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Vale, Rio Tinto attacked over Mozambique resettlements

Agence France-PresseMay 23, 2013 08:16
Global mining giants Vale and Rio Tinto have neglected thousands of Mozambicans who have been moved from mining areas and resettled without proper homes or income, Human Rights Watch alleged on Thursday. "Many of the 1,429 households resettled to make way for Vale and Rio Tinto's international coal mining operations ... have faced serious disruptions in their access to food, water, and work," the rights group said. More than half the booming northern Tete province has been zoned for mining, limiting the amount of good farming land available for resettlement.

Miners Vale, Rio Tinto accused of neglecting displaced Mozambicans

May 23, 2013 04:14
By Marina Lopes MAPUTO (Reuters) - Human Rights Watch accused Mozambique's government and foreign mining companies on Thursday of "serious shortcomings" in resettling communities to make way for coal mines, leaving thousands without proper homes, food or sources of income.

SouthGobi posts Q1 loss, minimal revenue due to curtailment of coal mining

The Canadian PressMay 13, 2013 09:15
HONG KONG - SouthGobi Resources Ltd. (TSX:SGQ) says it generated US$3.3 million of revenue in the first quarter, a period when most of the Canadian company's coal mining activities in Mongolia were shut down. The Vancouver-based company's revenue was down from US$40.1 million a year earlier, before the curtailment began in June 2012. SouthGobi's net loss in the three months ended March 31, reported in U.S. currency, was $24.9 million, or 14 cents per share. On an adjusted basis, the loss was $11.6 million.

Mining giant's negotiating tactics bring New Zealand asset sales plan into question

April 3, 2013 11:11
Questions are hanging over the New Zealand government's plans to partially privatize state-owned energy companies after its efforts to secure a deal with the country's biggest electricity user, Anglo-Australian mining giant Rio Rinto, were rebuffed Tuesday.State Owned Enterprises Minister Tony Ryall said that Rio Tinto had declined the government's offer of a short-term subsidy for power to run the country's only aluminum smelter, which consumes almost 15 percent of New Zealand's electricity.Rio Tinto, which operates the Tiwai Point smelter through subsidiary Pacific Aluminiu

FTSE snaps three-day rally after miner weakness

March 13, 2013 11:31
By Alistair Smout LONDON (Reuters) - The FTSE 100 fell on Friday after a three-day rally, as investors backed away from riskier sectors and U.S. GDP figures came in below expectations. Material and energy stocks, which are sensitive to optimism over the global economic outlook, took 26 points off the FTSE 100, dragging the index into negative territory.

Mozambican tribal queen stands up to Rio Tinto over land

March 7, 2013 00:15
By Agnieszka Flak and Marina Lopes CAPANGA, Mozambique, March 7 (Reuters) - For Mozambican tribal queen Zoria Macajo, the thatched-hut village of Capanga, nestled in the hills above the Zambezi river, has been her family's home for generations. For mining giant Rio Tinto it is a headache sitting on top of one of the world's largest untapped coal reserves, standing in the way of the company's expansion.

S&P warns of Rio Tinto rating cut on debt concerns

February 26, 2013 06:16
Rio Tinto risks losing its single-A credit rating due to a sharp jump in debt, Standard & Poor's said, warning that the Anglo-Australian mining giant may have to sell off assets to balance its books. The ratings agency lowered its outlook on Rio's credit rating to negative from stable, saying that the firm's gross debt had surged to $26.7 billion by the end of 2012 from $21.5 billion at the start of the year. "The negative outlook indicates a one-in-three chance of the rating being lowered in the next 12 to 18 months," S&P said late Monday.

URGENT ¥¥¥ Rio Tinto posts unprecedented $2.99 bn loss

February 14, 2013 14:40
Anglo-Australian mining titan Rio Tinto on Thursday posted a US$2.99 billion annual net loss after a US$14.4 billion writedown on its Mozambique coal assets and ailing aluminium businesses. The writedowns, announced last month, prompted the resignation of CEO Tom Albanese and saw Rio slump into the red on underlying earnings of US$9.3 billion. ajc/mp/ao

Rio Tinto posts unprecedented $2.99 bn loss

February 14, 2013 14:40
Anglo-Australian mining titan Rio Tinto on Thursday posted a US$2.99 billion annual net loss after US$14.4 billion in writedowns on its Mozambique coal assets and ailing aluminium businesses. The impairments, announced last month, prompted the resignation of chief executive Tom Albanese and saw Rio slump into the red on underlying earnings of US$9.3 billion. "Our business performed well in 2012, generating strong cash flows and underlying earnings of US$9.3 billion," said Rio chairman Jan du Plessis.

China boost for miners helps Britain's FTSE to early gains

January 18, 2013 05:45
* FTSE 100 adds 0.1 percent * Rio Tinto continues recovery after CEO resignation weakness * Charts point to continued strength * UK retail in focus By Alistair Smout LONDON, Jan 18 (Reuters) - Britain's blue-chip index gained in early trading on Friday, with miners boosted by Chinese data that revealed growth in the resource-hungry country quickened at the end of last year.
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