logo
Share SHARE
FONT-SIZE Plus   Neg

Rio Tinto Pleased With Tribunal Decision To Keep Iron Ore Rail Lines To Itself

Mining giant Rio Tinto Plc. (RTNTF.PK, RIO,RIO.L,RTPPF.PK) Monday said it welcomes the Australian Competition Tribunal's decision that its Hamersley and Robe rail lines should not be opened up to other users.

Rio Tinto Iron Ore acting chief executive Paul Shannon said "This is great news. Rio Tinto runs a highly efficient railway that is fully integrated with our port and mine operations. This would be severely hindered if third parties were allowed to run trains on our rail network, not to mention the knock-on negative effect on the Western Australian and national economies from creating such inefficiencies."

Rio's rival Fortescue Metals Group Ltd. (FSUMF.PK,FMG.AX) has been trying to get access to the rail lines of Rio and BHP Billiton Ltd (BHP, BBL, BLT.L,BHP.AX).

However, the mining giants believe these lines are an integral part of their mining operations and allowing the trains of other companies to run on them would affect their businesses.

RIO.L settled down marginally at 3,658.00 pence on Friday.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chuck E. Cheese pizza and arcade chain's parent company is planning for an IPO, reported Reuters. The public offering would be probably in the second half of 2017. According to the report, the chain has initiated discussions with banks, however has not yet hired any underwriters. The offering would help the restaurant chain for a valuation of around $1 billion. The Federal Aviation Administration said that SkyPan International Inc. will pay a civil penalty of $200,000 for violating federal regulations by flying remote-controlled aircraft in congested airspace over New York and Chicago. This is the largest civil penalty issued by the FAA against a drone operator. Citigroup Inc. on Wednesday reported a 7 percent increase in profit for the fourth quarter from last year as lower revenues were more than offset by decreases in cost of credit as well as operating expenses. Adjusted earnings for the quarter beat analysts' expectations, while revenues missed their estimates.
comments powered by Disqus
Follow RTT