Rio Tinto Group
Rio Tinto Group
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With India/South East Asia stepping into a gap being opened by China, Rio is concentrating on its major projects. Mark Mentiplay reports
Global miner Rio Tinto expects the recent round of layoffs and cost-cutting in Australia to continue as margins shrink due to rising production costs and falling commodity prices.
Rio Tinto's Australia chief executive David Peever told the Australian Resources Conference in Perth: "The rationalisation will continue."
The company has been cutting costs, reviewing projects and closing coal mines in Australia as, along with its peers, it battles sliding revenue amid tumbling commodity prices.
Rio Tinto Iron Ore has pulled the pin on the $A44M development of a new 244-person accommodation complex for fly-in, fly-out workers at Paraburdoo in the Pilbara region of Western Australia.
Diploma Construction, which was awarded the design and construct contract for the complex in July, says it’s been told the accommodation expansion project will not proceed beyond the building licence documentation stage.
China’s incoming leadership is unlikely to spur fresh economic stimulus measures anytime soon, according to global miner Rio Tinto.
"The forces for a big stimulus are pretty limited," according to Rio's chief economist Vivek Tulpule.
Earlier rounds of stimulus helped drive global iron ore and coal prices to record highs. Since then, an economic downdraft has seen Chinese growth slow for 7 successive qtrs, leaving 2012 on course to be the weakest full year of growth since 1999, albeit at a 7.7% clip that is the envy of developed economies.
Rio Tinto sees Chinese growth at 8%-9% to 2015, 7%-8% to 2020 and 5%-6% beyond 2020.
Output from Chile’s Escondida, the world's largest copper mine, jumped 72.4% in the 3rd qtr, compared with the same period 2011, to 253,800, according to state copper commission Cochilco.
The strong performance was underpinned by better ore grades and a low base of comparison from the year-ago qtr.
Escondida, 57.5% owned by global miner BHP Billiton and extracts about 7% of the world's copper, produced 787,000t between January and September, up 31.6% from the same period last year.
It’s business and it’s personal as the big guns marshal their resources for BHP’s Guinea assets, particular Mt Nimba iron ore. Clara Ferreira-Marques and Silvia Antonioli report.
The sensitive political issue of Chinese-sourced power supply to Rio Tinto subsidiary Turquoise Hill Resources’ 66%-owned giant Oyu Tolgoi copper, gold, silver and molybdenum project in Mongolia appears to have been resolved.
Compagnie des Bauxites de Guinee signed a long-term bauxite supply agreement with the United Arab Emirates investment fund Mubadala Development Co.
The Emirates News Agency did not report the duration or value of the contract, but Guinea mines minister Mohamed Lamine Fofana said at the signing ceremony in Abu Dhabi that the deal would add $US500M to Guinea's gross domestic product.
The news agency quoted Fofana as saying the agreement will enable CBG to expand bauxite production to over 20Mtpa.
Simandou probe highlights growing tensions for miners in Guinea