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Rio’s CEO wants to buy diamonds, but finding them won’t be easy

By: Bloomberg     Updated 2 hours 9 minutes ago Even for the deepest pockets in the mining industry, diamonds are hard to find. Rio Tinto Group CEO Jean-Sebastien Jacques said this week he’s on the hunt for new diamond mines, but with more than half of the industry controlled by just two companies and new discoveries rare, it’s going to be a... 

Rio CEO wants to expand in diamond mines rather than divest

By: Bloomberg     7th December 2016 When Rio Tinto Group chief Jean-Sebastien Jacques took the reins of the world’s second-biggest mining company in July, there was speculation he’d sell a host of less desirable mines and smelters. The firm’s diamond business, underpinned by two underground mines, was considered by some analysts as... 

Rio Tinto’s Guinea head departs amid mine-payment investigation

By: Bloomberg     6th December 2016 Rio Tinto Group’s head of operations in Guinea has left the company. Ismael Diakite, who had been in the role since 2011, said his departure from the company on December 2 was amicable though declined to offer any more details when contacted by phone in Canada. A spokesman for Rio confirmed the... 

SEC said to probe Rio Tinto on Mozambique deal impairments

By: Bloomberg     29th November 2016 The US Securities and Exchange Commission (SEC) is investigating a $3-billion impairment charge Rio Tinto Group booked on a Mozambique coal deal almost four years ago, according to a person familiar with the matter. The investigation is ongoing and is separate to an internal Rio review into... 

World Bank arm monitoring Rio Tinto’s payments probe in Guinea 

By: Bloomberg     21st November 2016 The World Bank’s private investment arm said it’s monitoring the situation after Rio Tinto Group announced a probe into a $10.5-million payment connected to the Simandou iron-ore project in Guinea, West Africa. The International Finance Corp. is supporting efforts to identify funding for the... 

Iron-ore gets its Groundhog Day moment as tumble follows surge

By: Bloomberg     18th November 2016 Iron-ore is having a Groundhog Day moment. Prices that were pumped up on speculative enthusiasm are now headed for the biggest weekly drop in six months, echoing a sharp rise and tumble seen in April and May that was driven by a surge and fade in trading in China, the largest buyer. 

Rio Tinto offered bribe for iron mine, former Guinea official says

By: Bloomberg     18th November 2016 A Rio Tinto Group executive asked how big a bribe it would take to beat out a competitor for a hotly contested iron ore deposit in Guinea, the country’s a former mining minister said, adding a new accusation of graft just days after the world’s second-biggest miner fired two of its top executives... 

Rio CEO says staff 'shocked' by probe that may take years

By: Bloomberg     15th November 2016 Rio Tinto Group CEO Jean Sebastien Jacques said an investigation into the lawfulness of a payment made to an external consultant relating to a giant iron ore project in Guinea has “shell-shocked” the company and may take several years to resolve. The world’s second-biggest miner last week... 

Billionaire Steinmetz says Rio probe proves Guinea mine plot

By: Bloomberg     14th November 2016 Billionaire Beny Steinmetz says the suspension of a senior Rio Tinto Group executive this week over a payment in Guinea is evidence of an elaborate plot that culminated in Steinmetz’s mining company being stripped of its rights to a $20-billion iron-ore project two years ago. Steinmetz’s BSG... 

Copper explodes above $6 000 with prices set for best week ever

By: Bloomberg     11th November 2016 Copper briefly surpassed $6 000/t and headed for the biggest weekly rally ever as the metal became the focus for traders speculating on Donald Trump’s pledge to pour money into US infrastructure. Copper rose as much as 7.6% to $6 025.50, the biggest intraday increase since 2009. Prices were at $5... 

Iron giants target used gyms, generic parts to slice costs

By: Bloomberg     26th October 2016 From buying second-hand gym equipment to generic replacement parts, the world’s biggest iron ore producers are using increased ingenuity to keep on cutting costs at their mines – but it’s getting tougher. Even as Fortescue Metals Group sources more parts from China and automates trucks and... 

A 300% rally that has investors questioning Anglo’s plan to sell

By: Bloomberg     26th October 2016 When a company quadruples in value over nine months, it’s unusual for the biggest investors to say management has the wrong strategy. But that’s exactly what’s happening with  Anglo American Plc, the mining company that is the U.K.’s best-performing blue-chip stock this year. In February, Anglo... 

BHP scolded for tax 'dummy spit' by former Australian Treasurer

By: Bloomberg     20th October 2016 Former Australian Treasurer Wayne Swan labelLed BHP Billito’s response to his allegations of tax evasion a “dummy spit” and demanded an explanation for its practice of funneLling some sales of resources in the nation through Singapore to lower its tax burden. “The dummy spit by BHP executives in... 

BHP rebukes tax critics after claims of evasion in Australia

By: Bloomberg     18th October 2016 BHP Billiton, the world’s biggest mining company, rejected claims of tax evasion in Australia by pointing to $58billion in taxes and royalties paid in the country over the past decade. “We’re astonished to hear some politicians claiming that we haven’t been paying our fair share,” Jac Nasser,... 

Rio CEO says Mongolia won’t receive mine dividend for ten years

By: Bloomberg     7th October 2016 Rio Tinto Group said Mongolia won’t receive any dividend from the giant Oyu Tolgoi mine for ten years as the world’s second-biggest mining company prioritizes completing a $5.3-billion underground expansion. Oyu Tolgoi, which at its peak will be one of the top five copper mines in the world, is... 

Discipline the watchword for iron-ore miners as new supply looms

By: Bloomberg     3rd October 2016 The world’s largest iron-ore producers will need to exert tight control over supplies to keep prices at about $45 a metric ton as China’s drive to weed out unwanted steel capacity poses risks to demand, according to Singapore-based DBS Group Holdings. The raw material’s rally in 2016 may come... 

$1 coal mines turn to jackpots as China’s cuts power rally

By: Bloomberg     30th September 2016 Buying bargain-bin coal mines amid the worst commodity slump in a generation has turned into a savvy bet as prices of the fuel surge. Stanmore Coal bought the Isaac Plains metallurgical coal mine in Australia for A$1 in July 2015 from Brazilian miner Vale SA and Japan’s Sumitomo when the price... 

China auto boom is warning to world miners facing scrap age

By: Bloomberg     29th September 2016 China is on the cusp of a scrap wave that will return metal from ageing cars and expired fridges to the supply chain in a growing threat to mining companies, according to  Chiho-Tiande Group , a top recycler, which is taking over one of the biggest and oldest names in Europe’s scrap business. The... 

Iron giants to add 200Mt of supplies through 2020

By: Bloomberg     26th September 2016 The world’s two largest iron-ore exporters Australia and Brazil will each add about 100-million metric tons of supply through the end of the decade, boosting a global glut and hurting prices in a slump that will then force marginal miners to cut output, according to Citigroup. Shipments from... 

Five Rio Tinto workers arrested for fraud at Canadian smelter

By: Bloomberg     22nd September 2016 Five former workers at a Rio Tinto Group aluminum smelter in Quebec were arrested following a fraud investigation initiated by the company almost two years ago. The alleged fraud involved fake invoices from a former subcontractor of the company, according to a statement Wednesday from Surete du... 

WA mining tax may risk major BHP iron-ore project

By: Bloomberg     15th September 2016 BHP Billiton, the world’s largest mining company, said a proposed tax on producing iron-ore in Australia would risk the development of a new project in the Pilbara region that may account for about a quarter of its iron output from the country. Brendon Grylls, the leader of Western Australia’s... 

World’s hottest stock is a 430% rally in a Peruvian silver miner

By: Bloomberg     15th September 2016 The most impressive advance in the stock market this year is a little-known Peruvian miner that rode the comeback in silver. 

Big miners need a better plan for growth riddle in China

By: Bloomberg     13th September 2016 Rio Tinto Group, the world’s second-biggest miner, is no longer certain of picking the path ahead for growth in China, its biggest customer. It isn’t alone. China’s short-term demand remains difficult to read, Glencore’s CEO Ivan Glasenberg said last month after the largest miners were... 

Free-falling Mongolia won’t be saved by commodity revival

By: Bloomberg     25th August 2016 The commodity super-cycle that peaked in 2011 powered Mongolia to world-beating growth. Then came the bust and China’s recent economic slowdown that’s pushed the land of Genghis Khan into an unprecedented economic crisis this summer. Yet even though the commodity market finally has a pulse again... 

Three-decade iron-ore veteran says 2017 to bring challenges

By: Bloomberg     18th August 2016 Iron-ore strayed well off-script in 2016 as a rally surprised the bears. Michael Zhu, former global sales director at Vale SA, says the commodity will probably face a tough year in 2017 as supply keeps on expanding while China’s steelmakers struggle to sustain output at current levels. “I’m not... 

Guinea blames Rio Tinto’s ‘rambling’ London team for mine delay

By: Bloomberg     17th August 2016 Guinea’s mineral management company said Rio Tinto Group overstated the Ebola virus’s effect on developing the world’s biggest iron-ore deposit and delayed its plans for the mine to focus on operations in Australia amid a rout in prices for the steelmaking material. “The real causes of the delay... 

Biggest miners’ project spending reboot signals rebound firming

By: Bloomberg     17th August 2016 The world’s two largest mining companies are planning to raise capital expenditure from decade lows as a firming rebound in commodity prices paves the way for at least $12-billion of growth projects. BHP Billiton Ltd., the No. 1 miner, expects to raise spending by 15% in fiscal 2018, while Rio... 

Iron-ore giants reject proposed A$7.2bn iron-ore mining tax hike

By: Bloomberg     10th August 2016 The world’s two largest mining companies rejected a proposed A$7.2-billion ($5.5-billion) tax increase on their Western Australian iron-ore operations, saying it’s likely to put jobs and competitiveness at risk. Brendon Grylls announced the tax proposal after being appointed the new leader of the... 

Hambro sees ‘very good fortunes’ for iron-ore on capex slump

By: Bloomberg     5th August 2016 A slowdown in spending on global iron-ore projects amid weak prices is setting the ground for a longer-term revival, according to Hong-Kong listed producer IRC, which is starting up production from a new project in Russia that was 10 years in the making. The steelmaking ingredient, which has... 

Rio Tinto’s rewind to 2004 shows it’s a victim of own success

By: Bloomberg     4th August 2016 Rio Tinto Group has to work twice as hard to turn the profit it did a decade ago. Back in 2004, the world’s second-biggest mining company produced about 60-million metric tons of iron ore and reported underlying earnings of $1.3-billion in the second half of the year. Now it extracts about... 

Anglo said to rebuff India billionaire Agarwal’s merger plan

By: Bloomberg     29th July 2016 Anglo American, the London-based miner, rebuffed informal approaches in recent months from Indian billionaire Anil Agarwal, who oversees the country’s biggest mining company, according to people familiar with the matter. Agarwal, who has majority control of Hindustan Zinc through Vedanta,... 

Fortescue sees Vale ore blending plan completed in near future

By: Bloomberg     27th July 2016 Fortescue Metals Group Ltd. is optimistic its iron ore blending project with Brazil’s Vale SA, the world’s top iron ore exporter, may be completed soon as better demand in China supports a price rally this year. “We’ve completed a lot of laboratory test work and that has been very positive and we... 

Iron-ore’s rally seen endangered by UBS as supply stacks up

By: Bloomberg     26th July 2016 Iron-ore’s revival in 2016 has prompted mine restarts in Brazil, West Africa, Australia and China, adding to global supplies and potentially contributing to a weakening of prices into next year, according to UBS Group AG. “Supply that had left the market is returning,” analysts including Daniel... 

End of Australia’s iron-ore supply rush seen aiding prices

By: Bloomberg     21st July 2016 The largest iron-ore producers in Australia, the world’s No. 1 exporter, are raising supply at the slowest pace in years, drawing a line under more than a decade of expansions and lending potential support to prices that are rebounding this year. BHP Billiton, the third-largest shipper, said... 

Japan’s Komatsu to buy US Joy Global for $2.89bn

By: Bloomberg     21st July 2016 Komatsu, the world’s second-biggest mining and construction equipment maker, agreed to buy Joy Global for $2.89-billion, in a deal signaling the Japanese company is optimistic that a recent rebound in commodities prices will endure. Tokyo-based Komatsu will pay $28.30 a share in cash for the... 

Vale output expected to tease record levels despite dam disaster

By: Bloomberg     20th July 2016 Vale SA’s relentless expansion is expected to keep the world’s biggest iron-ore miner near record output levels despite the hobbling effects of last year’s Samarco dam burst on its Brazilian operations. The Rio de Janeiro-based miner will report second-quarter output of 86-million metric tons,... 

Diamond dream lives on against the odds under Canadian tundra

By: Bloomberg     12th July 2016 On the semi-frozen surface of Faraday Lake in Canada’s subarctic, two diamond rigs are drilling around the clock. It’s spring breakup north of the 63rd parallel, which means the Kennady Diamonds Inc. exploration team is running out of time. “It’s starting to candle,” says geologist Martina... 

Guinea says Rio bound to $20bn mine

By: Bloomberg     6th July 2016 Guinea said Rio Tinto Group must honour its commitment to develop the world’s largest untapped iron-ore deposit, after the company’s CEO signalled it may delay building the $20-billion mine and related infrastructure because of low prices. Guinea is counting on Rio and other investors, including... 

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