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Mijnen,Rio...bhp

1. voda 28 september 2017 17:09

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   Monadelphous wins AUD 220 million work with Rio Tinto
   
   The West reported that Monadelphous Group has secured AUD 220 million in maintenance and construction work in mining and oil and gas projects. The jobs include a two-year contract to supply fixed plant maintenance services for Rio Tinto in the Pilbara, continuing existing work for the iron ore miner.
   
   The engineering company has also won a 12-month extension at the Woodside operated Karratha Gas Plant life extension program through a joint venture. The work includes providing mechanical, electrical, access, coatings and insulation services.
   
   In construction, Monadelphous will do electrical and instrumentation works at surface facilities for the Oyu Tolgoi underground copper-gold project in Mongolia.
   
   The contractor said that “This is the second package of work awarded to Monadelphous on this project, and is scheduled for completion in September 2019.”
   
   Monadelphous’ China-based fabrication business SinoStruct has received an order from Santos for the supply and fabrication of wellhead skids for an upstream coal seam gas development in northern Queensland.
   
   A breakdown of the individual contract values was not disclosed.
   
   Source : The West
2. voda 29 september 2017 15:37

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   BHP predicts that electric cars to drive copper demand
   
   The Australian quoted BHP Billiton as saying that this year represents the “tipping point” in an electric vehicle revolution that will drive global demand for copper, according to BHP Billiton. Mr Arnoud Balhuizen chief commercial officer at the global miner, declared that “copper is the metal of the future. He said that “In September 2016 we published a blog and we set the question: could 2017 be the year of the electric vehicle revolution? The answer is yes, 2017 is the revolution year we have been speaking about.”
   
   A succession of leading carmakers have pledged recently to electrify their ranges, while countries including Britain and France have vowed to ban the sale of new petrol and diesel vehicles by 2040.
   
   Although, unlike some of its rivals, BHP does not have exposure to key battery materials such as zinc, lithium and cobalt, it argues that the biggest impact from the growth of electric cars will be on copper. Such vehicles require four times as much copper as their conventional peers.
   
   Copper prices rallied by a fifth over the northern summer amid an expectation of increasing demand for the metal. That, in turn, has been linked with forecasts of electric vehicle growth. Copper prices hit three-year highs at the start of September before falling back since.
   
   BHP forecasts that a dearth of significant copper discoveries in recent years and natural decline at leading mines will ensure that demand outstrips supply, pushing up prices.
   
   The company has identified copper as one if its key priorities and last month sanctioned a USD 2.5 billion project to expand its Spencer copper mine in Chile. Its other key copper mines include Escondida in Chile and Olympic Dam in Australia.
   
   BHP forecasts there could be about 140 million electric vehicles on the road by 2035, which it describes as being at “the greener” end of the spectrum.
   
   Mr Balhuizen said that “The reality is that a mid-sized electric vehicle still needs subsidies to compete ... so a lot will depend on batteries, on policy, on infrastructure.”
   
   The forecast is slightly more bullish than that of BP, the oil major, which predicts that there will be 100 million electric vehicles by 2035, up from only about a million today but still only a small fraction of the total number of cars on the road, which it projects will double to two billion.
   
   Both companies’ forecasts are conspicuously below the trajectory implied by Bloomberg New Energy Finance, which forecasts that there will be 530 million electric vehicles on the road by 2040. It argues that both the lifetime and the upfront costs of electric vehicles will fall below those of conventional combustion engine vehicle in the 2020s.
   
   Mr Balhuizen also described China’s plans for a new Silk Road trade route to Europe as a “tremendous opportunity” and a key factor affecting commodities markets. He estimated that the plan could create demand for a further 150 million tonnes of steel, the majority of which would go into structures using reinforced concrete.
   
   The forecast compares with Chinese production of about 800 million tonnes of steel last year.
   
   Source : The Australian
3. voda 11 oktober 2017 17:00

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   Rio Tinto Weighing Sale of French Aluminium Smelter
   
   Aluminium Insider reported that the resurgence of aluminium’s prices has prompted Anglo-Australian metals behemoth Rio Tinto Group to consider the sale of its 20 thousand metric tonne per annum smelter in Dunkerque, France.
   
   According to a story that ran in The Australian this morning, Jean-Sebastien Jacques has been considering the sale of non-hydroelectric-powered aluminium assets, most of which the company acquired in its purchase of Alcan a decade ago.
   
   Per the story, private equity firms have made Rio Tinto aware of their interest in the French smelter, which is the largest smelter on the continent. The smelter, which was built in 1993, is powered by a nuclear power plant. In addition, rumors abound regarding Glencore’s interest in Rio Tinto’s smelters in Australia and New Zealand. Rio Tinto has also tacked a “For Sale” sign on its smelter in Iceland as well, though no potential suitors have been identified as yet. Such rumors follow mere months after Rio Tinto’s sale of its smelter in Lochaber to Liberty House Group.
   
   According to Investec analyst Hunter Hillcoat, the energy-efficient operations at Rio Tinto’s Canadian operations give the firm an opportunity at recouping some of the losses the company incurred in the Alcan deal.
   
   He said that “All these Canadian assets with very, very cheap power in the bottom quartile of the cost curve, or bottom decile in some cases, they will be held on to … Jacques has made it clear that the current price environment makes it attractive to clean up the portfolio. There are a lot of scrappy assets sitting around that are doing all right but aren’t core.”
   
   Rio Tinto has signaled for some time that it is ready to recoup even a portion of the USD 30 billion the firm wrote off in the USD 38 billion Alcan deal in 2008.
   
   Of the potential buyers identified so far, Glencore is among the most active. The firm purchased Chevron’s downstream business earlier this year for US$1 billion and pledged last week to spend up to USD 956 million increasing its stake in Peruvian zinc miner Volcan.
   
   Source : Aluminium Insider
4. voda 13 oktober 2017 15:02

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   Worker dies after weekend exposure to sulfur dioxide at Rio Tinto Kennecott's smelter
   
   Published on Fri, 13 Oct 2017
   
   KSL reported that a Kennecott employee exposed to sulfur dioxide over the weekend has died. Mr Albert Lozano, 64, was working at Rio Tinto Kennecott's smelter Sunday, performing regular duties to remove debris from a boiler, when he was exposed to the toxic gas.
   
   Rio Tinto Kennecott spokesman Kyle Bennett said "Right now, we don't know exactly how the exposure took place. Lozano was treated at the scene before being taken to a local hospital, where he died Tuesday night. This is devastating news to our business. We pride ourselves on safety. So when something like this happens, it really shakes us to our core.”
   
   The entire Rio Tinto Kennecott plant shut down for an hour Wednesday as administrators and counselors checked on their employees' mental and physical well-being. The smelter will remain closed until the company can figure out what happened and determine whether it's safe, Bennett said.
   
   Employees who work at the smelter are required to wear a respirator while performing their duties, he said. It was not immediately known whether Lozano was wearing one Sunday.
   
   Source : KSL
5. [verwijderd] 13 oktober 2017 17:15

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   Garibaldi, deze zomer 15 cent, nu 4 dollar geweest.
   
   MTS zelfde verhaal maar loopt wat achter. draadje is er al van Garibaldi waar de andere plays ook besproken worden van zelfde gebied.
   Eric Sprott en Middelkoop zitten er ook in.
   Ga niet alles opnoemen maar het veranderd het leven van wat investeerders.
   De koers van nu is nog steeds niks met wat het kan worden.
   
   Succes ;)
   
6. [verwijderd] 13 oktober 2017 17:16

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   Zie link:
   
   www.iex.nl/Forum/Topic/1343824/Gronds...
7. voda 16 oktober 2017 17:20

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   Mitsui to build desalination plant in BHP’s Spence copper mine
   
   mining.com reported that Japanese trading house Mitsui & Co has been selected to build a desalination plant for BHP’s Spence copper mine in Chile, as part of a USD 2.5 billion mine expansion approved earlier this year and which will add another 50 years to the operation’s productive life.
   
   Mitsui will build the plant at Mejillones port, about 60 km north of Antofagasta city, through a joint venture with Técnicas de Desalinazación de Aguas (Tedagua), a unit of Spain’s ACS Group with strengths in water-related business, it said.
   
   The 50:50 joint venture, Caitan SpA, will build, own and operate a the seawater desalination plant and a water conveyance system for Spence mine.
   
   Mitsui said that "Plant will supply water extracted from the Pacific Ocean to Spence mine through a 150km-long pipeline, during a 20 year period."
   
   Caitan will supply fresh water to Spence through a 150km-long pipeline, during a 20 year period.
   
   The project will be the Japanese company’s first desalination plant and it is estimated to require an investment of around USD 623 million (70 billion Yen).
   
   Water shortages have long been a concern for miners operating in Chile, so demand for projects that can open up new sources of it are expected to be in high demand, with the market increasing by 14% a year.
   
   In 2013, BHP and Rio Tinto began building a USD 3.4 billionn desalination plant at Escondida mine, the largest copper operation in the world. The initiative was followed by Lundin Mining's plant at its Candelaria open pit mine. A year later, Anglo American opened one to ensure enough water supply to its Mantoverde mine.
   
   Source : mining.com
8. voda 18 oktober 2017 16:09

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   Amerikaanse toezichthouder beschuldigt Rio Tinto van fraude
   
   Mijnbouwer schetst rooskleuriger beeld activiteiten Mozambique.
   
   (ABM FN-Dow Jones) De Amerikaanse toezichthouder Securities and Exchange Commission heeft Rio Tinto en twee voormalige bestuurders van het bedrijf beschuldigd van fraude in Mozambique.
   
   De mijnbouwer zou de waarde van zijn steenkoolactiviteiten in het Afrikaanse land hebben opgepompt. Volgens de Amerikaanse toezichthouder zouden Rio Tinto, voormalige topman Tom Albanese en voormalig financieel directeur Guy Elliott de accountingsstandaarden hebben genegeerd en beleggers hebben misleid met de waardering van koolafzettingen, die het bedrijf had gekocht voor 3,7 miljard dollar en later heeft verkocht voor slechts 50 miljoen dollar.
   
   De SEC stelde dat de betrokkenen het feit hebben verdoezeld dat de miljardentransactie een mislukking was. Volgens Rio Tino is er geen sprake geweest van fraude en de mijnbouwer gaat, indien nodig in de rechtbank, tegen de claims van de SEC in.
   
   Het aandeel Rio Tinto sloot dinsdag 0,2 procent lager.
   
   Door: ABM Financial News.
   
   info@abmfn.nl
   
   Redactie: +31(0)20 26 28 999
   
   Copyright ABM Financial News. All rights reserved
   
   (END) Dow Jones Newswires
9. voda 18 oktober 2017 16:45

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   Rio Tinto in talks to sell Australia assets to GFG Alliance
   
   Financial Times reported that Rio Tinto, the Anglo-Australian mining group, is in advanced talks to sell its aluminium assets in Australia and New Zealand to GFG Alliance, the investment company run by steel tycoon Sanjeev Gupta.
   
   Mr Gupta is going to Australia this week to continue discussions with Rio and look over a large power station in Gladstone, which is included in the sale, according to people familiar with the matter.
   
   While the talks could end without agreement, Mr Gupta is keen to buy Rio’s Pacific Aluminium business as he looks to build a global industrial conglomerate spanning metals, power, renewable energy and finance.
   
   But he could face competition from Century Aluminum, a business 47% owned by Swiss commodities group Glencore, which has also been casting an eye over PacAl, as the business is known.
   
   PacAl consists of three smelters and a power station in Australia, as well as a plant in New Zealand. It employs more than 2,000 people and in the six months to June recorded net income of AUD 92 million, up from AUD 29 million a year earlier.
   
   GFG, Rio and Glencore all declined to comment.
   
   Rio has tried to sell or spin-off PacAl on several occasions but the market is now more conducive to a deal, say bankers.
   
   The price of aluminium recently hit its highest level for more than five years, buoyed by China’s efforts to reduce excess capacity and excitement about electric vehicles. By dint of its light weight, aluminium has been touted as ideal for the bodies of battery-powered cars.
   
   Mr Jean-Sébastien Jacques, Rio’s chief executive, has made no secret of his willingness to sell PacAl, telling analysts and investors in August that he was prepared to entertain offers for the business if they were at the right price.
   
   Since he took the reins at Rio in the summer of 2016, Mr Jacques has moved to reshape the company’s portfolio and focus on its core assets including its low-cost aluminium smelters in Canada, as well as iron ore and copper.
   
   Source : Financial Times
10. voda 20 oktober 2017 14:50

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    Rio Tinto declares force majeure at Kennecott following fatal accident
    
    Rio Tinto the second largest mining company, declared force majeure on shipments of refined copper from its Kennecott unit in the US following the death of a worker earlier in the week.
    
    Mr Albert Lozano died on October 11 as a result of sulfur dioxide exposure at the company’s smelter as he was performing regular work duties to remove debris from a boiler, the company said in a statement.
    
    While the firm has not provided any information regarding to when the measure will be lifted, the Utah-based division said production of refined copper at the smelter has been halted since Oct.8, the day of the incident, Reuters reported.
    
    Rio Tinto Kennecott accounts for nearly 20% of the US total copper production, and its iconic Bingham Canyon mine is one of the world’s top producing operations.
    
    Visible from outer space, the Bingham Canyon is the also world’s deepest open-pit mine. First discovered by Mormon pioneers in the mid-1800s, it is over 1.2 km deep, 4 km wide and covers 7.7 km².
    
    Source : Mining.com

    Bijlage:
11. voda 20 oktober 2017 14:58

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    BHPB announces iron ore production for September quarter
    
    BHPB announced that its total iron ore production for the September 2017 quarter decreased by three per cent to 56 million tonne, or 64 million tonne on a 100 per cent basis. Guidance for the 2018 financial year remains unchanged at between 239 and 243 million tonne, or between 275 and 280 million tonne on a 100 per cent basis, with volumes weighted to the last three quarters of the year.
    
    WAIO production for the September 2017 quarter was lower, as expected. Record production at Jimblebar was more than offset by the impact of lower opening stockpile levels, following the fire at the Mt Whaleback screening plant in June 2017, and planned maintenance in the September 2017 quarter. Mine productivity improved in the quarter as a result of increased plant availability and consistent feed rates. Stockpile levels have been rebuilt and are expected to be partially drawn down in the next quarter. Port debottlenecking activities will extend into the December 2017 quarter. BHP continues to work with the relevant authorities in relation to the necessary approvals to increase system capacity to 290 million tonne per annum (100 per cent basis).
    
    Source : Strategic Research Institute
12. voda 20 oktober 2017 15:02

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    Rio Tinto IOC pellet production update
    
    Rio Tinto announced that its IOC pellet production of 2.9 million tonnes (Rio Tinto share 1.7 million tonnes) was eight per cent higher than the same quarter of 2016 and 24 per cent higher than the previous quarter, with pellet demand continuing to be strong and product mix being optimised to meet customer demand.
    
    Concentrate production for sale of 2.5 million tonnes (Rio Tinto share 1.4 million tonnes) was nine per cent higher than the third quarter of 2016 and 12% higher than the previous quarter, reflecting improved asset reliability along with higher recovery.
    
    Source : Strategic Research Institute
13. voda 24 oktober 2017 15:55

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    Rio Tinto opens books to suitors for remaining Australia coal mines
    
    Reuters reported that Rio Tinto has opened its books to more than a half-dozen potential buyers of its remaining two Australian coal mines as it winds down the sales process.
    
    The report said that the Kestrel and Hail Creek coking coal mines on the block have attracted the likes of established Australian miners such as Whitehaven Coal (OTCPK:WHITF), South32 (OTCPK:SOUHY) and possibly Anglo American (OTCPK:AAUKF, OTCPK:AAUKY), as well as P-E firms attracted to the positive outlook for selling metallurgical coal to Asian steel mills at strong prices.
    
    The mines reportedly could fetch ~USD 2B in a sale that if successful would complete Rio’s plan to finalize its exit from coal and focus on iron ore, copper and aluminum, where it maintains greater market share.
    
    Source : Reuters
14. voda 26 oktober 2017 16:18

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    BHP donates 53m of rail track to a Western Australian school
    
    Australian Mining reported that BHP has donated 53 metres of rail track to a Western Australian school in the Pilbara to help provide its students with real life skills and training in rail installation. The donation, which follows BHP’s commitment to more than double its intake of apprenticeships and traineeships at its WA iron ore operations in 2018, means Hedland Senior High School is the only school in the country to have a rail installation of this size.
    
    BHP WA Iron Ore asset president Edgar Basto said the AUD 280,000 donation meant students would graduate with important job-ready skills, helping to create a pipeline of talent in the Pilbara region.
    
    Mr Basto said that “We are proud to support young people in their education here in the Pilbara. This donation provides a fantastic opportunity for students to gain critical hands on experience, giving them important skills to allow them to follow a career pathway into the rail sector. This unique rail installation is the largest at any school in the country and we are delighted to have worked with Hedland Senior High to have made it happen.”
    
    BHP employs about 300 apprentices and trainees at its WA iron ore operations, with most positions based in the Pilbara. It plans to increase its intake to 200 positions in 2018, with 15 of those for rail apprentices and trainees.
    
    Source : Australian Mining
15. voda 30 oktober 2017 16:14

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    Glencore positiever over winstontwikkeling
    
    Productie in veel segmenten wel omlaag in derde kwartaal.
    
    (ABM FN-Dow Jones) Glencore is positiever geworden over de winstontwikkeling dit jaar. Dit maakte het Zwitserse grondstoffen- en mijnbouwconcern maandag bekend.
    
    Glencore mikt voor dit jaar op een bedrijfsresultaat (EBIT) van 2,6 miljard tot 2,8 miljard dollar, terwijl eerder nog werd uitgegaan van 2,4 miljard tot 2,7 miljard dollar. Het concern werd positiever na sterke prestaties in het afgelopen kwartaal.
    
    Evenwel daalde de eigen koperproductie van Glencore in het afgelopen kwartaal met 11 procent op jaarbasis. Dit was evenwel ook een gevolg van de verkoop van het minderheidsbelang in Ernest Henry en onderhoud bij Mount Isa.
    
    De nikkelproductie daalde met 2 procent, terwijl de productie van zink juist steeg met 5 procent.
    
    Het aandeel Glencore koerste maandag 1,3 procent lager.
    
    Door: ABM Financial News.
    
    info@abmfn.nl
    
    Redactie: +31(0)20 26 28 999
    
    Copyright ABM Financial News. All rights reserved
    
    (END) Dow Jones Newswires
16. voda 2 november 2017 20:14

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    Rio Tinto adds alumina refineries to aluminium smelters sale – Report
    
    Reuters reported that Rio Tinto is attracting renewed interest in selling its Pacific Aluminium smelting unit by adding two alumina refineries in Australia to the portfolio. According to three sources familiar with the matter Rio Tinto had tried to sell the division minus the refineries in 2011 and again in 2015 without success.
    
    Switzerland-headquartered Glencore, Liberty House of Britain, and Russia's Rusal have all expressed interest, according to the sources, who declined to be named because they are not authorised to speak to media.
    
    The sources said that by including the refineries, Rio could potentially double the original USD 1 billion price tag for Pacific Aluminium.
    
    Pacific Aluminium originally included Rio Tinto's Bell Bay, Boyne Island and Tomago smelters in Australia, and the Tiwai Point smelter in New Zealand.
    
    Glencore, Liberty House and Rio Tinto declined to comment on a potential sale or any discussions on the matter. Rusal could not be reached.
    
    Glencore, a global trader of aluminium, already ships copper, and other commodities from ports near the refineries.
    
    Liberty House purchased Rio's Lochaber aluminium smelter in Scotland a year ago for USD 412 million. More recently it acquired Australian steel group Arrium.
    
    By including its QAL and Yarwun alumina refineries in the sale, Rio stands to lift the odds of ridding its books of the holdings, after the failure of the most recent attempt under former chief executive Sam Walsh, the sources said.
    
    A fund manager with exposure to Rio Tinto said that "We view inclusion of the refineries into the mix as a stamp of the new leadership at Rio, increasing the chances of a sale.”
    
    Current chief executive, Jean-Sebastien Jacques, who took over in July 2016, is acting rapidly to divest all but Rio Tinto's best-performing units.
    
    Rio sold its coal & Allied thermal coal division in June for USD 2.7 billion. It is also in the process of selling two Australian coking coal mines.
    
    Adding the refineries to the sale comes amid a strong market for alumina, which is derived from bauxite and used to make aluminium.
    
    Alumina prices have gained 50% since August to USD 450 a tonne on expectations that China will boost imports to compensate for production cuts at home to fight pollution.
    
    Argonaut analyst James Wilson said that "If ever there was a time to have a supply source for alumina outside of China, it's now. For Rio, it make sense. For a buyer, such as a Glencore or a Rusal, it makes sense."
    
    Source : Reuters
17. voda 2 november 2017 20:19

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    Glencore in court over claims it mistreated environmental activists
    
    The Guardian reported that a UK registered mining company, which is now part of Glencore, is facing claims in a London court that it hired security forces to mistreat environmental activists protesting about a copper mine in Peru. Two demonstrators died and others were left with serious injuries following the confrontations which lasted for several days during May 2012 on a remote hillside in the Andes, the court has been told.
    
    The two week trial of the mining company, Xstrata, being held at the Rolls Building in central London, where commercial cases are heard, will be determined under Peruvian law. It is taking evidence from leading legal experts.
    
    Two of the protesters, Sergio Huamani and Alberto Huallpa, went to London to attend the hearing, which is being translated into Spanish and English.
    
    Lawyers for Xstrata argue that the claims have been brought too late and should be barred under a statute of limitations which imposes a two-year time limit. But Phillippa Kaufmann QC, for the claimants, maintained the cases were not out of time.
    
    The copper mine in Peru was at the time owned by Xstrata Tintaya, a firm later renamed Companía Minera Antapaccay. Xstrata was alleged to have paid the equivalent of £700,000 for the services of about 1,300 Peruvian national police and provided them with weapons such as rubber bullets and teargas, as well as food and accommodation.
    
    It is alleged that the company encouraged the security forces to mistreat the eco-protesters, who had gathered near the Tintaya copper mine near the town of Espinar. Demonstrators were shot and beaten by officers, it was claimed.
    
    The company denies liability, arguing that police protection was necessary since thousands of protesters, many carrying traditional slingshots, were marching towards the mine. Xstrata also said that the Peruvian national police operated independently and it had no control over their behaviour.
    
    At an earlier hearing, in July 2016, emails from Charles Sartain, an Xstrata director, to the senior South America manager, Jose Marun, were disclosed. These proposed that a “direct, proactive and strong approach” be taken to confront community representatives who were referred to as “sons of whores”.
    
    The court has also been told that in the run-up to the protests in 2012 the mining company “covertly monitored” community meetings and employed informants, sharing its intelligence with the police.
    
    Source : The Guardian
18. voda 2 november 2017 20:27

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    BHP and Vale lawsuit settlement against postponed
    
    Mining com reported that a Brazilian court granted BHP Billiton and Vale an extension to November 16 to negotiate a final settlement on USD 47 billion in claims stemming from a deadly dam burst at their Samarco joint venture in the country two years ago.
    
    A settlement in the the civil lawsuit brought by Brazilian prosecutors against the two companies and Samarco for 155 billion reais (roughly USD 48 billion today) was originally scheduled for the end of June and later postponed to October 30.
    
    In a separate deal in March last year Vale and BHP reached a deal with Brazilian authorities and the mine owners agreeing to pay an estimated 24 billion reais or USD 6.2 billion spread out over several years to compensate victims and rehabilitate the environment.
    
    The disaster in Brazil’s Minas Gerais state that killed 19 people caused sludge to wash downstream into neighbouring state Espírito Santo through remote mountain valleys reaching the Atlantic ocean 600 kilometres away.
    
    Samarco Mineracao ceased operations after the tailings dam failure and there is no timetable for it to re-open. At 30 million tonnes per year before the disaster Samarco's pelletizing operations supplied roughly one-fifth of the seaborne trade in the steelmaking raw material that attracts a premium price over iron ore fines and lump ore. Samarco has said that should the mine reopen output would likely be capped at 19 million tonnes per year.
    
    Source : Mining com

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19. voda 2 november 2017 20:31

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    Glencore to ditch Hong Kong listing
    
    Published on Thu, 02 Nov 2017
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    Image Source: Mining Journal
    Mining Journal reported that Glencore is planning to delist its shares from the Hong Kong Exchange at the end of January, close to seven years after it initially added the secondary listing in Asia. The miner and trader said only a small number of its investor base had elected to hold HK shares, with just 0.3% of its share capital coming from Hong Kong.
    
    Glencore said that “After careful consideration, the board has concluded that it is in the best interests of the company, the shareholders and holders of other securities of the company as a whole if the listing of the shares on the HKEX is withdrawn.”
    
    When the company carried out its initial public offering in 2011, CEO Mr Ivan Glasenberg said a listing in Asia would help build its profile in the region where its big customers are based.
    
    This pitch helped attract large cornerstone investors during its USD 60 billion IPO, but the HK base has since dwindled.
    
    Glencore is not looking to remove it South African listing, which it added in 2013, though.
    
    Despite negative investor sentiment towards South Africa thanks to some extreme new mining legislation plans the trading company is, evidently, still attracting investment from those in the region.
    
    In the announcement to the Hong Kong Stock Exchange, it said its shares will continue to be listed on both the LSE and JSE, but it planned to ditch its HK listed shares by January 31.
    
    On Monday, the company announced production guidance downgrades following a September quarter hit by rains, strikes and power outages.
    
    Higher commodity prices saw the company upgrade its marketing divisions earnings estimate. It now expects to post EBIT of USD 2.6 billion to USD 2.8 billion for the year. This is the company’s third upwards revision for the year, and an increase on its previous estimate of USD 2.4 billion to USD 2.7 billion.
    
    Source : Mining Journal
20. voda 3 november 2017 21:16

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    Rio Tinto and GFG refused to confirm sale of Rio Gladstone assets
    
    Gladstone Observer reported that RIO Tinto and GFG Alliance have refused to either confirm or deny the sale of any of Rio's Gladstone assets. Gladstone Engineering Alliance said they had "unconfirmed reports" steel firm GFG Alliance had bought Gladstone Power Station, Boyne Smelter Limited and part of Queensland Alumina from Rio.
    
    It is believed GFG Alliance chairman Mr Sanjeev Gupta visited Rio Tinto's for sale aluminium assets and associated coal power station in Gladstone.
    
    But this week Mr Gupta would not comment to The Australian on any interest he might have in specific assets. He said Australian aluminium plants had an advantage if power costs could be kept down because the nation produced bauxite ore, which is refined here to alumina.
    
    Rio Tinto also declined to comment, saying reports of the sale were "market speculation".
    
    Rio has rebranded its plans to sell its Pacific Aluminium assets, including Boyne Smelter and the Gladstone Power Station.
    
    Source : Gladstone Observer