest/reports…
afr.com/rear-window/se…
@_LisaMCox
@simonahac
@MichaelWestBiz
@mrjoeaston
@myriamrobin
5/5
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