In today’s talking points: Rio to pay record interim dividend to shareholders after posting strong profits; Bright future ahead for Onslow as Wheatstone project nears production phase; Positive Chinese data sends iron ore prices soaring; China’s diamond industry slowly turning for the better.
Rio to pay record interim dividend to shareholders after posting strong profits
Rio Tinto will pay a record interim dividend of $US 1.10 per share to shareholders after strong earnings of $US 3.94 billion in the first half of 2017. Rio’s bumper earnings were released after the Australian stock market closed on Wednesday afternoon, showing a huge 152 per cent increase in earnings compared to the first half of 2016. Rio chief executive JS Jacques was optimistic when discussing the results with the media, and stressed that Rio would continue to focus on producing higher returns in the future by optimising productivity.
Read more at: The Sydney Morning Herald
Bright future ahead for Onslow as Wheatstone Project nears production phase
Onslow, a community on the coast of Western Australia’s Pilbara Region, is in the middle of a transition from sleepy coastal town to liquefied natural gas (LNG) hub. Construction of the hub began in December 2011, shortly after Chevron Australia made the decision to invest in the gas field. The Wheatstone Project – the second largest resource in Australia to date – is expected to come online in late 2017, with the vast majority of LNG produced to be sent to North East Asia under long-term contracts.
Much investment has been poured into the town as part of the project, including financing for a new hospital and airport, as well as construction of a basketball centre, skate park and swimming pool. These community benefits are only expected to snowball as the Wheatstone Project develops and other potential projects in the region are explored.
Read more at: The Australian Energy Review
Positive Chinese data sends iron ore prices soaring
Read more at: Mining.com
China’s diamond industry slowly turning for the better