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Morning News Wrap: Rio Tinto, ICAP, National Grid, Fresnillo, BAE Systems

In the FTSE 100,minr Rio Tinto (LON:RIO) announced US$200 million funding to prepare for the expansion of its iron ore operations in Western Australia. The company has also said that 2010 continued to “shape up well” as markets remained strong and the overall long term demand outlook was positive. Rio Tinto’s global iron ore production was 2% lower than in Q2 2009, while H1 production marked a 15% improvement over H2 2009.

National Grid (LON:NG) has repurchased C$25.25 million of its C$200 million debt.

Interdealer broker ICAP (LON:IAP) said revenues for the quarter to 30 June increased 8% year on year.

Silver miner Fresnillo (LON:FRES) said that quarterly attributable gold production achieved a new record at 91,254 ounces, an increase of 33.9% over the corresponding period last year.

Defence and aerospace systems manufacturer BAE Systems (LON:BA) has completed the acquisition of Atlantic Marine Holding Company for US$352 million.

On AIM, Latin American precious metal miner Minera IRL (AIM: MIRL) reported a gold production of 8,098 ounces from its Corihuarmi gold mine for the quarter ending June 2010, which was 10% above budget.

Biopharma company Renovo Group (LON:RNVO) said it was appropriately funded for ongoing operations with a cash balance of £56.1 million.

Kazakhstan operating gold producer and copper developer Frontier Mining (AIM: FML) has commenced 2010 gold production at its Koskuduk deposit.