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RIO
Rio Tinto plc

5/26/2012, 10:28 AM ET
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RIO Market Currents more »
  • Thursday 8:02 AM The majority of steel mills in northern China have halted production, according to an analyst in the coal-trade business, putting more meat behind an earlier story about iron ore and coking coal buyers attempting to back away from orders. Not surprisingly, electricity producers are seeing their own stockpiles of coal grow due to slumping demand for juice.
    3 Comments
    [Global & FX]
  • Thursday 3:14 AM Rio Tinto (RIO) sticks to its aggressive iron ore expansion plans, confirming its global output capacity could almost double to 450M metric tons by 2016. Despite China's slowing growth, Rio expects strong long-term demand for iron ore - though reports earlier this week said Chinese buyers are deferring or defaulting on coal and iron ore deliveries following a drop in prices.
    Comment!
    [Commodities]
  • Wednesday 10:16 AM Ivanhoe Mines (IVN -2.7%) says it will launch a rights offering open to all its existing shareholders that would raise ~$1.8B in proceeds as part of its plan to finance development of the Oyu Tolgoi copper-gold project in Mongolia. Rio Tinto (RIO -2.9%), which owns 51% of IVN, plans to buy the maximum shares permitted by the terms of the offering.
    1 Comment
    [Commodities, On the Move]
  • Tuesday 11:58 AM Chinese demand for copper is likely to improve in H2, the head of Xstrata's (XSRAF.PK) copper unit says, as the miner pledges to lift output by ~60% over three years even as rivals such as BHP and RIO have put the brakes on expansion. Recent data from China show its economy cooling faster than expected, prompting premier Wen Jiabao to call for new growth measures.
    Comment!
    [Commodities, Global & FX]
  • Monday 8:22 AM General Cable (BGC) agrees to acquire Alcan Cable, the wire and cable business of Rio Tinto (RIO), for $185M in cash. BGC says it expects to use its revolving credit facility to principally fund the transaction. BGC +0.7%, RIO +1.9% premarket.
    2 Comments
    [M&A, Commodities, On the Move]
  • Monday 7:14 AM Chinese buyers for iron ore and coking coal are attempting to defer orders and defaulting on contracts, according to reports from traders, as the country is filled to the brim with the stuff and the nation's steel mills are cutting output amidst heavy overcapacity. (see also)
    7 Comments
    [Global & FX, Commodities]
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Company Description

Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.



Rio Tinto's business is finding, mining, and processing mineral... More