the sister ship, BLT was on a similar course. She just needs a few little corrections, I think! Yeah, I've got money in there too Lol
Rio deal in Mongolia should spark fresh interest in mining giant: Two years ago Rio Tinto looked vulnerable. The Anglo-Australian mining giant had taken some big risks on expanding its global resources base with expensive moves into iron ore and African coal which led to an eventual $14 billion write-down. Tom Albanese, the former Chief Executive who had masterminded its diversified strategy, was forced out when these big bets on the direction of the mining industry were deemed to be “unacceptable”. However, Rio Tinto still looked vulnerable after the failure of its $4 billion acquisition of Riversdale and $38 billion mega takeover of the Canadian aluminium producer Alcan; and late last year it emerged that Ivan Glasenberg, the head of Glencore, had proposed an audacious $160 billion merger. Although the approach was flatly rejected, it left the impression that of all the major mining groups - with perhaps the exception of Anglo American - Rio Tinto appeared the most exposed to a potential takeover. A bigger concern for Rio Tinto is the Australian government’s support for an inquiry into the sharp 60% fall in iron ore prices since last June, which some critics blame on companies such as Rio Tinto for over-producing. Many of the smaller iron ore mining companies in Australia have called for the big producers to cutback on output to prevent the market from being flooded, but Rio Tinto has taken the opposite approach. Over the next few weeks the company is expected to reach its target of 360 million tonnes per year of iron ore capacity, which should allow it to seize more market share from its rivals. The company hopes that in Oyu Tolgoi it will be able to achieve the same results in copper in five years time when the underground mine is fully operational. Questor Says “Buy”.
1 May '15
afternoon,you mean rio taking over the iron ore market.lol.yeah,it seems that way,bless um.
1 May '15
cracks forming in the competition..
....... vale slowing production at their less economic mines , Why would Rio alter course now, and cut production Thanks For the link Troajan.
1 May '15
HI Troajan - is this the start of the Rio strategy beginning to work? See my previous posts
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