PKKP and Rio Tinto Agree to Work Together to Preserve PKKP Land

A Co-Management Agreement has been reached between The Puutu Kunti Kurrama and Pinikura (PKKP) Aboriginal Corporation, guardians of rich cultural heritage in Western Australia, and Rio Tinto Group (NYSE:RIO), one of the world’s largest mining companies.

This agreement is significant as it establishes a framework for Rio Tinto’s iron ore operations on PKKP Country, ensuring that heritage and environmental impacts are jointly managed throughout the mine lifecycle.

New Co-Management Agreement Reached Between PKKP and Rio Tinto to Preserve PKKP Country

Patrick Foto/Shutterstock.com

The mutual benefits of the agreement are summed up by the Chairperson of the PKKP Aboriginal Corporation, Terry Drage, in the following statement:

“The effect of this agreement is that PKKP Traditional Owners will receive certainty that our important places on Country will be protected from mining, while at the same time Rio Tinto will receive certainty around where they can develop much earlier in the mine cycle. Ultimately, this is good for us as Traditional Owners, and it is good for business.”

The pact follows the devastation of the Juukan Gorge rock shelters in May 2020, a tragedy that had an adverse impact on the PKKP community. Accordingly, the agreement represents a renewed commitment from Rio Tinto Group (NYSE:RIO) to heritage protection. Addressing the past failures and expressing remorse, Simon Trott, Rio Tinto Iron Ore Chief Executive, stated:

“Our actions were wrong. We failed to uphold our company values, and our systems and processes were inadequate. Simply put, it should never have happened, and for that we will forever be sorry. Through the open and gracious sharing of knowledge and experiences, the PKKP have helped to shape a renewed approach to managing cultural heritage protection and mining activities.”

Looking ahead, the agreement provides certainty to both parties. It protects sacred heritage for the Traditional Owners while allowing Rio Tinto Group (NYSE:RIO) to responsibly run its operations. Furthermore, it strengthens their joint commitment to preserve the Juukan Gorge area for future generations.

While we acknowledge the potential of RIO to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RIO and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Stocks Under $10 that Will Triple and Aggressive Stock Portfolio: 12 Stocks Picked by Hedge Funds.

Disclosure. None.