Posted October 09, 2018 08:04:01 Australia’s mining giant Rio Tinto has gone bankrupt after being caught off-guard by the collapse of the world’s biggest copper mine in the West Australian state.
Rio Tins has been hit by a severe mine collapse, a problem the company attributed to the state government and its own inadequate response.
Rio, which has a turnover of $100 billion, has been the victim of the biggest mining disaster in Australian history.
The Australian Securities and Investments Commission (ASIC) has also reported that Rio Tinos’ management was “unable to take appropriate steps to protect the safety of the company’s employees and customers”.
In the wake of the collapse, Rio said it would invest more than $1 billion to upgrade and modernise its operations.
But the company also said it was planning to close its main mining site and its operations in the Kimberley region of the South Australian state of South Australia by the end of 2019.
The state government has been investigating the collapse for three months.
The company said in a statement that it was aware of the state’s “significant” mining industry concerns and was continuing to work closely with the State Government to ensure the community is protected.
Rio’s collapse came after a spate of other mines in the state, including its Glencore-owned Rio Tin, went into administration.
The mines were found to have a “high degree of failure” in the management of their mine sites, and “serious deficiencies” in their “safety and environmental management”.
In a statement, Rio Tin said the state had “acted decisively” to prevent the collapse and that it “will continue to work with the state to ensure that all operations at the Glencore mine site continue to operate safely and safely”.
Rio said its “full support” for the state was “extraordinary”.
“The Commonwealth and the state of Western Australia have provided substantial assistance to Rio Tincas operations, including providing financial support to ensure our mine operations are running in accordance with their own safety protocols,” the company said.
“This has been in line with the recommendations of the State of Western Australian’s independent report into the mine collapse.”
The collapse of Rio Tin has triggered a massive search for its former mines and a nationwide review into the safety and environmental legacy of the mining industry. “
Our full support is, however, extraordinary.”
The collapse of Rio Tin has triggered a massive search for its former mines and a nationwide review into the safety and environmental legacy of the mining industry.
Rio said the collapse was a “shock and a blow” for many people.
“The Rio Tinar mine is one of the most productive copper mines in Australia, producing up to 200 million tonnes per annum.”
Its collapse is the largest and most catastrophic mine collapse in Australian mining history, and it is a shock and a setback for many Australians,” it said.
Rio has been operating its Rio Tin mine in South Australia since 2008.
It employs more than 15,000 people and employs more in the Goldfields region.
As the company works to identify a new project, Rio has commenced work to strengthen its mining infrastructure, improve its quality of life and provide for long-term sustainability,” the statement said.