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Mijnen,Rio...bhp

1. voda 16 juni 2017 17:13

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   BHP Newman iron ore rail line to restart
   
   Platts reported that Mining giant BHP's Newman iron ore rail line in Western Australia's Pilbara region is expected to restart at a limited capacity on Wednesday, following a derailment on the line.
   
   A BHP spokesperson said that "The Newman line is expected to resume at partial capacity today [Wednesday] adding that no one was injured in the derailment.”
   
   The train derailment occurred Monday evening, and an investigation into the matter has since been initiated.
   
   The privately owned 426 kilometer rail line from Newman to Port Hedland services the Mount Whaleback mine, and also branches out to the Jimblebar, Wheelarra, Yandi, and Mining Area C mining operations.
   
   The rail line is part of Western Australia Iron Ore, which is a joint venture of BHP (85% ownership) and Mitsui and ITOCHU (together 15% ownership).
   
   Source : Platts

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2. voda 19 juni 2017 16:49

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   Mr Ken MacKenzie to become next BHP chairman
   
   The BHP Board has elected Mr Ken MacKenzie to succeed Jac Nasser as Chairman. Mr MacKenzie will assume the role of Chairman effective 1 September 2017, following Mr Nasser’s retirement as both Chairman and a Non-executive Director. The appointment follows a formal Chairman succession process led by Senior Independent Director, Shriti Vadera.
   
   Mr MacKenzie joined the BHP Board as a Non-executive Director in September 2016 and is a member of the Board’s Sustainability Committee.
   
   He has extensive international business experience gained during his 23 years at Amcor, a global packaging company with operations in over 40 countries. Mr MacKenzie served as Managing Director and Chief Executive Officer for 10 of those 23 years.
   
   Senior Independent Director, Shriti Vadera said that “As we announce the election of a new Chairman, the BHP Board would like to recognise the outstanding contribution of our retiring Chairman, Jac Nasser. Jac has been a Director for 11 years, the last seven as Chairman, and has led the Company during a period of extraordinary change in the resources industry. We thank him for his long and distinguished service to BHP.”
   
   "With the assistance of Heidrick & Struggles, a leading international recruitment firm, the Board undertook a rigorous search and assessment of potential external and internal candidates against clear skills and performance criteria.”
   
   “Ken MacKenzie brings extensive global executive experience and a strategic approach. He has a proven track record of delivering value for shareholders. He has the operational and financial capabilities as well as the rigour necessary to effectively oversee BHP’s capital allocation framework.”
   
   Outgoing Chairman, Mr Jac Nasser said that “It has been an honour to serve as a Director and as Chairman of BHP. BHP is a great company with world-class assets and talented people. In particular, I would like to thank Andrew Mackenzie and his team for their vision and hard work to help deliver significant change over the past four years. Ken MacKenzie is an excellent choice as leader of the Board, and I wish him every success in the role."
   
   Chairman-elect, Ken MacKenzie said that “It is an honour and a privilege to succeed Jac Nasser as Chairman of BHP. Under his leadership, BHP has been transformed into a simpler, more productive and more resilient company. As incoming Chairman, I look forward to engaging with shareholders and other stakeholders over the coming weeks to understand their perspectives. I am committed to the creation of long-term value for all of our shareholders and will work tirelessly with the Board and management to achieve this.”
   
   Source : Strategic Research Institute

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3. voda 23 juni 2017 16:40

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   Glencore verhoogt bod op kolentak Rio Tinto
   
   Gepubliceerd op 23 jun 2017 om 16:22 | Views: 52
   
   Glencore 16:21
   279,80 -2,05 (-0,73%)
   
   Rio Tinto 16:22
   3.059,00 +20,50 (+0,67%)
   
   LONDEN (AFN/BLOOMBERG) - Glencore heeft zijn bod op kolenonderdeel Coal & Allied Industries van branchegenoot Rio Tinto verhoogd. Het in Londen genoteerde mijnbouwbedrijf wil nu bijna 2,7 miljard dollar in contanten betalen, plus nog een extra royalty die aan de kolenprijs wordt gekoppeld.
   
   Eerder was nog sprake van een bod van 2,6 miljard dollar door Glencore. Of het tot een deal komt is nog niet duidelijk. Onder meer regelgevende instanties zouden daarvoor akkoord moeten geven. Bovendien is Glencore niet de enige geïnteresseerde partij. Eerder maakte het Chinese Yancoal al zijn interesse in het kolenonderdeel kenbaar. Het nieuwe bod van Glencore zou minstens 225 miljoen dollar boven de prijs liggen van de Chinezen.
4. voda 26 juni 2017 16:18

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   Rio Tinto kiest voor Chinees bod op kolentak
   
   Gepubliceerd op 26 jun 2017 om 12:10 | Views: 848
   
   Rio Tinto 15:59
   3.085,00 +32,50 (+1,06%)
   
   LONDEN (AFN/BLOOMBERG) - Rio Tinto beschouwt het Chinese Yancoal als voorkeursbieder in de biedingsstrijd op het Australische kolenonderdeel Coal & Allied Industries. Dat heeft de Brits-Australische mijnbouwgroep maandag bevestigd, nadat de Chinezen hun bod wat hadden opgeschroefd.
   
   Yancoal is nu bereid bijna 2,7 miljard dollar te betalen, waarvan een kleine 2,5 miljard dollar in cash en de rest in royalties. Ook branchegenoot Glencore wil het onderdeel hebben en die heeft vorige week ook zo'n 2,7 miljard dollar op tafel gelegd, plus nog een extra royalty die aan de kolenprijs wordt gekoppeld.
   
   Volgens Rio Tinto heeft het bod van Yancoal echter een grotere kans van slagen. Toezichthouders zullen de deal immers ook moeten goedkeuren en de kans is aanwezig dat die bij een overname door Glencore nog wel eens moeilijk kunnen gaan doen.
   
   Verder zijn er aan het bod van Glencore ook nog wat financiële onzekerheden verbonden, waardoor Rio Tinto de bieding van Yancoal interessanter vindt.
5. voda 26 juni 2017 16:52

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   BHP celebrates 30 years on NYSE
   
   BHP on June 19th 2017 celebrated its thirty year anniversary of trading on the New York Stock Exchange with Chief Financial Officer Mr Peter Beaven, ringing the closing bell.
   
   Mr Peter Beaven together with leaders from BHP’s US business including President Operations Petroleum, Steve Pastor, and Group Company Secretary, Margaret Taylor, attended the ceremony.
   
   Mr Beaven said the company was proud to be part of the NYSE, one of the world’s largest and preeminent stock exchanges. He said that “Since we listed on the NYSE our North American shareholder base has grown significantly and now represents over a quarter of our institutional shareholder base. A global company benefits from access to global funds and trading on the NYSE provides an important source of equity capital. It has also provided North American investors with an accessible way to invest directly in BHP. Our international investor base mirrors our global approach to business and trade.”
   
   He added that “BHP is committed to creating long-term shareholder value and we value our long-term association with the NYSE.”
   
   The Closing Bell ringing event by BHP can be viewed on the NYSE website.
   
   Source : Strategic Research Institute
6. voda 27 juni 2017 16:47

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   Ms Ann Godbehere appointed as senior independent director to Rio Tinto board
   
   Ms Ann Godbehere has been appointed as senior independent director on the Rio Tinto board, in which capacity she will lead the process underway to appoint a new chairman to succeed Jan du Plessis. Ms Ann, who was appointed to the board in February 2010, joins the Remuneration Committee and remains the chair of the Audit Committee.
   
   Ms Ann, a Canadian and British citizen, has more than 25 years’ experience in the financial services industry. She spent ten years at Swiss Re, a global reinsurer, latterly as chief financial officer from 2003 until 2007. She was interim chief financial officer and executive director of Northern Rock bank after its nationalisation. Ann is a qualified accountant and was made a fellow of the Institute of Chartered Professional Accountants in 2014. Ann’s strong financial background and expertise enable her to effectively fulfil the role of Audit Committee chairman.
   
   Simon Thompson has been appointed chair of the Remuneration Committee. Simon joined the board in 2014 and became a member of the Remuneration Committee in 2016.
   
   All of these appointments are with immediate effect.
   
   Source : Strategic Research Institute

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7. voda 28 juni 2017 16:47

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   BHP mine investment may restore trust
   
   The Australian reported that BHP’s looming USD 3.2 billion (AUD 4.2 billion) investment in the new South Flank iron ore mine will not only maintain the mining giant’s Pilbara output but could strengthen community trust that has come under strain in recent years, according to Mike Henry, BHP’s president of Australian ­operations.
   
   BHP announced it had committed USD 184 million to early construction works at South Flank deposit, which is expected to replace the 80 million tonne a year Yandi mine when it runs out of ore next decade.
   
   The mining giant also revealed that the South Flank project was expected to cost between USD 30 and USD 40 a tonne of annual production capacity, which would make it the single biggest new mining project in Australia since the construction of Gina Rinehart’s Roy Hill mine.
   
   In Perth, Mr Henry said the project would create several thousand jobs during construction as well as “many hundreds” of longer-term operational jobs. He said the project would help repair the “social contract” that had started to fray in recent years as investment from the resources sector slowed and job cuts across the industry accelerated, amid a broader “erosion of trust” in big business in Australia, in line with the broader trend of rising populism and nationalism around the world.
   
   Mr Henry said that “The reality is society quite justifiably expects companies like mine to not only operate within the law, but to ensure a sustainable quid pro quo in terms of ongoing investment, job creation, upskilling, support to ensure sustainable communities, and of course ongoing opportunities for local businesses to share in the wealth pie.”
   
   BHP and fellow mining giant Rio Tinto were the target of a proposed USD 5 a tonne iron ore levy put forward by the Nationals Party in WA ahead of the last election, a potential USD 3 billion a year impost for the duo. But the resounding win by the Mark McGowan-led Labor Party has killed off the prospects for such a charge, and Mr Henry said the trust between the miner and the state had been reaffirmed by the stable policy of the new government.
   
   The Nationals’ additional iron ore tax plan, which remains a key plank of the party’s policy platform in WA, is one of several notable new policies targeting big business in Australia in recent months, such as the bank levies proposed by both the federal and South Australian governments, the review of the petroleum resource rent tax and the new liquefied natural gas export restrictions floated by the Turnbull government.
   
   But Mr Henry, who will ultimately be responsible for convincing the BHP board to sign off on the South Flank investments, said there had been other encouraging policy decisions in Australia that would help the nation’s prospects for attracting more investment.
   
   Source : The Australian
8. voda 28 juni 2017 17:15

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   Rio Tinto and BlueScope worried over Section 232
   
   Mining Journal reported that Rio Tinto and steel maker BlueScope Steel have called for restraint from Donald Trump as his government considers slapping tariffs on aluminium and steel imports to the US. BlueScope is keen to find a way around any punishing tariff. It imports substrate for further processing in the US at its Steelscape joint venture with Nippon Steel and Sumitomo Metal Corp.
   
   Mr John Cross CEO of Steelscape said that “The steel substrate that Steelscape must import from Australia and other countries does not threaten the security of at least this part of the US’ steel industry; it helps the industry survive and prosper.”
   
   He said that “We ask the department to consider the special situation of companies such as ours, companies that depend on imported steel to survive as American steel producers. And we ask you to take the special relationship between Australia and the United States into account.”
   
   Steelscape produced 199,000 tonnes of coated steel products in the second half of 2016.
   
   Rio Tinto aluminium boss Mr Alf Barrios, who heads up the company’s Canadian aluminium operations, took a different tack, according to the Australian Financial Review. He said that “In regards to the national security focus of this hearing, the US and Canada have treated each other as indispensable partners in national defence for nearly a century.”
   
   Mr Barrios said the US’ import solution could be to make a deal with the world’s biggest aluminium producer. He said that “I must say the recent statements from the Chinese government do recognise the oversupply and offer some hope I believe that the best outcome is a negotiated solution led by the US with the Chinese. This will leave a more sustainable, long-term solution which will give clarity and predictability for future industrial investments in North America."
   
   Canada sent just under 2.5 million tonnes of primary aluminium over the US border in 2016, more than all other aluminium exporting countries combined.
   
   Source : Mining Journal

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9. voda 29 juni 2017 15:44

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   Vale shareholders approve corporate reorganization
   
   Reuters Shareholders of Brazil's Vale SA approved a share conversion plan on Tuesday in a move that should boost transparency, give equal votes to all shares and limit government meddling in the world's No 1 iron ore producer. In a securities filing, Vale said shareholders approved all seven items on the corporate reorganization agenda, which is a first step toward giving the company dispersed share ownership - where no shareholder controls decision making at the firm.
   
   The change represents a milestone in a country long hobbled by corporate governance abuses and reorganizations that hampered minority investors in most cases. Reuters reported the plan on Jan. 19, citing people familiar with it.
   
   The plan also puts a limit to the meddling of politicians in Vale an aspect that weighed on the company's stock during former President Dilma Rousseff's five years in office. Still, the government will keep a golden share, allowing it to fend off hostile takeover attempts and shape strategic decisions.
   
   Investors expect Tuesday's vote to improve investors' perception of Vale, translating into a faster convergence of Vale's share prices to those of rivals, and a decline in the Brazilian miner's cost of capital.
   
   In the filing, Vale said the proposed conversion of preferred shares into a single, common stock was approved with the equivalent of 68% of preferred shares that participated in the ballot, well above the 54% threshold set when the plan was first announced in February.
   
   Under terms of the conversion, holders of Vale's Class A preferred shares will receive 0.9342 of common stock. Investors have 45 days to convert their shares, needing the equivalent of at least 54.09% of preferred shares in circulation to go ahead.
   
   In addition, minority holders voted to allow controlling shareholders grouped under holding company Valepar SA to keep control of Vale for another three and a half years. Vale will eventually absorb Valepar, facilitating the stock conversion.
   
   Source : Reuters
10. voda 30 juni 2017 16:12

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    Vale's cash generation dependent on ore price - CEO
    
    Reuters reported that high correlation between iron ore price trends and cash generation at Vale SA shows the dependence that the world's No. 1 producer of the mineral has on that segment.
    
    A presentation to investors showed by Chief Executive Officer Fabio Schvartsman at a Citigroup Inc event in São Paulo also pointed to the importance of ferrous minerals in Vale's assets despite efforts to diversify. Underperforming operations at Vale will have to be reassessed.
    
    Source : Reuters
11. voda 5 juli 2017 16:47

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    Vale reviewing New Caledonia nickel operations
    
    Reuters reported that Brazil's Vale is reassessing its loss making New Caledonian nickel operations as part of a wider review of low performing assets after new Chief Executive Fabio Schvartsman took charge last month. Spokesman Cory McPhee told Reuters that "Under the leadership of our new CEO, Vale is reviewing all assets and operations, with low-performing assets an area of particular focus. Vale New Caledonia is part of that review.”
    
    The spokesman added that "The nickel price today is languishing at around $9,000 a tonne with no indication of recovery in the near-term. This has forced us to reassess all areas of the nickel business, including our operations in New Caledonia, which continue to lose money at these prices."
    
    Schvartsman has set up working groups to assess each of the business units at Vale, the world's biggest iron ore miner, and a report is expected within two months, according to analysts.
    
    Global nickel miners are coming under renewed pressure to cut costs or close capacity as a flood of cheap ore enters the market, and Vale has already said it plans to suspend two of its older high-cost Canadian mines this year.
    
    Vale has said that it is aiming to cut cash costs to USD 10,500 to USD 11,000 a tonne at its New Caledonia operations in the second half, as it ramps up production and prices of byproduct cobalt soar.
    
    Source : Reuters
12. voda 5 juli 2017 16:56

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    Rio Tinto confirms death of Yandicoogina mine worker in Pilbara
    Published on Wed, 05 Jul 2017
    
    ABC News reported that a man aged in his early 50s has died at a Rio Tinto mine site in Western Australia's Pilbara region. Rio Tinto said the worker died at its Yandicoogina iron ore mine, almost 100 kilometres north-west of Newman, on Tuesday morning.
    
    It said "An employee at Rio Tinto's Yandicoogina iron ore mine passed away this morning following a serious incident on site. Emergency services are on scene. Rio Tinto has advised the relevant authorities and will assist their investigations. The company will provide all the necessary support for the employee's family and colleagues during this difficult time."
    
    Police believe the man was aged in his early 50s and have launched an investigation into his death.
    
    A police spokeswoman said the death was reported to them just after midday and officers were at the scene.
    
    The Department of Mines and Petroleum is also investigating what happened.
    
    Source : ABC News
13. voda 10 juli 2017 17:00

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    BHP backs calls for overhaul of GST system in Productivity Commission review
    
    ABC Net reported that Australia's biggest miner has joined calls for a substantial overhaul of the way GST revenue is distributed to the states, warning the current structure is stifling the national economy. BHP's submission to a Productivity Commission review called for a portion of mining royalties to be quarantined from the GST distribution formula, arguing it would broaden the economy and generate more investment in the minerals sector.
    
    BHP's position is in line with what other miners have suggested and WA has also argued for it to be implemented, in a bid to improve its low share of GST revenue.
    
    In its submission to the commission's inquiry, BHP warned the existing structure was serving as a disincentive to states from growing their mining industries and therefore harming the national economy.
    
    The submission stated that "Over time, this is likely to result in less investment in the resources sector than would otherwise be the case. This translates to lost opportunity for jobs [including flow-on opportunities for other businesses that support the resources sector], less activity in regional communities and in turn, a less productive, efficient and robust national economy."
    
    Its submission states that changing policy to encourage new resource projects could create hundreds of thousands of jobs over a 12 year period.
    
    The submission, written by senior BHP executive Mike Henry, supported the Minerals Council of Australia's suggestion a quarter of mining royalties be exempt from the GST formula while introducing a safety net to protect smaller states from losing revenue.
    
    Such a change would be expected to see WA's share improve, from a level that is much lower than any other state.
    
    The WA Nationals dismissed BHP's submission as an attempt to distract from the party's calls for a substantial tax increase on the large miners.
    
    The Nationals have lobbied for BHP to be charged AUD 5 per tonne, on top of existing taxes and royalties, for each tonne of iron ore mined in WA in an effort to fix the state's budget.
    
    The mining lobby ran a multi-million-dollar campaign against that proposal during the recent WA election campaign and Nationals MP Terry Redman said, if BHP really wanted GST reform, it would do something similar on that issue. Mr Redman said that "[The submission] is a wet lettuce leaf compared to the campaign that was run against the Nationals in the last election. "I'd like to see them stump up, put some resources in and run a serious campaign for Western Australia on the GST debate."
    
    WA has led the calls for the GST distribution system to be reformed, after seeing its allocation drop to just 34 per cent of what would be its per capita share.
    
    Source : ABC Net
14. voda 10 juli 2017 17:05

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    BHP eyes Yandi iron ore project
    
    BHP decision on a new multi-billion dollar iron ore mine in the WA Pilbara region that replace its veteran Yandi operation in around 8 years time. BHP last week took the first step in the life of the new South Flank mine by approving the spending of USD 184 million (AUD 244 million) (BHP’s share) in initial funding for the South Flank project. The mine could cost more than AUD 3 billion by the time it is due to start producing in 2021.
    
    The new mine, if approved in the central Pilbara of BHP”s West Australian Iron Ore Operations. BHP’s board is expected to make a final decision on the multi-billion dollar project in mid 2018.
    
    The initial funding would generate several hundred construction jobs in the region as the company starts work on preliminary facilities.
    
    The South Flank project, which will leverage and expand the existing Mining Area C hub, is BHP’s preferred option to replace production from the 80 million tonnes a year (100% basis) Yandi mine when it reaches the end of its economic life in the early-to-mid 2020s.
    
    If approved by the bHP board, the company expects the ore production to start in the 2021 calendar year and ramp-up timed to coincide with the ramp-down of Yandi.
    
    BHP said that full development of South Flank will generate several thousand jobs during construction.
    
    BHP’s iron ore boss, Mr Mike Henry said that the capital efficient South Flank project "was a compelling option to replace Yandi production and offered attractive returns. Its high-grade lump and fines ore and a strip ratio in line with the WAIO average would establish it as a highly-competitive operation”.
    
    The initial funding will be used primarily for the expansion of accommodation facilities to support current and future workforce requirements.
    
    Mr Henry said that “As well as supporting our current operational requirements, this work will advance potential first ore from South Flank, while we further optimise the full development and progress external and internal approvals. As we have said previously, a continuing stable investment environment in Western Australia is required to underpin ongoing investment in the business, including this project.”
    
    The capital cost for South Flank is expected to be in the range of USD 30 to USD 40 per tonne, with expenditure fitting within WAIO’s previously indicated average sustaining capital expenditure of USD 4 a tonne over the next five years. In other words, the South Flank project will absorb a lot of the investment BHP has planned for the Pilbara iron ore operations, its most important business.
    
    Source : Share Cafe

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15. voda 10 juli 2017 17:10

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    BHP’s Jimblebar iron ore mine site to move completely to driverless trucks
    
    The West reported that BHP’s Jimblebar mine will be the first operation in the mining giant’s Pilbara iron ore portfolio to move completely to driverless trucks. In an email to staff, WA iron ore boss Edgar Basto and Jimblebar general manager Elsabe Muller said Jimblebar’s existing fleet of 25 Caterpillar 793F autonomous trucks would be expanded to 50 by the end of the year.
    
    They said mine automation was part of the company’s strategy to improve safety, build capacity and remain globally competitive.
    
    It is understood all affected staff will be offered alternative jobs or new roles working with the driverless trucks.
    
    The email stated that “Employees will be provided training to further develop their skill sets for the roles required to support autonomous haulage.”
    
    At last count, Rio Tinto had 76 driverless haul trucks operating across its Pilbara iron ore network with plans for its new Silvergrass project, coming online this year, to be fully automated.
    
    Haul trucks at its Yandicoogina, Nammuldi and Hope Downs 4 minesites are driverless.
    
    Last month, Fortescue Metals Group announced it would convert another 12 CAT haul trucks at its Solomon Hub operations and 100 at its Chichester Hub to driverless.
    
    FMG has 56 driverless trucks at its Solomon Hub, representing 75 per cent of its fleet at the operation.
    
    Source : The West

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16. voda 11 juli 2017 17:09

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    Rio Tinto Yandicoogina mine ramping up after worker death
    
    Mining Monthly reported that Rio Tinto Yandicoogina iron ore mine in the Western Australian Pilbara region is slowly returning to normal operations in the wake of a worker’s death there. A Rio Tinto spokesman said operations were ramping up as the WA Police finished their work at the site.
    
    Operations were suspended on site in the wake of what Rio Tinto called a “serious incident”.
    
    According to the WA Police, the deceased worker has been identified as David John Keen, 51 years old from Warnbro, in Perth’s south.
    
    Source : Mining Monthly

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17. voda 12 juli 2017 15:15

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    Vale announces a new organizational structure
    
    Vale announced a new organizational structure that will support the company's value-generating strategy, which has already been communicated by our CEO, Fabio Schvartsman. The strategy is based on four pillars: performance, strategy, governance and sustainability.
    
    The objectives that promoted this change are: fostering greater integration in our value chain and eliminating duplicity in hierarchical structures. It is important to emphasize that the integration between these areas is a determining factor for improving the performance of our businesses.
    
    As a consequence, Vale’s Executive Board will have the following structure as of today:
    
    1. Ferrous Minerals and Coal: Peter Poppinga
    2. Base Metals: Jennifer Maki
    3. Chief Financial Officer and Executive Officer for Investor Relations: Luciano Siani Pires
    4. Business Support: to be defined; he/she will be responsible for providing global corporate services such as information technology and procurement.
    5. Sustainability and Institutional Relations: Luiz Eduardo Osorio
    6. General Counsel: Clovis Torres
    
    Additionally, there will be two new directors, who are not members of the Executive Board, but report directly to our CEO:
    1. Director of People: to be defined; he/she will be responsible for Health & Safety, Human Resources, Valia (Vale’s employee pension fund).
    
    2. Director of Strategy and Technology: to be defined; he/she will be responsible for strategy, industry intelligence, new business development, mineral research and technology.
    
    Source : Strategic Research Institute
18. voda 13 juli 2017 12:09

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    Rio Tinto applied exploration permit in Chile
    
    Mining.com reported that mining giant Rio Tinto has applied for exploration permits in Chile’s northern region of Arica, as the company searches globally for new deposits worth of being developed into mines. Local paper El Mercurio reported that Rio Tinto which already owns a stake in a Chilean mine, but doesn’t have its own operation in the country, wants to start drilling in an area located at 2,100 metres of altitude, about 58km from Arica city, close to the border with Peru and Bolivia.
    
    The so-called Palmani project aims to discover and characterize the mining potential of the area, which could eventually be developed into a mine, according to information provided by the country’s Environmental Assessment Service.
    
    This is not the first time Rio explores Chile in the hopes of finding a significant copper deposit. Between 2008 and 2009, the company signed a couple of agreements with state-own Codelco, the world’s top copper producer, to jointly drill-test properties in the Atacama Desert, close to BHP’s Spence mine.
    
    Rio Tinto currently has a 30% stake in Chile’s Escondida, the world’s largest copper mine, but the operation is run by BHP.
    
    Source : Mining.com
19. voda 18 juli 2017 20:20

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    Rio Tinto releases second quarter production results
    
    Pilbara iron ore shipments were 77.7 million tonnes in the second quarter (100 per cent basis). Shipments were impacted by accelerated rail track maintenance.
    
    Iron ore shipments guidance for 2017 is around 330 million tonnes (previously 330 to 340 million tonnes). This takes into consideration first half production and further rail maintenance in the second half to improve track conditions.
    
    Record quarterly bauxite production of 12.9 million tonnes was seven per cent higher than the corresponding quarter of 2016, driven by strong production at Weipa and Gove. Third party shipments of 8.0 million tonnes were achieved in the second quarter.
    
    Mined copper production recovered compared to the previous quarter, however was six per cent lower than the second quarter of 2016 as Escondida continued to ramp up following a labour strike.
    
    Titanium dioxide slag production increased by 34 per cent compared to the second quarter of 2016, reflecting higher market demand.
    
    On 26 June 2017, Rio Tinto confirmed Yancoal Australia as its preferred buyer of Coal & Allied, after an improved offer from Yancoal of $2.69 billion. Rio Tinto shareholders have since approved the sale. The sale is expected to complete in the third quarter of 2017.
    
    Rio Tinto chief executive J-S Jacques said “This was a solid quarter for production, including record output at our bauxite operations. Iron ore production was in line with last year, although iron ore shipments were impacted by an acceleration in our rail maintenance programme following poor weather in the first quarter. We believe our focus on capital discipline, maximising cash flow from operations, driving productivity and portfolio shaping will continue to support the delivery of strong cash generation and shareholder returns.”
    
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    Source : Strategic Research Institute

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20. voda 20 juli 2017 17:18

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    Rio Tinto’s aluminium assets back in the spotlight
    
    The Australian reported that Rio Tinto’s Queensland aluminium assets are back in the spotlight and interest is starting to heat up as the Anglo-Australian miner presses on with its back-to-basics mining plan.
    
    Deutsche Bank has been overseeing the sales process for the past couple of years, on and off, but a buyer has not been secured.
    
    But that could be about to change, with several interested parties believed to be looking at the assets more closely.
    
    The portfolio is made up of QAL, Yarwun and the Boyne Island smelters and a private equity buyer has not been ruled out.
    
    The assets primarily sit around Gladstone, and the potential for a sale is starting to prompt political concerns, especially at a federal level.
    
    The electorate of Flynn takes in Gladstone and it’s held with a slender majority by the Coalition’s Ken O’Dowd.
    
    Naturally, the prospect of a sale of the assets is creating concerns over the future of jobs at the businesses. Employment in regional Australia is a sensitive topic and job cuts always play out badly, especially in marginal electorates.
    
    The Boyne aluminium smelter in Gladstone is set to slash more than 100 jobs and about 80,000 tonnes of annual production worth USD 160 million at current prices because it has been unable to secure economically priced electricity from state power providers.
    
    The production and job cuts are almost double those flagged in January, when Rio Tinto said it would cut 8 per cent of production, or 45,000 tonnes, and about 30 jobs because power price spikes were hitting production.
    
    Rio Tinto flagged as early as 2013 that it could spin the aluminium assets off into a separate business but shelved the plan in the aftermath of the disastrous Alcan transaction.
    
    Mick Davis’s company, X2, reportedly looked at the businesses along with Rio’s Queensland coalmine but the interest never turned to a firm offer.
    
    But now, with a relatively resurgent aluminium price, interest in the assets seems to be on the way back.
    
    In the first four months of 2017, the aluminium price averaged about USD 1870 per tonne on the London Metals Exchange. A recent Reuters poll of analysts showed that the forecast for the rest of the calendar year sat at USD 1835.6 a tonne.
    
    China seems to hold the key to aluminium’s short term future price direction. The Chinese Environment Ministry earlier this year ordered aluminium smelters in the country’s north to cut capacity and said that routine inspections would be held to make sure the order was followed.
    
    Source : The Australian