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Why Rio Tinto Group (RIO) stock could not keep its momentum in the after-hours on Monday?

Rio Tinto Group (RIO) shares declined 0.29% in after-hours on Monday, November 22, 2021, and closed the Monday trading at $61.83. However, in the regular trading session, RIO’s stock gained 2.14%. The stock volume remained 3.29 million shares. RIO shares have risen 0.78% over the last 12 months, and they have moved up 0.63% in the past week. Over the past three months, the stock has lost 17.42%, while over the past six months, it has declined 24.63%.

Let’s see what are the latest developments about the company?


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RIO update about Diavik Diamond Mine

On November 18, 2021, Rio Tinto completed the transaction for acquiring the 40 per cent share held by Dominion Diamond Mines in Diavik, following the Court of Queen’s Bench of Alberta’s approval. Now RIO become the sole owner of Diavik Diamond Mine in the Northwest Territories of Canada, continuing its leading role in the Canadian diamond industry.

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The high-end, predominantly white gem-quality diamonds from Diavik have strong demand in all established and emerging consumer markets.

Investment in Aluminum production in Canada

On November 17, 2021, Rio Tinto announced that it is investing US$87 million to increase its low-carbon aluminium production in Canada with 16 new smelting cells at its AP60 smelter, in the Saguenay-Lac-Saint-Jean region of Quebec.

With recent investment, production will increase by 45% and provide a secure future for approximately 100 employees who work at the facility.

RIO NOTE expiration and new NOTE offer

On November 04, 2021, Rio Tinto Finance (USA) Limited accepted a purchase offer, a total of $759,948,000, after issuing $1.25 billion bonds which settled on 2 November 2021. 30-year bonds will be used to fund the redemption of the Securities that remain outstanding following the completion of the Tender Offer.

RIO collaboration with BlueScope

On October 28, 2021, Rio Tinto and BlueScope signed a Memorandum of Understanding (MOU) to work together to explore low-carbon steelmaking pathways using Pilbara iron ores, including the use of clean hydrogen to replace coking coal at BlueScope’s Port Kembla Steelworks.

Both companies will research and design low-emissions processes for the steel value chain, including iron ore processing, iron and steelmaking, and related technologies.

RIO record-breaking results for Diamond tender

On October 27, 2021, Rio Tinto’s 2021 Argyle Pink Diamonds™ Tender collection of 70 rare pink and red diamonds from its Argyle mine in Australia delivered the most significant set of record-breaking results in its 38-year history.

The 2021 Argyle Pink Diamonds™ Tender delivered record-breaking price performance across individual diamonds and for the overall collection.

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Conclusion

Well, there is only one recent news which may or may not be the reason behind its good early performance on Monday but there was no news to justify its decline in the after-hours on Monday.

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