Miner Rio Tinto transfers CEO Sam Walsh and CFO Chris Lynch to open-ended contracts October 23, 2014 Mining company Rio Tinto has extended the tenure of its chief executive Sam Walsh and chief financial officer Chris Lynch, the firm announced yesterday. Walsh, whose contract was due to end on 31 December 2015, with a break clause from 31 October 2014, and Lynch, whose contract was due to end on 28 February 2017, [...]
Glencore rules itself out of Rio Tinto bid for six months October 7, 2014 Glencore has distanced itself from a merger with rival miner Rio Tinto – forgoing the opportunity to make a formal bid for the next six months as a result. Last night Rio Tinto revealed it had firmly rejected an approach from the smaller firm, which would have created a £100bn giant, leapfrogging BHP Billiton [...]
Rio Tinto share price rockets following Glencore rejection October 7, 2014 Rio Tinto's share price peaked at £31.46 today, up by more than six per cent from yesterday. The rise followed news that Glencore was discussing a possible merger between the two mining companies with Rio Tinto's largest shareholder, the Chinese state-backed Aluminium Corp. Earlier, Rio Tinto had released a statement confirming that “no [...]
Rio Tinto rejects Glencore’s £60bn mega-merger bid October 6, 2014 Merger would create world’s biggest mining group Giant mining group Rio Tinto last night revealed it had firmly rejected an approach from Glencore, in the opening salvo of a new mega-merger bid in the sector. The estimated £60bn offer would have created a £100bn titan by market capitalisation, with the combined group leapfrogging BHP Billiton [...]
Rio Tinto looks to review stake in closed mine August 18, 2014 A MINE in Papua New Guinea owned by Rio Tinto that has been closed for a quarter of a century following a violent uprising in the country is under review, as the massive mining company considers its options for the site with the possibility of a sale. The review into Bougainville Copper Limited (BCL), the [...]
Rio Tinto reviewing its 53.8 per cent stake in Bougainville Copper and unused Panguna mine August 18, 2014 Rio Tinto has announced that it is reviewing all options for its 53.8 per cent stake in Bougainville Copper Limited. Bougainville Copper owns the large Panguna mine on Bougainville Island in Papua New Guinea, however Rio Tinto are considering selling its stake in the company after the government passed new mining legislation which converts [...]
Rio Tinto chief Sam Walsh says chairman’s dual role proof of a turnaround August 8, 2014 Rio Tinto’s chief executive Sam Walsh yesterday said that chairman Jan du Plessis’ appointment at brewing giant SABMiller would not have been possible in previous years and used it as evidence of the mining company’s improved performance. Du Plessis will be chairman of both FTSE 100 companies from next year, sparking criticism from investor group [...]
Rio Tinto share price climbs on rising profits August 7, 2014 Shares in mining giant Rio Tinto have risen two per cent after the FTSE 100 company beat market expectations and reported a profit before tax of £6bn for the six months to 30 June. Revenues were also ahead of consensus, reaching $24.4bn, with underlying earnings rising by 21 per cent to $5.1bn. City broker Numis [...]
Rio Tinto mines increased profits after massive cost reduction August 7, 2014 Mining giant Rio Tinto has smashed expectations and reported profit before tax of over £6bn for the six months to 30 June – almost double what it was the previous year. The Anglo-Australian FTSE 100 company beat market forecasts through deep cuts in capital spending rapid efficiency savings, while hiking iron ore output. Net debt [...]
Rio Tinto sells Mozambique coal venture July 30, 2014 RIO TINTO yesterday said it had agreed to sell its Mozambique coal assets for a knock-down price of $50m (£29.6m), marking the end of former boss Tom Albanese’s misjudged acquisition at the end of the commodities boom. The Anglo-Australian mining powerhouse is selling the Benga coal mine and other projects in the Tete province of [...]