Rio Tinto

What can be termed as one of the biggest achievements, Rio Tinto has bagged a record 86 percent hike in iron ore contract prices. The hike includes freight premium with China's biggest steel maker, Boasteel. Shipping iron ore from China is cheaper than from Brazil. This has led to higher iron ore contract price between Rio Tinto and BHP Billiton against Rio de Janeiro based Vale.

Cazaly Resources share prices soared at the Australian stock exchange after its announcement to team up with Fortescue Metals to mine the iron in Pilbara region in Western Australia. It has obtained the documents for renewal process of the land by Rio Tinto under the Freedom of Information Act. It now claims that there are several defects in the renewal process that leaves the land open for rights to occupancy. However, Rio Tinto has strongly objected to any such allegations.

Nippon Steel from Japan have agreed to a 65% rise in the price the company will pay for iron ore in term contracts which begin effective on April 1: Which will be great for Rio Tinto and BHP. A price rise of 50% or more has been widely expected after record highs in 2007 and continuously strong Chinese demand. Traditionally, all steel mills accept whatever price is first settled by any steel mill and one of the three top miners, Brazil's Vale or Rio Tinto and BHP Billiton.

Rio Tinto (RIO) was the overall best performing stock taking in a 17.9 percent increase. Among the best performing stocks for the past week (week 45 of 2007) on the Australian sharemarket were a mixture of mining, technology and farming products manufacturers: Rio Tinto (RIO), Newcrest (NCM), Computershare (CPU), Bolnisi Gold (BSG), Nufarm (NUF). The above stocks secured gains higher than 7.5 percent at the end of the trading week.