Rio Tinto

Vedanta names former Rio Tinto chief Tom Albanese as its new CEO

VedantaMining conglomerate Vedanta Resources Plc has named former Rio Tinto chief Tom Albanese as its new chief executive officer (CEO).

Tom Albanese, the former head of Anglo-Australian mining giant Rio Tinto, will replace Mahendra Singh Mehta, who is stepping down from the top position on March 31, 2014. Mr. Albanese, who is respected in the mining industry as a weathered miner with international experience, will join Vedanta on April 1, 2014.

London-listed Vedanta Resources said in a statement, "Albanese will take over as the chief executive officer of Vedanta and join the Vedanta board with effect from 1 April 2014."

Rio Tinto halts sale of diamond business

Rio Tinto halts sale of diamond businessGlobal mining giant, Rio Tinto has indicated that it has halting its plans to sell its diamonds business, which is estimated to be valued at $US1.3 billion or $1.4 billion in company books.

The decision to halt the selling process comes amid weak global financial markets and a difficult environment for commodity asset sales. Experts believe that the decision to halt the plans to sell the diamond business would be followed by cancellation of several planned asset sales due to low investor response in the financial markets.

Rio Tinto aiming to save $ 5 billion by 2014

Rio Tinto aiming to save $ 5 billion by 2014World's second largest iron ore miner, Rio Tinto has said that it is aiming to generate about $US 5 billion or $A 4.86 billion in savings by 2014.

The company has said that it will look to sell asset and will also reduce capital expenditure on approved and sustaining projects to about $US 13 billion or $A 12.64 billion in 2013. It is also planning to reduce spending on exploration and evaluation by about $US 750 million or about $A 728.97 million in 2013.

Tom Albanese steps down as CEO of Rio Tinto

Tom Albanese steps down as CEO of Rio TintoTom Albanese has announced his resignation from the post of the Chief Executive Officer of mining giant, Rio Tinto after the company said that it recorded a charge of £9 billion arising from two major acquisitions.

Albanese has been working as the CEO of the company since 2007 and his resignation came following a major write down of the value of its aluminum assets f the miner and the purchase of a coal business in Mozambique during
2011. The company said that the resignation comes after a mutual agreement.

Australian shares rise after Rio Tinto positive’s outlook on China

Australian shares rise after Rio Tinto positive’s outlook on ChinaThe Australian stocks have risen to its highest level in three weeks after Rio Tinto said it has positive outlook on China.

Rio Tinto agrees that ‘human actives cause global warming’

Rio Tinto agrees that ‘human actives cause global warming’Global mining major, Rio Tinto has changed its view on the hot topic of global warming recently and the company now agrees with the scientific community that the phenomenon is largely caused by human activities.

The company has earlier only acknowledged that human activities make a contribution to the global warming. Rio's head of coal in Australia, Bill Champion has said that the company recognizes the impotence of actions to be taken on climate change. He said that the company backs global efforts to reduce emissions on the planet.

High Court asks tribunal to review Rio rail access case

High Court asks tribunal to review Rio rail access caseThe High Court has ordered the Australian Competition Tribunal to review the case relating to the Rio rail access project on more limited grounds.

The court criticized the tribunal of overreaching its powers in the matter and ordered a review of the case. The decision comes following claims by Fortescue's and others over a time of several years that they must be provided access to Rio Tinto and BHP's rail lines in the Pilbara because they were monopolies.

Rio Tinto donates large pink diamond to Melbourne Museum

Rio Tinto donates large pink diamond to Melbourne MuseumAustralian mining major, Rio Tinto has donated the largest pink diamond ever found in Australia to the Melbourne Museum.

The diamond was discovered in the Kimberley region of Western Australia by the company in 2001. It was expected that the diamond will be auctioned for between $ 10 and 20 million. The 12.76-carat pink diamond is larger than one 12.04-carat `Martian Pink' diamond that was auctioned for $17 million in 2011.

Rio Tinto expects copper supply shortfall

Rio Tinto expects copper supply shortfallRio Tinto has said that the shortfall in copper will be further widened due to the decision by BHP Billiton to cancel its a $30 billion plan for the expansion of the Olympic Dam copper and uranium mine.

Rio Tinto's head of copper division said Andrew Harding indicated that the decision by BHP Billiton to scrap the project with make other facilities more attractive to businesses. Many believe that Rio Tinto might consider investing in the second stage of its huge Oyu Tolgoi copper and god mine in Mongolia.

Rio's bid for Riversdale gets tougher

Rio's bid for Riversdale gets tougherWith an increase in its stake in Australia's Riversdale Mining, Tata Steel is made it tougher for the miner Rio Tinto to close its $3.9 billion bid for this company. Riversdale Mining's main focus is coal mining in Mozambique in its Benga and Zambeze projects there.

Tata Steel raised its stake in Riversdale from 24.2% to 27.1% spending $101 million. Tata Steel is already biggest stake holder in the company. Riversdale has Brazil based CSN as its second largest stakeholder with 19.9%.

Rio Tinto and Chinalco trying to form JVs

Chinalco-RiotintoMining giant, Rio Tinto and China's Chinalco are in talks to form various joint ventures in Mongolia and Guinea. This news was published by a Chinese newspaper, Oriental Morning Post.

Both the companies are into the business of minerals and also deal with mining.

The newspaper further said that the Vice President of Chinalco, Lu Youging has said that the company is planning to invest heavily in the Oyu Tolgoi copper-gold project in Mongolia. They would also be developing the region.

The investment is to be done by Ivanhoe Mines, which is Rio Tinto's partner.

Mining firm Rio Tinto sees the commodity demand from China to grow during next 15 years

Rio-Tinto-LogoRio Tinto Ltd., a global mining firm, forecasted that the commodity demand from China will increase more than expected during the next 15 years. The company made these comments in its annual report. Rio Tinto also said it its annual report that after the dominance of China for 15 years India would be the biggest consumer of commodity resources.

The Anglo-Australian mining company Rio Tinto released its annual report today. The company expects that the demand for iron ore, copper, coal and aluminum from China will grow dramatically during the next 15 years.

Rio Tinto aims to Push Trade Relations with China

Rio Tinto Group, the World’s third- largest mining company, favors strong trade ties with China, one of the top emerging economies in the developing World. The company considers China as a good source of its revenue and growth, apparently due to of rising commodity demand in the country due to expansion of economy.

Speaking to media, Rio Tinto Chief Financial Officer Guy Elliott, added, “We would like to build relationships with China and I think that can take place over a number of different areas.”

Rio Tinto posts 23% decline in half-year profits

Mining giant Rio Tinto has posted a decline of 23% in the second half of the year primarily due to fall in the prices of iron ore but on the year-on-year basis it reported an increase of 33% to $5.57 billion.

Company reported an increase in the revenue during the year despite the drastic decline in the commodity prices particularly in the aluminum division. The company underwent massive cost control measures to offset the decline in commodity prices, high energy cost and unfavorable currency fluctuation.

Rio Tinto Bribery Case Turned Over to Chinese Officials

Rio Tinto Bribery Case Turned Over to Chinese OfficialsOn Monday, Australian officers confirmed that a bribery case which had managed to raise many concerns among international investors in China, has now been turned over to prosecutors, and they will now decide whether or not it should be taken to trial.

The case of bribery involves 4 employees of Rio Tinto, which is the one of the largest top ranked mining firms in the world, and one of them, Stern Hu, is a citizen of Australia.

Giant miner Rio Tinto's profit slides

Giant miner Rio Tinto's profit slides Sydney - Anglo-Australian miner Rio Tinto Ltd posted a first-half net profit of 2.9 billion Australian dollars Thursday.

The figure was 65 per cent down on the equivalent period last year, reflecting the cost of servicing its massive debts and the collapse in commodity prices.

Chief executive Tom Albanese said 16,000 jobs had been cut in the first half of 2009.

Australian FM to speak to his Chinese counterpart about Rio executive Stern Hu

rio_tintoThe Australian Foreign Minister, Stephen Smith, who has flown to Thailand on Tuesday to attend a meeting of the Association of Southeast Asian Nations (ASEAN), told the Australian Broadcasting Corp. radio before leaving that if the Chinese Foreign Minister Yang Jiechi is also present at the meeting, he would "speak to him about Stern Hu."

Stern Hu, who is an Australian mining executive of the Shanghai-based Rio Tinto Ltd., has been accused by China of stealing state secrets, and has been detained. However, he has not been charged thus far.

Rio Tinto inks ‘legal services outsourcing agreement’ with CPA Global

Rio Tinto inks ‘legal services outsourcing agreement’ with CPA GlobalRio Tinto Group, a world leader in finding, mining and processing the earth's mineral resources, has entered into a legal services outsourcing agreement with CPA Global, the $1 billion provider of intellectual property (IP) management services and outsourced legal support services.

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