
RIO TINTO AMRUN: AN (UN)REFINED STRATEGY
All images: Rio Tinto. BY REUBEN ADAMS SURGING demand from Chinese alumina refineries is helping push the price of the bauxite back up – for now, anyway – ahead of the country’s aggressive winter shutdown policy. Yet the long term fundamentals are very promising, and Rio Tinto’s Amrun development is poised to take advantage. In August, Chinese bauxite and alumina imports increased 46 per cent and 123 per cent respectively. By late October the alumina price, based on Metal Bulletin’s FOB Australia index, had climbed 53 percent to $469.74 a tonne in two months; its highest level since the index was launched in 2010. In an October note, Wood Mackenzie senior analyst Ami Shivkar stated that there...