Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 489

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 489
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 routinely takes action to protect its intellectual property rights in many countries throughout the world, including Iran. As of 2024, the Company removed Iran from its intellectual property rights filing strategy. Rio Tinto acquired its interest in Namibia- based Rössing Uranium Limited (“Rössing”) in 1970. The Iran Foreign Investments Company (“IFIC”) acquired its original minority shareholding in Rössing in 1975. IFIC’s interest predates the establishment of the Islamic Republic of Iran and the U.S. economic sanctions targeting Iran’s nuclear, energy and ballistic missile programs. IFIC acquired a minority shareholding in Rössing in accordance with Namibian law. The Treasury Department’s Office of Foreign Assets Control designated IFIC as a Specially Designated National on 5 November 2018. On 16 July 2019, the Company completed the sale of its entire interest 68.62 per cent stake in Rössing to China National Uranium Corporation Limited (“CNUC”) for an initial cash payment of $6.5 million and a contingent payment of up to $100 million. The contingent payment is linked to uranium spot prices reaching a certain level and Rössing's net income until calendar year 2026. As a result of the evolution of uranium prices, the contingent payment had not been triggered as of 31 December 2024. In addition, the Company will receive a cash payment if, subject to certain conditions, CNUC sell the Zelda 20 Mineral Deposit during a restricted period. As of 31 December 2024, to the best of Rio Tinto’s knowledge, CNUC had not sold the Zelda Mineral Deposit. Rio Tinto Marketing Pte Ltd has continued to purchase a quantity of uranium produced by Rössing, in order to satisfy existing contractual commitments with customers, pursuant to an ongoing marketing arrangement which will cease on 26 December 2026. Rössing was neither a business partnership nor joint venture between the Company and IFIC. Rössing is a Namibian limited liability company with a number of shareholders which included Rio Tinto. When the Company was a shareholder, IFIC had no uranium product off-take rights. Neither IFIC nor other Government of Iran entities had any supply contracts in place with Rössing and none received any uranium from Rössing. IFIC also did not have access to any technology through its investment in Rössing or rights to such technology.