Rio Tinto Alcan initiates CDN$200 million Canada fund

Rio Tinto Alcan has initiated formation of the previously announced CDN$200 million fund to support communities in Canada. Named the Rio Tinto Alcan Canada Fund, this is a major step in the fulfilment of Rio Tinto's promise to continue the former Alcan's commitments to communities in which it operates. The endowment will be built up over a five year period beginning with the first instalment to be made in July 2008, consistent with the commitment made by Rio Tinto one year ago when it announced the recommended offer for Alcan Inc. "The former Alcan group of businesses have a legacy of resource stewardship and sustainable community support and development which closely match Rio Tinto's global values," said Dick Evans, chief executive, Rio Tinto Alcan. "We are very proud to build on this historical record by formalizing the continued commitment of Rio Tinto Alcan to Canada through the creation of the Rio Tinto Alcan Canada Fund." The Rio Tinto Alcan Canada Fund will be overseen by a largely independent Board of Directors, chaired by Dick Evans, whose members include: - Helene Desmarais, chair of the board and CEO of the Montreal Enterprises and Innovation Centre - Sir Brian Fall, former British high commissioner to Canada and consultant to Rio Tinto - Clifford Moar, former chief, Montagnais First Nation - Gaston Ouellet, associate professor,HEC Montreal (Ecole des Hautes Etudes Commerciales) - Monica A. Patten, president and CEO, Community Foundations of Canada - David A. Thompson, chairman, Vancouver Coastal Health Authority The Rio Tinto Alcan Canada Fund's mandate is to deliver on existing commitments in Quebec and elsewhere in Canada such as support for the Montreal International Jazz Festival, the Montreal Neurological Institute, the Montreal Planetarium and numerous other commitments in the Saguenay, Quebec and Northern British Columbia regions, and also to develop new programs in line with values and areas of focus, consistent with sustainable development, that are shared with Rio Tinto. "The creation of the Rio Tinto Alcan Canada Fund caps a year in which Rio Tinto has announced significant projected investments in Canada, potentially totalling over US$8 billion," continued Evans. "Rio Tinto believes firmly that it is in our strategic interest to support local communities as we expand our footprint and capacities in Canada." Source: foxbusiness