News Wrap

IN THIS morning’s News Wrap: Rio Tinto tipped to continue divestments as quarterly season looms; China's old economy springs June surprise with steel record; and Giles calls for national energy summit on SA energy crisis.

Lou Caruana

Rio Tinto tipped to continue divestments as quarterly season looms

The Australian Financial Review reports that Rio Tinto may sell $US4 billion of the $US16 billion of non-core assets it owns over the next three years and its Australian coal, aluminium smelting and diamond businesses are among the unneeded operations, according to analysis by UBS.

The analysis comes ahead of the release of Rio's production report for the June quarter, when all eyes will be on its iron ore business in Western Australia.

China's old economy springs June surprise with steel record

China churned out a record amount of steel daily in June as mills in the world's top producer boosted supply to take advantage of a rebound in prices, surprising analysts who'd expected a weaker figure, according to the Sydney Morning Herald.

Crude steel output was 1.7% higher than in June 2015 at 69.47 million tonnes, according to data from the National Bureau of Statistics on Friday. On a daily basis, the rate of 2.32Mt surpassed the previous high set in April.

Giles calls for national energy summit on SA energy crisis

Northern Territory chief minister Adam Giles has called for a national summit to “deal with issues arising from the crisis in South Australia caused by the state’s over-reliance on renewables”, according to the Australian Financial Review.

Giles said the summit should also look at his pet project of building a pipeline to deliver Northern Territory gas to the south and eastern states markets, which he said would help ease the crisis, and even connecting the territory to the National Electricity Market.

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