Rio Tinto rejects Glencore’s £60bn mega-merger bid October 6, 2014 Merger would create world’s biggest mining group Giant mining group Rio Tinto last night revealed it had firmly rejected an approach from Glencore, in the opening salvo of a new mega-merger bid in the sector. The estimated £60bn offer would have created a £100bn titan by market capitalisation, with the combined group leapfrogging BHP Billiton [...]
Rio Tinto looks to review stake in closed mine August 18, 2014 A MINE in Papua New Guinea owned by Rio Tinto that has been closed for a quarter of a century following a violent uprising in the country is under review, as the massive mining company considers its options for the site with the possibility of a sale. The review into Bougainville Copper Limited (BCL), the [...]
Rio Tinto reviewing its 53.8 per cent stake in Bougainville Copper and unused Panguna mine August 18, 2014 Rio Tinto has announced that it is reviewing all options for its 53.8 per cent stake in Bougainville Copper Limited. Bougainville Copper owns the large Panguna mine on Bougainville Island in Papua New Guinea, however Rio Tinto are considering selling its stake in the company after the government passed new mining legislation which converts [...]
Rio Tinto chief Sam Walsh says chairman’s dual role proof of a turnaround August 8, 2014 Rio Tinto’s chief executive Sam Walsh yesterday said that chairman Jan du Plessis’ appointment at brewing giant SABMiller would not have been possible in previous years and used it as evidence of the mining company’s improved performance. Du Plessis will be chairman of both FTSE 100 companies from next year, sparking criticism from investor group [...]
Rio Tinto share price climbs on rising profits August 7, 2014 Shares in mining giant Rio Tinto have risen two per cent after the FTSE 100 company beat market expectations and reported a profit before tax of £6bn for the six months to 30 June. Revenues were also ahead of consensus, reaching $24.4bn, with underlying earnings rising by 21 per cent to $5.1bn. City broker Numis [...]
Rio Tinto mines increased profits after massive cost reduction August 7, 2014 Mining giant Rio Tinto has smashed expectations and reported profit before tax of over £6bn for the six months to 30 June – almost double what it was the previous year. The Anglo-Australian FTSE 100 company beat market forecasts through deep cuts in capital spending rapid efficiency savings, while hiking iron ore output. Net debt [...]
Rio Tinto sells Mozambique coal venture July 30, 2014 RIO TINTO yesterday said it had agreed to sell its Mozambique coal assets for a knock-down price of $50m (£29.6m), marking the end of former boss Tom Albanese’s misjudged acquisition at the end of the commodities boom. The Anglo-Australian mining powerhouse is selling the Benga coal mine and other projects in the Tete province of [...]
Why one bank is switching its allegiance from BHP Billiton to Rio Tinto June 5, 2014 As both are FTSE 100 listed Anglo-Australian miners, BHP Billiton and Rio Tinto often get compared rather than contrasted. But RBC Capital Markets today downgraded BHP – despite the stock outperforming Rio by around 10 per cent this year – and switched to a preference of Rio over BHP. “Since December 2013 we have preferred [...]
Rio Tinto hires Australian former politician as new board director May 29, 2014 MINING giant Rio Tinto yesterday said it has hired Australian former politician Michael L’Estrange to join its board. The academic and policy adviser has held senior government roles including cabinet secretary, before moving to London to serve as Australia’s high commissioner to the UK in 2000. He returned to Australia as secretary of the department [...]
Rio Tinto’s shareholders are green and angry April 15, 2014 A shareholder at Rio Tinto’s annual meeting today accused the company of “getting as bad as BP”, referring to its health and safety record due to 33 deaths at the Grasberg mine in Indonesia last year. The two companies make an interesting comparison, BP having had its own annual meeting last week. While both are [...]