Glencore snatches Rio Tinto-owned mines from Yancoal with $2.55B offer

Miner and commodities trader Glencore (LON:GLEN) has performed a coup d’etat on a deal that was practically sealed between Yancoal Australia (ASX:YAL) and Rio Tinto (ASX, LON:RIO) for Rio’s coal assets in Australia’s Hunter Valley. The company said Friday that it has offered $2.55 billion for the mines that are near coal operations already owned by[…]

Here's why the iron ore price is tanking

The destruction of iron ore and coking coal prices in the past week has been brutal. Northern China 62% Fe import prices are down more than 12% since last Friday after losing another $4 on Friday to below $60 a tonne. Measured from its February peak, the steelmaking raw material is down a stomach-churning 37%.[…]

Australia greenlights Rio Tinto’s $2.45bn sale of coal mines to Yancoal

Australian authorities have given Yancoal (ASX:YAL), the subsidiary of China’s Yanzhou Coal Mining, the green light to go ahead with its planned $2.45 billion acquisition of Rio Tinto’s (ASX, LON:RIO) thermal coal assets in the Hunter Valley. The Coal & Allied unit includes Rio’s stakes in the Hunter Valley Operations mine, Mount Thorley and Warkworth mines, as well[…]

Iron ore, copper price plunge brings carnage to mining stocks

Mining and metals investors were offloading the sector’s big names on Wednesday after sharp drops in iron ore and copper prices over worries about the robustness of the Chinese economy and heightened tensions surrounding North Korea with President Trump sending an “armada” of US warships to the region. While gold was setting fresh 2017 highs on the back of safe[…]

Erdene Resource moving forward with flagship project in Mongolia

Canada’s Erdene Resource Development (TSX:ERD), the company that literally struck gold earlier this year after finding its new Mongolia-based gold project was richer than previously thought, expects to move Bayan Khundii towards its maiden resource estimate by 2018. The firm, one of the very few miners to never have encountered issues in the landlocked Asian country, was granted[…]

Top 50 biggest mining companies

Less red ink more blue sky MINING.com and sister company IntelligenceMine‘s ranking of the world’s 50 largest mining companies based on market value continues to show an industry in recovery. At the end of the first quarter this year the top 50 companies had a combined worth of $842 billion. In total these companies’ added $258[…]

Rio Tinto defers former CEO Walsh bonus over Guinea scandal

Rio Tinto’s (ASX, LON:RIO) former chief executive Sam Walsh has had part of his retirement payout withheld while the group waits for the results of ongoing investigations into payments made to a consultant to gain access to the Simandou iron ore project in Guinea, Africa. The decision, announced as part of the world’s second biggest miner’s[…]

Yancoal fresh loss casts doubts on planned acquisition of Rio’s mines

Yancoal Australia (ASX:YAL), the subsidiary of China’s Yanzhou Coal Mining that is trying to buy Rio Tinto’s thermal coal assets in Australia’s Hunter Valley, has posted another annual loss this week, reporting net debt of almost $3.7 billion (A$4.8bn). Industry observers believe Yancoal may hit a snag when trying to complete a $2bn equity issue to[…]

Rio Tinto logs first annual gain since 2013 on iron ore rally

Rio Tinto (ASX, LON:RIO), the world’s second largest miner, delivered strong signs of a long-awaited turnaround in the industry by posting its first gain in annual profit since 2013. Higher iron ore prices boosted Rio’s profit 12% to $5.1 billion last year, a significant turnaround from 2015, when it posted its worst underlying earnings in[…]