This website uses cookies to collect usage information in order to offer a better browsing experience. By browsing this site or by clicking on the "ACCEPT COOKIES" button you accept our Cookie Policy.

UK Sparks: Rio Tinto Halts KwaZulu-Natal Production

Edison

Contributor:
Edison
Visit: Edison

Rio Tinto has moved to “curtail operations” at its 74%-owned Richards Bay Minerals heavy minerals sands joint venture in KwaZulu-Natal, South Africa after an escalation in violence in nearby communities. The company says there has been an increase in criminal activity towards employees, one of whom was shot and seriously injured.

All Richards Bay mining operations have been halted and the smelters are operating at a reduced level, with a “minimum” number of employees on site. Construction of the joint venture’s Zulti South zircon and ilmenite mining project has been temporarily paused. Rio says its titanium dioxide slag production for 2019 is now expected to be at the bottom end of its guidance of between 1.2-1.4 million tonnes.

Fellow miner BHP Group has recruited former Newmont Goldcorp chief executive Gary Goldberg as a non-executive director. Mr Goldberg spent 30 years at Rio Tinto, where he was president and chief executive of Rio Tinto Minerals.

Fashion retail brand Quiz has revealed a £6.8m interim pre-tax loss after taking an exceptional charge of £7m for “store impairments and onerous leases”. The loss compares to a £3.8m pre-tax profit in the same period of last year. Revenues fell by 5% to £63.3m, while underlying pre-tax profits were 85% lower at £600,000.

Advertising and public relations agency M&C Saatchi has warned that full-year underlying pre-tax profits will be “significantly below”expectations. The company also says that the cost of correcting accounting irregularities discovered earlier this year will increase from £7.8m to £11.6m.

Stockbroker and mid-sized investment bank  Numis Corporation has revealed a 61% drop in full-year pre-tax profits to £12.4m amid sparse merger and acquisitions activity and lower trading volumes. The company, which issued a profits warning in September, reports an “encouraging start” to the current financial year, with improved revenue performance across the business.

Wm Morrison Supermarkets has promoted chief finance and commercial officer Trevor Strain to chief operating officer. Trading director Michael Gleeson will take over as chief financial officer.

Finally, Primary Health Properties has contracted to develop an £8.4m medical centre in Eastbourne, East Sussex. The property will provide modern facilities for two merged GP practices to deliver primary care services to more than 18,000 patients.

Disclosure: Edison

Edison is authorised and regulated by the Financial Conduct Authority. Our research is a marketing communication as defined by the FCA, this communication only contains information that is an acceptable minor non-monetary benefit as defined under COBS2.3A19(5).

Disclosure: Interactive Brokers

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Edison and is being posted with permission from Edison. The views expressed in this material are solely those of the author and/or Edison and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

trading top