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/ 14 March 2008

Coega says Rio smelter still viable

A top executive at the Coega industrial zone has assured Rio Tinto its planned smelter is still viable, despite the mining company’s decision to delay the project due to an electricity crisis. Rio announced on Thursday it would delay the project at Coega, near Port Elizabeth, because of power shortages in South Africa.

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/ 13 February 2008

Rio Tinto’s annual net profit falls

The world’s third-largest miner, Rio Tinto, said on Wednesday its full-year net profit fell almost 2% in 2007 to $7,312-billion as it again rejected a takeover bid by rival BHP Billiton. But underlying profit rose 1,4% from 2006 to $7,443-billion as the firm said it produced record amounts of iron ore, bauxite, aluminium, gold and copper.

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/ 6 February 2008

BHP raises Rio bid; no immediate Chinese riposte

BHP Billiton launched a hostile ,4-billion bid for rival Rio Tinto in a move that could trigger a Chinese-led counterbid in the world’s second biggest corporate takeover. Combined, BHP and Rio would create the world’s third-richest company, with a market capitalisation eclipsed only by Exxon Mobil and General Electric.

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/ 17 January 2008

Outrage mounts over power cuts

Outrage over the country’s ongoing power cuts spread among business, agricultural and political sectors on Thursday as Eskom announced that the risk for continued cuts over the weekend remained high. ”Load shedding will continue today [Thursday] until after evening peak and the possibility of load shedding remains high,” said Eskom.

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/ 9 November 2007

BHP’s Rio offer may spark $170-billion war

Rio Tinto’s rejection of a -billion all-share offer from BHP Billiton is likely to trigger rival bids from resource companies awash with cash from record commodity and stock prices. A marriage would create the world’s biggest mining force, capable of controlling the global flow of fleet loads of iron ore, copper and coal.