The amount is linked to what is known as “transfer pricing” between Rio Tinto’s Australian operations and its Singapore office.
Iron Ore Mining News
BC mining financing dropped 40% in 2016
The mining industry still received 29% of the Canadian province’s top-grossing corporate financing deals.
Cyclone damage causes BHP to declare force majeure in Australia
The miner said it won't meet its coal export commitments due to the damage caused by cyclone Debbie, which struck Australia’s north-east coast last week.
Iron ore drops below $80 a tonne again
So far this year, the commodity has risen just 0.6%, quite far from the over 20% gains seen just over a month ago.
Search for ship containing 260,000 tonnes of iron ore continues
The Stellar Daisy, which set out from the a port in Brazil to China, last made contact on Friday. 22 out of the 24 crew members are still unaccounted for.
Cyclone Debbie disrupts $3.2bn of Australian coal exports
Damage to rail lines in cyclone-hit Queensland have disrupted the shipment of between 15 million and 20 million tonnes of coking coal destined to Asia.
Ports in China have enough iron ore to build 13,000 Eiffel Towers
With enough iron ore to construct Paris's Eiffel Tower nearly 13,000 times over, China's ports are bursting with stockpiles of the raw material and some of them are demolishing old buildings to create more storage space, trading sources said.
Vedanta CEO Tom Albanese to leave company in August
The news follows the exit of former Anglo American CEO Cynthia Carroll, who stepped down last month.
Iron ore price under pressure from Chinese mine restarts
Iron ore price down 12% in two weeks – Rio Tinto says Chinese domestic reboot is "main source of uncertainty" for the market.
Miners to spend $21 billion on exploration by 2025
Equipment and services suppliers will have to wait at least another year until they can fully feel the impact of this trend, says CSA Global — the world's second-largest mining sector consultancy.
Vale’s new CEO Schvartsman a political move in the right direction — analysts
Fabio Schvartsman will lead the transition of the world’s largest iron ore miner into a new shareholding structure.
Iron ore hits lowest price since early February
The steelmaking ingredient has shed almost $10 a tonne in just a week.
US court cancels most of class action against Samarco over deadly dam burst
Vale said the US District Court for the Southern District of New York annulled the majority of a class action lawsuit against the company and executives over the 2015 deadly accident.
How to build a mine
There are three key components to building a mine, starting with a competent, experienced management team.
Making the grade: understanding exploration results
The most exciting news from a mining exploration stock is a high-grade drilling result.
World’s first seabed gold, copper, silver mine to begin production in 2019
Canada’s Nautilus Minerals is getting closer to kicking off operations at its Solwara 1 gold, copper and silver project off the coast of Papua Guinea.
Iron ore price: Beijing bets $5B on stranded Pilbara deposits
China’s premier Li Keqiang and Australian PM Malcolm Turnbull sign port and railway deal opening up vast new iron ore resources.
Changes at Kumba Iron Ore board of directors
Along with other changes, Zarina Bassa has informed Kumba of her intention to step down as an independent non- executive director at the Company’s forthcoming AGM on 11 May 2017, after serving eight years.
The 5 biggest private funds investing in mining
Denver is the global capital of private capital raising for investment in the metals and mining sector.
Iron ore miners worst nightmare just came true — prices tank
Prices for the raw material have dropped below $90 a tonne as doubts gather about the strength of demand in China at stockpiles hit record highs.
A core holding keeps getting better
Fund manager Adrian Day reviews one of his favorite resource companies and updates a few others.
$5.5 billion private capital ready to invest in mining
"Investors are willing to back their positive sentiment towards natural resources with fresh capital commitments," says new study.
North Korea admits six died in iron ore mine accident
Seven miners were initially trapped after the Jan. 9 incident at the Unryul iron ore mine, but only one survived.
Caterpillar hires former US Attorney General for help with probe
William P. Barr will help Caterpillar face a federal investigation related to profits earned by CSARL, its Swiss parts subsidiary.
