Rio Tinto Group
Rio Tinto Group
Full text is available to Level 2 subscribers only
Subscribe to Mining Business Media
Full access to Mining Business Media's unique blend of global mining sector news and commentary is available by subscription only.
$A275.00 per year*
(*up to 10 users)
GST included in Australia
Direct debit/cheque/credit card:
Click here
Subscription inquiries, email subscribe@miningbusiness.net or call 61+413 772 044.
Related Content
Forbes & Manhattan Coal Corp is expanding its footprint in Africa, with an agreement to acquire two coal mines from Rio Tinto.
The company will take up 74% of the Zululand and Riversdale anthracite collieries in South Africa for a base payment of R400M, along with an annual revenue share of 10% on incremental revenue above R850M until 2025.
The Zululand colliery has produced an average of 700,000tpa coal over the past five years, while Riversdale is yet to be developed.
Mongolia's government plans to review all foreign mining investments but has pledged not to single out a deal with Rio Tinto to develop the huge Oyu Tolgoi copper-gold mine.
Mining minister Ganhuyag Davaajav told media the new mining "action plan" over the next four years is likely to call for changes to the deal, which granted 66% of the deposit to Canada's Turquoise Hill Resources (formerly Ivanhoe Mines), majority owned by Rio Tinto.
Australian mining and construction contractor Macmahon is facing up to a 50% drop in profits and has lost CEO Nick Bowen after suffering its second major contract failure on a Pilbara iron ore development.
Bowen resigned as Macmahon reduced its after-tax profit guidance for the year ending June 2013 to $A20-40M, down from the $67M forecast of a month ago. The company achieved record profit of $56.1M for FY2012.
Once one of Australia’s most attractive listed contractors, Macmahon has been plunged into crisis again by a Pilbara contract gone bad. John Feary reports
A $A90M rail earthworks contract for Rio Tinto unit Hamersley Iron has plunged Australian construction and mining contractor Macmahon back into crisis, just a month after predicting record profits.
Macmahon began site work late last year on bulk earthworks and bridge construction for the 52km Lang Hancock Railway extension to the Hope Downs 4 iron ore mine in Western Australia's Pilbara region. Since contract award, Macmahon agreed to accelerate works aiming for completion in October 2012.
Pilbara iron ore miner Rio Tinto has awarded a $A70M-plus contract to Australian company Forge Group to design and construct fuel infrastructure at its West Angelas and Brockman iron ore mines in Western Australia’s Pilbara region.
The engineering-procurement-construction contract will be carried out by Forge’s wholly owned Cimeco and delivered over 12 months.
Andrew Forrest bet $US15B of mostly borrowed money on a China steelmaking boom – now he is fighting to retain his $3B stake in Fortescue.
Pilbara iron ore giant Rio Tinto warns the Australian High Court ruling supporting third party access to Rio Tinto’s and BHP Billiton’s rail systems will disrupt operations in the massive iron ore province.
The largest Pilbara region producer says the potential disruption and diseconomy costs would dwarf whatever benefits might exist in permitting smaller miners to transport ore on the private networks.
Iron ore prices are back on the roller coaster, and some of those aboard will be enjoying the ride less than others
Rio Tinto Iron Ore has awarded a $A133M contract for works on its Cape Lambert Port B 353Mtpa iron ore expansion project in the Pilbara region of Western Australia to Australian-based contractor NRW Holdings.
Working in joint venture with the local community group Ngarluma and Yindjibarndi Foundation, the group will be responsible for construction of the project stockyard, earthworks for the conveyor link and rail formation plus the earthworks and relocation of water pipelines.