LONDON, United Kingdom, Feb. 12, 2014 /CNW Telbec/ - Rio Tinto has entered into an option agreement with LNG Canada, a joint venture comprising Shell Canada Energy, Phoenix Energy Holdings Limited (an affiliate of Petro-China Investment (Hong Kong) Limited), Kogas Canada LNG Ltd. (an affiliate of Korea Gas Corporation) and Diamond LNG Canada Ltd. (an affiliate of Mitsubishi Corporation) to acquire or lease a wharf and associated land at its port facility at Kitimat, British Columbia, Canada. LNG Canada is proposing to construct and operate a natural gas liquefaction plant and marine terminal export facility at Kitimat. The agreement provides LNG Canada with a staged series of options payable against project milestones. The financial arrangements are commercially confidential. Sam Walsh, chief executive, Rio Tinto said: "This is an excellent example of how we can generate meaningful value from our existing assets by selling options on port facilities to LNG Canada enabling it to share one of the best deep water ports on the western seaboard of the country. This innovative approach will provide an expanded gateway for Canadian resources to worldwide markets which has the potential to benefit the communities and economy of British Columbia." Andy Calitz, vice president, LNG Canada commented: "We are pleased to confirm the finalisation of this agreement. We believe the LNG Canada project represents the best opportunity to bring the liquefied natural gas industry and its benefits to the people and communities of British Columbia." About Rio Tinto Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange 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, thermal and metallurgical coal, uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America. SOURCE RIO TINTO PLC Media Relations, EMEA / Americas Illtud Harri Office: +44 (0) 20 7781 1152 Mobile: +44 (0) 7920 503 600 David Outhwaite Office: +44 (0) 20 7781 1623 Mobile: +44 (0) 7787 597 493 Investor Relations, London Mark Shannon Office: +44 (0) 20 77811178 Mobile: +44 (0) 7917 576597 David Ovington Office: +44 (0) 20 77812051 Mobile: +44 (0) 7920 010 978 Grant Donald Office: +44 (0) 20 7781 1262 Mobile: +44 (0) 7920 587 805 Media Relations, Australia / Asia David Luff Office: +61 (0) 3 9283 3620 Mobile: +61 (0) 419 850 205 Bruce Tobin Office: +61 (0) 3 9283 3612 Mobile: +61 (0) 419 103 454 Investor Relations, Australia / Asia Christopher Maitland Office: +61 (0) 3 9283 3063 Mobile: +61 (0) 459 800 131 Rachel Storrs Office: +61 (0) 3 9283 3628 Mobile: +61 (0) 417 401 018 Galina Rogova Office: +852 (2839) 9208 Mobile: +852 (6978) 3011 Media Relations, Canada Bryan Tucker Office: +1 (0) 514 848 8151 Mobile: +1 (0) 514 825 8319 To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2014/12/c9538.html CO: RIO TINTO GROUP ST: Quebec NI: MNG ENV ORDER -0- Feb/12/2014 14:00 GMT
Rio Tinto sells wharf and land options to LNG Canada
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