Officials Want Rio Tinto Out of AK Mine Project

The chief financial officers of New York City and the state of California have asked Rio Tinto plc to divest its interests in the company behind the proposed Pebble Mine project in southwest Alaska.

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by Associated Press

JUNEAU, Alaska- The chief financial officers of New York City and the state of California have asked Rio Tinto plc to divest its interests in the company behind the proposed Pebble Mine project in southwest Alaska.

California State Controller John Chiang and New York City Comptroller John Liu say they oversee pension funds that are substantial, long-term shareowners in London-based Rio Tinto. In a letter to a Rio Tinto executive last month, they said Pebble posed legal, regulatory and reputational risks for any company pursuing it. They asked that Rio Tinto release a comprehensive review of the legal and regulatory risks involved.
Rio Tinto responded that it takes its responsibilities regarding Pebble seriously, a response the financial officers called cursory.
Rio Tinto owns a 19 percent share of Northern Dynasty Minerals Ltd.

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