No market has been left untouched by the coronavirus crisis. The bulk commodities market also has seen prices plunging and demand declining, but iron …
At last, mining giants such as Rio Tinto Plc and BHP Billiton Ltd are more than satisfied as they enjoy strong China’s demand for iron ore. The industry leaders note that iron ore imports by the world’s second economy jumped to the highest level in four months as the country has been recently witnessing the slow revival in the steel sector. The new positive trend has encouraged Rio Tinto to continue its expansion plans as it wants to take advantage of the visible upward trend. Yet BHP Billiton Ltd and analysts as well strongly underline that in the future global iron ore supplies would grow at the faster pace than demand, hence the prices might decrease substantially.
On the 28th of February, Rio Tinto Plc informed that Chris Lynch, a former BHP Billiton Ltd. executive, was named its new chief financial officer. Chris Lynch will replace the much-respected and committed employee Guy Elliot who informed about his intention to step down back in July 2012.
New Rio Tinto CEO Sam Walsh is gearing up to cut costs as the world’s second largest mining company has just informed that it posted a $3 billion full-year loss. The loss was mainly driven by massive write-downs on the value of aluminum and coal businesses, which led to the resignation of Tom Albanese from a position of chief executive officer on the 17th of January.
Rio Tinto PLC, the world’s second largest mining company, informed that it would expand iron ore production by approximately 15 percent as it saw its 2012 output grow to about 253 million tons, topping its earlier forecast. The strong results were pushed mainly by the revival in China’s demand for iron ore.
The successful takeover of Xstrata by Glencore might turn the company into the fourth largest miner globally. It has been billed as the “merger of equals” by industry observers and insiders alike. But the merger of Glencore and Xstrata has sent shockwaves in the mining industry. Early in the year, Glencore International reported it had entered talks with Xstrata for a possible $80 billion takeover merger.
Thanks to rising commodity prices, Rio Tinto Group, the world’s third- largest mining company, has reported record profits of £14bn. Primarily powered by surging …