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,[…]

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[…]