Rio Tinto, PKKP Reach Historic Agreement To Create Juukan Gorge Legacy Foundation - Rio Tinto (NYSE:RIO)

The Puutu Kunti Kurrama & Pinikura (PKKP) Aboriginal Corporation and Rio Tinto plc RIO have agreed to create the Juukan Gorge Legacy Foundation after signing a remedy agreement regarding the tragic destruction of two ancient rock shelters at Juukan Gorge in the Pilbara region of Western Australia in 2020.
Rio Tinto destroyed it for an iron ore mine.
Reuters reported that the destruction also fueled a global uproar. It cost three senior leaders and two board members their jobs, a parliamentary inquiry, and an overhaul of the mining industry's agreements with Indigenous Australians.
Either party did not disclose financial terms at the request of the PKKP, the parties said.
Under the agreement, Rio Tinto will provide financial support to the foundation to progress major cultural and social projects.
The agreement forms part of Rio Tinto's commitment to remedying and rebuilding its relationship with the PKKP people.
Rio Tinto Chief Executive Jakob Stausholm said, "We fell far short of our values as a company and breached the trust placed in us by the PKKP people by allowing the destruction of the Juukan Gorge rock shelters. As we work hard to rebuild our relationship, I would like to thank the PKKP people, their elders, and the Corporation for their guidance and leadership in forming this important agreement."
Price Action: RIO shares are down 0.65% at $65.30 during the premarket session on the last check Monday.
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