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,[…]

Iron ore nears $80 a tonne

Iron ore prices held steady above $79 per tonne on Tuesday on the back of a strengthening billet market a day earlier, when Chinese steelmakers began stoking production ahead of mandated cuts going into winter. Iron ore is trading higher now than at the beginning of the year. Ore with 62% content in Qingdao traded at $79.65 per[…]

Yancoal seeks $2.5bn from investors to pay for Rio’s Aussie coal mines

China-backed Yancoal Australia (ASX: YAL) said Wednesday it will launch a fundraiser to fetch $2.5 billion it needs to buy Rio Tinto’s (LON, ASX:RIO) Coal & Allied division, which it scored late June after a three-week bidding war with Glencore. The figure is lower than the $2.69 billion originally agreed, thanks to Glencore’s (LON:GLEN) intervention last[…]

Rio Tinto’s first-half profit soars 93%, investors getting $3bn back

Rio Tinto (ASX, LON:RIO), the world’s second largest miner, gave its shareholders an early Christmas present Wednesday as it declared its biggest interim dividend in the company’s 144-year history, thanks to climbing commodity prices that made first-half profit jump an impressive 93%. The Anglo-Australian company also said it will increase its share buy-back program this[…]

Upbeat China data sends iron ore soaring, climbs the most in 8 months

Iron ore prices received a major boost Monday hitting its highest level in eight months after upbeat Chinese data showed its construction sector in July grew the most in almost four years. Ore with 62% content in Qingdao jumped 7.2% to $73.70 a tonne, according to the Metal Bulletin, the highest price since April 11 and the largest[…]

Glencore acquires half of former Rio coal mine in Australia

Following a bidding race where the company initially lost, Glencore (LON:GLEN) was finally able to put its hands on Rio Tinto’s (ASX, LON:RIO) former coal assets in Australia’s Hunter Valley, located in the New South Wales region. The Anglo–Swiss multinational announced that it signed agreements with Yancoal Australia (ASX:YAL), a subsidiary of China’s Yanzhou Coal[…]

Iron ore soars past $70 a tonne

Iron ore continued this week’s sharp rally and is now back above $70 a tonne, a level not seen since April 11. Ore with 62% content in Qingdao climbed 2% to $70.24 a tonne, according to the Metal Bulletin. It means that since Monday the commodity has surged about 7%. And from the recent low of $53.36 a[…]

Rio’s revised iron ore guidance pushes price to three-month high

Prices for iron ore skyrocketed Tuesday as Rio Tinto (ASX,LON:RIO), the world’s second largest exporter, warned Tuesday that shipments from Australia were expected at about 330 million tonnes in 2017. That’s down from its April forecast of 330 million-to-340 million tonnes. Ore with 62% content in Qingdao added $2.03 a tonne overnight, to close at $68.84 a tonne[…]