Rio Tinto [ASX:RIO] is set to acquire the Rincon Resources Ltd [ASX:RCR] lithium project in Argentina for $825 million.
The benchmark S&P/ASX 200 [ASX:XJO] is inching higher on Tuesday morning, propelled by a rebounding iron ore price which pushed the big miners Fortescue Metals Group [ASX:FMG] and Rio Tinto [ASX:RIO] higher.
At time of writing, the share price of the big three iron ore miners are all up, with BHP Group [ASX:BHP], Rio Tinto [ASX:RIO] and Fortescue Metals Group [ASX:FMG] all tacking on 2–3% today.
The Rio Tinto Ltd [ASX:RIO] share price was up 0.63% today after announcing they’ve come to an agreement with Meridian Energy. At time of writing, Rio Tinto’s shares are trading at $120.42...
The immediate risk is clear — China. Today, I’m talking about the largest miners in Australia and give you a special tool you could use to play what I call a ‘fractured’ market. This includes BHP Group Ltd [ASX:BHP], Rio Tinto Ltd [ASX:RIO], and Fortescue Metals Group Ltd [ASX:FMG]...
Tech sector down, gold miners up - that's the theme today as the US-China trade war boils over.
The FMG, Rio and BHP share prices are strongly correlated as they are all heavily focused on iron ore. But is this as good as it gets for these companies?
BHP’s fall could be partly due to a statement made by a Chinese official Friday afternoon, confirming plans of cracking down on the excessive costs of the steel-making ingredient.Given the fact that China is the world’s biggest steel producer, it was inevitable that there would be ripple effects from the inquiry, hitting not only BHP but also Rio Tinto, whose share price fell 0.50%. Both Aussie companies produce a lot of iron for the world market and China is one country with high demand for it.
According to the Australian Financial Review (AFR), a top official on behalf of China’s steel industry said Beijing was getting ready to crackdown on soaring prices.Iron ore market has also been hit by supply disruptions, as weather plagues supply chains. Last month Rio Tinto cut production outlook after issues with its mine, adding further to supply shortages.
The share price of diversified mining giant Rio Tinto Ltd [ASX:RIO] has come under pressure today. At the time of writing, Rio was down $3.01 to trade at $103.26, a loss of 2.83%.