Rio Tinto Group
Rio Tinto Group
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The long-term outlook for copper remains positive, Rio Tinto copper chief Andrew Harding says.
Debate over whether the decade-long bull run in commodities has ended has ramped up in recent days as China heads for the slowest pace of annual growth in more than a decade, driving down raw material prices.
Rival BHP Billiton earlier this week shelved expansion plans due to soaring development costs, a high Australian dollar and an uncertain outlook.
Rio Tinto Iron Ore has awarded engineering services company Calibre Group a $A150M engineering, procurement and construction management contract for the Implementation phase of the $US1.7B Yandicoogina Sustaining Project in the central Pilbara region of Western Australia.
The choice of resource nationalist Davaajav Ganhuyag as Mongolia’s mining minister has sparked speculation the new government may revisit existing mining investment deals.
The 49-year-old a chemical engineer and ruling Democratic Party member was confirmed by parliament late on Aug 17.
Ganhuyag previously demanded the renegotiation of some foreign mining contracts to give the state a larger stake in the biggest mines.
Output in the June 2012 half year from the world's largest copper mine, Chile's Escondida, jumped 18% to 533,242t on higher ore grades, mine activity and cathode output.
H1 production at the BHP Billiton (70%)-Rio Tinto (30%) mine comprised 366,205t copper concentrate and 167,037t copper cathodes.
Turquoise Hill Resources has warned delays in approving a cross-border power supply from China could hold up the completion of the $US6.2B Oyu Tolgoi mine in Mongolia.
The massive copper, gold, silver and molybdenum project in the South Gobi region near the Chinese border is scheduled to begin operations this quarter, leading to commercial production in the first half of 2013.
There are signs that uneasy relationships between Mongolia and its neighbour China could become a last-minute sticking point in the massive Oyu Tolgoi project
A compromise offer may protect Rio Tinto Alcan from a substantial European Commission fine over alleged antitrust behaviour
European Commission regulators are considering an offer by Rio Tinto Alcan to end its antitrust investigation and avert a possible fine.
Since the 2008 merger that created Rio Tinto Alcan, the EU antitrust watchdog has been concerned its practice of contractually tying the licences of its AP aluminium smelting technology to the purchase of aluminium smelter equipment supplied by a subsidiary may have breached EU rules.
AP aluminium smelting technology reduces energy consumption in aluminium production.
Rio Tinto Alcan business unit Pacific Aluminium is seeking a renegotiation of the power supply contract for its majority-owned New Zealand Aluminium Smelters.
Power supplier Meridian Energy has confirmed it was approached by Pacific Aluminium to discuss potential changes to the electricity contract with the Tiwai Peninsula smelter in Southland. Meridian says confidential discussions are continuing.