Australian resources projects controlled by Rio Tinto and Origin Energy have been thrown deeper into uncertainty after the federal government extended sanctions to Russian oligarchs.
Australian resources projects controlled by Rio Tinto and Origin Energy have been thrown deeper into uncertainty after the federal government extended sanctions to two Russian oligarchs with financial ties to their joint ventures.
Mr Vekselberg owns a stake in Lamesa Holdings, the largest shareholder of Falcon Oil and Gas. London-listed Falcon is Origin’s junior partner in a joint venture exploring gas tenements in the Northern Territory’s highly prospective Beetaloo Basin. For Rio Tinto, the second-largest Australian mining company, the sanctions against Mr Deripaska increase uncertainty about the future of its majority-owned Queensland Alumina Limited in Gladstone, one of the country’s biggest alumina refineries, which is 20 per cent owned by Russia’s Rusal.Rio Tinto last week said it was in the process of “terminating all commercial relationships it has with any Russian business”. The company placed its partnership agreement with Rusal under immediate review.
“Alumina exports from Queensland to Russia must be stopped immediately to prevent the possibility of Australian alumina being used in munitions manufacturing.”
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