Rio Tinto readies to close world’s biggest diamond mine

The smart money is waiting for fire sale prices before jumping into metals and mining. Or worse; has simply lost interest in the sector.

The firm became the first major mining company to openly accept the toll that slumping commodity prices are taking on the global industry.

The miner, one of the biggest exporters of South African coal, may re-open those operations if economic conditions improve.

Chief Executive Lourenco Goncalves said restructuring proceedings have begun in Montreal and sale options will be explored.

Another slide on Tuesday drops iron ore price 13.4% year to date, but latest forecasts see another double digit dip from current levels.

The U.S. No.1 coal producer projects a much wider-than-expected loss for the current quarter.

Down 4% to fresh five-and-half year low.

Documents obtained and verified by The Australian, show that Rio Tinto offered Mongolia to forsake a “net smelter return” of 2% cent of the project’s revenue.

It also said it has reduced its net debt balance by more than $400 million.