Mining companies should be looking for singles, not home runs [Globe and Mail, The (Toronto, Canada)]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
Company Research
Source: Globe and Mail, The
Last week, Rio Tinto Group swung-and-missed on a US$75-billion takeover of Glencore PLC, an acquisition meant to create the world's largest miner. To steal a strategy from last season's overachieving Toronto Blue Jays and the analytics-driven world of baseball, mining CEOs may be better off zeroing in on on hitting singles and doubles , rather than playing for home runs. Partnerships on mining projects and asset sales are far easier to achieve than complex, costly and often controversial takeovers. TSX rises the most in six months as U.S. dollar slides, boosting mining stocks Teck fell into Anglo's arms in part because the company wanted a partner on its Quebrada Blanca Phase 2, or QB2, copper mine in Chile, a US$8.7-billion project that ran massively over budget. Combining QB2 with Anglo's nearby Collahuasi mine is expected to boost returns from both properties by US$1.4-billion a year Glencore had a similar motivation in its latest negotiations with Rio Tinto. (The two co
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