RTZ Corp., the parent company of Utah copper giant Kennecott Corp., began trading its shares on the New York Stock Exchange Thursday.
Shares will be traded under the symbol RTZ. The company also trades on the London International Stock Exchange and other major European exchanges.Ian Strachan, RTZ's chief financial officer, purchased the first 100 shares when the market opened at 9:30 a.m. EDT.
"RTZ's listing on the New York Stock Exchange marks a significant stage in the company's long and growing involvement with the United States. It signals our long-term commitment to build on the foundations we have established with the American investment community," Strachan said in a prepared statement released Thursday morning.
Strachan said the listing also reflects "the growth in importance to RTZ of North America, which represents over half of both the group's $6.1 billion worldwide assets and of the $588 million net earnings in 1989."
Kennecott was acquired by RTZ Corp. in 1989 from its former owner, BP Minerals America. Kennecott, a wholly owned subsidiary of RTZ, comprises the company's North American metal assets and contributed $194 million to its net earnings in 1989.
RTZ has substantial interest in metals - principally copper, gold, aluminum, iron ore, lead, zinc and silver - energy raw materials including coal and uranium and industrial minerals, borates, titanium dioxide feedstock and diamonds.
The corporation also supplies products to construction and general engineering industries in both North America and Europe.
RTZ's fundamental objective is to maximize shareholders' overall return by concentrating on the extractive and related industrial areas where the group has proven expertise, officials said.
RTZ's strategy to achieve this objective includes investing in high-quality, low-cost mining projects and maintaining a diverse and balanced portfolio of natural resources and related industrial activities.
Group companies employ more than 77,000 people, including 12,000 in the United States.
Since its formation in 1962 through the merger of two, much older British companies, RTZ has been able to bring large-scale, open-pit mining ventures on stream using innovative project financing. Its operations now form an unrivaled spread of metals and minerals interests and related industrial businesses in more than 40 countries, providing RTZ with a firm base for growth well into the 21st century, officials said.