Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Rio Tinto’s (RIO) H1 underlying earnings fell 18% to $4.23 billion and net profit collapsed 71% to $1.72 billion on weak commodity prices.
CEO Sam Walsh says although Chinese growth is not expected to recover in H2, Rio won’t suffer a hard landing.
Whether or not an additional $5 billion will be invested into the iron ore division will be decided at the end of 2013.
Rio shares in early Thursday London trading were up 1.35%.
Read more here.