The newly forged iron ore-to-copper empire Glencore Xstrata was forced to slash the value of its assets by $8.5bn (£5.4bn) in the first set of results since the merger that created it.
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Friday 10 July 2009
Outlook China must be careful as the fall-out from the collapse of the deal between Rio Tinto and Chinalco continues to rain down, not least on those still trying to negotiate on a market price for iron ore.
Thursday 09 July 2009
BHP Billiton managed to stay afloat despite weakness in the wider market last night, as Investec weighed in, moving its recommendation on the stock to "buy" from "hold".
Thursday 25 June 2009
BP's two-year hunt to fill one of Britain's most prestigious corporate jobs ended today with the appointment of Carl-Henric Svanberg as chairman.
Monday 22 June 2009
Shares in Anglo American jumped as much as 12 per cent today after rival Xstrata sought talks about a merger of equals to better compete in a consolidating mining sector.
Thursday 18 June 2009
Outlook That it is possible to patronise what is the world's third largest economy seems faintly odd somehow, but this is exactly what has been happening in the 10 days or so since the deal between Rio Tinto and Chinalco collapsed.
Thursday 18 June 2009
Logica bucked a weak market trend last night, rising by almost 5 per cent after a leading broker weighed in with some words of support.
Friday 05 June 2009
Outlook Now do keep up. A year is a long time in politics, to misquote Harold Wilson's famous remark, but it seems to be a positive aeon in the mining industry. Fast back 12 months and the commodities sector was still booming, with prices at record highs and Rio Tinto confident in its rejection of a generously valued bid from BHP Billiton.
Wednesday 27 May 2009
Rio Tinto has agreed to slash its iron prices by a third for Japan's steel mills, putting the miner on a collision course with Chinese customers fighting for a much larger discount.
Friday 22 May 2009
Rio Tinto's tempestuous tie-up with Chinalco took another turn yesterday as the dual-listed miner's Australian shareholders called for changes to the controversial deal and sources claimed the Chinese group was close to a new plan.
Friday 15 May 2009
Major Rio Tinto shareholders would prefer a tie-up with its rival BHP Billiton to the miner's controversial $19.5bn (£12.8bn) deal with the Chinese state-owned Chinalco.
Thursday 23 April 2009
Tuesday 21 April 2009
The FTSE 100 was 30.57 points weaker at 3960.29 while the FTSE 250 lost 21.38 points to 6995.3 at around 12.27pm.
Monday 06 April 2009
Anglo-Australian mining group Rio Tinto has drawn up plans to ask shareholders for as much as £8bn in a rights issue if its controversial planned capital injection from Chinalco, the state-owned Chinese aluminium producer, is voted down.
Monday 16 February 2009
One truism of this recession is that everyone is blaming everyone else for the utter mess we are in. The ordinary Joes blame the spivs and bankers, the bankers blame the markets and regulators (and, rather oddly, the consumers who are now paying their salaries) and the Government tends to blame a different group each day, making sure it stresses constantly that it is not just a British problem.
Friday 13 February 2009
Outlook In attempting to address its short-term financing needs, Rio Tinto seems to be selling its soul. With credit about as scarce as hen's teeth, lots of companies are facing a similar dilemma – sell choice assets for bottom-of-the-market prices, or go down.
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