Tuesday, July 23, 2013

Rio Tinto doubles 2010 capex to at least $5bn

October 30, 2009 by · Leave a Comment 

Global diversified miner Rio Tinto has doubled its planned capital expenditure (capex) for 2010 from the previously anticipated $2,5-billion to between $5-billion and $6-billion. The miner had previously expected to reduce its capex to a sustaining level of $2,5-billion, but said on Friday that it would now spend at least $5-billion in capex in 2010, [...]

Rio Tinto to double capex spending next year to at least $5bn

October 30, 2009 by · Leave a Comment 

The group said the decision was taken after seeing signs of economic recovery and a decrease in its debt levels Read more….

BHP may seek more JVs, warns on sluggish recovery

October 29, 2009 by · Leave a Comment 

Miner BHP Billiton is considering more joint ventures like its 50:50 iron-ore deal with Rio Tinto as it seeks to increase production while keeping costs under control. BHP’s stance as the world’s biggest mining company means takeovers would be rare since it is only seeking huge assets, CE Marius Kloppers told the group’s annual meeting [...]

Ivanhoe gets $388m injection as Rio boosts stake

October 28, 2009 by · Leave a Comment 

Diversified miner Rio Tinto has doubled its holding in Vancouver-based Ivanhoe Mines for $388-million, the firms announced on Wednesday. Rio now owns 19,7% of Ivanhoe, up from the previous 9,9%. The investment was completed as part of a 2006 agreement between the two companies. Read more….

Australia declares end to China tensions

October 26, 2009 by · Leave a Comment 

Australia declared an end to diplomatic tensions with China on Monday despite differences over the arrest of a Rio Tinto mining executive, and urged Beijing to stay calm when disagreements flare in the media. Australia’s ties with China have been tense for several months after China’s state-owned metals firm Chinalco failed in a bid to [...]

BHP chairman tells China: game on

October 22, 2009 by · Leave a Comment 

Global miner BHP Billiton acknowledged on Thursday that it and other iron-ore producers had at times upset their major customer China and said that Beijing realised it had "to play with the big boys". In a parting shot at Chinese anger over high iron ore prices and over BHP’s plans for a $116-billion iron-ore joint [...]

Force majeure leaves BHP Billiton in Rio Tinto’s shadow

October 21, 2009 by · Leave a Comment 

BHP’s forecast for a 5 to 10% rise in production at Escondida failed to dispel the disappointment over a fall in quarterly copper output Read more….

‘Provisional’ iron-ore prices poised to become settlement prices – analysts

October 20, 2009 by · Leave a Comment 

There may not be an iron-ore price settlement at all this year, and the "provisional" prices that are being charged by iron-ore producers may become the effective benchmark settlement prices, analysts tell Mining Weekly Online. Drama clouded this year’s iron-ore price talks when the Chinese government detained Rio Tinto executive Stern Hu and three of [...]

Mixed reaction to Rio’s decision to scrap SA smelter project

October 16, 2009 by · Leave a Comment 

Environmental organisation Earthlife Africa has welcomed the scrapping of Rio Tinto’s plans for a smelter at Coega. In a statement on Friday, it said that "sense was beginning to reign in the South African energy sector". Late on Thursday, Eskom, the Industrial Development Corporation, the department of trade and industry, and Rio Tinto announced the [...]

BHP, Rio JV abandons plan to jointly market Pilbara iron-ore

October 15, 2009 by · Leave a Comment 

Diversified miners BHP Billiton and Rio Tinto have decided not to proceed with joint marketing activities from their joint-venture (JV) iron-ore operations in the Pilbara region of Western Australia, the companies announced on Thursday. In June, BHP Billiton and Rio Tinto agreed to combine their Western Australian iron-ore assets. Under the agreement, up to 15% [...]

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