Home » Commodities » Mining Roundup: Rio Tinto Share Price Jumps

Mining Roundup: Rio Tinto Share Price Jumps

iNVEZZ.com Monday, September 2nd: Rio Tinto’s (LON:RIO) shares today rose after the London-based miner announced that it had achieved “the significant milestone” of loading the first shipment of iron ore from its newly expanded port, rail and mine facilities in Western Australia.

The first 165,000-metric-tonne shipment is bound for Japan’s Nippon Steel & Sumitomo Metal Corp.’s (TYO:5401) Kimitsu plant in Tokyo, said Rio Tinto, which has now boosted annual capacity at its Australian operations to 290 million tonnes.
Construction of port, rail and power infrastructure for the second expansion phase, which would increase Rio’s annual iron ore capacity to 360 million tonnes is underway, the company announced in a statement today. The world’s second-largest producer of the steelmaking ingredient will shortly decide whether to invest around $5 billion to increase output to that level, it added.

“A number of options for mine capacity growth are under evaluation including incremental tonnes from further low-cost productivity improvements, expansion of existing mines and the potential development of new mines,” Rio Tinto’s statement read.
The Rio Tinto share price in London gained almost five percent today, reaching a session high of £3,055.50p.

**As of 12:10 BST buy Rio Tinto shares at £3,047.00p.**
**As of 12:10 BST sell Rio Tinto shares at £3,046.50p.**
**AngloGold Spills Toxic Waste**
AngloGold Ashanti (LON:AGD), Africa’s largest producer of the precious metal, on Thursday said that it had spilled toxic waste from a gold-dump treatment unit into a tributary of South Africa’s Vaal River. Today, AngloGold announced in a statement that the toxic waste had affected 1.6 kilometres of the tributary.

“We appointed a response team, which included internal and third-party specialists, to closely monitor and mitigate the impact,” the company noted, adding that “operations were immediately halted, containment walls constructed, and all bolts in the critical sections of the pipelines replaced and welded.”
AngloGold is still investigating the content of the toxic waste leak, yet it stated that the pollutants “could be detrimental to flora and fauna but not to human life.”

**As of 12:10 BST buy AngloGold shares at £1,125.00p.**
**As of 12:20 BST sell AngloGold shares at £775.00p.**
**SA Gold Mining Strike Starts Tomorrow**
!m[AngloGold Spills Toxic Waste Near South Africa’s Vaal River](/uploads/story/5234/thumbs/pic1_inline.jpg)
The Chamber of Mines of South Africa has confirmed that the National Union of Mineworkers (NUM), which represents about 64 percent of gold miners in the country, will start a strike over pay from tomorrow, September 3.
The chamber has made a final offer to boost pay by six to 6.5 percent for about 142,000 workers covered
by wage. The NUM wants starting salaries increased by as much as 60 percent. So far only the United Association of South Africa (UASA), the trade union which represents almost seven percent of gold miners, has said it was ready to take the employers’ offer.
All four unions would have to accept the chamber’s offer, according to the terms of the deal which expired yesterday. Companies including AngloGold, Sibanye Gold (NYSE:SBGL), Harmony Gold Mining Company (LON:HRM) and Gold Fields (NYSE:GFI) would all be affected by the strike.

About the author

Avatar
Jane Tindall
I've worked within the banking & financial regulation industry for over 10 years. Now, I report on these sectors and offer my opinion on how it affects economies.

Leave a Reply

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.