Beijing has formally charged four employees of Anglo-Australian mining giant Rio Tinto with industrial espionage and bribery, setting the stage for a trial that will strain relations between China and Australia. The move will also cast a cloud over already contentious iron ore price negotiations between the country and western mining companies. Read the rest of this entry »
Rio Tinto Employees Charged With Industrial Espionage and Bribery
February 10, 2010
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Rio Tinto Sees Increased Metal Demand from China, Will Increase Project Expenditures in 2010
November 4, 2009
Whether or not it ever was truly “deferred,” Kennecott-Rio Tinto’s Eagle Mine, in the Huron Mountains of Michigan’s Upper Peninsula may become a top priority for the London miner next year.
According to the Financial Times, Rio Tinto intends to spend $5 – $6 billion on project development in 2010.
Where’s the demand for upper Great Lakes metal coming from? According to CEO Tom Albanese the company’s three primary markets for metals are “China, China – and then again, I would say, China.”
Speaking in London, Albanese stressed that the company’s relationship with China is of “critical importance to Rio Tinto.”
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China Arrests Rio Tinto Executive for ‘Spying’
July 10, 2009In perhaps Rio Tinto’s sexiest blunder in a string of mishaps over the last year, a company executive has been arrested by Chinese authorities “on the suspicion of espionage and stealing state secrets,” according to Australia’s Foreign Minister, Stephen Smith.
Stern Hu, Rio Tinto’s general manager of iron ore in China, was detained by the Ministry of State Security on Sunday, along with three other company executives.
The Chinese government-owned Chinalco is currently Rio Tinto’s largest shareholder.
Rio Tinto, other iron ore producers, and China are currently in iron ore pricing negotiations while Rio has refused China’s demands for large price cuts. Rio’s iron ore officials have been meeting in Singapore and Hong Kong for the past month over fears that China’s Iron and Steel Association may be attempting to hack into the company’s phone and e-mail systems. Read the rest of this entry »
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Rio Tinto’s China Deal Falls Apart
June 4, 2009Rio Tinto’s proposal to sell roughly one-fifth of the company to Chinese government-owned Chinalco collapsed this week. According to the Guardian, Rio Tinto is out roughly $1 billion dollars as a result of the failed deal. The deal would have given the Chinese company access to some of Rio Tinto’s key assets, including Kennecott Utah Copper and the company’s prized Australian iron ore operations. Read the rest of this entry »
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Rio Tinto’s Proposed Sale to China Called Off?
May 13, 2009By Gabriel Caplett
Rio Tinto’s proposed fire sale to Chinese government-owned and controlled Chinalco, appears to be facing its most intense criticism yet. The London Telegraph is reporting that Australia’s Foreign Investment Review Board may attempt to block the sale and a number of major shareholders are expressing their frustrations more strongly than ever, despite recent attempts by Rio’s new chairman, Jan du Plessis, to sway opposition to the proposed deal.
Reuters is quoting one anonymous “top 25” investor saying, “This was a bad deal a few months ago and it’s a bad deal now.” Read the rest of this entry »
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Eagle Project “Deferred”; Kennecott Now a Rio Tinto-China Joint Venture?
February 12, 2009by Gabriel Caplett
Marquette County, Michigan – In the same week both the United Nations (UN) and human rights advocates criticized China for violations involving systemic torture and suppression of journalists, Rio Tinto has indicated a desire for an expanded relationship with the country. The US $19.5 billion asset and convertible bond sale to the China-owned Chinalco has already drawn the ire of many major investors, as well as the Australian government and recently resigned board member, Jim Leng.
The deal gives Chinalco, already Rio’s largest shareholder, a nearly 20% stake in the company and up to two non-executive board seats. The deal represents China’s largest overseas investment and signifies the government’s new role as the most powerful emerging economy in the world. The deal sent Rio Tinto’s European-listed shares plummeting. The company was the biggest loser of the day with a more than 8% drop in share value.
As part of its announcement, Rio Tinto is also shelving its Eagle Project copper-nickel mine in Michigan’s Upper Peninsula. Read the rest of this entry »
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Pass the Fish and Chips: China Hungry for Bigger Helping of Rio Tinto
February 2, 2009by Gabriel Caplett
London-based Rio Tinto’s CEO Tom Albanese may have to bone up on his Mandarin if emergency talks with the Chinese government-owned aluminum giant, Chinalco, produce an expected US $8 to $9 billion in asset sales. The deal would give China 15% ownership in the company and allow continued access to base metals, such as iron ore, primarily used to make steel, an essential ingredient allowing the country to expand its infrastructure. According to the London Guardian, the deal would “further reflect the shift in power between recession-struck developed countries and faster-growing Asian economies.”
China is already Rio Tinto’s largest shareholder Read the rest of this entry »
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Rio Tinto Poised to Open Six More Projects
December 18, 2007by Gabriel Caplett
Kennecott Minerals and its parent company, Rio Tinto, are looking to become a “top ten” nickel producer by opening up to 6 more projects near its Eagle Project.
According to Rio Tinto copper chief executive, Bret Clayton, “In 10 years’ time, Rio Tinto could rank in the top-10 nickel producers globally.” Since Rio Tinto’s projects on the Yellow Dog Plains represent one of only two of the company’s nickel investments worldwide, Rio Tinto is looking to the UP to boost the company into a top ten nickel producer. Read the rest of this entry »
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Rio Tinto: Investing in Instability
March 4, 2007by Gabriel Caplett
Over the past decade, China’s rapidly expanding economy has caused a dramatic jump in metal prices, specifically copper. Although some analysts predicted a 30% decline in copper prices for 2007[1], a BHP-Billiton (BHP) executive, Diego Hernandez, noted recently that “the market is firm,” citing that demand from China will continue to support record prices: “…last year the Chinese bought less because they used a lot of inventory and have now started to go back to the market.”[2]
In 2003, then-Rio Tinto chairman Robert Wilson said “China’s growth, with its heavy emphasis on infrastructure development, has become a major influence in the market for many of our products….China’s consumption of metal has been growing by more than 10 per cent annually and rapid growth seems likely to continue.”[3] Read the rest of this entry »
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