Tag: RIO

A godsend for Rio Tinto as it looks ready to shed one of its most troublesome assets?

Rio Tinto off the hook, jobs saved in Gladstone in central Queensland?

Rio Tinto has become the world’s biggest iron ore miner, overtaking Brazil’s Vale in the three months to March to grab bragging rights, even if it’s going to be a brief reign as top miner.

Global aluminium and alumina prices soared to six year highs on Friday as the impact of the sanctions on the big Russian controlled aluminium producer, Rusal continued to rattle global markets. That has seen Rio Tinto forced to join Glencore in being forced to declare force majeure on deals it has with Rusal.

Rio Tinto completed its exit from coal with the sale of its Kestrel underground coking coal mine in Queensland for a better than expected $US2.25 billion. The buyers are a private equity company called EMR Capital and an Indonesian miner, PT Adaro Energy Tbk (Adaro).

Rio Tinto has sold its Hail Creek coking coal mine in Queensland to Glencore for $US1.7 billion, expanding Glencore’s control over Australian coal exports.

More corruption claims for Rio Tinto, this time in Mongolia where the mining giant is in an increasingly nasty dispute with the government and fellow shareholder in the giant Oyu Tolgoi gold and copper project.

So much for all the hype about the resources boom from 2011 to 2014. The current boomlet is producing super returns for some companies, as the 2017 full year results for Rio Tinto confirmed yesterday.

Shares in mining giant Rio Tinto fell 3% yesterday (taking the two day fall to close to 6%) on reports, later confirmed of new tensions in Mongolia where it has the huge Oyu Tolgoi copper mine.

Rio Tinto got a new chairman on Monday in board member Simon Thompson, a compromise candidate after shareholders rejected former Xstrata boss, Mick Davis.

The stories about Rio Tinto keep coming – the latest is that Mick Davis, the former Xstrata boss and current chief executive of Britain’s Conservative Party, is said to be the tip to become Rio’s new chair when the incumbent, Jan du Plessis steps down next year.

Rio Tinto is not allowing itself to be fazed by the clouded outlook for iron ore demand in China with talk the current production cuts in the north of the country will be made permanent.

The retiring head of ASIC, the corporate regulator has given the biggest hint yet that Rio Tinto (RIO) could face legal action in Australia over the $US3.7 billion Mozambique coal deal debacle that has seen regulators in the UK and the US take action against the mining giant.

The first class action shark has started snuffing around the Rio Tinto Mozambique coal scandal.

Rio Tinto languished yesterday in the wake of the shock news that the company and two former senior executives (one of whom is an ex CEO) were hit with US fraud charges related to the company’s disastrous $4 billion investment in a dud Mozambique coking coal project.

Shares in Rio Tinto hit a more than five year high on Tuesday after the company reported a lift in quarterly shipments from its iron ore operations in Western Australia.

Rio Tinto reports its third quarter production and sales data today, but the company might have sale news about its Pacific Aluminium assets.

Rio Tinto has boosted its current share buyback to $4 billion with adding an additional $US2.5 billion to its program from the proceeds of the sale of Coal & Allied to Yan Coal of China.

Christmas has come early for shareholders in Rio Tinto with the mining giant yesterday revealing a surge in interim profit and a record interim dividend payout to shareholders as well as a boost to its current buyback.

Australian shareholders in Rio Tinto have joined their London counterparts in approving the $US2.679 billion sale of its NSW thermal and soft coking coal mines to Yancoal of China.

As expected Rio Tinto shareholders in London have followed the board’s lead and plumped for the revised offer from China’s Yancoal.

Rio Tinto has snubbed rival Glencore for a second time in a week as it again plumped for a revised offer from China’s Yancoal.

Rio Tinto (RIO) shareholders and board can only smile as the auction of its NSW Hunter Valley coal mining assets continues to generate higher bids.

Fear of China seems to have caused Rio Tinto to ignore the $US2.55 billion offer for its Hunter Valley coal mining assets from rival miner, Glencore.

Rio Tinto (RIO) has made a slow start to the year, with first-quarter shipments and production of iron ore and copper affected by bad weather in Western Australia, Chile and Indonesia.

Rio Tinto’s (RIO) Simandou iron ore project payments scandal continues to rattle on with the company overnight Thursday revealing in its 2016 annual report that former CEO, Sam Walsh would not receive thousands of bonus shares until the story was sorted out.

For all the market talk of rewards for patient shareholders, Rio Tinto’s (RIO) board looked a touch parsimonious in yesterday’s full year financial year report for 2016.

Rio Tinto (RIO) last night revealed that it has sold its remaining coal interests in NSW to the Chinese-controlled company Yancoal.

Rio Tinto (RIO) seems to have missed riding the great 2016 iron ore price surge and record buying spree by Chinese steel mills, even though it met its reduced guidance for the year.

Rio Tinto (RIO) successfully diverted attention from its bribery story yesterday by revealing plans to generate another $US5 billion in free cash flows over the next five years.

Rio Tinto (RIO) is in for a brawl after sacking two senior executives yesterday over the $US10.5 million payment in connection with the Simandou iron ore prospect in Guinea in West Africa. Rio said yesterday morning it had “today terminated the contracts of Energy & Minerals chief executive Alan Davies and Legal & Regulatory Affairs Group executive Debra Valentine.”

Rio Tinto (RIO) has sacked two senior executives over the alleged $US10.5 million illegal payment made in connection with its Simandou iron ore project in the West African country of Guinea.

Rio Tinto (RIO) shares will come under pressure today on the ASX after news emerged overnight that the miner will close one of its major WA iron ore mines over Christmas in an apparent cost-cutting exercise that doesn’t stand up to scrutiny.

Rio Tinto has suspended one of its most senior executives after discovering payments made to a consultant working on one of its former projects in Africa – the massive Simandou iron ore project in the West African country of Guinea.

Iron ore prices might be up sharply this year, but that didn’t make much difference to interim profit figures from Rio Tinto (RIO) late yesterday. They fell, as expected to 12-year lows.

Rio Tinto (RIO) will finally go ahead with the expansion of the Silvergrass iron ore mine in the Pilbara at a cost of $338 million.

The market ignored the breathlessly reported admonition that Rio Tinto (RIO) might “have to lift its game” in coming months of this year if it is to hit its annual iron ore production targets after output from its huge Pilbara mines Western Australia was softer than expected in the June quarter and half year.

Rio Tinto (RIO) has quietly killed off the long mooted $US20 billion Simandou iron ore project in Guinea in west Africa.