Tag Archives: Rio Tinto

How Big Iron’s mistake cost you billions

Michael Sainsbury As the iron ore price stopped plunging this week — it closed last night at US$47.60, up a measly 30 cents and only a couple of bucks off its 10-year low, and the simple rules of supply and demand dictate that it will slump again — a fresh roadblock has appeared in the way of Australian producers. The

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Fortescue’s future uncertain after Twiggy’s failed debt financing

Michael Sainsbury Fortescue Metals Group’s share price is down again — and there is no relief in sight. The sheer ineptitude of Fortescue Metals Group — ably advised by Swiss investment bank Credit Suisse, it’s well worth noting — failing not once, but twice, in two weeks to tap the markets for US$2.3 billion not only beggars belief, but raises serious

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When Henry met Rio

John Garnaut Fairfax Digital, March 29, 2015 American statesman Henry Kissinger pocketed close to US$5 million ($6.4 million) for guiding mining giant Rio Tinto to wash its hands of its jailed China chief, Australian citizen Stern Hu, and build relations with Bejing. Fairfax can reveal that the 92-year-old former US secretary of state made clear

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China’s party men concerned as anti-corruption campaign claims scalps

Michael Sainsbury Xi Jinping’s anti-corruption campaign is opaque, utterly devoid of due process — and hurting big business. When Rio Tinto chief executive Sam Walsh, then head of the company’s iron ore division, inked two high-profile deals with Chinalco president Sun Zhaoxue in 2010, little was he to know that just four years later Sun would be

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Evolve ore die — the grim future of Australia’s steel industry

Michael Sainsbury The latest trade figures from China are in — and it’s not good used for our beleaguered Treasurer. As he prepares to release the Mid-Year Economic and Fiscal Outlook, Australian Treasurer Joe Hockey — May budget still not passed — could not have had worse news yesterday. He might, in fact, have felt queasy. China’s latest trade figures laid

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