Rio Tinto Group, the world’s second- biggest mining company, will cut capital spending to about $8 billion in 2015, less than half its outlay last year, as mineral producers conserve cash after prices fell.
U.K. stocks dropped for a third day, to their lowest level in more than six weeks, as investors awaited U.S. employment data this week to gauge the timing of the Federal Reserve’s tapering of stimulus measures.
Rio Tinto Group, the world’s second- biggest mining company, plans to suspend alumina production at its loss-making Gove refinery and focus on bauxite output due to low prices and an elevated exchange rate.
When Rio Tinto Group decided it had to part with Chief Executive Officer Tom Albanese, the second- largest mining company turned to Sam Walsh, whose iron ore unit has generated almost $40 billion in profit in seven years.
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.
Rio Tinto Group, the world’s second- largest mining company, reported record third-quarter iron ore and power station coal output and raised its full-year copper forecast as China’s commodities’ demand surged.
Rio Tinto Group said it would be interested in regaining control of disputed iron-rich ground in Guinea it was stripped of in 2008, prompting the recipient of the land to claim Rio has no viable plan for its development.
China Minmetals Corp., the nation’s biggest state-owned metals trader, is likely to drop out of the bidding for Rio Tinto Group’s controlling stake in Iron Ore Co. of Canada, according to two people with knowledge of the matter.