Macquarie somewhat surprised by organisational reshuffle at Rio Tinto
22nd Jun 2016 12:10
(ShareCast News) - The decision of Andrew Harding, Rio Tinto's ex-Iron Ore chief to depart the company was not unexpected, but the organisational reshuffle of the company's organisational structure was "somewhat of a surprise", analysts at Macquarie said. Harding had been seen as a "strong" candidat
Read moreRio Tinto seals $3bn debt reduction
21st Jun 2016 09:47
(ShareCast News) - Rio Tinto has arranged a further $3bn reduction in its gross debts after agreeing further purchases of its bonds in New York. The mining group's has agreed to buy back $1.252 billion of debt under a 'maximum tender offer', which began on 7 June. This comes on top of the $1.748bn
Read moreRio Tinto reshuffles organisational structure with iron chief axed
21st Jun 2016 08:04
(ShareCast News) - Rio Tinto's iron ore chief will leave the company under new group chief executive Jean-Sébastien Jacques's restructured organisational structure. This structure will include four product groups: aluminium; copper and diamonds; energy and minerals; and iron ore. These asset-focuse
Read moreRio Tinto buys back $1.74bn in debt
14th Jun 2016 09:20
(ShareCast News) - Mining giant Rio Tinto said it was buying back $1.74bn in debt securities as part of its plan to reduce gross debt and shore up its balance sheet against a backdrop of low iron ore prices. The company said it had accepted $943m in 6.5% notes due 2018 which will be purchased at a p
Read moreSunday newspaper round-up: Brexit warnings, Rio Tinto copper, Sports Direct
12th Jun 2016 17:19
(ShareCast News) - The Bank of England will face huge pressure to cut interest rates to new lows if Britain opts to quit the EU, according to international investors cited by the Sunday Times. With online and phone polls indicating the result is too close to call, fears that a Brexit vote could dera
Read moreRio Tinto launches debt buy-back programme
7th Jun 2016 16:55
(ShareCast News) - Rio Tinto launched its second debt buy-back programme in as many months on Tuesday. The global mining group offered to repurchase up to $3bn of debt maturing in 2018, 2020 and 2022, but with priority having been assigned to the shortest of those maturities. The deadline to take-u
Read moreFTSE 100 movers: Mining megalodons rise with metals prices as Brexit brakes housebuilders
6th Jun 2016 15:32
(ShareCast News) - Mining megalodons dominated the blue-chip winners' ladder as they advanced in correlation with firming precious and industrial metals prices, supported by Coca-Cola HBC's fizz higher. Anglo American led the pack by a good distance as it stacked on a hearty 11.25%. It was followed
Read moreMonday broker round-up
23rd May 2016 18:04
(ShareCast News) - Royal Mail: RBC upgrades to sector perform with a 525p target. Weir: HSBC upgrades to buy with a 1450p target. Sports Direct: Goldman Sachs downgrades to neutral with a target price of 400p. Easyjet: Macquarie reiterates outperform with a target of 2100p. ICAP: Credit Suisse re
Read moreFTSE 100 movers: Anglo leads and British Land plays catch up
16th May 2016 12:04
(ShareCast News) - The FTSE 100 had crawled to positive territory with around an hour left of Monday's session, helped by a positive start across the Atlantic. Miners led the charge among the blue chips, taking seven of the top ten spots as some market commentary suggested that disappointing Chinese
Read moreDirector dealings: Rio Tinto's Professor L'Estrange doubles stake
11th May 2016 16:00
(ShareCast News) - Rio Tinto non-executive director Michael L'Estrange almost doubled his stake in the mining heavyweight with a AU$44,590 (£23,000) purchase on Wednesday. Professor L'Estrange, formerly Australia's high commissioner to the United Kingdom and ex secretary of the Department of Foreign
Read moreFTSE 100 movers: Property drags on buoyant mining
11th May 2016 13:32
(ShareCast News) - The FTSE was underwater but working it was back to dry land late on Wednesday, as the index's raft of heavyweight miners were buoyed by commodity prices. With an hour's trading left in the day, the blue chip index was down 0.1% at 6,150, with property developers causing the bulk o
Read moreIndustrial commodity prices headed lower, analysts say
10th May 2016 10:29
(ShareCast News) - Bulk commodity prices might be set to continue to head lower, analysts at Citi and Credit Suisse said. Concerns surrounding China had emerged again, analyst David B.Wilson said in a research note sent to clients. A boost to the country's manufacturing sector had come with a price
Read moreBasic resource shares pumelled, Canadian wildfire blaze slows advance
9th May 2016 19:03
(ShareCast News) - Mining and oil stocks led declines at the start of the week on the back of weaker than expected data out of Asia's largest economy and after Chinese regulators warned they might clamp down on speculation further. On Sunday, China's customs administration said exports and imports s
Read moreMonday broker round-up
9th May 2016 15:26
(ShareCast News) - Easyjet: RBC upgrades to outperform with a 1500p target. Restaurant Group: UBS downgrades to neutral with a 305p target. Burberry: Barclays keeps at equal-weight with a 305p target. Smith & Nephew: Berenberg reiterates buy with a target of 1300p and Barclays stays at overweight
Read moreRio Tinto to press ahead with $5.3bn Mongolian mine expansion
6th May 2016 08:05
(ShareCast News) - Rio Tinto said it was pressing on with the $5.3bn expansion of its Oyu Tolgoi copper and gold mine in Mongolia. The development of the underground mine will start in mid-2016, Rio said in a statement. First production from the operation, which has an average copper grade of 1.66%,
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