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Saturday, 08 September 12
RIO TINTO COMPLETES ACQUISITION OF BHP BILLITON'S INTERESTS IN RICHARDS BAY MINERALS
 Rio Tinto has doubled its holding in Richards Bay Minerals (RBM) following the completion of its acquisition of BHP Billiton’s entire interests. The purchase price paid by Rio Tinto on completion was $1.7 billion, a press statement from company said
The acquisition price was $1.9 billion before contractual adjustments for cash payments made by RBM to BHP Billiton since the effective transaction date of 1 February 2012. This price includes $0.6 billion for BHP Billiton’s 37 per cent equity interest in RBM, $1.0 billion for a 50 per cent interest in outstanding RBM shareholder financing arrangements, and $0.3 billion for a royalty stream.
According to press statement released by company, the acquisition was triggered on 1 February 2012 by BHP Billiton exercising a put option agreed with Rio Tinto as part of RBM’s restructuring in 2009. The price was determined through a previously agreed expert valuation process.
Rio Tinto Diamonds & Minerals Chief executive Alan Davies said “Doubling our stake in this tier one asset further strengthens Rio Tinto’s titanium dioxide portfolio at a time when the long-term outlook remains robust. Demand for feedstocks is expected to grow strongly, needing the equivalent of a new operation the size of RBM to be built every two and a half years.”
RBM is a South African mineral sands mining and processing operation located in Kwa-Zulu Natal. It is one of the world’s lowest cost producers and has mineral resources to support 20 years of production. Rio Tinto manages the RBM business and markets all of its products.
In 2011, RBM produced 14 per cent share of global titanium dioxide feedstock sales and 18 per cent share of global zircon sales. RBM’s revenues for 2011 were $1.2 billion, with 41 per cent generated from the sale of feedstocks. Rio Tinto continues to replace legacy titanium dioxide feedstock contracts, increasing exposure to more favourable market prices.
The remaining 26 per cent of RBM is owned by a consortium of local communities and businesses (24 per cent) and RBM employees (two per cent), in line with South Africa’s Broad-Based Black Economic Empowerment legislation.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America.
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Friday, 09 November 12
SHIP OWNERS TURN TO SECOND HAND VESSELS, WHICH COME AT ATTRACTIVE PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The attractiveness of modern second hand vessels, which are often priced aggressively can't be ignored by cash-rich ship owners, who are taking adv ...
Thursday, 08 November 12
LARGE ECO SUPRA : INDO - INDIA NOW FIXED AT USD 11K FOR DELIVERY SINGAPORE - FEARNLEYS
Handy
The Atlantic market continues to remain weak with rates further softening on FH. Rates from USG to Feast were around USD 14k and Black Sea to ...
Thursday, 08 November 12
DRY BULK MARKET RETREATS AGAIN ON HIGHER SHIP SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In further evidence of a latest round of dry bulk shipping misery, the industry's benchmark fell for the 11th straight session yesterday, as the in ...
Thursday, 08 November 12
JOIN CHINA STEAM COAL SUPPLY - DEMAND FORUM
Join China Steam Coal Supply-Demand Forum & Visit Shenhua Yudean Zhuhai Port Coal Terminal
Press Release - Organized by CBI BIZ and suppo ...
Wednesday, 07 November 12
NEWBUILDING ORDERING ACTIVITY ON A STEADY PACE PRIOR TO THE END OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding orders, which to many involved in the shipping industry, are the main reason of today's low freight rates and subsequent financial prob ...
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- Lanco Infratech Ltd - India
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- Singapore Mercantile Exchange
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- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
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- Energy Development Corp, Philippines
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- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
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- Indian Oil Corporation Limited
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- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
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- Therma Luzon, Inc, Philippines
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- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- The Treasury - Australian Government
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- Eastern Coal Council - USA
- Minerals Council of Australia
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- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
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- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
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- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
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- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
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- Binh Thuan Hamico - Vietnam
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- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
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- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
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- Ministry of Mines - Canada
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- Heidelberg Cement - Germany
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- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
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- Bayan Resources Tbk. - Indonesia
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- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
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- Petrochimia International Co. Ltd.- Taiwan
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- Australian Coal Association
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- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
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- TNB Fuel Sdn Bhd - Malaysia
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- Independent Power Producers Association of India
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- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
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- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
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