Production for the first three months of the year slumped 37% compared with the same period of 2016.
Rio Tinto Mining News
Another 5% iron ore price drop Tuesday slashes $30 billion from top 5 producers' market value in one month.
With the Foreign Investment Review Board’s approval, Rio Tinto is a step closer to fully exit thermal coal.
Worries about Chinese economy and rising tension surrounding North Korea brings fear trade to mining and industrial metals.
The commodity is now trading below $70 a tonne and has just suffered its largest one-day percentage decline in over a year.
After a 85% rise in 2016, iron ore prices are now down 3.2% so far this year, which has placed the commodity in a bear market.
Ore with 62% content in Qingdao fell almost 7% overnight, entering a bear market and erasing all of this year’s gains.
The amount is linked to what is known as “transfer pricing” between Rio Tinto’s Australian operations and its Singapore office.
While the company had other projects in the country, the Bayan Khundii gold project went from greenfield prospect to being its main asset in roughly nine months.
So far this year, the commodity has risen just 0.6%, quite far from the over 20% gains seen just over a month ago.
Combined worth of $842 billion with 20% gains so far in 2017.
Appointment comes barely a week after the mine, operated by BHP Billiton, failed to secure a wage deal with 2,500 workers after a 43-day strike.
Rio Tinto has appointed Patrick Boitumelo as President and Chief operating officer, Diavik Diamond Mines.
The world's second largest miner gave Pistol a $75K cash injection in an effort to own the Saskatchewan-based properties before the end of 2019.
The steelmaking ingredient has shed almost $10 a tonne in just a week.
Workers ended their strike and invoked a rarely used legal provision that allows them to extend their old contract, which leaves them in the exact same situation they were before they downed tools.
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.
The company is currently analyzing options to resume work as soon as possible, which includes hiring temporary workers to replace those that have downed tools.
He joins a growing list of chairmen who are leaving some of the world's' top mining companies, including BHP Billiton and Anglo American.
Strike at Freeport's giant Peru mine takes offline world's three biggest mines, but worries about demand drops copper after huge jump in warehouse stocks.
The country’s copper output is predicted to have fallen by 12% last month when compared to February 2016, while GDP dropped 1%.
Sam Walsh's bonuses, potentially worth millions, had been delayed for at least two years as investigations continue into dubious payments related to Simandou iron ore project in Africa.
Incidents come despite a local judge ruled late Tuesday that a deferred payment from 2016 should go out to workers within 48 hours.
Industry observers believe Yancoal will face several challenges when trying to complete a $2bn equity issue to finance the acquisition of Rio’s coal mines in the Hunter Valley.
The shortage of copper predicted for the next five years has the potential to skyrocket prices due to upcoming supply issues.