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Rio Tinto plc

5/21/2013, 3:45 AM ET

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Wednesday, May 15, 9:08 AM Rio Tinto (RIO) says it is open to a piecemeal sale of its diamond business rather than as a single package, if doing so means investors get a better deal. The miner has been trying to sell off its diamond business for over a year with little success; the unit, estimated by analysts to be worth as much $2.4B, includes diamond mines in Australia, Canada and Zimbabwe. RIO -2.3% premarket. Comment! [Commodities, On the Move]
Tuesday, May 14, 7:58 AM Rio Tinto (RIO) is committed to cutting capex and operating costs and selling non-core assets while ramping up production, CEO Sam Walsh says. Rio previously announced plans to cut its operating cost base by $3B by the end of 2014 and is on track to cut $2B this year alone, Walsh says, and is targeting a $750M reduction in exploration and evaluation costs this year. RIO -3% premarket. 1 Comment [Commodities, On the Move]
Thursday, May 9, 8:52 AM Rio Tinto (RIO) CEO Sam Walsh expects final approvals from Mongolia to ship copper and gold from its Oyu Tolgoi mine within weeks, which would represent a major advance for the country's largest investment project that has been caught up in a dispute over costs between the miner and the government. 1 Comment [Commodities, Global & FX]
Wednesday, May 8, 5:13 AM Rio Tinto's (RIO) Alan Smith says China's demand for steel will be robust and will continue to expand until 2030 despite fears of an economic slowdown. As a result, Smith expects his company's iron ore sales to the country will top 147M tons this year, eclipsing last year's record. Smith also predicts China's annual demand for steel will reach 1B tons in the next 17 years. 1 Comment [Global & FX, Commodities]
Tuesday, May 7, 7:56 AM Rio Tinto (RIO) looks likely to pursue a $5B expansion of its iron ore output in Australia that would increase annual production to 360M metric tons from 290M unless there are significant changes to the global demand-supply situation. Shareholder feedback on whether or not to go ahead with the project has been mixed, based on the potential impact on prices. RIO +1.6% premarket. 2 Comments [Commodities, Global & FX, On the Move]
Monday, May 6, 8:21 AM Unions representing workers at Australia's biggest coal-export terminal threaten work stoppages in a dispute with Port Waratah Coal Services over job security. The terminal handles more than 105M metric tons of coal annually at its facilities in Newcastle; Rio Tinto (RIO) and Glencore (GLCNF.PK) are major shareholders in PWCS, and both use the terminal for their coal exports. Comment! [Energy, Global & FX]
Monday, April 29, 7:03 AM KKR is eyeing a bid for RIO Tinto's 80% stake in Australia's Northparkes copper-gold mine, reports the WSJ. It's an unusual move for KKR which has largely stayed out of the resources area, but as Rio puts assets on the block to bolster its balance sheet, the P-E firm may be spotting a bargain. 2 Comments [Financials, Commodities]
Friday, April 26, 12:41 PM Rio Tinto's (RIO -2.3%) Kennecott Utah Copper expects to start transporting copper ore to the crusher at its Bingham mine within a few days, but a force majeure on related customer contracts remains in place until operations return to normal. Rio said during its Q1 operations review that it expects to produce 100K metric tons less of refined copper this year due to the mudslide which led to the mine's shutdown. Comment! [Commodities, On the Move]
Tuesday, April 23, 12:18 PM Rio Tinto (RIO) is unlikely to develop its $10B Simandou iron ore project in Guinea in the foreseeable future as the African state struggles to fund transport links, the country’s former mines minister says. Rio has spent $2.3B on Simandou, which will be one of Africa's largest mines, but progress relies on Guinea’s government coming up with $5B to fund half of the planned infrastructure. 1 Comment [Commodities, Global & FX]
Monday, April 22, 11:11 AM Rio Tinto (RIO -1.3%) lodges an appeal in Australia's Supreme Court against a state court ruling that blocks plans to extend the life of its Warkworth coal mine, which produced ~8M tons of thermal coal and 2.9M tons of semi-soft coking coal last year. Meanwhile, the U.S. Supreme Court orders a lower court to reconsider a ruling that allowed a lawsuit against Rio for alleged human rights abuses. 1 Comment [Commodities, Global & FX]
Thursday, April 18, 10:55 AM Rio Tinto (RIO +1.6%) has no immediate plans to develop the Pebble copper and gold project in Alaska, in which it owns an indirect 10% stake, CEO Sam Walsh says. Pebble is one of the world's largest undeveloped gold and copper deposits and has faced protests from environmental activists; initial estimates put the cost of developing the project at $4.7B. 1 Comment [Commodities, On the Move]
Thursday, April 18, 8:39 AM Barrick Gold (ABX) +1.9% premarket despite news Moody’s has placed the company on review for a possible downgrade of its senior unsecured debt rating after work was halted on its $8.5B Pascua-Lama mine. Several mining/metals stocks are higher premarket after gold prices rebound: IAG +3.8%, KGC +3.6%, GOLD +3.1%, GG +2.2%, HMY +2.1%, RIO +1.9%. 1 Comment [Commodities, On the Move]
Wednesday, April 17, 3:46 PM The U.S. Supreme Court's decision to shut down a lawsuit filed by Nigerians against Royal Dutch Shell (RDS.A) over claims the company was complicit in crimes committed by Nigeria's government is a major victory for corporations that have been sued in the U.S. for their alleged role in foreign atrocities. The ruling could affect other cases, such as those against Rio Tinto (RIO) and XOM over activities in foreign countries. 2 Comments [Energy, U.S. Economy]
Tuesday, April 16, 9:33 AM Dominion Diamond (DDC) says Q1 production at its Diavik diamond mine totaled 1.9M carats, up from 1.6M a year earlier, helped by improved grades. The average grade of ore processed was 3.87 carats/metric ton vs. 3.03 in the year-ago quarter. DDC, formerly Harry Winston Diamond, sees full-year production at ~6M carats. Comment! [Commodities]
Tuesday, April 16, 8:24 AM Most of this morning's biggest premarket gappers come from yesterday's downtrodden mining losers: GFI +7.8%, AU +6.6%, GOLD +6.1%, KGC +4.8%, ABX +4.1%, AG +4%, HMY +3.2%, HL +3.1%, AUY +2.8%, EGO +2.6%, SLW +2.5%, RIO +2.3%, NEM +2%, MT +1.9%. ETFs: GDX +2.8%, SLV +2.8%, GLD +2.3%. Comment! [Commodities, On the Move]
Tuesday, April 16, 7:43 AM Rio Tinto (RIO) says this year's copper output will be cut by ~125K metric tons after last week's landslide at its Bingham Canyon mine in Utah. As a result, Rio's raw copper output is likely to fall by ~1.6% to 540K tons and refined copper production to slip ~27%. Q1 total production from iron ore mines totaled 61.2M tons, +4% Y/Y but -8% Q/Q due to cyclones that struck Australia's Pilbara region. RIO +2.6% premarket. Comment! [Commodities, On the Move]

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