Rio and BHP build new global iron ore cartel

Mexican drug cartels have been diversifying into the iron ore business, smuggling ore worth about US$1bn a year into China. But it’s the emergence of a more legitimate cartel – one run largely by Australians – that would worry the country more.Rio’s latest result shows how powerful the big three global producers have become. The company’s results for the six months to June 30, with underlying earnings rising 21% to US$5.1bn, are remarkable given that iron ore prices actually fell 20% over the period.After slashing costs, capital expenditure and debt levels, management hinted at higher dividends and more buy backs....

Mexican drug cartels have been diversifying into the iron ore business, smuggling ore worth about US$1bn a year into China. But it’s the emergence of a more legitimate cartel – one run largely by Australians – that would worry the country more.

{{content.question}}

{{ twilioFailed ? 'SMS Code Failed to Send…' : 'SMS Code Sent…' }}

Hi {{ user.FirstName }}

Looks like you've already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to activate your membership

We cannot send you a code via SMS to {{user.DayPhone}}

If you didn't receive SMS code please

SMS code cannot be sent due to: {{ twilioStatus }}

Please select one of the options below:

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device


Verify your mobile number to unlock a FREE trial

Please sign up for full access

Updating information

Please wait ...

  • Mastercard
  • Visa
Mastercard

The email address you entered is registered with InvestSMART.

Please login or select "Don't know password"

Please untick this box when using a public or shared device


Register as a new member

(using a different email)

Related Articles