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The Drawing Board - Engineering with Attitude

Rio ramps up takeover defense

Rio yesterday approved the development of the Eagle nickel project in the United States, 24 hours after it pledged to spend $US793 million ($928 million) on an expansion of the Kestrel coal mine in Queensland.

The company has approved its second major development in two days and flagged plans to sell more iron ore into the spot market as its steps up its defense against predator BHP Billiton Ltd.

Meanwhile, the Chinese Government has reportedly sanctioned large state-owned corporations to look at three strategies to thwart BHP Billiton's proposed offer for Rio Tinto.
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Wednesday 2 January, 2008 07:03 AM

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