MONTREAL, Feb. 22 /CNW Telbec/ - Rio Tinto announced that it is pleased
with today's B.C. Court of Appeal decision, confirming the 2007 B.C. Supreme
Court ruling by Chief Justice Brenner, which concluded that there are no
restrictions on the Company's use or sale of Kemano power in the legislation
or agreements with the Province of British Columbia.
"We are satisfied with today's decision, and we hope that Rio Tinto Alcan
and the District of Kitimat can now focus on working together to address the
economic challenges and opportunities of the region," said Jacynthe Côté,
Rio Tinto Alcan Primary Metal President.
Rio Tinto Alcan has sold clean and renewable Kemano power since the
1950's and BC Hydro has recognized Rio Tinto Alcan-supplied power as an
important resource to support the North Coast region.
The conclusion of the B.C. Court of Appeal states: "I conclude the Chief
Justice made no error in concluding as he did that Alcan was not precluded
from selling the power it generates under either Act or the Agreement."
"We hope that this legal challenge, which has caused so much uncertainty
in the region, is now ended and we can focus our collective energies on
bringing the Kitimat Modernization Project to fruition" said Jacynthe Côté. "A
project that will allow a reduction of more than 400 000 tonnes of GHG
emission, is in line with our sustainability approach" she added.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the
UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto
Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral
resources. Major products are aluminium, copper, diamonds, energy (coal and
uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and
iron ore. Activities span the world but are strongly represented in Australia
and North America with significant businesses in South America, Asia, Europe
and southern Africa.
This announcement includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All statements other
than statements of historical facts included in this announcement, including,
without limitation, those regarding Rio Tinto's financial position, business
strategy, plans and objectives of management for future operations (including
development plans and objectives relating to Rio Tinto's products, production
forecasts and reserve and resource positions), are forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Rio Tinto, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements.
Such forward-looking statements are based on numerous assumptions
regarding Rio Tinto's present and future business strategies and the
environment in which Rio Tinto will operate in the future. Among the important
factors that could cause Rio Tinto's actual results, performance or
achievements to differ materially from those in the forward-looking statements
include, among others, levels of actual production during any period, levels
of demand and market prices, the ability to produce and transport products
profitably, the impact of foreign currency exchange rates on market prices and
operating costs, operational problems, political uncertainty and economic
conditions in relevant areas of the world, the actions of competitors,
activities by governmental authorities such as changes in taxation or
regulation and such other risk factors identified in Rio Tinto's most recent
Annual Report on Form 20-F filed with the United States Securities and
Exchange Commission (the "SEC") or Form 6-Ks furnished to the SEC.
Forward-looking statements should, therefore, be construed in light of such
risk factors and undue reliance should not be placed on forward-looking
statements. These forward-looking statements speak only as of the date of this
announcement. Rio Tinto expressly disclaims any obligation or undertaking
(except as required by applicable law, the City Code on Takeovers and Mergers
(the "Takeover Code"), the UK Listing Rules, the Disclosure and Transparency
Rules of the Financial Services Authority and the Listing Rules of the
Australian Securities Exchange) to release publicly any updates or revisions
to any forward-looking statement contained herein to reflect any change in Rio
Tinto's expectations with regard thereto or any change in events, conditions
or circumstances on which any such statement is based. Nothing in this
announcement should be interpreted to mean that future earnings per share of
Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its
historical published earnings per share.
Subject to the requirements of the Takeover Code, none of Rio Tinto, any
of its officers or any person named in this announcement with their consent or
any person involved in the preparation of this announcement makes any
representation or warranty (either express or implied) or gives any assurance
that the implied values, anticipated results, performance or achievements
expressed or implied in forward-looking statements contained in this
announcement will be achieved.
For further information:
For further information: please contact: Rio Tinto Alcan Media Relations
Kitimat: Colleen Nyce, +1-250-639-8760, email@example.com; Rio Tinto
Alcan Media Relations, Montreal: Stefano Bertolli, +1-514-848-8151,