Australia takes Rio Tinto to court over Mozambique coal deal

Australia’s corporate watchdog is taking Rio Tinto’s (ASX, LON:RIO) former chief executive Tom Albanese and chief financial officer Guy Elliott to court for allegedly misleading investors in relation to the miner’s botched coal investment in Mozambique. According to the Australian Securities and Investments Commission (ASIC), the two ex-executives engaged in “misleading and deceptive” conduct by[…]

Mongolia's Oyu Tolgoi mine to lift force majeure

The Oyu Tolgoi copper and gold mine in Mongolia’s southern Gobi Desert will lift force majeure effective March 1 and majority owner Turquoise Hill Resources Ltd said on Wednesday that it expected to make up any sales-related effect over the next few quarters. Force majeure was declared Jan. 17 after protests by Chinese coal haulers[…]

Miners rich in cash are aiming for fat dividends, debt payments

The mining industry is awash with cash, and so far it’s got two main uses — pay down debt and reward investors. Three of the big four London-listed miners have released earnings this month, and it’s clear the companies are doing what shareholders have demanded of them. Glencore Plc, which traditionally favored stuffing its war[…]

Mining sector unloved as investors find it hard to trust

Investors are shunning the mining sector, data from Thomson Reuters shows, as they struggle to forget the string of multi-billion dollar takeovers and expensive development projects that left them empty handed. A decade-long commodity boom coincided with years of economic growth when China took off, but when the global economy slowed, so did the market[…]

Rio investors asked to push miner to leave Minerals Council of Australia

Shareholders of world’s second largest miner Rio Tinto (ASX, LON:RIO) are being recruited to demand the company quit Australia’s top mining lobby group. The Australasian Centre for Corporate Responsibility (ACCR) is looking to persuade about 100 investors to co-file a resolution at Rio Tinto’s upcoming annual general meeting, in which it will ask the group to leave[…]

Rio Tinto and two former top execs must face fraud charges — SEC

The United States’ top securities regulator has rejected arguments by Rio Tinto (LON:RIO) and two former top executives that its civil lawsuit claiming they concealed the plunging value of coal assets owned by the big Anglo-Australian mining company should be dismissed. Last week, the company, its former chief executive Tom Albanese, and its ex finance[…]

CHARTS: Big mining's surge in value shames tech giants

Big cap diversified miners are riding a wave of optimism as global growth prospects – especially in manufacturing – continues to strengthen.  Global economic activity as measured by the JP Morgan global manufacturing and services index showed output rising at the fastest pace since March 2015. The manufacturing index has now signalled expansion for a record 82 months[…]

Former Xstrata CEO Mick Davis may become Rio Tinto new chairman

Former Xstrata chief executive Mick Davis, the current leader of Britain’s ruling Conservative Party, is said to be the frontrunner to become Rio Tinto’s new chairman. People familiar with the matter told Sky News the South African-born businessman has held talks with Rio over the position held until the end of the year by retiring chairman Jan[…]

Rio facing class action in the U.S. over Mozambique coal mine

Seattle-based law firm Hagens Berman Sobol Shapiro LLP released a statement saying it filed a suit on behalf of purchasers of Rio Tinto American Depositary Receipts between Oct. 23, 2012 and Feb. 15, 2013 in the U.S. District Court for the Southern District of New York. The action has been filed against Rio Tinto (ASX,[…]