Rio Tinto Signs Outsourcing Deal with IBM, Plans To Shed Jobs

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Rio Tinto has signed a major deal with IBM, “which is believed to be worth up to $100 million and will see the company shed between 700 and 800 positions globally,” reports Financial Review.

“Like others in the mining industry, Rio Tinto is facing the challenge of increasing costs. We are actively seeking ways to reduce costs and improve productivity across the company,” the spokesman [for Rio Tinto] said.

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With a 0.5 percent increase over the past day, the cash price of Japanese copper was the biggest mover. The price of US copper producer grade 110 saw little price change last Friday. The price of US copper producer grade 102 remained essentially flat. The price of US copper producer grade 122 held steady.

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Chinese copper prices were mixed for the day. The price of Chinese copper bar fell 0.2 percent. The Chinese copper cash price saw a 0.2 percent decline. Chinese copper wire held its value last Friday. The price of Chinese bright copper scrap was unchanged.

The 3-month price of copper rose 0.3 percent on the LME to $7,205 per metric ton after a two-day drop. The primary copper cash price is back up, rising by 0.2 percent on the LME last Friday to close at $7,172 per metric ton.