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 [...]
Ex-Rio Tinto chief named as Vedanta CEO March 6, 2014 Tom Albanese, former chief executive officer (CEO) of miner Rio Tinto, has been named by Vedanta Resources as its new CEO. Albanese has been chairman of the India-focused mining company’s subsidiary Vedanta Resources Holdings since September of last year. He’ll succeed M.S. Mehta, who’s stepping down at the end of March. Albanese said of his [...]
Rio Tinto hikes dividend after slashing costs February 13, 2014 RIO TINTO chief executive Sam Walsh proved his mettle with the miner’s full-year results yesterday, which showed higher earnings and production, larger-than-expected cost savings and a 15 per cent dividend increase. Walsh has slashed costs and divested non-core assets at the FTSE 100 Anglo-Australian firm since he took up the role a year ago, as [...]