News

Rio Tinto sell Australia coal mine share

According
to British media reports, Australian mining company Rio Tinto will sell its
50.1% share of Clermont coal mine in Australia to Swiss commodities giant
Glencore Xstrata and Japan’s Sumitomo, transaction amount of $ 1.02 billion.

Rio
Tinto said in a public statement, in the process of the company continues to
optimize the investment combination, the transaction will reflect shareholders’
investments. Rio Tinto said after the sale of 50.1% of the Clermont coal mine
shares, company will be committed to the long-term development of other mining in
central Queensland region.

So far
this year, Rio Tinto has announced that it has completed the divestiture of the
total size of $ 2.92 billion. In addition to the announces sale of Clermont
Coal Mine shares, Rio Tinto plans to sell other assets including, to China
Molybdenum Group Co., Ltd. sale Australia North Parkes Copper Gold Holding stock;
Selling South Africa’s largest copper mine Palabora more than half of equity
and transfer States nickel-copper project in the United to Lundin Mining
Corporation of Canada.

In
addition, because of the sharp drop in demand from China, Rio Tinto announced the
first-half year profit fell 71%, company had to cut costs in various ways.

JFE to the Gulf of Mexico ultra-deep gas development
project supply pipe

Japan’s
JFE Steel Corporation said, it has supplied 1,900 tons thick-walled tube for
the U.S. Natural Resources developer Freeport-McMoRan Oil & Gas LLC.

These
thick-walled tubes produced by JFE Steel Corporation Chita plant, maximum wall
thickness of 1.35 inches, OD 7-9 inches, which is high corrosion resistance seamless
steel pipe and use for Gulf of Mexico ultra-deep oil and gas development
projects. Because of poor using environment, this product requires thicker than
conventional steel, better corrosion resistance and required to resist
ultra-low temperature of minus 230 degrees Celsius.

JFE
Steel Corporation said the success of the project may increase the use of
ultra-deep oil pipes.

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