Aluminium
Rio Tinto withdraws from Saudi equity partnership
by Gill Montia
Rio Tinto Alcan (RTA) is withdrawing from an equity partnership arrangement that had been set up to develop a $10 billion integrated aluminium project, in Saudi Arabia.
RTA had a 49% stake in the project but says it will be continuing its involvement through a co-operation agreement with Saudi Arabian Mining (known as Ma’aden).
This will involve [...]
Rio to cut 14,000 jobs worldwide
by Gill Montia
Rio Tinto is proposing to cut 14,000 jobs across its global workforce as part of major cost reduction programme.
The mining giant says it is responding to a fall in demand for raw materials caused by the global economic downturn, which it describes as of unprecedented rapidity and severity.
The group wants to reduce capital expenditure by [...]
Copper prices drop in New York, London
by Elaine Frei
The price of copper fell Wednesday on continuing worries that demand will suffer as the global economy worsens.
March copper dropped 5 cents to $1.55 per pound in New York while three-month copper was down $135 to $3,420 per tonne on the London Metal Exchange.
Some analysts are concerned that the price of copper could fall to [...]