The general manager of a state-owned Chinese aluminum producer that is in the midst of a $19.5 billion deal to invest in global miner Rio Tinto Group has been named to a Cabinet post. For full story, click here
In an effort to calm political turmoil in Australia over its $19.5 billion tie-up with China’s Aluminum Corp. of China Ltd., Rio Tinto PLC announced the appointment of a new chairman of the company. For full story, click here
Export-Import Bank of China, a state bank that promotes Chinese exports and outbound investment, may take care of loan needs of Aluminum Corp of China (Chinalco) for its stake purchase in Rio Tinto. For full story, click here
The world’s third- largest mining company, said full-year profit fell 50 percent after it took a one-time charge for writing down the value of its aluminum assets. For full story, click here
The incoming chairman of Rio Tinto has resigned, just weeks after his appointment. Jim Leng’s departure is the latest setback to hit the company, just a few months after BHP Biliton abandoned a hostile takeover bid. For full story, click here
Mining giant Rio Tinto is in talks with Chinese aluminium firm Chinalco over the sale of some of its operations. For full story, click here
Rio Tinto Alcan said plans to cut another six percent of aluminium output and will also cut alumina production, shed 1,100 employees to cut costs. For full story, click here
Rio Tinto Alcan has cut production at its aluminium smelters in France. For full story, click here
Aluminum industry executives sent a warning to other market leaders that unless large aluminum producers make deeper output cuts, the entire industry will likely take many years to recover from the current slump. Just 10% of world aluminum output is slated to be taken offline, and unless this number is pushed higher by more output cuts long-lasting damage to the sector is possible.
Rio Tinto’s global spending cuts and layoffs likely mean delays for aluminium smelter projects in Canada. For full story, click here
Get our independent commentary on aluminum trends and companies delivered to your inbox.
