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Rio Tinto: tough quarter for aluminium
Rio Tinto has cut production, especially of aluminium, as demand continues to be weak. The company has yet to say much on its problems in China (the arrest of several staff for allegedly paying bribes).
Production of iron, refined copper, uranium and thermal coal rose, while that of coking coal, industrial minerals and diamonds also fell. The company said that the second quarter had been “tough”.
Recent news on the company has been dominated by the rights issue and the disposal of a packaging business. It seems likely that further disposals of Alcan’s non-mining and refining businesses are likely to follow — they do not fit well in Rio Tinto, and they should not be difficult businesses to find buyers for.
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