UPDATE: Rio Tinto Recommences Iron Ore Expansion Studies
6th Jul 2010 05:40
(Adds CEO comments, details on Xstrata coal project re-starts) By Stephen Bell Special to DOW JONES NEWSWIRES PERTH (Dow Jones)--Rio Tinto Ltd. (RTP) Iron Ore Chief Executive Sam Walsh said Tuesday that the company has recommenced studies on its multibillion dollar iron ore expansion i
Read moreMARKET TALK: Rio Tinto Restarts Iron Ore Studies After New Tax
6th Jul 2010 05:11
0411 GMT [Dow Jones] Rio Tinto (RIO.AU) Iron Ore CEO Sam Walsh says reworked Aussie mining tax has prompted restart of studies into expansion of operations in Pilbara. Rio put all growth projects in Australia under review after original tax proposal in May. "We're in the process of re-opening studie
Read moreMARKET TALK: S&P/ASX 200 Turns Positive In Thin Trading
6th Jul 2010 03:32
0232 GMT [Dow Jones] S&P/ASX 200 up 0.1% at 4225.1, hits 4228.6 after bouncing off 7-week low of 4182.7. Financials leading the recovery, with major banks up 0.8%-1.4% and Macquarie (MQG.AU) up 1.7% after opening falls of more than 1.0%. Miners still down, albeit well above intraday lows, with BHP (
Read moreRio Tinto Recommences Iron Ore Expansion Studies
6th Jul 2010 02:52
PERTH (Dow Jones)--Rio Tinto Ltd. (RTP) Iron Ore Chief Executive Sam Walsh said Tuesday that the company has recommenced studies on its multibillion dollar iron ore expansion in Western Australia after the recent mining tax deal with the Australian government. "We're in the process of re-opening
Read moreFOCUS: Australia Mining Tax: A Win-Win Deal With Just One Winner?
6th Jul 2010 02:35
(This report was originally published Monday) By David Fickling Of DOW JONES NEWSWIRES SYDNEY (Dow Jones)--Australian Prime Minister Julia Gillard may be claiming victory with her quick breakthrough over the contentious resources mining tax, but miners may end up having the last laugh wh
Read moreXstrata Restarts Investment In Queensland Coal Projects
6th Jul 2010 02:17
SYDNEY (Dow Jones)--Xstrata Plc's (XTA.LN) coal division will restart A$186 million of investment into its major development projects in Australia's Queensland state, the company said Tuesday. The work at Rolleston West, Sarum and Wandoan had been put on hold during the debate over the Australia
Read moreTepco Agrees $103/Ton Coal Supply Deal With Xstrata, Rio -Sources
6th Jul 2010 00:33
TOKYO (Dow Jones)--Tokyo Electric Power Co. (9501.TO) has struck separate agreements with Xstrata Plc (XTA.LN) and Rio Tinto Plc (RTP) to pay about US$103 per metric ton of thermal coal supplied from Australia in the year starting July, two traders close to the situation said. The total volume o
Read moreLondon midday: Stocks tread water
5th Jul 2010 12:17
The London stock market ended the morning little changed, with the general air of lethargy reinforced by the absence of any directional input from the US market, which is closed today. BP is the strongest blue chip on reports that the governments of Kuwait, China and Singapore could inject funds un
Read moreFOCUS: Australia Mining Tax: A Win-Win Deal With Just One Winner?
5th Jul 2010 11:46
By David Fickling Of DOW JONES NEWSWIRES SYDNEY (Dow Jones)--Australian Prime Minister Julia Gillard may be claiming victory with her quick breakthrough over the contentious resources mining tax, but miners may end up having the last laugh when the dust settles over the new provisions of the
Read moreLondon open: Slow start for Footsie
5th Jul 2010 08:42
Early gains for Footsie have disappeared quickly in the face of a poor start for the miners and the absence later on of Wall Street, closed for Independence Day. BP is one of the gainers on reports the governments of Kuwait, China and Singapore could inject funds under a £6bn plan designed to shore
Read moreRio Tinto Completes Last Leg Of Alcan Packaging Divestments
5th Jul 2010 07:39
MELBOURNE (Dow Jones)--Rio Tinto Ltd. (RIO.AU) said Monday it has completed the divestment of the last of its Alcan packaging businesses, bringing the miner's total divestments since 2008 to more than US$10 billion. The Alcan medical flexibles business has been sold to Amcor Ltd. (AMC.AU) for US
Read moreLondon pre-open: Footsie targets tiny gain
5th Jul 2010 07:37
It's looking like a quiet and nervy start for London as US stocks struck a new low for 2010 in very late trade Friday. Any moves will be locally-led in the absence of Wall Street, closed for Independence Day. Futures prices indicate a 4-point gain in early trade. The Dow Jones closed down 46 on Fri
Read moreRio completes Alcan Packaging sales
5th Jul 2010 07:28
Mining giant Rio Tinto has sold the last two remaining parts of its Alcan Packaging business. Medical Flexibles, which comprises four North American plants, has been acquired for $66m by Amcor, and completes Amcor's acquisition of the Alcan Packaging global Pharmaceuticals, global Tobacco, Food Eur
Read moreMARKET TALK: S&P/ASX 200 Turns Down As Shanghai Falls
5th Jul 2010 03:21
0221 GMT [Dow Jones] S&P/ASX 200 down 0.2% at 4232.3, hits intraday low of 4231.3 after fading from 4260.1 intraday peak amid weakness in China equities, with Shanghai Composite down 1.7% in early trading. Banks have mostly turned negative, with NAB (NAB.AU) down 1.3%, while resources remain positiv
Read moreMARKET TALK: Reworked Mining Tax Eases Value Impact - Citi
5th Jul 2010 02:29
0129 GMT [Dow Jones] Changes to Australia's proposed new mining tax have made it much less damaging for miners, but junior iron ore and coal stocks are still losers, Citi says. Says the impact of the reworked tax on the net present value of BHP Billiton (BHP.AU) and Rio Tinto (RIO.AU) is 1%-3% where
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