Glyn Lawcock News
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Rio Tinto Group, the world’s second- largest mining company, had a better-than-expected second-half loss on a $14 billion one-time charge, as earnings at its iron ore unit beat analyst expectations and it lifted its dividend.
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Australia’s planned mining tax will raise less than half the amount forecast by the nation’s Treasury in the next two years and reduce profit estimates for BHP Billiton Ltd. and Rio Tinto Ltd., UBS AG said.
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Rio Tinto Group will cut jobs and delay decisions on building projects as the third-biggest mining company expects slower growth in China, its largest customer.
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BHP Billiton Ltd.’s $20 billion foray into U.S. shale gas has been hit by a decade-low plunge in prices, raising the specter over the world’s biggest mining company of the Alcan Inc. deal that almost sank Rio Tinto Group.
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A “mad dash” for coal assets will drive deals as steelmakers, producers and utilities seek to secure supplies because of rising demand from Asia, UBS AG said.
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BHP Billiton Ltd. borrowed more cheaply than higher-rated Australian banks as the world’s biggest mining company returned to its home bond market for the first time in more than a decade.
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Rio Tinto Group, the world’s second- biggest mining company, rejected a renewed request by Mongolia to renegotiate a 2009 deal over a $6.2 billion mine that Rio plans to start next year.
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Sinochem Group, China’s biggest fertilizer trader, considers even a $10 billion bid for Potash Corp. of Saskatchewan Inc. by itself as too much, Caijing magazine said, citing Han Gensheng , the company’s vice president.
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China, the world’s largest consumer of metals, said its companies haven’t applied to bid for Potash Corp. of Saskatchewan Inc. , the Canadian fertilizer producer fending off a $40 billion offer from BHP Billiton Ltd.
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Record coal deals this year have slashed the number of potential targets in Australia, the world’s largest exporter. The combination of Whitehaven Coal Ltd. and Aston Resources Ltd. looms as the last prize standing.
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