Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



THE PITS
Rio in massive share buyback after coal mines sale
by Staff Writers
Sydney (AFP) Sept 22, 2017


Rio Tinto will return $2.5 billion to shareholders in a buyback after selling most of its Australian coal assets to China-backed Yancoal, the mining giant said Friday.

The world's second-largest miner sold Coal & Allied to Yancoal, majority-controlled by China's Yanzhou Coal, earlier this month in a divestment drive analysts expect will lead to a complete exit from the sector.

The buyback followed two others in February and August, taking the total amount this year to $4 billion, amid a recovery in commodity prices.

"Returning the $2.5 billion proceeds from our Coal & Allied divestment shows our continued commitment to delivering superior value and returning cash to our shareholders," chief executive Jean-Sebastien Jacques said in a statement.

"This year we have announced cash returns to shareholders of $8.2 billion, comprising $4.2 billion of dividends and $4 billion of share buy-backs."

Rio has benefited from a recovery in key metals prices after plunges brought on by a supply glut and a slowdown in growth in the world's top commodities consumer China.

"With iron ore prices at the level that they have been, Rio is generating a lot of cash, so they've got the money to... have a capital expenditure (investment) programme for the future and reward shareholders," CMC Markets' chief market analyst Ric Spooner told AFP.

"In the past, Rio... have been guilty of poor investments but now they do have a very disciplined focus on treading a good line between investing for the future on the one hand and returning (money) to shareholders on the other."

The Anglo-Australian miner last month reported a 93 percent jump in net profit in the six months to June 30 to $3.31 billion on the back of the rising prices.

grk/dm/jah

RIO TINTO PLC

THE PITS
First-ever U.S. coal shipment arrives in Ukraine
Washington (UPI) Sep 15, 2017
The first batch of U.S. coal sent to Ukraine could open additional doors for bilateral energy trade, the Ukrainian minister of infrastructure said. Minister Volodymyr Omelyan said Friday that, after declaring a state of emergency because of coal blockades in eastern Ukraine, his country was supported with the arrival of U.S. coal. "My dream is that other ships coming from United ... read more

Related Links
Surviving the Pits


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

THE PITS
SLAC-led project will use AI to prevent or minimize electric grid failures

Scientists propose method to improve microgrid stability and reliability

ADB: New finance model needed for low-carbon shift in Asia

China merges energy giants into global leader

THE PITS
Graphene-wrapped nanocrystals make inroads towards next-gen fuel cells

UW shatters long-range communication barrier for near-zero-power devices

Researchers challenge status quo of battery commercialization

Stanford professor tests a cooling system that works without electricity

THE PITS
French energy company to build wind power sector in India

Finding better wind energy potential with the new European Wind Atlas

Last of the 67 turbines for a British wind farm installed

Kimberly-Clark next U.S. company to draw more on renewables

THE PITS
Green Bank Network totals over $29 Billion for clean energy projects around the World

Antigua's well-built PV systems sustain impact of hurricane Irma

NREL investigates coatings needed for concentrating solar power

Scientists make atoms-thick Post-It notes for solar cells and circuits

THE PITS
Against rising headwinds, UK pushes ahead with nuclear projects

Russia floats out powerful nuclear icebreaker

Russia's use and stockpiles of highly enriched uranium pose significant nuclear risks

Discovery could reduce nuclear waste by chemically reengineering molecules

THE PITS
Researchers discover unique property of critical methane-producing enzyme

New biomaterial could replace plastic laminates, greatly reduce pollution

Re-engineering biofuel-producing bacterial enzymes

A new way to directly convert methane to methanol using gold-palladium nanoparticles

THE PITS
Gazprom steals spotlight from Exxon Mobil

Iraqi Kurdistan, autonomous and oil-rich

Filter may be a match for fracking water

Balanced sentiment drives oil prices higher

THE PITS
Science denial not limited to political right

Canada Tory MP called out for referring to minister as 'climate Barbie'

US looks to work with Paris climate accord 'partners': Tillerson

Climate risk classification created to account for potential 'existential' threats




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement