Rio Tinto Group is pursuing an initial public offering of its gem unit, the world’s largest supplier of natural colored diamonds, after failing to find a buyer, according to a person familiar with the matter.
Global iron ore supplies will expand faster than demand over the long term, lowering prices and reducing volatility of the raw material used to make steel, according to BHP Billiton Ltd., the largest mining company.
Rio Tinto Group, the world’s second- biggest miner, will probably pursue a $5 billion expansion of its iron ore output in Australia, Chief Executive Office Sam Walsh said, according to two people present at a meeting with investors and analysts.
Rio Tinto Group’s Mongolia copper and gold mine looks a dream location sitting next to China, the biggest market. Yet, Mongolia’s bid for more control of the project draws comparison with a Rio mine that went badly wrong.
Rio Tinto Group offered its Canadian iron-ore operations for sale, according to a person close to the matter, as the second-biggest mining company seeks asset disposals to curb costs and bolster its balance sheet.
Ambar Timblo has no work. For the first time in six decades his family’s iron ore mines in India’s western state of Goa are idle. A court-imposed ban on production drove away his biggest buyers in China and Japan.