Former Rio Tinto CEO Says Miners 'Didn't React Fast Enough'

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“Mining companies were too slow to respond to changing investor demands from mid-2011 as sentiment deteriorated, failing to spot the wave of change which eventually swept out a generation of executives, the former boss of miner Rio Tinto said on Tuesday,” reports Reuters.

“‘We didn’t react fast enough,’ said Tom Albanese, chief executive of Rio Tinto until he was ousted in January – one of a string of executives toppled by writedowns at the world’s largest mining firms, as boom-year deals soured.”

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With a 1.8 percent increase on Tuesday, October 29, Chinese bright copper scrap was the biggest mover on the Copper MMI®. Chinese copper bar fell 0.4 percent on Tuesday. The Chinese copper cash price fell 0.4 percent. The price of Chinese copper wire remained essentially flat.

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Following a 0.5 percent rise on Tuesday, the Japanese copper cash price closed. The price of US copper producer grade 122 saw little price change on Tuesday. The price of US copper producer grade 102 held steady on Tuesday. The price of US copper producer grade 110 showed little movement yesterday.

Following a two-day drop, the 3-month price of copper increased by 0.6 percent on the LME to $7,175 per metric ton. The primary copper cash price rose 0.5 percent on the LME to $7,160 per metric ton after a two-day drop.