Rio Tinto has completed a $US7 billion ($6.7 billion) on-market buyback of its London-listed shares a few days ahead of schedule. The buyback, announced last year, was due to be completed by March 31. Last night the company opened a state-of-the-art innovation centre in Pune, India as part of its Mine of the Future plan. The centre will have 300 employees, mainly skilled engineers, to focus on disciplines such as image processing, advanced data mining and analytics, and automation.
Jamie Freed

OZ Minerals has been outbid in an auction for state-owned Romanian company SC Cupru Min SA Abrud, owner of the country’s Rosia Poieni copper and gold mine. OZ chief executive Terry Burgess said it believed the mine had the potential to be a long-life asset but wasn’t prepared to overpay. The winning bidder was Canada’s Roman Copper with an offer of more than €200 million ($253 million).Luke Forrestal