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Rio Tinto
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Mining, Minerals and Sustainable Development (MMSD)
Rio Tinto has reached an agreement to sell Alcan Cable to General Cable Corporation for US$185 million. The sale is expected to close later this year after the transaction receives all necessary regulatory clearances.
Rio Tinto and Chinalco's listed subsidiary, Chalco, have completed the formation of their joint venture (JV) to develop and operate the Simandou iron ore project in Guinea, following the completion of all Chinese regulatory approvals. As a result, a consortium led by Chalco has made an earn-in payment of US$1.35 billion, in line with an agreement reached with Rio Tinto in March 2010.
Rio Tinto today set out its ethical track record to support its role as the official metal provider for the 4,700 medals for the London 2012 Olympic and Paralympic Games.
Chief executive of Rio Tinto Tom Albanese said “We had a solid first quarter with increased production of iron ore, coal, bauxite, alumina and titanium dioxide compared with the first quarter of 2011. This was driven by a combination of our consistently high operating performance and reduced impact from severe weather than in 2011. We were therefore well positioned for the relatively strong markets in the first quarter, albeit with continued volatility as we anticipated.” Read more here.
Rio Tinto has become a member of the new China Beijing Metals Exchange (CBMX). The CBMX is an electronic trading platform that will provide participating members with an additional iron ore trading channel in the China market.
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