The world’s third largest transnational mining and metals company Rio Tinto Group will cease all commercial ties with Russia. This was reported by Bloomberg with reference to the company. This will not affect the fate of the Queensland Alumina Ltd joint project with Rusal.
“Rio Tinto is in the process of terminating all commercial relations with any Russian entity,” the company said in a statement. Recall that Rusal owns a 20% stake in Queensland Alumina Ltd, a joint venture with Rio Tinto. At the same time, the company has no operating assets or employees working in Russia and Ukraine.
If the company cuts joint deliveries with Rusal, this could exacerbate the crisis in the aluminum market, said Peter O’Connor, an analyst at mining company Shaw & Partners. In the course of trading on March 7, the cost of aluminum during trading on the London Metal Exchange renewed its historical maximum and amounted to $4,026.50 per ton.
On the eve of the rating agency Fitch Ratings downgraded the ratings of 26 Russian commodity companies, including Rusal.
Which foreign business left Russia is in the Kommersant selection.