Rio Tinto Group
Rio Tinto Group
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SouthGobi Resources has turned to coal and energy industry veteran Ross Tromans, a former senior executive of its ultimate parent company Rio Tinto, as it deals with the fallout of a failed takeover bid by Aluminium Corporation of China.
The appointment of Tromans follows the dismissal of Alexander Molyneux, who had led the company since 2009.
Production is back to design capacity at the Palabora copper mine in the Limpopo province of South Africa after Rio Tinto unit Palabora Mining completed the repair of damage to the skip loading station at the base of the main shaft.
The shaft was damaged in July when the guide rope failed during installation.
Palabora says the restoration work has been carried out without injury. Magnetite shipments have continued at planned levels and significant maintenance carried out.
A big jump in Queensland coal royalties has left miners already looking at cutbacks and investment delays, stunned.
Rio Tinto says doubling its shareholding in South African mineral sands miner Richards Bay Minerals positions the company for long-term robustness in the global market for titanium dioxide.
Rio Tinto Diamonds & Minerals chief executive Alan Davies says the acquisition of 37% from BHP Billiton further strengthens its titanium dioxide portfolio.
“Demand for feedstocks is expected to grow strongly, needing the equivalent of a new operation the size of RBM to be built every two and a half years."
BHP Billiton has completed the $US1.9B sale of its 37% passive interest in South African mineral sands miner/smelter Richards Bay Minerals to Rio Tinto.
The companies exercised an option agreement entered into during the restructuring of Richards Bay Minerals in 2009. The sale price of $1.91B before adjustments was reached in a prescribed valuation process.
BHP says the sale reflects its commitment to a simpler, more scalable upstream portfolio.
Rio Tinto’s disposal of non-core aluminium assets has moved a step further with the sale of the North American portion of its Alcan Cable business to General Cable Corporation for $A151M cash.
The sale of Alcan Cable, which makes aluminum cable for the utility and building industries via five manufacturing operations as well as a distribution centre and dedicated technology development centre in North America and operation in Tianjin, China, was agreed in May.
Forge Group subsidiary CTEC has received a notice of award from Rio Tinto for the delivery of a combined cycle gas turbine power station at the Cape Lambert project.
The engineering, procurement and construction contract at Cape Lambert, in Western Australia’s Pilbara region, is valued at about $A280M. Project delivery at Cape Lambert is planned for early 2015.
The world’s miners are seeking new and diversified sources for iron ore, and the just-completed Africa Down Under conference in Perth, Western Australia has indicated – for many in the sector – that Africa could come to rival Australia’s Pilbara region.
Miners are looking beyond the current fall in iron ore prices to their lowest levels in nearly three years to see Africa as the new frontier.
West and Central Africa are shaping up to be "the next Pilbara" as the world’s miners seek new and diversified sources for iron ore. Rebekah Kebede reports
Iron ore prices have fallen to their lowest level since 2009, sending shares of miner Rio Tinto to three-year troughs as a slowdown in top consumer China threatened to further sap demand.
The iron ore price has dropped by more than $US45/t – a third of their value - since July as Chinese steel producers shunned cargoes amid declining demand. Analysts and traders warn prices could fall up to another 30% with no sign consumption will rebound anytime soon.