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Thursday, Jan 172013, 3:16 AMRio Tinto (RIO) Chief Executive Tom Albanese is stepping down and being replaced by Iron Ore CEO Sam Walsh after Rio said it will take a $14B non-cash impairment charge in its 2012 earnings report following problems in Mozambique and with its aluminum assets. Shares -2% in London. (PR) |Thursday, Jan 172013, 3:16 AM| 5 Comments
Thursday, Dec 132012, 4:34 PMArcelorMittal (MT) agrees to sell a 20% stake in Baffinland Iron Mines to a unit of Iron Ore Holdings (IRNHF.PK), which already owns a 30% stake, for an undisclosed price. Baffinland's ~$4B Mary River project in Canadian Arctic is considered one of the world's best undeveloped iron ore mines and is expected to produce 18M metric tons/year, but $5B-$7B could be needed to develop it. |Thursday, Dec 132012, 4:34 PM| Comment!