Rio Tinto Close To Selling One Mine, Seeking to Sell Others

Rio Tinto is about to sell their Blair Athol coal mine to Linc Energy, “according to two people with knowledge of the matter,” reports Bloomberg.

They are “seeking to dispose of additional mining operations after selling more than 20 assets for $12 billion to help cut debt and focus on more profitable operations. The company in July agreed to sell its Northparkes copper mine in Australia to China Molybdenum Co. for $820 million.”

The day’s biggest mover was the Indian aluminum cash price which dropped by 4.0 percent on Thursday, October 3. On the LME, the 3-month price of aluminum fell 0.8 percent to $1,820 per metric ton. On the LME, the cash price of primary aluminum declined 0.7 percent to $1,773 per metric ton.

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Chinese aluminum prices were flat for the day. Chinese aluminum scrap stayed flat. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row. The price of Chinese aluminum bar held steady. The Chinese aluminum cash price saw little movement on Thursday.

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