Aluminium News

Alumina A$592 Million Institutional Offer Complete — Source

Alumina Ltd. has successfully completed the A$592 million institutional entitlement leg of its A$910 million capital raising, with shares not taken up by U.S. investors priced at A$3.70 in an institutional bookbuild, a person familiar with the raising said Friday.

Rio Tinto CEO: Has Seen Some Drop Off In Spot LME Prices

Rio Tinto Ltd. Chief Executive Tom Albanese said Wednesday the mining giant has noted some drop-off in spot commodity prices, although key commodities such as aluminum and copper are still trading above January levels.

Rio Tinto CEO: Co Has Stronger Earnings Momentum Than BHP 

Rio Tinto Ltd. Chief Executive Tom Albanese Tuesday said the miner’s first half earnings result supports its value based rejection of the hostile US$160 billion takeover offer from rival BHP Billiton ltd. and that it has more momentum than its rival.

Rio Tinto 1st Half Net Profit Doubles To US$6.9 Billion From Year Ago 

Rio Tinto Ltd. (RTP) said Tuesday its net profit for the half ended June 30 more than doubled on year to US$6.91 billion, from US$3.25 million for the same period a year earlier.

Chinalco Reserves Right To Increase Rio Tinto Stake

MELBOURNE (Dow Jones)-Aluminum Corporation of China Ltd., or Chinalco, has reserved the right to boost its stake in Rio Tinto Ltd. (RTP) after the Australian government approved its current holding, but analysts said Monday its ability to influence BHP Billiton Ltd.'s (BHP) US$164 billion bid for Rio Tinto now looks limited.

ACCC Final Decision Date On BHP Bid For Rio Tinto Oct 1 

Australia’s competition regulator has called for further comments on BHP Billiton Ltd.'s (BHP) proposed takeover of mining rival Rio Tinto Ltd. (RTP), to be submitted by Sept. 5 with a final decision due for Oct. 1.

Pavlodar Smelter To Boost Consumption Of ENRC Alumina

Consumption of internally produced alumina at the new Pavlodar aluminum smelter in Kazakhstan is expected to rise in the second half of 2008, its owner, Eurasian Natural Resources Corp. PLC, said Thursday.

BHP CEO: China Expansion To Drive Demand For Materials

China’s demand for infrastructure development will continue to drive demand for commodities and raw materials, BHP Billiton Ltd. (BHP) Chief Executive Marius Kloppers said Tuesday.

BHP CEO: S Africa Aluminum Smelting Capacity Unlikely To Grow

Continuing power constraints in South Africa mean no new aluminum smelting capacity is likely there for at least a decade, BHP Billiton Ltd. (BHP) Chief Executive Marius Kloppers said Monday.

BHP Billiton Posts Record $15.4B FY Profit

BHP Billiton Ltd. Monday posted its sixth consecutive record full year profit, and while offering an upbeat outlook, also stressed that a tie up with takeover target Rio Tinto Ltd. (RTP) made more sense than ever in light of intensifying industry cost pressures.

The world’s largest miner by market value said net profit for the year ended June 30 rose 14.7% to $15.39 billion from $13.42 billion the previous year on higher prices and production volumes.

BHP CEO: Investors Taking «Wait And See» Attitude On Rio Bid 

BHP Billiton Ltd.  Chief Executive Marius Kloppers said Monday investors are taking a "wait and see" attitude toward the company’s proposed bid for rival Rio Tinto PLC (RTP).

Rio Tinto Has Unplanned Outage At Yarwun Alumina Refinery

Rio Tinto Ltd. (RTP) said Friday production at its Yarwun alumina refinery has been affected by an unplanned outage for two weeks and remediation works are set to continue through August.

Australia’s ACCC Finding On BHP Bid For Rio Tinto Bid On Hold

Australia’s competition regulator said Tuesday it will hold off on making a ruling on the US$148.2 billion BHP Billiton Ltd. bid for Rio Tinto Ltd.  while it awaits more information from BHP.

Rusal Offers To Study Environmental Program For Norilsk

Russian aluminum producer United Company Rusal, which owns a 25% stake in miner OAO Norilsk Nickel, said Tuesday it’s offering to prepare a feasibility study for a large-scale environmental modernization program of Norilsk Nickel’s facilities.

Rusal: Boguchanskaya Energy, Aluminum Ops To Start In 2010 

Russian aluminum giant United Company Rusal said Monday that its joint hydropower and aluminum smelter operation with Russian renewable energy company RusHydro is on track to begin by late 2010 and be at full capacity by 2012.

India Court Allows Sterlite Indus To Mine Bauxite In Orissa

India’s Supreme Court Friday allowed Sterlite Industries (India) Ltd. (500900.BY) to mine bauxite in the Niyamgiri hills in Orissa, said a senior company official.  A local tribe had opposed mining of bauxite on the hills, as they consider them sacred and alleged that mining activities in the area would also threaten their livelihood and environment.

Mining M&A More Than Doubles This Year-Dealogic

Mining M&A has more than doubled so far this year, boosted earlier Wednesday by Anglo-Swiss miner Xstrata PLC’s GBP5 billion unsolicited bid for Lonmin PLC.  The largest deal so far this year in the mining sector was Aluminium Corp of China Ltd (2600.HK) and Alcoa Inc.'s purchase of a 12% stake in Rio Tinto PLC for $14.3 billion. 

BHP Billiton: S Africa Operations At 99% Turnout Despite Strike

BHP Billiton Plc’s (BLT.LN) aluminum, coal and manganese operations in South Africa have been minimally affected by a one-day national strike, a company spokesman said Wednesday.

Rio Tinto: Simandou Uncertainty Doesn’t Hurt Defense

Rio Tinto Iron Ore Chief Executive Sam Walsh said Monday that uncertainty surrounding its giant Simandou iron ore project won’t damage the company’s defense against BHP Billiton Ltd.'s (BHP.AU) hostile takeover bid.  The miner last week received a letter from the Guinean president, which appears to rescind the concession for the US$6 billion project.