Rio Tinto is one of the world’s largest metals and mining companies. The company originally was based on the mining and processing of metals, and it developed efficient, low-cost methods of extraction. Gradually, the company extended its operations into metal fabrication, engineering, construction materials, chemicals, and the supply of raw materials for energy production.
British and European investors, led by Scottish entrepreneur Hugh Matheson, formed the Rio Tinto Company in London, England, on March 29, 1873, to reopen ancient copper mines that had long been abandoned at Rio Tinto, near Seville in southern Spain. The company’s name came from its Rio Tinto mine. The new owners built the mining operations into the world’s leading copper producer from 1877 to 1891. However, in the 1930’s and 1940’s, the Rio Tinto mine experienced hardship because of several wars. The Rio Tinto Company sold most of its shares in the mine in 1954 and the rest, a few years later.
In 1962, the Rio Tinto Company merged with the United Kingdom’s Consolidated Zinc Corporation to form Rio Tinto plc. At the same time, the Australian interests of the two companies merged to form Rio Tinto Limited. The company adopted its present name in 1997.
In 2007, Rio Tinto acquired the Canadian aluminum company Alcan Inc. Aluminum operations that transferred to Rio Tinto with the purchase of Alcan included bauxite mining, alumina refining, aluminum smelting, manufacturing, sales, recycling, and hydroelectric power plants that produce the energy required for aluminum smelting. In 2008, a percentage of Rio Tinto was bought by Aluminum Corporation of China, or Chalco, and Alcoa, Inc.
