Rio Tinto Group, the world’s second- biggest mining company, is on track to cut $2 billion in costs this year across its mining and corporate offices, joining BHP Billiton Ltd. and Vale SA in trimming spending.
Mining companies led by BHP Billiton Ltd. are holding the biggest ever sale of assets this year just as commodity prices head into a bear market. What’s bad timing for the miners might be the opposite for private equity.
BHP Billiton Ltd., the world’s largest mining company, named diamond unit president Tim Cutt to succeed the retiring Michael Yeager as head of its petroleum division as part of a senior management shakeup.
BHP Billiton Ltd., the world’s biggest mining company, named copper unit head Andrew Mackenzie as chief executive officer to succeed Marius Kloppers, who failed to deliver on about $200 billion of potential takeovers.
Asian stocks fell, with the regional benchmark index set for its biggest drop in a month, led by mining companies as commodities slumped on concern weaker global economic growth will crimp demand for raw materials.