Rio Tinto http://www.globalpost.com/taxonomy/term/26425/all en UPDATE 5-Rio Tinto CEO pays price of calamitous acquisitions http://www.globalpost.com/dispatch/news/thomson-reuters/130117/update-1-rio-tinto-ceo-step-down-after-14-bln-charge <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Tom Albanese sacked with no pay-off</p> <p>* Iron Ore boss Sam Walsh to step in</p> <p>* Takes $14 bln writedown on aluminium, coal</p> <p>* Rio London-listed shares fall over 2 percent</p> <p>By Clara Ferreira-Marques</p> <p>LONDON, Jan 17 (Reuters) - Rio Tinto sacked chief executive Tom Albanese on Thursday and revealed a $14 billion writedown almost entirely on the value of his two most significant acquisitions, the Alcan aluminium group and Mozambican coal.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130117/update-1-rio-tinto-ceo-step-down-after-14-bln-charge" target="_blank">read more</a></p> Business Dual-listed companies Mining Mining companies of Canada Rio Tinto Thomson Reuters Thu, 17 Jan 2013 08:15:33 +0000 5735467 at http://www.globalpost.com Investors accept a share of the blame for Rio's woeful takeovers http://www.globalpost.com/dispatch/news/thomson-reuters/130117/investors-accept-share-the-blame-rios-woeful-takeovers <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Sinead Cruise</p> <p>LONDON, Jan 17 (Reuters) - Top shareholders in crisis-hit Rio Tinto have identified an unusual scapegoat for the hapless takeovers that triggered the company's eye-watering $14 billion writedown - each other.</p> <p>Chief Executive Tom Albanese, who led a top-dollar purchase of the Alcan aluminium group, and Doug Ritchie, the executive who secured Mozambican coal business Riversdale, both lost their jobs on Thursday after Rio confessed how badly their deals had turned sour.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130117/investors-accept-share-the-blame-rios-woeful-takeovers" target="_blank">read more</a></p> Business Labor Mining Mining companies of Canada Rio Tinto Thomson Reuters Thu, 17 Jan 2013 18:45:56 +0000 5735761 at http://www.globalpost.com Rio reviews Mozambique as miners retreat from big plans http://www.globalpost.com/dispatch/news/thomson-reuters/130122/rio-reviews-mozambique-miners-retreat-big-plans <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Shareholders want better returns and spending controls</p> <p>* Mozambique coal output small fraction of planned capacity</p> <p>* Maputo vetoes Rio's Zambezi barge plans</p> <p>* Rail option also hits snags</p> <p>By Agnieszka Flak and Clara Ferreira-Marques</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130122/rio-reviews-mozambique-miners-retreat-big-plans" target="_blank">read more</a></p> Business Dual-listed companies Mining Mining in Mozambique Rio Tinto Social Issues Technology Thomson Reuters Tue, 22 Jan 2013 18:15:17 +0000 5737885 at http://www.globalpost.com URGENT ¥¥¥ Rio Tinto posts unprecedented $2.99 bn loss http://www.globalpost.com/dispatch/news/afp/130214/urgent-rio-tinto-posts-unprecedented-299-bn-loss <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>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.</p> <p>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.</p> <p>ajc/mp/ao</p> Dual-listed companies Mining Rio Tinto Rio Tinto Group USD AFP Thu, 14 Feb 2013 18:40:55 +0000 5755591 at http://www.globalpost.com Namibia’s Roessing uranium mine to slash jobs http://www.globalpost.com/dispatch/news/afp/130301/namibia-s-roessing-uranium-mine-slash-jobs <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The Roessing uranium mine in Namibia, a unit of British mining giant Rio Tinto, said Friday it plans to cut 17 percent of its workforce due to slowing demand for nuclear fuel.</p> <p>The world's third largest producer of uranium oxide, Roessing said some 276 of 1,592 permanent jobs are to be cut.</p> <p>As with many other uranium producers, Roessing is buckling under low metal prices and reduced demand, the company’s managing director Chris Salisbury told reporters.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130301/namibia-s-roessing-uranium-mine-slash-jobs" target="_blank">read more</a></p> Labor Mining Nuclear materials Nuclear technology Rio Tinto Roessing Uranium Limited AFP Fri, 01 Mar 2013 18:17:23 +0000 5771170 at http://www.globalpost.com Mozambican tribal queen stands up to Rio Tinto over land http://www.globalpost.com/dispatch/news/thomson-reuters/130306/mozambican-tribal-queen-stands-rio-tinto-over-land <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Agnieszka Flak and Marina Lopes</p> <p>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.</p> <p>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.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130306/mozambican-tribal-queen-stands-rio-tinto-over-land" target="_blank">read more</a></p> Mining Mozambique Rio Tinto Rio Tinto Group Zoria Macajo Thomson Reuters Thu, 07 Mar 2013 04:15:19 +0000 5775700 at http://www.globalpost.com Rio Tinto sets cost-cut targets as new mine projects move ahead http://www.globalpost.com/dispatch/news/thomson-reuters/130416/rio-tinto-sets-cost-cut-targets-new-mine-projects-move-ahead <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>SYDNEY (Reuters) - Rio Tinto &lt;RIO.AX&gt; &lt;RIO.L&gt; will initiate major cost-cutting measures under its new chief executive as the Anglo-Australian miner combats a sharp downturn in demand for industrial commodities.</p> <p>For projects started during the now-defunct mining boom, unchecked costs have become a No. 1 priority for resource companies facing a less robust customer in China, the world's biggest importer of iron ore, copper and other industrial staples.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130416/rio-tinto-sets-cost-cut-targets-new-mine-projects-move-ahead" target="_blank">read more</a></p> Business Hamersley Range Labor Law Mining Pilbara Rio Tinto Thomson Reuters Tue, 16 Apr 2013 09:15:04 +0000 5817146 at http://www.globalpost.com Threats halt Rio Tinto coal exports from Mozambique http://www.globalpost.com/dispatch/news/afp/130625/threats-halt-rio-tinto-coal-exports-mozambique <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Anglo-Australian mining giant Rio Tinto has halted coal exports from Mozambique after threats from former guerrillas against the rail line that leads to port, authorities said Tuesday.</p> <p>"As for Rio Tinto's goods trains, the company decided to suspend them," the governor of the coal-rich Tete province, Rachid Gogo told state owned Radio Mozambique.</p> <p>The decision came after one of the company's trains derailed near the Malawi border on Monday.</p> <p>"We are still investigating the reasons," Gogo said.</p> <p>When contacted by AFP, Rio Tinto declined to comment on the report.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130625/threats-halt-rio-tinto-coal-exports-mozambique" target="_blank">read more</a></p> Africa Disaster Mozambique Rail transport in Mozambique Rio Tinto AFP Tue, 25 Jun 2013 18:01:22 +0000 5867161 at http://www.globalpost.com Huge Mongolia copper mine begins shipments: Rio Tinto http://www.globalpost.com/dispatch/news/afp/130709/huge-mongolia-copper-mine-begins-shipments-rio-tinto <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>A huge $6.2 billion copper mine in Mongolia that could transform the sprawling nation's fortunes has started exports, resources giant Rio Tinto said Tuesday.</p> <p>The Oyu Tolgoi project in the Gobi desert, at one of the richest copper deposits in the world, has been years in development and was hit by a series of last-minute delays due to political wrangling.</p> <p>It is expected to produce an average of 430,000 tonnes of copper and 425,000 ounces of gold annually for 20 years, said Anglo-Australian Rio Tinto, which has majority control of the mine.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130709/huge-mongolia-copper-mine-begins-shipments-rio-tinto" target="_blank">read more</a></p> Mining Oyu Tolgoi mine Rio Tinto Rio Tinto Group Technology AFP Tue, 09 Jul 2013 12:03:24 +0000 5879165 at http://www.globalpost.com Rio Tinto reports 71% slide in first-half profit http://www.globalpost.com/dispatch/news/afp/130808/rio-tinto-reports-71-slide-first-half-profit-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Anglo-Australian mining giant Rio Tinto on Thursday said net profit for the first half of 2013 plunged 71 percent to US$1.72 billion with the company warning the medium-term outlook remains volatile.</p> <p>Underlying earnings in the six months to June, the measure preferred by the company, were down 18 percent to US$4.22 billion, in line with expectations, hit by weaker iron ore, copper and coal prices.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130808/rio-tinto-reports-71-slide-first-half-profit-0" target="_blank">read more</a></p> Business Hamersley Range Mining Pilbara Rio Tinto USD AFP Thu, 08 Aug 2013 08:32:11 +0000 5905256 at http://www.globalpost.com Soft commodity prices hit Rio Tinto's first-half profit http://www.globalpost.com/dispatch/news/afp/130808/soft-commodity-prices-hit-rio-tintos-first-half-profit <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Softer commodity prices and slowing demand from China saw mining giant Rio Tinto on Thursday post a 71 percent slump in first-half net profit, with the company warning the outlook remains volatile.</p> <p>The Anglo-Australian miner's profit in the six months to June came in at US$1.72 billion while underlying earnings, the measure preferred by the company, were down 18 percent to US$4.22 billion, in line with expectations, hit by weaker iron ore, copper and coal prices.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130808/soft-commodity-prices-hit-rio-tintos-first-half-profit" target="_blank">read more</a></p> Business Hamersley Range Mining Pilbara Rio Tinto AFP Thu, 08 Aug 2013 10:17:45 +0000 5905282 at http://www.globalpost.com Rio to lay off 1,700 at Mongolia project http://www.globalpost.com/dispatch/news/afp/130814/rio-lay-1700-at-mongolia-project <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Mining giant Rio Tinto on Thursday said it will lay off up to 1,700 staff at its huge Oyu Tolgoi copper mine in Mongolia after a more than US$5 billion expansion was halted.</p> <p>The project in the Gobi desert, at one of the richest copper deposits in the world, has been years in development but has been hit by a series of last-minute delays due to political wrangling.</p> <p>Its planned expansion was put on ice last month after the Mongolian government said financing provisionally secured for the underground development needed to be approved by parliament, which is in recess.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130814/rio-lay-1700-at-mongolia-project" target="_blank">read more</a></p> Business Labor Law Mining Oyu Tolgoi mine Rio Tinto Rio Tinto Group Technology AFP Thu, 15 Aug 2013 03:32:07 +0000 5910300 at http://www.globalpost.com Rio Tinto slashes cost of iron ore expansion http://www.globalpost.com/dispatch/news/afp/131128/rio-tinto-slashes-cost-iron-ore-expansion <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Anglo-Australian miner Rio Tinto said Thursday that it has slashed the cost of its iron ore expansion plans at its Pilbara operation in western Australia by $3.0 billion (2.2 billion euros).</p> <p>Rio said in a statement that it would spend "significantly" less than previously expected, but added that it would now take until 2017 to increase production capacity to 360 million tonnes per year. That was further away than the previous target of 2015. </p> <p>However, Rio added that it hoped production to reach 330 million tonnes in 2015, which was quicker than some analysts had expected.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/131128/rio-tinto-slashes-cost-iron-ore-expansion" target="_blank">read more</a></p> Business Mining Pilbara Rio Tinto States and territories of Australia AFP Thu, 28 Nov 2013 18:01:51 +0000 6002968 at http://www.globalpost.com Rio Tinto to suspend alumina production at Gove http://www.globalpost.com/dispatch/news/afp/131128/rio-tinto-suspend-alumina-production-at-gove <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Mining giant Rio Tinto said Friday it will suspend alumina production at its Gove refinery in northern Australia because it is no longer a viable business.</p> <p>Low alumina prices, a high Australian dollar and substantial after-tax losses for the refinery were key factors in the decision, the company said in an announcement, which did not put a figure on job losses.</p> <p>"Our aluminium business is facing challenging market conditions and tough decisions are needed," said Rio Tinto chief executive Sam Walsh.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/131128/rio-tinto-suspend-alumina-production-at-gove" target="_blank">read more</a></p> Arnhem Land Business Dual-listed companies Labor Law Mining Rio Tinto AFP Fri, 29 Nov 2013 04:01:37 +0000 6003391 at http://www.globalpost.com Rio Tinto to slash spending by half http://www.globalpost.com/dispatch/news/afp/131203/rio-tinto-slash-spending-half <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Mining titan Rio Tinto unveiled dramatic spending cuts Tuesday, aiming to halve capital expenditure by 2015 as it targets a return to profit amid soft commodity prices and a volatile outlook.</p> <p>Rio chief Sam Walsh said the Anglo-Australian mining giant would slash capital expenditure to US$8 billion by 2015, compared with US$17.42 billion last year and forecasts of about US$14 billion for 2013.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/131203/rio-tinto-slash-spending-half" target="_blank">read more</a></p> Business Labor Mining Mining companies of Canada Rio Tinto Rio Tinto Group AFP Tue, 03 Dec 2013 09:36:41 +0000 6007278 at http://www.globalpost.com