Rio Tinto CEO was pushed
One of the biggest jobs in world mining is up for grabs after relations between Rio Tinto chairman Dominic Barton and chief executive Jakob Stausholm strained to the point where the Danish executive reluctantly stepped down at talks in London this week.
Stausholm spent Friday clearing his mind on a long-distance run in Spain as Rio investors praised his term as CEO and urged the mining giant to avoid parachuting a 'big personality' into the executive suite.
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West Australian
2 hours ago
- West Australian
ASX closes at a record high as trade talks continue
Australia's sharemarket continued its record breaking run higher on Wednesday, amid trade hopes between the US and China. The benchmark ASX 200 index eked out a small gain of 4.90 points or 0.06 per cent to 8,592.10 to continue its record run higher. The broader All Ordinaries also finished in the green up 6.90 points or 0.08 per cent to 8,819.60. The Australian dollar slipped 0.23 per cent and is now buying 65.12 US cents. On Wednesday, shares jumped on the opening bell, surpassing the previous 8,614 mark set on February 14 hitting a high point of 8,639.1, before falling during the afternoon's session. Australia's market ran up off the back of US Commerce Secretary Howard Lutnick saying the second days of negotiations in London between China and the US had been 'productive'. This saw seven of the 11 sectors still finished higher, led by energy, the major miners and real estate. Australian iron ore miners were among the major winners on the back of this news, as prices of the commodity rose. BHP shares jumped 1.48 per cent to $39.05, Rio Tinto rose 0.24 per cent to $109.38, Fortescue leapt 3.45 per cent to $16.21 and Mineral Resources gained 3.17 per cent to $25.71. Woodside energy led oil stocks higher, up 1.9 per cent to $23.5 while Santos rose 0.60 per cent to $6.70. CBA mining and energy commodity research director Vivek Dhar said the spot iron ore price fell below $95 a tonne in the days leading up to the talk, before bouncing on news of a temporary pause. 'The agreement at least shows that both sides are keen to keep de‑escalating the trade war,' he wrote in an economic note. 'However, we think any bounce in iron ore prices linked to today's agreement will be less material than the bounce observed last month after the 90‑day pause on high tariffs.' The financial sector slid with Commonwealth Bank snapping its record run as it fell 0.3 per cent to $181.40. NAB shares also traded lower down 0.26 per cent to $39.07. Westpac shares are up 0.39 per cent to $33.63 while ANZ is also in the green up 0.37 per cent $29.94. In corporate news shares in Qantas declined after announcing it was pulling the pin on its Jetstar Asia Singaporean-based airline. In an announcement to the ASX, the airline said it is expected to post a $35m underlying Earnings Before Interest and Taxes (EBIT) loss this financial year, prior to the closure decision. Buy now, pay later provider Zip shares were the best performing for the second day running after releasing its latest trading update. Zip said its business continued to see momentum in the month of May, with US total transactions volumes rising by more than 40 per cent year-on-year as well as no material changes to credit loss for the March quarter across its US and Australian business. Fertility group Monash IVF shares soared 13 per cent, following a 27 per cent drop on Tuesday as the shares began recovering from news of a second major bungle in three months, which led to the wrong embryo being implanted.
News.com.au
2 hours ago
- News.com.au
ASX closes at a record high as trade talks continue
Australia's sharemarket continued its record breaking run higher on Wednesday, amid trade hopes between the US and China. The benchmark ASX 200 index eked out a small gain of 4.90 points or 0.06 per cent to 8,592.10 to continue its record run higher. The broader All Ordinaries also finished in the green up 6.90 points or 0.08 per cent to 8,819.60. The Australian dollar slipped 0.23 per cent and is now buying 65.12 US cents. On Wednesday, shares jumped on the opening bell, surpassing the previous 8,614 mark set on February 14 hitting a high point of 8,639.1, before falling during the afternoon's session. Australia's market ran up off the back of US Commerce Secretary Howard Lutnick saying the second days of negotiations in London between China and the US had been 'productive'. This saw seven of the 11 sectors still finished higher, led by energy, the major miners and real estate. Australian iron ore miners were among the major winners on the back of this news, as prices of the commodity rose. BHP shares jumped 1.48 per cent to $39.05, Rio Tinto rose 0.24 per cent to $109.38, Fortescue leapt 3.45 per cent to $16.21 and Mineral Resources gained 3.17 per cent to $25.71. Woodside energy led oil stocks higher, up 1.9 per cent to $23.5 while Santos rose 0.60 per cent to $6.70. CBA mining and energy commodity research director Vivek Dhar said the spot iron ore price fell below $95 a tonne in the days leading up to the talk, before bouncing on news of a temporary pause. 'The agreement at least shows that both sides are keen to keep deâ€'escalating the trade war,' he wrote in an economic note. 'However, we think any bounce in iron ore prices linked to today's agreement will be less material than the bounce observed last month after the 90â€'day pause on high tariffs.' The financial sector slid with Commonwealth Bank snapping its record run as it fell 0.3 per cent to $181.40. NAB shares also traded lower down 0.26 per cent to $39.07. Westpac shares are up 0.39 per cent to $33.63 while ANZ is also in the green up 0.37 per cent $29.94. In corporate news shares in Qantas declined after announcing it was pulling the pin on its Jetstar Asia Singaporean-based airline. In an announcement to the ASX, the airline said it is expected to post a $35m underlying Earnings Before Interest and Taxes (EBIT) loss this financial year, prior to the closure decision. Buy now, pay later provider Zip shares were the best performing for the second day running after releasing its latest trading update. Zip said its business continued to see momentum in the month of May, with US total transactions volumes rising by more than 40 per cent year-on-year as well as no material changes to credit loss for the March quarter across its US and Australian business. Fertility group Monash IVF shares soared 13 per cent, following a 27 per cent drop on Tuesday as the shares began recovering from news of a second major bungle in three months, which led to the wrong embryo being implanted.
News.com.au
a day ago
- News.com.au
Rio Tinto Tomago aluminium smelter in NSW reportedly close to collapse
Rio Tinto's massive Tomago aluminium smelter in NSW is reportedly close to collapse. The facility, situated in Tomago about 13km west of Newcastle, employs some 1000 workers directly, but a stoppage would hit another 5000 indirect workers across the Hunter Valley. Mining giant Rio Tinto holds a 51.6 per cent interest in the smelter, which produces about 590,000 tonnes of aluminium each year, or about 37 per cent of Australia's total production. Multiple reports suggest the company is in emergency talks with state and federal governments for a bailout. NewsWire has contacted NSW energy minister Penny Sharpe, federal energy minister Chris Bowen and the Australian Workers' Union for confirmation of the discussions. Rio Tinto declined to comment on Tuesday. The AFR first reported on the talks on Friday, citing high energy costs for the possible shutdown. Tomago is currently powered by AGL Energy's Bayswater coal fired power station, but is pivoting to renewable energy. In January, the federal government announced a $2bn production credit for aluminium businesses to transition their smelters to green energy, which Rio heralded as a vote of confidence in domestic manufacturing. 'As traditional energy sources for heavy industry become increasingly uncompetitive, today's announcement is a critical piece in helping future-proof the industry,' Rio Tinto chief executive for Australia Kellie Parker said. 'Such support is crucial for sustaining and growing regional economies. 'As global industrial customers and consumers increasingly focus on low-carbon products, this support signals Australia's potential to be a major supplier of the aluminium needed for the global energy transition.' But negotiations over a new energy contract have troubled the smelter's operations for months. The current contract with AGL is due to expire in 2028. 2GB's Ben Fordham, speaking on Tuesday, said the situation was 'not good'. 'We've got the materials, we've got the workers, we've got the smelters, but what we don't have is a working energy system,' he said. 'If it shuts, we're not just losing a smelter, we're risking 6000 jobs.' Some 90 per cent of Tomago aluminium is exported to Asia.
