Write-downs hang over Glencore after price falls
GLENCORE suspects it will have to take write-downs on $US5 billion to $US7 billion of Xstrata's assets when the two mining groups merge, according to The Australian.
They include Xstrata's Koniambo project in New Caledonia, which will be among the world's largest nickel mines when it is built.
Anglo American eyes Cutifani
AngloGold Ashanti chief executive Mark Cutifani is reportedly the top contender to helm Anglo American when Cynthia Carroll steps down, according to the Australian Financial Review.
Carroll announced in October that she would resign as head of the mining company after it lost $US14 billion in market value. Sources said her replacement might be named within two weeks.
The list of candidates for the role also includes former BHP Billiton CEO Chip Goodyear and Chris Griffith, who heads Anglo American’s platinum unit.
Rio warns Gove plant at risk
Rio Tinto has warned it is considering suspending operations at its loss-making alumina refinery in Arnhem Land as the Northern Territory government struggles to broker a deal for the supply of gas to the plant, according to the Australian Financial Review.
The mining giant is expected to decide the fate of the plant by the end of this month after launching a review of the operations in October.
Rio Tinto’s Pacific Aluminium business said it was considering increasing exports of bauxite or suspending operations at the plant until economic conditions improved, after the December target set by NT Chief Minister Terry Mills’s for reaching a deal on gas for Gove was missed.
