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1. voda 3 november 2017 21:16

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   BHP to step up copper exploration to meet electric vehicles demand
   
   Mining com reported that world number one mining company BHP plans to step up copper exploration and expansions as it wants to be ready to meet electric vehicles sector’s rising demand for copper. Mr Danny Malchuk, president of operations at BHP's Minerals Americas at Bloomberg’s LME Week forum said that "We want more copper resources in our portfolio. And we believe the most valuable pathway to achieving this is through exploration, the drill bit.”
   
   Unlike most miners, which slashed exploration budgets during the downturn that ended last year, BHP has kept its copper exploration budget steady at an average of USD 60 million annually over the last four-to-five years out of its overall budget for exploration of around USD 1 billion, Reuters reports.
   
   It said that "Copper is a key component of the lithium-ion batteries used in the electric vehicles, as well as power inverters and in the charging infrastructure needed to keep them running."
   
   the comapny said that “The expectation is that the next generation of electric vehicles, which will have even more automation, will require even more copper,” the company said in September, when it declared it expected 2017 to be the “tipping point” for electric vehicles.
   
   Copper is a key component of the lithium-ion batteries used in the electric vehicles, as well as power inverters and in the charging infrastructure needed to keep them running.
   
   BHP, already the world's second-biggest listed copper miner, has been taken steps towards increasing it presence in the market as of late. In July, the company said it would spend $2.5 billion to extend the life of its Spence mine in northern Chile by more than 50 years.
   
   That announcement followed the mining giant’s decision last year of raising its annual exploration spending by 29%, allocating nearly all its USD 900 million budget to finding new copper deposits, to add to a strong portfolio that includes assets such as Escondida in Chile, the world’s biggest copper mine, and Olympic Dam in Australia.
   
   BHP has also revealed plans to transform itself into the world’s biggest suppliers of nickel sulphate another key component in lithium ion batteries that power electric cars.
   
   Source : Mining com
2. voda 3 november 2017 21:52

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   Rio Tinto throws its weight behind Africa as mining central
   
   Reuters reported that Africa, as the largest untapped source of growth in the mining sector, is pivotal in helping Rio Tinto and other resources companies to supply the changing needs of the huge Asian market.
   
   The comments, delivered at a Bloomberg forum as part of LME Week, is a vote of confidence in Africa, which has suffered from investor caution over political risk and corruption scandals.
   
   Mr Bold Baatar, Rio Tinto's chief executive of energy and minerals said that "From a mining perspective, Africa is the largest untapped source of growth for our industry.” He added that "This provides us with a huge opportunity. It provides us with the opportunity, in partnership with the east, to be part of the once-in-a-lifetime transformation story of Africa."
   
   Rio Tinto has strong relationships with China and other Asian customers that buy approximately 70 percent of its products.
   
   China's development required bulk commodities, such as iron ore, but its needs are evolving as it focuses on implementing environmental standards and seeks to lead a shift to electric transport.
   
   The world's biggest miner BHP has emphasised copper as its commodity of the future. Rio Tinto, the second biggest major, has a massive copper project in Mongolia, but is also looking at less traditional commodities through its unit Rio Tinto Ventures. They include the rare earth mineral monazite, used in heavy magnets for electric vehicles, which is produced from Rio Tinto's mineral sands project in Madagascar.
   
   Elsewhere in Africa, Rio Tinto in Guinea mines bauxite, used to produce aluminium, which can make vehicles lighter and more energy efficient.
   
   Rio Tinto is selling its stake in Guinea's giant Simandou iron ore project to Chinalco, China's biggest state-run aluminium producer, although the deal announced more than a year ago has yet to be finalised. Rio's relationship with Africa has had its challenges.
   
   Source : Reuters
3. voda 10 november 2017 17:00

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   Decmil Australia awarded AUD 75 million contract to BHP
   
   Man Monthly com reported that specialist engineer and construction firm Decmil Australia has been awarded a new AUD 75 million contract with mining giant BHP Billiton. Located in Western Australia, the contract is the first phase of a AUD 105 million upgrade project to expand BHP’s iron ore operations at Mulla Mulla village, as well as the proposed South Flank project.
   
   The contract follows Decmil’s successful delivery of other project works at major Western Australia iron ore sites, including a AUD 13 million civil and initial works contract awarded in August.
   
   Mr Scott Criddle Decmil’s managing director and CEO said that “Decmil has achieved great success in delivering complex projects across the region, reinforcing our expertise and 40 years of experience as a sector contractor.” He added that “We look forward to further solidifying our growth path and long-standing relationship with BHP.”
   
   Decmil offers services to Australia’s resources and infrastructure industries, specializing in civil engineering, construction as well as mechanical fabrication and maintenance.
   
   Source : Man Monthly com
4. voda 14 november 2017 17:10

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   Rio Tinto secures AUD 750 million share buy-back
   
   Australian Mining reported that Rio Tinto has completed a AUD 750 million off-market buy back of the company’s shares, an increase on a AUD 700 million target it had previously set due to strong demand. The buy-back, at AUD 63.67 a share, was at a 14% discount on Rio’s market price.
   
   Rio announced the buy back program in September as part of its plan to return the proceeds from the AUD 2.5 billion sale of its Coal & Allied thermal coal division to Yancoal Australia.
   
   The miner bought back around 11.8 million shares for AUD 750 million, which represents 2.78%of its ordinary share capital.
   
   Rio has committed to buy-backs worth more than AUD 4 billion in 2017. Chief executive Jean-Sebastien Jacques previously said returning the proceeds from the Coal & Allied divestment showed a continued commitment to delivering superior value.
   
   Mr Jacques said that “This year we have announced cash returns to shareholders of AUD 8.2 billion, comprising $4.2 billion of dividends and $4 billion of share buy-backs. Shareholder returns of this scale are made possible by maintaining the strongest balance sheet in the sector and a disciplined capital allocation process.”
   
   Source : Australia Mining
5. voda 23 november 2017 17:20

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   BHP and Vale inch toward Samarco dam spill settlement
   
   Australian Financial Review reported that BHP Billiton and Brazilian miner Vale have inched closer to a settlement over the multibillion-dollar lawsuits that continue to hang over their Samarco joint venture following 2015's deadly dam disaster. While a full settlement appears unlikely to be reached before the end of 2017, the miners have at least agreed with Brazilian prosecutors over the pathway toward a more substantial agreement.
   
   It is now 20 months since federal prosecutors in Brazil lobbed a 155 billion real ($63 billion) claim against the Samarco partners over the damage caused by the collapse of a tailings dam at the iron ore business in November 2015.
   
   But that lawsuit, and a separate 7.7 billion real claim lobbed by Brazilian prosecutors, remain suspended under the terms of an "amended agreement" struck this week between the Samarco partners and prosecutors at both state and federal level in Brazil.
   
   The latest agreement will see "socio-economic experts" appointed to advise the prosecutors over what would be an appropriate level of remediation in the communities affected by the disaster, which killed 19 people and destroyed several towns.
   
   Source : Australian Financial Review

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6. voda 24 november 2017 16:58

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   Rio Tinto and Sinosteel extend Channar Mining Joint Venture
   
   This third extension of the joint venture, confirmed in Beijing by Rio Tinto chief executive J-S Jacques and Sinosteel chairman Xu Siwei, will see an additional 10 million tonnes of iron ore delivered into the joint venture from Western Australia. Rio Tinto Iron Ore chief executive Chris Salisbury said “The Channar joint venture is one of Australia’s most significant trading partnerships and has helped pave the way for the incredibly strong relationship we have forged with China today. This extension represents another milestone in our 30-year partnership that has seen more than 250 million tonnes of iron ore delivered from the Pilbara to China.”
   
   The extension will see Sinosteel make an upfront payment of US$15 million to Rio Tinto as well as production royalties linked to the iron ore price. It is conditional upon approvals from the Western Australian, Australian and Chinese governments.
   
   The original Channar joint venture was signed in 1987 and provided for the production of 200 million tonnes of iron ore. This third extension will increase the life of the joint venture to cover production totalling 290 million tonnes.
   
   The Channar joint venture (Rio Tinto share 60 per cent, Sinosteel share 40 per cent) owns the Channar mine in the Pilbara region of Western Australia. The mine is managed by Rio Tinto and the joint venture agreement provides Sinosteel with off-take rights for a volume of Pilbara Blend (into which Channar ore feeds) equivalent to Channar production.
   
   Source : Strategic Research Institute

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7. voda 24 november 2017 17:03

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   Vale to cut away from higher-silica iron ore sales
   
   Argus reported that Brazilian mining firm Vale will cut sales next year of its southern system iron ore fines, which are receiving heavy discounts for their higher silica levels. Chinese mills increasingly prefer SSFG and SSNG cargoes because of wide discounts for silica compared with Vale’s 65pc Fe IOCJ fines. Vale wants to reduce shipments of the lower-margin ores and use more of the fines for its blended product, which receives a higher premium.
   
   An east China trader said that “Vale is planning to cut the supply of SSFG and SSNG of this year’s unexecuted portion of long-term contracts with mills. They are in talks with mills about this. The reason is the current high silica discount makes the mining firm reluctant to sell large volumes.”
   
   Prices for SSFG and SSNG are quite competitive, said the trader, who received an offer of SSFG with mid-December laycan at a USD 13 per tonne discount to the December 62pc index today. Another trader in south China received an SSFG offer at a USD 12 per tonne discount to December index for an early November laycan cargo.
   
   Vale’s new 90 million tonne per year S11D mine will produce 22 million tonne of Carajas fines in 2017, its first year of operations. The mine is producing ore with 65-66pc Fe content that Vale can use to blend with southern system fines for its 63pc Fe BRBF blended fines. Vale’s sales focus has shifted to blending more ore in China, with operations at 11 ports and a target of around 46 million tonne to be blended in China this year. That compares with around 22 million tonne per year blended at its Telak Rubiah ore terminal in Malaysia.
   
   Vale has also launched a low-alumina SFLA blend this year, of which it has sold 4million t so far.
   
   S11D is also enabling Vale to increase the Fe level of its IOCJ spot cargoes to 65.7pc from previous levels that were typically closer to 65pc Fe. IOCJ was offered off-screen last week with a specification of 65.72pc Fe, 1.67pc silica, 1.18pc alumina and 0.07pc phosphorus.
   
   Source : Argus
8. voda 24 november 2017 20:16

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   Rio Tinto to resume operation in Kennecott copper smelter in US
   
   Reuters reported that Rio Tinto restarted the smelter at its Kennecott mine in Utah after a nearly six-week outage but sets no timeline for lifting its force majeure on refined copper from the plant.
   
   Rio stopped production of refined copper at the smelter on October 8 when a worker died after being exposed to sulfur dioxide gases while removing debris from a boiler; mining and milling operations had continued while the smelter was down, with ore being stockpiled for later processing.
   
   Source : Reuters

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9. voda 29 november 2017 21:06

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   BHP Minerals Australia update
   
   Published on Wed, 29 Nov 2017
   5 times viewed
   
   BHP Minerals Australia President, Mr Mike Henry outlined plans to grow value and improve returns on capital across the Company’s Australian operations. Speaking to investors and analysts at a briefing in Adelaide, Mr Henry said BHP’s large, long-life, low-cost Australian assets underpin current margins and future optionality.
   
   He said that “The quality, scale, concentration and location of our assets support improvement initiatives, compelling latent capacity options, efficient technology deployment and attractive investment opportunities. By sharing knowledge and replicating best practice across our global portfolio, we’ve been able to substantially reduce unit costs at our Australian mining operations over the last five years. But we have further to go. We can make ourselves safer and even more productive, and expect to lower our unit costs by a further 10 per cent over the medium-term.”
   
   Mr Henry said that “Through strengthening our maintenance capability and processes, including by bringing in expertise from other industries, and through better leveraging technology, our global Maintenance Centre of Excellence is enabling a step-change in maintenance performance across BHP. With our global technology initiatives and asset-level programs to unlock resources and lower costs, we expect our Australian mining operations to deliver US$1.6 billion of additional productivity gains over the next two years.”
   
   He added that “We also have a suite of attractive medium-term investment opportunities. While these remain subject to our strict Group-level capital allocation framework tests, with average returns potentially exceeding 40 per cent, they are well placed to compete for capital.”
   
   Mr Henry highlighted the Brownfield Expansion option (BFX) at Olympic Dam as an example of a project with the potential to deliver sustainable returns to shareholders, government and the local community.
   
   Also speaking at the briefing, Olympic Dam Asset President Jacqui McGill, said the BFX option could provide a capital efficient path to increased capacity through accelerated development into the Southern Mine Area.
   
   “As we move into the Southern Mine Area we expect to see the copper grade increase to 3 per cent by financial year 2023, which we believe would coincide with a structural deficit in the copper market.
   
   “If approved, the BFX option could lift production capacity to 330 ktpa and move Olympic Dam into the first quartile of the cost curve, which is where we strive to be with all our assets at BHP. Any investment however, must compete for capital against all other options, including returns to shareholders.”
   
   Ms McGill also outlined longer-term development options that had the potential to significantly increase the volume of copper produced, including the use of heap leach technology.
   
   Combined, these plans create significant value and support improved returns both at Olympic Dam and across BHP’s minerals operations in Australia. Presentations will be webcast live at and all materials be available on our website .
   
   Source : Strategic Researc Institute
10. voda 30 november 2017 17:20

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    Investors force Rio Tinto to drop move to appoints Mr Mick Davis as chairman
    
    Mining com reported that plans to name former Xstrata chief executive Mick Davis, the current leader of Britain’s ruling Conservative Party, as chairman of Rio Tinto have been abandoned due to investors pressure. According to Sky News, Davis is "no longer in the running" to replace Jan du Plessis in the wake of a full-scale investor revolt led by the Investor Forum, a London-based body representing some of the world’s biggest money managers. The group of shareholders, who make up about 20% of Rio's stock, wrote to the miner’s board last week saying that appointing Davis would be “unacceptable.”
    
    It seems like the main concerns were related to bonuses he paid to the executive team of Xstrata when he was in charge as the company was taken over by Glencore in 2012. Investors were also said to be wary of Davis’ aggressive deal-making.
    
    The mining veteran had emerged as the frontrunner for the top post at Rio Tinto two weeks ago and, up to the time this article was written, it was still unclear whether he had withdrawn from the process through choice once he was made aware of the Investor Forum's letter.
    
    Source : Mining com
11. voda 6 december 2017 17:01

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    Rio Tinto board approves to develop intelligent Australian iron ore mine
    
    Reuters reported that Rio Tinto next year will seek board approval to develop an “intelligent” iron ore mine at a cost of USD 2.2 billion, fully incorporating technologies such as robotics and driverless trains and trucks on a single site. Mr Chris Salisbury Chief Executive, Iron Ore said that feasibility study was underway to demonstrate the economics behind developing the Koodaideri mine in the Pilbara region of the state of Western Australia.
    
    Rio Tinto extracts more than 300 million tonnes of ore annually in Australia, making it the world’s second-biggest iron ore miner after Brazilian giant Vale.
    
    Mr Salisbury told Reuters that “We will bring all our technologies into a single place with a mine that is purpose-built to adapt those technologies. We are calling it our intelligent mine.”
    
    According to Salisbury The Koodaideri lode would produce around 40 million tonnes per year by 2021, but could be expanded to yield 70 million tonnes or more at a later date.
    
    Mr Salisbury said that the project fit into a strategy to produce ore tailored with iron content required by steel mill customers over simply mining as much as it can.
    
    Iron ore accounted for more than two-thirds of Rio Tinto’s USD 6.064 billion in underlying earnings last year.
    
    Rio Tinto recently ran its first autonomous iron ore train over a distance of almost 100 km (62 miles) as a part of its Autohaul project. It already runs much of its mining, transport and port logistics from an operations centre 1,500 km away in Perth.
    
    Sainsbury also said that a shift in demand as China cleans up its steel industry will see cyclical premiums for higher-grade iron ore cemented as a permanent fixture in the market.
    
    Source : Reuters
12. voda 6 december 2017 17:04

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    FMG appeals against native title ruling in the Pilbara
    
    The Guardian reported that Mr Andrew Forrest’s Fortescue Metals Group is appealing against a native title ruling covering more than 2,700 sq km of Pilbara land in Western Australia, including where the company operates its USD 110 billion Solomon Hub iron ore mine.
    
    When the federal court recognised the Yindjibarndi people as having exclusive rights to the land in July, the company said it was likely to appeal the ruling.
    
    Justice Steven Rares traveled to the Millstream Chichester national park in November to make his final determination, triggering a 21-day period for Fortescue to appeal.
    
    On Monday the company said it had lodged a notice of appeal against the judgment, ensuring the long-running native title dispute will continue.
    
    Fortescue previously said the court decision had no effect on the mining tenure at the Solomon Hub. Its chief executive, Mr Nev Power, said that the company had always welcomed recognition of Yindjibarndi native title.
    
    Mr Nev Power said that “However, the federal court decision relating to the concept of exclusive possession has potentially wide-ranging implications for new investment in resources, agriculture and tourism.” Mr Power said the company would continue to provide employment for Aboriginal people to ensure communities benefited from the growth of Fortescue.
    
    The claim was lodged in 2003, making it one of the longest-running native title claims in Australia.
    
    Source : The Guardian
13. voda 6 december 2017 17:04

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    Vale to use cash flow to pay dividends – Mr Fabio Schvartsman
    
    Reuters quoted Mr Fabio Schvartsman CEO of Brazil's Vale as saying that, the world's top iron-ore producer, will use cash flow, which could reach USD 14-billion or USD 15 billion this year, to cut debt and pay dividends.
    
    Speaking at an event in Rio de Janeiro, Mr Schvartsman said that the miner tended to generate USD 14-billion or USD 15-billion in cash in good or normal years, adding that 2017 was normal.
    
    Mr Schvartsman without specifying a time frame said that "The first thing we are going to do with the cash is pay debt, and then we are going to make this company's shareholders happy as never before."
    
    Mr Schvartsman said that cash generation could also help the company's debt rating and noted that paying very high dividends was becoming company policy.He added that "It is not our goal to keep cash."
    
    Vale has said it wants to diversify its investments. Investors are awaiting Schwartzman's first annual investment plan, which will be released as part of Vale Day later this week.
    
    Mr Schvartsman also said the company would try to improve capital allocation, which should lead to stronger financial results over the long term.
    
    Investments in nickel have not yielded results the company had sought, he said, but Vale is trying to show that better results in the sector are possible.
    
    Source : Reuters
14. voda 7 december 2017 17:07

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    Rio Tinto see 2018 iron ore exports likely to be up
    
    Platts reported that mining giant Rio Tinto expects to see year-on-year increases in iron ore shipments in 2018. The company said in an investor seminar that it is expecting to ship 330 million to 340 million tonne of iron ore next year, which compares to its 2017 guidance of 330 million tonne.
    
    Rio Tinto noted that Chinese environmental policy measures are increasing demand for higher grade iron ore, which benefits the company’s 62% Fe product.
    
    Rival Australian iron ore miner, Fortescue Metals Group’s chairman Andrew Forrest last week said that his company is going to target future production of above 60% Fe.
    
    RBC Capital Markets analyst Mr Paul Hissey said the announcement indicates FMG moving away from the 55% and 58% Fe products which account for the bulk of the company’s current sales and would see it directly competing with existing premium ore producers.
    
    Mr Hissey added that “As this is an address from the chairman, we understand the high level of the commentary; however, the challenge must surely be as to how FMG is able to achieve this given the existing resources/reserves and installed capital base.”
    
    Source : Platts
15. voda 7 december 2017 17:11

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    Indonesia to grab 40pct stake in Rio Tinto Grasberg mine - Report
    
    Mining com reported that after pumping billions into Grasberg copper-gold mine in Indonesia for almost 25 years, Rio Tinto might finally be about to see a decent return as the country’s government said it plans to acquire the miner’s 40% stake in the coveted operation. The move comes as Grasberg’s operator, US based Freeport McMoRan, agreed in August to divest 51% of PT Freeport Indonesia to the country’s government. But until today, it wasn’t clear what would happen to Rio’s interest in the mine.
    
    The Southeast Asian nation, which will complete the acquisition of Freeport’s stake in Grasberg by February 2018, intends to purchase Rio’s stake as well, Energy and Mineral Resources Minister Ignasius Jonan said on Tuesday, according to Reuters.
    
    Rio’s deal with Freeport was struck in 1995 and entitles it to a 40% share of production when certain output levels are hit. But as a result of strikes and other disruptions and as the open pit at Grasberg nears the end of its life, the Melbourne-based miner hasn’t seen any benefit since 2014.
    
    Under the agreement between the Phoenix, Arizona-based miner and Indonesia, Grasberg will see an investment of as much as USD 20 billion through 2031 to further develop the mine, including the construction of a smelter. After 2021 Rio would get the 40% share on all production.
    
    But authorities had told Freeport, which under the divestment framework retains operational control until 2041, that it would prefer the joint venture with Rio be over ahead of the stake stale, something Freeport had so far rejected.
    
    Rio has held talks with Indonesian groups, including state-owned PT Indonesia Asahan Aluminium, known as Inalum, about a possible exit from its interest in Grasberg, sources familiar with the matter said in October.
    
    Rio’s chief executive Jean-Sebastien Jacques publicly questioned Grasberg's place in the group’s future back in February. He followed in June with a remark about Grasberg being a world-class copper deposit, which might not be a world-class mining investment.
    
    The mine is the world’s second-largest copper mine and fourth largest gold operation.
    
    Source : Mining

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16. bub 7 december 2017 23:25

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    gezien het gedrag van de indonesische regering zou ik er geen cent meer in investeren. De kans op rendement is te onzeker.
17. voda 8 december 2017 16:45

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    Vale cuts its nickel output estimate by 15pct
    
    Reuters reported that Brazilian miner Vale SA dialed back its nickel output forecasts for the next five years on Wednesday, although the world’s top producer of the metal praised its longer term prospects on likely soaring demand for electric cars. Vale cut its nickel output estimate by 15% to 263,000 tonnes next year and said it was still seeking an investor for its New Caledonia nickel mine.
    
    Ms Jennifer Maki, executive director of Vale’s base metals unit, at an annual investor presentation in New York said that however, Vale wants to “preserve its nickel optionality” ahead of an expected boom in electric vehicles in the next decade.
    
    The rechargeable batteries used in electric vehicles have companies scrambling to lock in supplies of key ingredients like nickel, cobalt and lithium.
    
    Ms Maki pointed to market forecasts that electric vehicles would represent between 7 percent and 20 percent of the global auto market by 2025, up from 1 percent in 2017.
    
    Vale Chief Executive Fabio Schvartsman agreed. He said that “I‘m very positive about nickel, much more positive than I was some months ago.”
    
    The company said on Wednesday it would make a decision by the end of next year whether to plow a needed USD 500 million into its New Caledonia project over the next four years. It has previously said it has received bids to invest in the mine, which is located on a Pacific island.
    
    Vale, which is also the world’s top iron ore producer, kept iron ore production forecasts stable for next year at 390 million tonnes, rising to 400 million in 2019. Executives forecast prices for the commodity to remain in line with this year’s prices in 2018.
    
    Source : Reuters
18. voda 8 december 2017 16:55

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    Mr Fabio Schvartsman of Vale threatens to flood market if prices jump
    Published on Fri, 08 Dec 2017
    
    Bloomberg reported that Vale SA has a somber message for anyone betting on iron ore prices returning to the heady days of 2011. Mr Fabio Schvartsman CEO said that world’s biggest producer of the steel making ingredient is prepared to unleash as much as 50 million metric tonnes of spare capacity to balance the market if prices get too high. He said that high prices would lure inefficient producers back into the market and risk a repeat of past excesses that led to USD 1 trillion in value destruction.
    
    Mr Schvartsman said that “It was clear to see during the super cycle when in an unsustainable way companies made too much money and they didn’t know what to do with the money.”
    
    Mr Schvartsman’s sense of market responsibility contrasts with the producer bravado of just a few years ago when they battled for market share amid seemingly insatiable demand from Chinese mills. Now the industry catchphrases are value over volume and flight to quality.
    
    As it shifts focus to high grade deposits in northern Brazil’s Amazon region, Vale expects to produce 390 million tonnes next year and cap output at 400 million tonnes over the following four years, well below its 450 million tonne capacity.
    
    China has been paying a premium nearly five times greater than what it was two years ago for high-quality ore, which helps mills there boost margins and comply with a government anti-pollution push.
    
    Vale expects across-the-board costs to drop significantly in the coming years as new mines ramp up. It has also been building capacity to house blended ores offshore, allowing it to maximize margins by mixing in lower quality ore from its southern system.
    
    Along those lines, Vale plans to lower the amount of ore it sells directly from its southern mines from a level of 41 % in 2016 to 24 % next year. High-grade production and blended ore will combine to account for 75 percent of sales volume in 2018.
    
    With iron ore prices recovering from late-2015 lows, the company is generating the most cash since 2011 and is looking to cut its current debt load in half, to USD 10 billion, “in the shortest possible period,” Schvartsman said during the presentation.
    
    By paying down debt quickly, Vale can attract a different breed of conservative investors, Till Moewes, a credit analyst with Schroders, said by telephone from New York. While his firm already holds Vale notes in some strategies, that position could “explode” if the company’s bonds are still trading at an attractive level, Moewes said.
    
    Vale also expects to start trading on Brazil’s Novo Mercado a segment of the exchange with higher standards of corporate governance later this month, as it streamlines its ownership structure with a plan to end a 20-year shareholder pact with members that include state pension funds and development bank.
    
    Mr Luciano Siani Pires Chief Financial Officer said that “We will become a boring company, a no frills company, a company that will function and deliver like a clock.”
    
    Source : Bloomberg

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19. voda 8 december 2017 16:57

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    Vale expects to sell up to USD 1.5 billion non core assets – Report
    
    Reuters reported that Brazilian miner Vale SA expects to sell up to USD 1.5 billion in non-core assets from 2018 to 2020. The company in a presentation to investors in New York said that it expects to divest stakes in companies such as Brazilian bauxite producer Mineracao Rio do Norte, Australian coal project Eagle Downs, and steel firm California Steel Industries Inc.
    
    Source : Reuters
20. voda 8 december 2017 17:04

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    Newmont raises output target for 2018, lowers expected costs
    
    Mining com reported that Newmont Mining the world’s No.2 gold and copper producer, sent a bullish message to the market Wednesday by raising its forecast bullion production for 2018 while lowering expected costs. The US miner also said it expected to hike its dividend by at least 50% next year, based on balance sheet improvements and the performance of its gold mines.
    
    Newmont sees gold costs applicable to sales dropping between USD 700 and USD 750 an ounce next year. Newmont had previously forecast costs of between USD 700 and USD 800 an ounce.
    
    "It also expects to boost its dividend by at least 50% next year, based on balance sheet improvements and the performance of its gold mines."
    
    The company expects costs to decrease even further in 2019, to between USD 620 and USD 720 an ounce, and between USD 650 and USD 750 per ounce longer term through 2022.
    
    The Denver-based firm also increased its attributable gold production expectations for 2018 to between 4.9 million and 5.4 million ounces from a previous forecast of 4.7 million to 5.2 million ounces.
    
    Newmont said it also expected attributable gold output of 4.9 million to 5.4 million ounces in 2019, and the same range it expects for 2019, and 4.6 million to 5.1 million ounces a year through 2022.
    
    Mr Gary Goldberg president and chief executive said in the statement that “Our five-year guidance reflects steady performance, portfolio and balance sheet improvements, and gives us the means and confidence to target a dividend increase of at least 50 percent in 2018.”
    
    Over the past three years, the company has built new mines at Merian (in Suriname) and Long Canyon (in the US), and delivered profitable expansions at Tanami and Cripple Creek & Victor, also in the US.
    
    This year alone, the miner has increased its exploration and advanced projects investments by about 25%, with roughly two-thirds of that amount going to fund more brownfield and greenfield exploration.
    
    Source : Mining com