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Rio Tinto chief warns of more job cuts

Agence France-PresseMay 5, 2013 02:30
Rio Tinto chief Sam Walsh on Sunday warned of more job cuts as the mining giant works to make US$5 billion in savings by the end of 2014, but he was upbeat about demand for iron ore from China. The comments follow the Anglo-Australian miner posting its first annual loss in 18 years in February, plunging US$2.99 billion into the red on writedowns on its Mozambique coal and aluminium businesses and a dip in commodity prices.

BHP affirms targets despite weather disruptions

April 16, 2013 23:45
Mining giant BHP Billiton affirmed full-year guidance for its major products Wednesday, reporting a "robust" quarter of output despite weather issues at its premier Australian businesses. The world's largest miner said it expected to meet full-year targets, with solid performance at its iron ore and coal sites in the face of cyclones at its Pilbara iron ore project and adverse weather hitting Queensland coal. "Full-year production guidance is retained for our major businesses following another quarter of robust operating performance," the miner said.

Rio Tinto sets cost-cut targets as new mine projects move ahead

April 16, 2013 05:15
SYDNEY (Reuters) - Rio Tinto <RIO.AX> <RIO.L> 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. 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.

Rio Tinto posts 4% rise in Q1 iron ore output

April 16, 2013 02:16
Anglo-Australian mining giant Rio Tinto on Tuesday forecast global iron ore production of 265 million tonnes this year after posting record output in the March quarter. The mining titan said its global iron ore production from operations in Australia and Canada increased to 61 million tonnes in the three months to March, up four percent on the same period last year. This came despite three tropical cyclones in the quarter at its Pilbara business in Western Australia which forced shiploading to be suspended or slowed for several days.

Samsung C&T-Aussie deal

March 28, 2013 03:00
SEOUL, March 28 (Yonhap) -- Samsung C&T Corp., a major South Korean trading company, said Thursday that it has clinched a 6.5 trillion won (US$5.8 billion) development deal from Australia's Roy Hill. Under the deal with Roy Hill Holdings Pty Ltd., Samsung C&T will build an infrastructure for the development of an iron ore in western Australia. Samsung C&T will build a plant that will be able to process 55 million tons of iron ore annually, a 340-kilometer long railroad and two berths for the Roy Hill iron ore development project for 32 months.

Billionaire Rinehart 'offered daughter $300 mln to end feud'

March 14, 2013 00:00
Australian billionaire Gina Rinehart offered her estranged daughter Hope Aus$300 million (US$306 million) in a bid to end a sordid feud over the family fortune, according to emails published Thursday. The revelations come a day after media reported that her son had sought a Aus$15 million "sorry payment" from his mother for the way she treated him over the years. Hope Welker, John Hancock and their sister Bianca have been embroiled in a legal battle with their mother -- Australia's richest person -- over control of a family trust worth a reported Aus$4 billion.

BHP Billiton faces corruption probe, Beijing Olympics in focus

March 13, 2013 11:49
By Sonali Paul and Lucy Hornby MELBOURNE/BEIJING (Reuters) - The U.S. government is investigating top global miner BHP Billiton Ltd for possible corrupt practices, the company confirmed, after media reports said it was being probed for its sponsorship of the 2008 Beijing Olympics. Australia's Fairfax Media reported that the U.S. Department of Justice and the Australian Federal Police (AFP) were investigating allegations that BHP provided inducements, hospitality and gifts to Chinese and other foreign officials.

Billionaire Rinehart's son sought $15 mln 'sorry payment'

March 13, 2013 01:45
The son of Australia's richest person, Gina Rinehart, sought a Aus$15 million (US$15.4 million) "sorry payment" from his mother for how had she treated him over the years, a report said Wednesday. Iron ore billionaire Rinehart is embroiled in a legal battle with two of her four children, including son John Hancock, over control of a family trust reportedly worth Aus$4 billion.

'Lucky' Australians dodge cyclone's worst

February 27, 2013 23:16
Australians in the remote northwest mining belt described their lucky escape Thursday after a major cyclone made landfall at a lower intensity than forecast and spared the more populous areas. Tropical cyclone Rusty crossed Australia's northwest coast on Wednesday evening as a mid-strength category three storm -- short of the category four than had been expected and well below a top-level category five.

'Lucky' Australians dodge cyclone's worst

February 27, 2013 22:01
Australians in the remote northwest mining belt described their lucky escape Thursday after a major cyclone made landfall at a lower intensity than forecast and spared the more populous areas. Tropical cyclone Rusty crossed Australia's northwest coast on Wednesday evening as a mid-strength category three storm -- short of the category four than had been expected and well below a top-level category five.
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