Rio Tinto is a leading international mining group, combining Rio Tinto plc, a London listed public company headquartered in the UK, and Rio Tinto Limited, which is listed on the Australian Stock Exchange, with executive offices in Melbourne. The two companies are joined in a dual listed companies (DLC) structure as a single economic entity, called the Rio Tinto Group. Rio Tinto was listed on the ASX (Australian Stock Exchange) on 19 September, 1962.
- Rio Tinto have posted its first loss in its history.
- Rio Tinto made a Net Loss of US$2.99 billion for the full financial year results for 2012, compared to the profit of $5.83 billion generate din 2011.
- The loss was largely attributed to impairments against its aluminium and Mozambique coal assets.
- An unspecified number of jobs will be cut from the division.
- Rio Tinto owns a 80 percent stake in Coal & Allied, with 20 percent owned by Japan's Mitsubishi Corp.
- Coal & Allied has a production of about 30 million tonnes of coal annually. The company employs about 1500 people across its three mining operations in the Hunter Valley region of New South Wales.
- Contracted work will include: works would include the CLB353 stockyard, conveyor link earthworks, relocation of water pipelines and rail formation earthworks.
Other notes about the third largest mining company in the world:
- Net profit down 22 percent to US$5.9 billion (1H)
- US$1.94 billion profit drop blamed lower iron ore and commodity prices
Mining giant Rio Tinto (RIO) is planning to sweep up the shares of Canadian uranium company Hathor Exploration as it acquires 93.76 per cent of the latter's shares. Rio Tinto currently owns 119.5 million Hathor common shares.
The mining giant offered a $C654 million takeover last year to the Canadian company, paying $C4.70 per outstanding common share. On December 22, Rio Tinto extended its offer until January 6, 2012 after it acquired 87.26 per cent of Hathor's shares.
RioTinto (RIO) invests an additional $2.7 billion to complete the $3.3 billion modernisation of aluminium smelter in Kitimat. The project is designed to meet the increasing demand from the Asia Pacific Region.
The Kitimat project is going to increase the smelter's production capacity by more than 48 per cent to 420,000 tonnes a year. The $3.3 billion project is expected to be completed in 2014.
Global miner Rio Tinto (RIO) still sells everything it can produce but warns that customers are becoming increasingly cautious on the uncertainty of the outlook for the Europe and United States economies.
The global miner is still generating high cash flows as iron ore prices recovered recently except for aluminium prices which were below production costs.
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