Tag: RIO

Glencore has now abandoned a bid for Rio Tinto (RIO) in the wake of the news yesterday that an approach in July was strongly rebuffed by the Rio board.

Watch Rio Tinto (RIO) shares shake off their BHP-induced weakness from yesterday and jump after renewed speculation overnight that the aggressive Glencore was still stalking the company.

For all the global instability we have started seeing – such as in Ukraine, the South China Sea, Gaza and Libya, global mining giant, Rio Tinto (RIO) remains pretty upbeat about the outlook for commodities.

A sharply higher profit than forecast, a higher dividend, promise of more to come, and another hint that the company will soon be in a position to consider capital returns to shareholders – they are the brief highlights from Rio Tinto’s (RIO) interim profit announcement yesterday.

Besides the full bore production and selling of its iron ore from its huge WA mines, Rio Tinto (RIO) has also revealed a considerable improvement in its copper business.

Despite the sharp fall in global iron ore prices, mining giant, Rio Tinto (RIO) kept its Western Australian iron ore production and selling machine operating at full bore in the six months to June 30.

Investors were strangely neutral about the solid rise in iron ore production and sales from Rio Tinto (RIO) in the three months to March.

The market missed Rio Tinto’s (RIO) stronger than expected second half and higher full year figures and dividend boost yesterday.

Rio Tinto (RIO) and Vale of Brazil are the world’s second biggest and third biggest miners by market value – but a year or so ago, Vale was second and Rio was third.

There was further bad news for the embattled mining services sector last night with the news that Rio Tinto (RIO) has chopped its WA iron ore expansion output plans by nearly 10% and around $US3 billion in cost.

Rio Tinto (RIO) has confirmed the strength of the global iron ore market (which was confirmed by the record Chinese imports last month of 74.85 million tonnes) by revealing record iron ore production from its huge mines in the Pilbara region of Western Australia.

Mining giant Rio Tinto (RIO) continues to make progress in its difficult talks with the Mongolian government on its hugely expensive Oyu Tolgoi copper and gold mine, and it’s also making rapid progress with work on its Pilbara iron ore expansion plan in Western Australia.

Another messy result from Rio Tinto for the six months to June 30, with more write-offs which reduced the already weak pre-tax earnings figures; a decision to abandon trying to sell its weakest aluminium assets; with the only good news, another lift in dividend to keep shareholders happy.

Newish Rio Tinto (RIO) CEO Sam Walsh has now raised more than $US1.1 billion from asset sales after the provisional sale of its 80% owned Northparkes copper mine in NSW to China Molybdenum Co for US$820 million.

The slowing Chinese economy hasn’t deterred Rio Tinto (RIO) from continuing to drive its WA iron ore expansion.

A rare bit of good news for Rio Tinto (RIO) if reports from Mongolia are accurate – that country’s government is reported to have given the green light for Rio to start shipping copper from its huge $US6.2 billion ($A7.3 billion) Oyu Tolgo copper mine.

The great Rio Tinto crash diet continues with reports the company is looking to sell down part of its collection of coal mining assets in NSW to another big miner – Glencore, owners of Xstrata.

Rio Tinto has taken the opportunity of a peak in its iron ore-driven profits to clean up its books with a massive $US8.9 billion ($A8.3 billion) write-down in the value of its aluminium business.

On the even of releasing its 2011 profit later today, Rio Tinto has confirmed that it is determined to continue growing its highly profitable iron ore business, despite a nasty blowout in costs in the past four months.

Is Rio Tinto really that bullish about the outlook for 2012?

And Rio Tinto said yesterday it had committed an additional $US1.3 billion ($A1.2 billion) to the development of the huge Simandou iron ore project in Guinea.

Rio Tinto’s costly and overpriced 2007 takeover of Alcan for more than $44 billion continues to haunt the group.

Resources giant Rio Tinto has used the recent market weakness to lift its stake in Canadian miner Ivanhoe Mines to the planned 49% level it agreed to with Ivanhoe several years ago.

The market had been looking for an interim profit of just over $US8 billion for the six months to June from Rio Tinto.

Rio Tinto is heading for sharp slowdown in first half profit growth after revealing bigger than expected falls in iron ore and coal production and exports in the three months to March.

Rio Tinto has just fallen short of effective control of Riversdale Mining.

A rather bullish outlook from major miner Rio Tinto in its 2010 review released yesterday helped the shares rebound nearly 2% in yesterday’s steadying market.

No wonder Rio Tinto shares perked up 30c right at the end of trading yesterday at around 4 pm.

Mining giant Rio Tinto is looking at a sharp jump in earnings for 2010 after a record year for its huge iron ore business which will allow it to offset a slight weakening in quarterly ore prices for the three months to December.

Rio Tinto shares hit a 25 month high yesterday and looking at the third quarter operations report it was easy to see why.

Rio Tinto continues to commit to significantly higher spending in Australia in the wake of the settlement of the federal election.

Rio Tinto isn’t too worried about the new federal Labor government, the Greens or the influence of the independents, judging by two moves revealed yesterday to spend over $1.2 billion over the next three to four years on expansion in iron ore and bauxite.

Rio Tinto has well and truly recovered from its self-inflicted near death experience in 2008-09 that saw it almost fall into Chinese hands.

A mixed bag of comment from Rio Tinto in its second quarter and first half production report issued yesterday.

Rio Tinto has moved to cement its control of Ivanhoe Mines of Canada and the huge Oyu Tolgoi copper and gold project in Mongolia.

Rio Tinto has stepped up its attacks against the proposed new Federal mining tax.

Australia’s major coal miners have found their supposed fears about the proposed resources profit tax no barrier to trying to increase their hold on the Queensland coal transport system.

Rio Tinto has slightly raised its production guidance for iron ore after posting a 39% jump in first-quarter output, thanks mostly to Chinese demand and recovery in other markets in Asia.

A year ago the 2008 annual report of Rio Tinto was full of qualified optimism, the Chinalco shareholding, commodity prices being low, and the uncertain outlook as the global recession and credit crunch battered confidence and the company. 

Rio Tinto, the world’s third- largest mining company, will spend $C245 million to increase its holding in Ivanhoe Mines Ltd., its partner in the Oyu Tolgoi project in Mongolia.