Sydney, July 26, 2007 (ABN Newswire) - Rio Tinto chairman Paul Skinner says the global miner plans to sell up to US$15 billion worth of assets. Mr Skinner told French press the disposals would include Alcan's packaging unit and other minor businesses. Likely bidders for the assets include Oxiana, which has already flagged some interest. The move comes just weeks after Rio agreed to acquire Canadian aluminium producer Alcan for $44 billion in cash. Rio Tinto produced record earnings in 2006.
Lihir Gold says it's on track to achieve calendar 2007 production targets. The Papua New Guinea miner says it produced 182,428 ounces of gold in the second quarter and was on track to achieve full year production of between 800 and 830 thousand ounces. Second quarter production was up on a year ago but down on first quarter production of 193,302 ounces. Lihir mines a long-cooled volcano in New Guinea's remote Ireland Province. Lihir Gold experienced its earnings highlight in 2004.
And Biota Holdings has downgraded its profit guidance for the 2007 financial year. The change in forecast is as a result of written notification from British drug giant GlaxoSmithKline with regard to indicative royalties for its flu drug Relenza. The drug company told the stock exchange this morning that full year returns from Relenza are now expected to come in at $39.8 million. As a result, full year earnings have been forecast to reduce from $18 million, to $17 million. Biota Holdings is so far yet to produce a positive earnings result
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