Rio Tinto freezes pay ahead of "very sobering" year ahead
14th Jan 2016 15:30
(ShareCast News) - Rio Tinto chief executive Sam Walsh has enforced a global pay freeze across the company as part of a cost-cutting exercise for what he expects will be "an even tougher year". In a note to staff, Walsh said "Late last year, we saw market prices continue to rapidly fall. What
Read moreFTSE 100 movers: China confidence boosts miners
13th Jan 2016 14:05
(ShareCast News) - The FTSE 100 was in the black again on Wednesday, up 73.00 points (1.23%) by mid-afternoon to 6,002.24. Miners led the way as confidence was restored somewhat in China, the world's largest commodities importer after data showed China's trade surplus rose more than expected. It wi
Read moreMiners might put in a better showing as the year progresses, Citi says
13th Jan 2016 09:07
(ShareCast News) - Shares of miners may perform better as the year progresses driven mainly by improvements in their balance sheets and cash flows, whereas markets appeared to be most worried at present with their spot earnings, Citi said on Wednesday. A regression analysis carried out by the analys
Read moreBarclays lowers targets on miners; Anglo American and Randgold spared
12th Jan 2016 13:40
(ShareCast News) - The bad times for the mining sector were likely to continue, despite a tough last five years, which saw the worst performance for it since 1966, analysts at Barclays said. With the Chinese economy stagnating and purchasing managers' indices already beginning to roll over elsewhere
Read moreFTSE 100 movers: Miners drive down blue chip market
6th Jan 2016 14:59
(ShareCast News) - The FTSE 100 had dropped 86.42 points (1.41%) by mid-afternoon Wednesday, down to 6,050.82 points. Miners were again on the list of risers and fallers for a second day in a row, but this time on the negative side. Anglo American, BHP Billiton, Rio Tinto, Glencore and Antofagasta a
Read moreFTSE 100 movers: Miners reverse downward trend
5th Jan 2016 14:02
(ShareCast News) - The FTSE 100 had rebounded from Monday's losses by mid-afternoon Tuesday, with the blue chip index up 39.12 points (0.64%) to 6,132.55. Miners Glencore, Anglo American, Fresnillio and Rio Tinto reversed their losses from the start of the week and led the risers after news the UK c
Read moreLondon pre-open: Stocks seen higher as FOMC meeting looms
15th Dec 2015 07:30
(ShareCast News) - London stocks are set to open higher, rebounding from the previous session's oil-led losses following a positive session on Wall Street. The FTSE 100 is expected to open 60 points higher than Monday's close at 5,934. On the data front, the UK consumer price index is at 0930 GMT a
Read moreRio Tinto's Mongolian copper project gets $4.4bn in loans
15th Dec 2015 07:05
(ShareCast News) - Rio Tinto's Oyu Tolgoi expansion project received a boost on Tuesday when a syndicate of banks and international governments agreed $4.4bn (£2.9bn) in loans. The copper and gold mine in Mongolia was held up by a dispute between the government and Rio, with loan commitments expi
Read moreFTSE 100 movers: Anglo American and Miners send market down
8th Dec 2015 13:31
(ShareCast News) - The FTSE 100 continued its slide, with the blue-chip market down 72.15 points (1.16%) to 6,151.37 by mid-afternoon Tuesday. Driving the market down was Anglo American after it said it will suspend its dividend to investors this year and the next as it announced a "radical" portfol
Read moreRio Tinto sees 2016 capex cut by USD1bn
8th Dec 2015 07:08
(ShareCast News) - Rio Tinto said 2016 group capital expenditure will be $1bn (£660m) less than forecast at $5bn (£3.3bn) as its cost cutting regime continues. Capex for the 2015 year will be $500m lower at $5bn, Rio said in a statement. The mining and metals giant said its aluminium products unit
Read moreLondon pre-open: Stocks to track Asia lower ahead of GDP data
27th Nov 2015 07:18
(ShareCast News) - London stocks are called to open lower on Friday, taking their cue from a downbeat session in Asia, where the Shanghai Composite tumbled 5% amid reports that several brokerages in China were being investigated for alleged violation of securities regulations. The FTSE 100 is expect
Read moreRio Tinto approves $1.9bn Cape York bauxite project expansion
27th Nov 2015 07:08
(ShareCast News) - Mining giant Rio Tinto has approved the $1.9bn expansion of its high-quality Amrun bauxite project in Queensland's Cape York Peninsula to meet Chinese demand, with much of the capital expenditure scheduled for 2017 and 2018 and first delivery from 2019. The initial output should b
Read moreBarclays cuts European mining sector to 'neutral' on cloudy outlook
10th Nov 2015 10:36
(ShareCast News) - Barclays downgraded its stance on the European mining sector to 'neutral' from 'positive', noting that 2015 has been another bad year. The bank pointed out that the last five years have marked the worst performance since 1966 and said it's hard to see what might pull the sector ou
Read moreLondon close: Stocks drop as third quarter UK GDP slows more than forecast
27th Oct 2015 16:48
(ShareCast News) - London stocks finished on the back foot on Tuesday after a worse-than-forecast slowdown in third quarter UK economic growth. UK gross domestic product rose 0.5% in the third quarter compared to 0.7% in the second quarter, well below estimates for a 0.6% increase, the Office for Na
Read moreFTSE 100 movers: Miners mourning but no dry eyes at Shire
27th Oct 2015 14:02
(ShareCast News) - The FTSE 100 was dragged lower on Tuesday, as the resources-heavy index felt the weight of a further downward lurch in the oil price to new lows. Just after 1400 GMT the blue chip index was down 0.5% at 6,384.73, with miners dominating the main fallers. Miners Anglo American, Ant
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