Vale ready to cut output amid global glut

Vale, the world's largest iron-ore producer, is considering cutting output from its most expensive mines after a global supply glut caused prices to plummet, according to the Australian Financial Review.

Vale will replace production from high-cost mines with lower-cost iron-ore as it adjusts to a weak market, said Peter Poppinga, the company's executive director for ferrous and strategy. As much as 30 million tonnes a year may be trimmed, he said.

Rio Tinto tells Andrew Forrest to ‘get your own house in order’

Rio Tinto has called on Fortescue Metals Group founder Andrew Forrest to get his own company in order rather than waging a campaign blaming Rio for an iron ore glut that has sent the price downwards, threatened Fortescue's existence and undermined federal and state budgets, according to the Australian Financial Review.

The chief executive of Rio Tinto's iron ore division, Andrew Harding, said Forrest “would be better placed running his business to be a lower-cost producer, than providing market commentary”

Seven lifts stakes in Beach Energy, Drillsearch Energy

Seven Group Holdings has further increased its stakes in both Beach Energy and smaller player Drillsearch Energy, reviving expectations that it is plotting a consolidation of oil and gas interests in the Cooper Basin, according to the Sydney Morning Herald.

Seven lifted its holding in Beach, in which it is already the largest shareholder, to 16.24% from 13.79%, according to a regulatory filing released late Thursday.

In Drillsearch, Seven's stake has increased to 18.86% from 16.69%, according to a separate filing as recently as two weeks ago. Seven, currently led by former Woodside Petroleum chief executive Don Voelte, more than doubled its holding in Drillsearch from 8.01%.