RIO

The collapse of the planned merger of Rio Tinto (RIO) and Chinalco worth up to $19.5 billion on June 5 2009, has been accepted by the Chinese government as a failure that was beyond their control. The report to the State Council exonerates the resources company and the Australian government and accepts that ordinary economic forces halted the largest Chinese foreign investment deal.

Spot prices for cocking coal have increased to $220 a tonne. Coking coal is a raw material for steel making. The jump in spot prices has opened up a US$13billion annual revenue gap as contract prices were set almost a year ago.

Rio Tinto (RIO), one of the largest mining companies of Australia have seen the beginning of a new era for its iron ore operations as the first load of iron ore was dispatched from its new Mesa A/Warramboo mine which is located 50 km. west of the township of Pannawonica. It is to be mentioned that the Mesa A/Warramboo is the part of the Robe River Joint Venture where Rio Tinto holds 53 percent ownership.

One of the leading Australia based miner Rio Tinto (RIO), a company that focuses on the production of iron ore, copper and coal have seen a sharp rise in its share price after it revealed its better than expected annual earning figures on Thursday. While making statement on the earnings, Rio authority stated that the under lying profit of the company was as much as $US6.3 billion where previously the analysts expected it to be $US6 billion.

Australia based mining giant Rio Tinto (RIO) has taken fresh moves to enhance its ties with China by appointing a new managing director for that country. Rio stated that the new managing director- Ian Bauert will take new role for the company in China and will be based in Shanghai. One of the primary goals for Mr.

Jacynthe Cote, the chief executive of the Alcan division of Rio Tinto (RIO) stated that the consumption of aluminium is likely to get back to the pre-recession position within next three years. She added that the sector has great growth potentials and Rio Tinto was positioned strongly to deal with the impact of the recession in the aluminium sector. It is to be mentioned that Rio Tinto is one of the key players in the mining industry which is listed in both London and Australia.

Mining giant Rio Tinto (RIO) and Hancock are currently reviewing their plan to go for generating as much as 30 million tonnes of iron ore annually which worth $US1.8 billion at the present market price. The targeted amount of ore is expected to be mined from a new Pilbara development where mining is likely to start as early as 2012.

Internationally renowned Australia based mining giant Rio Tinto (RIO) has decided to sell iron ore to India. The decision is considered as a strategic breakthrough for the miner in that country. Sam Walsh, the chief executive of Rio Tinto said that the first shipment is expected to reach India in December. The cargo will leave the Pilbara operation of Rio shortly which is destined for a large Indian steel maker Essar Steel.

The global mining company Rio Tinto (RIO) has decided to pull itself out of a project involving carbon capture and storage in United Arab Emirates and considering investing in the clean technology in California. The miner made the announcement in a day when 192 member countries of the United Nation's Framework Convention on Climate Change are set to meet in Copenhagen to hold discussion regarding a successor to the Kyoto Protocol to combat climate change.