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1. voda 3 mei 2018 20:34

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   Rio Tinto to add nine autonomous drills in Pilbara
   
   Sydney Morning Herald reported that Rio Tinto plans to almost double the fleet of giant autonomous production drills at its Pilbara iron ore operations in Western Australia, with the addition of another nine autonomous drills by the end of this year. The extra drills, which Rio said would create a safer working environment and boost productivity, would mean that by the end of 2018 about 40 % of the miner's production drilling fleet would be autonomous.
   
   Rio’s autonomous drilling system is set up so that the drilling rigs are operated from the miner’s operations centre in Perth. Rio’s Yandicoogina iron ore mine, where the miner recently deployed four drills retrofitted with autonomous technlogy is about 1400 kilometres from Perth
   
   Ms Kellie Parker, from Rio Tinto’s iron ore division, said expanding the autonomous drilling fleet would deliver significant productivity gains and enables the company to drill more safely, accurately and consistently.
   
   Ms Parker said that “What we’ve found with the autonomous drilling program is that the drills are 40 % more efficient. And they’re more efficient because they’re running longer, there’s more up time, and they’re also reducing variability. So the size of the hole the way it’s drilled is all done consistently, which then allows us to make different decisions about blasting.”
   
   Source : Sydney Morning Herald

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2. voda 4 mei 2018 20:37

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   Rio Tinto Alcan fined for violating Fisheries Act
   
   Canadians value a safe and clean environment. Environment and Climate Change Canada's enforcement officers work hard every day to make sure individuals and companies are respecting Canadian environmental laws. On April 24, 2018, Rio Tinto Alcan Inc pleaded guilty, in the Court of Quebec in Saguenay, to violating subsection 36(3) of the Fisheries Act, and the company was fined CAD 100,000.
   
   Environment and Climate Change Canada conducted an investigation, which revealed that, between December 13 and 15, 2016, the Arvida plant (at the Rio Tinto Alcan Inc. Jonquière complex) released 1.7 m3 of hydrochloric acid into the Saguenay River, contrary to subsection 36(3) of the Fisheries Act, thereby committing an offence under subsection 40(2) of the Act.
   
   The amount will be directed to the Environmental Damages Fund, administered by Environment and Climate Change Canada.
   
   Environment and Climate Change Canada has created a free subscription service to help Canadians stay current with what the Government of Canada is doing to protect our natural environment.
   
   1. Hydrochloric acid is considered a deleterious substance, under the Fisheries Act.
   
   2. The Department's enforcement officers conduct inspections and investigations to verify compliance with the pollution prevention provisions of the Fisheries Act. They ensure that regulated organizations are in compliance with environmental legislation.
   
   3. Rio Tinto Alcan Inc. will be added to the Environmental Offenders Registry.
   
   4. Created in 1995, the Environmental Damages Fund is administered by Environment and Climate Change Canada, and it provides a mechanism for directing funds received as a result of fines, court orders, and voluntary payments to priority projects that will benefit our environment.
   
   Source : Strategic Research Institute

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3. voda 15 mei 2018 17:13

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   Rio Tinto and Alcoa announce world first carbon-free aluminum smelting process
   
   Rio Tinto and Alcoa Corporation announced that a revolutionary process to make aluminium that produces oxygen and eliminates all direct greenhouse gas emissions from the traditional smelting process. Executives of Rio Tinto, Alcoa and Apple were joined by Canadian Prime Minister Justin Trudeau and Premier of Québec Philippe Couillard for the announcement, which signals the most significant innovation in the aluminium industry in more than a century.
   
   To advance larger scale development and commercialisation of the new process, Alcoa and Rio Tinto are forming Elysis, a joint venture company to further develop the new process with a technology package planned for sale beginning in 2024.
   
   Elysis, which will be headquartered in Montreal with a research facility in Quebec's Saguenay–Lac-Saint-Jean region, will develop and license the technology so it can be used to retrofit existing smelters or build new facilities.
   
   When fully developed and implemented, it will eliminate direct greenhouse gas emissions from the smelting process and strengthen the closely integrated Canada-United States aluminium and manufacturing industry. The new joint venture company will also sell proprietary anode and cathode materials, which will last more than 30 times longer than traditional components.
   
   Canada and Quebec are each investing CAD 60 million in Elysis. The provincial government of Quebec will have a 3.5 % equity stake in the joint venture with the remaining ownership split evenly between Alcoa and Rio Tinto.
   
   Apple is providing an investment of CAD 13 million. The company helped facilitate the collaboration between Alcoa and Rio Tinto on the carbon-free smelting process, and Apple has agreed to provide technical support to the JV partners.
   
   Rio Tinto and Alcoa will invest CAD 55 million cash over the next three years and contribute specific intellectual property and patents.
   
   The patent-protected technology, developed by Alcoa, is currently producing metal at the Alcoa Technical Center, near Pittsburgh in the United States, where the process has been operating at different scales since 2009. The joint venture intends to invest up to CAD 40 million in the United States, which would include funding to support the supply chain for the proprietary anode and cathode materials.
   
   Vincent Christ, an experienced leader with more than 30 years' experience at Rio Tinto Aluminium, has been named Chief Executive Officer of Elysis. Most recently, he has served as head of technology, research and development and automation programmes. He holds an engineering degree in electronics and industrial information technology.
   
   Mr J-S Jacques chief executive of Rio Tinto said that "This is a revolutionary smelting process that can deliver a significant reduction in carbon emissions. It builds on the key role aluminium has to play in driving human progress, by making products infinitely recyclable, stronger, lighter and more fuel efficient. Rio Tinto is proud to work with Alcoa, Apple and the governments of Canada and Quebec, to drive an innovation that can transform the industry and our customers' supply chains."
   
   Mr Roy Harvey President and CEO of Alcoa said that "This discovery has been a long-sought goal for the aluminium industry, and this announcement is the culmination of the work from many dedicated Alcoa employees. Today, our history of innovation continues as we take aluminium’s sustainable advantage to a new level with the potential to improve the carbon footprint of a range of products from cars to consumer electronics."
   
   Mr Justin Trudeau Prime Minister of Canada said that "Today's announcement will create and maintain thousands of jobs for Canadians, significantly reduce Canada’s carbon footprint, and further strengthen the aluminium industry in North America. It is a truly historic day for the aluminium industry – and for all Canadian aluminium workers – who play such an important role in our economy and our country’s future."
   
   Mr Philippe Couillard Premier of Québec said that "With the establishment of this new facility, Québec will continue to lead the world in the development of advanced aluminium smelting technologies. Our investment will play a key role in the large scale development of this carbon-free aluminium smelting technology, so it can be deployed and deliver significant environmental benefits with well paid, highly skilled jobs here in Québec."
   
   Mr Tim Cook CEO of Apple said that "Apple is committed to advancing technologies that are good for the planet and help protect it for generations to come. We are proud to be part of this ambitious new project, and look forward to one day being able to use aluminium produced without direct greenhouse gas emissions in the manufacturing of our products."
   
   Source : Strategic Research Institute
4. voda 18 mei 2018 20:46

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   Mining giant BHP faces class action suit over Samarco disaster in Brazil - Telegraph UK
   
   Telegraph UK reported that BHP Billiton is facing the threat of a class action suit in Australia over the Samarco mining disaster in Brazil, which knocked an estimated AUD 25 billion (GBP 14 billion) off its market value in the course of a month.
   
   Lawyers at Melbourne-based Phi Finney McDonald said it was preparing to file an action alleging that BHP engaged in “misleading or deceptive conduct” and breached its obligations to make “continuous disclosures” to its shareholders.
   
   Mr Brett Spiegel, principal lawyer, said that from 2013 BHP was aware that its Samarco joint venture in Brazil was “behaving in ways that they were not paying attention to” and that it “failed to ensure that appropriate safety measures were in place”.
   
   On November 5, 2015 a dam at Samarco’s iron ore mine collapsed, releasing a wave of wastewater into a river valley that destroyed two towns and killed 19 people. Mr Spiegel claimed that the company “knew of the imminent risk that the dam would collapse”.
   
   Samarco is a joint venture owned 50-50 by BHP and its Brazilian counterpart Vale, operated by a separate management team. The mine has been suspended since the accident and its owners are locked in protracted negotiations with the government of Brazil and state and federal prosecutors to reach a comprehensive settlement to competing civil claims.
   
   Mr Spiegel said Phi Finney McDonald had spent six months combing evidence acquired from prosecutors in Brazil to build its case. The firm is looking to represent shareholders in Australia, South Africa and the UK who bought the stock between October 21, 2013 and November 9, 2015, and who lost out when the value of BHP’s shares plummeted in the weeks following the accident.
   
   Last month BHP and Vale said they had been granted an extension until June 25 to negotiate a settlement to civil claims relating to Samarco. The miners have been funding a foundation that has been working to restore the local environment and rehouse victims of the disaster.
   
   BHP declined to comment on the class action suit.
   
   Source : Telegraph UK
5. voda 18 mei 2018 20:48

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   Rio Tinto CEO calls for United Nations of the mining world
   
   Reuters reported that Rio Tinto CEO Jean-Sebastien Jacques said resource companies needed to build “the United Nations of the mining industry” to tackle rising resource nationalism and cost inflation. Rising commodity prices typically lead to resource nationalism as they inspire resource-holding nations to demand higher shares of international mining companies’ profits.
   
   At the same time, the miners say increased energy prices and wage demands are driving cost-inflation and eroding profit margins. They also say their profits required years of investment throughout the commodities cycle and their projects provide jobs and tax revenues for host nations.
   
   Mr Jacques said it had previously been the industry model, but the commodities supercycle of sustained high prices at the start of this century had made miners “greedy”.
   
   Mr Jacques said that “Partnerships were seen as value leakage, not as risk mitigation.” Mr Jacques added that “Going forward, we need to spread the risk. In some very challenging jurisdictions, we will have to build the United Nations of the mining industry.”
   
   As one example, he cited Oyu Tolgoi in Mongolia, where Rio Tinto is the operator of a giant underground extension to a copper mine that has the backing of 15 commercial banks as well as money from the international financial institutions, such as the European Bank for Reconstruction and Development.
   
   Even with such protection, tensions have risen between Rio and the Mongolian government over issues such as tax and a power contract.
   
   Asked whether resource nationalism was a threat, Jacques said it was a reality.
   
   Mr Jacques said in a speech to the Miami conference that was webcast “From the Democratic Republic of Congo and South Africa to Mongolia and Australia. It is gaining momentum.”
   
   Mr Jacques added that foreign direct investment was under threat as a result and that “industry margins will come under pressure” from cost inflation.
   
   At the same conference, Anglo American said it was looking at bringing in new parties to develop its copper project at Quellaveco in Chile on which its board is expected to take a development decision over the coming weeks.
   
   Anglo American has said it does not wish to develop greenfield projects alone and is talking with potential partners on Quellaveco, including existing Japanese partner Mitsubishi, which may acquire a bigger stake.
   
   Mr Mark Cutifani CEO said, with reference to miners’ excess spending during the commodity boom that “We, like everyone else, have learnt some lessons.” Mr Cutifani added that “Hence our desire to syndicate this project.”
   
   Source : Reuters
6. voda 21 mei 2018 15:21

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   Union warns BHP purchase for AUD 4.8 billion South Flank
   
   The West reported that Australian Manufacturing Workers Union has fired a warning shot at BHP as the union seeks to secure major steel work for local fabricators from the miner’s next Pilbara mine. The AMWU fears as much as 24,000 tonnes of structural steel work linked to BHP’s proposed USD 3.6 billion ($4.8 billion) South Flank project will be sent to offshore manufacturers.
   
   The union has put the company on notice and called on Premier Mark McGowan to “remind” BHP of “its obligation to prioritise WA jobs.”
   
   AMWU State secretary Steve McCartney said that “If we don’t get this work through our fabrication industry, what work are we going to get.” He said that South Flank will provide the first real test of Mr McGowan’s post-election call for big resource development contracts to support local suppliers even if the work can sometimes be done cheaper elsewhere.
   
   Mr McCartney said that “We want the Government to stand up for local content.”
   
   The BHP board has still to give the go-ahead to South Flank, 130km north-west of Newman, and no steel fabrication contracts have yet been awarded. It said that “The South Flank project is still subject to internal and external approvals.”
   
   However, the group also noted that of the USD 184 million of initial funding already approved for South Flank, almost USD 168 million had been awarded to Australian companies, 94 per cent of them in WA.
   
   Local manufacturers have lost out on big resources contracts in the past, but Mr McCartney said the South Flank work was easily within WA’s capabilities.
   
   Source : The West
7. voda 22 mei 2018 18:42

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   Zimbabwe mines need USD 11 billion investment for modernization – Mr Batirai Manhando
   
   Reuters quoted Mr Batirai Manhando president of Zimbabwe Chamber of Mines as saying that Zimbabwe needs up to USD 11 billion to modernize its mines and boost production to maximum capacity over the next five years. Mr Batirai Manhando, said with the exception of platinum producers, all other mines, including those of gold, nickel, cobalt and coal were operating below their installed capacity.
   
   Foreign investor interest in the southern African nation is growing after the fall of longtime leader Robert Mugabe following a de facto military coup last November but projects are still constrained by lack of funding.
   
   Mining generates more than half of Zimbabwe’s export receipts last year it earned USD 2.8 billion but industry executives say it has the potential to earn more with increased investment.
   
   Mr Manhando told that “The local mining industry is currently operating below capacity on the back of capital shortages.” He added that “At the beginning of the year the capital intensive industry required USD 7 billion for both ramp-up and sustenance capital. The figure has lately been revised upwards to USD 11 billion with renewed interest in our sector.”
   
   Zimbabwe holds the second largest deposits of platinum and chrome after South Africa and has lately seen increased interest from lithium investors, who however say funding still remains a hurdle.
   
   Mr Manhando said mining companies in Zimbabwe faced problems that included high costs of electricity, labor and royalty fees when compared to other jurisdictions. There had also been little exploration in the country since 2000.
   
   Mr Manhando said that equipment at most mines was more than 50 years old, severely undermining efficiency and cost effectiveness of the sector.
   
   Source : Reuters
8. voda 13 juni 2018 15:10

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   BHP responds to latest contract proposal for Escondida mine
   
   Reuters reported that global miner BHP had responded to the latest contract proposal from unionized workers at its Escondida copper mine in Chile, the world’s largest, triggering a new round of talks that could last a month or more. The union’s proposal, filed with the company in early June, included a salary increase of 5 percent and a one-time bonus of USD 34,000 (£25,414), equivalent to 4 percent of dividends distributed to shareholders.
   
   In a statement, BHP said it was now ready to discuss the “different points of interest” at the negotiating table.
   
   BHP said in a statement that “The company hopes ... to reach a mutually beneficial agreement, and to touch on issues like the bonus and salary increases, which were not addressed in our response.”
   
   The company’s response marks the start of a final round of negotiations more than a year after an historic strike at Escondida in early 2017 shut down the mine for 44 days, jolting the copper market and depriving BHP of $1 billion in production.
   
   Workers at the time opted to utilise a provision of Chile’s labour law that allows unions to extend the previous contract for 18 months.
   
   Early talks began again in April, but failed to reach agreement.
   
   Copper prices have increased by more than 50 percent since hitting a nine-year low in 2016, a favourable trend that could provide unions more leverage in negotiations.
   
   Source : Reuters
9. voda 15 juni 2018 17:16

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   BHP approves South Flank project
   
   The BHP Board has approved US$2.9 billion (BHP share; US$3.4 billion 100 per cent)1 in capital expenditure for the South Flank project in the central Pilbara, Western Australia. The South Flank project expands the existing infrastructure at Mining Area C, and involves construction of an 80 Mtpa crushing and screening plant, an overland conveyor system, stockyard and train loading facilities, procurement of new mining fleet and substantial mine development and pre-strip work. First ore from South Flank is targeted in the 2021 calendar year, with the project expected to produce ore for more than 25 years.
   
   BHP President Operations, Minerals Australia, Mike Henry, said the South Flank project will fully replace production from the 80 Mtpa (100 per cent basis) Yandi mine which is reaching the end of its economic life. He said “South Flank is a capital efficient project which offers attractive returns, and which was approved following a thorough evaluation under BHP’s Capital Allocation Framework. The project will create around 2,500 construction jobs, more than 600 ongoing operational roles and generate many opportunities for Western Australian suppliers. It will enhance the average quality of BHP’s Western Australia Iron Ore (WAIO) production and will allow us to benefit from price premiums for higher-quality lump and fines products.”
   
   South Flank iron ore will contribute to an increase in WAIO’s average iron grade from 61 per cent to 62 per cent, and the overall proportion of lump from 25 per cent to approximately 35 per cent. It is expected to have a strip ratio in line with the WAIO average.
   
   In June 2017, BHP approved an initial funding commitment of US$184 million (BHP share), primarily for the expansion of accommodation facilities to support current and future workforce requirements.
   
   Source : Strategic Research Institute
10. voda 18 juni 2018 20:32

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    Prestigious Octas award recognizes Rio Tinto technology development
    
    A technology development project to boost the performance of Rio Tinto's Aluminium operations has won the large business category at the 2018 the Gala des Octas. The initiative at Rio Tinto's Aluminium Operational Centre in Saguenay, Quebec, in partnership with CGI, focuses on developing new tools and systems to support operators by using predictive mathematics, machine learning and advanced data modelling.
    
    Awarded by Le Réseau Action TI, OCTAS awards are the highest distinction for IT projects in the province.
    
    Rio Tinto Aluminium managing director Atlantic Operations Gervais Jacques said that "We are proud to receive this award as a clear recognition of our commitment to innovation and safety.
    
    "Rio Tinto is a pioneer in researching and developing leading edge smelting technologies here in Quebec, where we produce some of the lowest carbon footprint aluminium in the world."
    
    The Aluminium Operational Centre enables the constant monitoring of more than 3,200 smelting pots across eight operations in three countries, optimizing their aluminium production processes. It also contributes to sharing best practices and increasing the productivity and safety of Rio Tinto's operations.
    
    Source : Strategic Research Institute

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11. voda 19 juni 2018 15:45

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    Rio Tinto’s iron ore business delivering value through additional flexibility
    
    In a presentation to investors and analysts in Perth, Rio Tinto showcased its Pilbara operations, a world-class, leading-edge, fully integrated system. The presenters discussed how Rio Tinto's Iron Ore business will continue to deliver superior value for shareholders by developing greater flexibility across its system of mines, rail and ports in Western Australia, capable of dynamically responding to changes in market and customer demand. Rio Tinto Iron Ore chief executive Chris Salisbury said "Our strategy is to optimise our Pilbara assets to deliver value for our shareholders. Our Iron Ore business delivered $7.3 billion of free cash flow in 2017 and we will continue to maximise free cash flow by pursuing a value-over-volume approach, built on a portfolio of world-class assets that deliver our premium iron ore product, the Pilbara Blend. We are driving productivity improvements right across the business and we continue to leverage considerable value from innovation and new technology. Our pioneering autonomous rail project, AutoHaul®, is on schedule to be implemented by the end of the year, and is already delivering benefits to the business through an uplift in rail capacity.
    
    "Removing our bottleneck in rail and increasing flexibility remain a key priority. This work is progressing well and rail and mine capacity should be in line with nameplate port capacity by the end of 2019. As we have said before, we will continue to optimise the system to provide the flexibility to respond to market conditions. However, importantly, capacity is not the same as tonnes shipped. How we use the capacity of our integrated system will be dynamic, in line with a strict value-over-volume approach.
    
    "We have an extensive pipeline of future development options, which we continue to grow. In 2018, our 700 kilometre drilling programme will provide both ongoing reserve replenishment and significant optionality to optimise operations."
    
    More than 4,500 mine-to-market productivity initiatives are being pursued in Iron Ore, delivering $500 million in additional free cash flow per year by 2021 as part of an annual Group-wide target of $1.5 billion. The company's productivity and cash focus are increasingly important to offset early signs of cost inflation which are returning to the industry.
    
    The Group's sector-leading application of new technology will also be discussed, including the continued successful roll out of automation, with 95 autonomous trucks and 11 autonomous drills already in operation. Work is progressing on the feasibility study for the Koodaideri project, designed to be the first mine to take full advantage of all these innovations.
    
    Mr Salisbury added the company continues to benefit from changes in the Chinese steel industry.
    
    Other key points from the presentations include:
    
    Resource and mine development
    • A large drilling programme for 2018 is scheduled, with 700 kilometres of drilling scheduled at various operational hubs near existing mines in addition to exploration on new leases.
    • The Koodaideri feasibility study continues to progress. The project underpins the Pilbara Blend product and should be a low-cost operation with significant capacity optionality.
    • Expected spending of ~$2.2 billion on replacement mines over the next three years including initial spending on the Koodaideri, West Angelas and Robe Valley developments.
    • The $118 million Billiard South sustaining project is in development, helping to support Yandicoogina operations. Production is expected to commence in 2019.
    
    Operations
    The Silvergrass mine continues to ramp up to its 21Mtpa capacity, running at an annualised rate of 15.3Mtpa at end of the first quarter of 2018.
    Sustaining capital spending of ~$1 billion per year for the next three years in the Pilbara.
    The pioneering AutoHaul® project is building future system flexibility. Following regulatory approval received in May, full implementation of the autonomous programme is anticipated by the end of 2018.
    Rail and mine capacity is expected to match nameplate port capacity by the end of 2019.
    The rail productivity programme, targeting every part of the rail system, will deliver additional capacity and flexibility to underpin our optimised supply chain design.
    
    Sales and marketing
    China's steel industry is undergoing a structural change.
    Removal of less efficient steel-making capacity and strong demand is supporting steel pricing and currently provides a robust backdrop for high quality iron ore.
    Shipment guidance for 2018 remains unchanged at between 330 million and 340 million tonnes.
    
    Source : Strategic Research Institute
12. voda 22 juni 2018 21:02

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    BHP hired Goldman Sachs to sell Nickel West business in Australia — Report
    
    Mining.com reported that world’s largest miner BHP hired Goldman Sachs to assist in the sale of the Western Australia based Nickel West, four years after giving up on the plan to divest the asset because it could find a suitor to meet price expectations.
    
    In 2017, the last time Nickel West was on the block, Glencore offered AUD 200 million for the business, The Australian reports. But according to Deutsche Bank AG the mine to market nickel asset could be worth about AUD 690 million.
    
    Chief executive officer, Mr Andrew Mackenzie, wants to sell Nickel West because it’ll never be big enough to boost earnings meaningfully, even when it’s producing raw materials for the booming electric vehicle industry.
    
    The miner has said it prefers to focus on its key commodities, including copper, iron ore and oil, seeking a buyer for its assets that produce battery-grade nickel and steering clear of lithium and cobalt.
    
    While the market to supply nickel for EVs may be worth about AUD 4 billion by 2030, that’s still way off the AUD 100 billion annual global trade in iron ore BHP’s core business.
    
    Recently, however, news emerged that BHP was planning expansions for Nickel West, aiming at producing nickel sulphate there beginning next year, targeting an output of 90,000 tonnes of the metal.
    
    Global nickel demand could more than double by 2050, fueled in part by rising EVs sales, Bloomberg Intelligence said in report last year. While research house Roskill expects demand to expand by 14.5% every year for the decade started in 2017,hitting 210,000 tonnes by the end of 2027.That trend, paired with strong prices for the metal, should make Nickel West an attractive option for potential buyers.
    
    Nickel climbed 1.2% to AUD 14,835 a tonne in London Wednesday, after hitting a three-week low the previous day.
    
    Source : Mining.com
13. voda 29 juni 2018 17:24

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    BHPB update on Samarco
    
    BHP has agreed to fund a total of US$211 million (BHP Billiton Brasil Ltda (BHP Brasil) share) in financial support for the Renova Foundation and Samarco Mineracao S.A. (Samarco) until 31 December 2018. An amount of US$158 million will be used to fund the Renova Foundation to undertake the remediation and compensation programs identified under the Framework Agreement dated 2 March 2016 between Samarco, Vale S.A., BHP Brasil, and the Federal Government of Brazil, the States of Minas Gerais and Espirito Santo and other public authorities. This amount of US$158 million will be offset against the Group’s provision for the Samarco dam failure.
    
    A short-term facility of up to US$53 million (BHP Brasil’s share) will be made available to Samarco to carry out ongoing repair works, maintain Samarco’s facilities and support restart planning. Funds will be released to Samarco only as required, and subject to achievement of key milestones.
    
    Samarco Mineracao S.A. is jointly owned by BHP Billiton Brasil Ltda and Vale S.A. Our 50 per cent interest is accounted for as an equity accounted investment.
    
    Source : Strategic Research Institute

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14. voda 4 juli 2018 19:58

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    Rio Tinto starts actively selling RTX iron ore fines to China
    
    Platts reported that Rio Tinto has started actively selling a new medium grade of Australian iron ore fines, RTX fines, with Chinese traders and steel mills picking up the cargoes, industry sources said late last week. According to sources, a total of around five Capesize cargoes loading in July and August are expected to arrive at Chinese ports.
    RTX fines is largely a blendstock for Rio Tinto’s flagship product, Pilbara Blend Fines, and was seldom sold separately until the last week.
    
    In separating RTX fines for direct sales, Rio Tinto is looking to improve the overall quality of PBF, which is the single largest medium-grade fines brand volume-wise, in its iron ore portfolio.
    
    PBF is widely used by Chinese steel mills and is the most traded producton the iron ore market, in terms of spot market volume. PBF has, historically, tended to trade at a premium to the monthly average of Platts IODEX, but this year, due to the increasing alumina penalty, PBF has started to trade at a discount to the monthly average of IODEX.
    
    Constriction in supply of Brazil-origin low alumina cargoes has led mainstream Australian fines with comparatively higher alumina to bepunished. Several sources confirmed they had received notice from Rio Tinto that from July 2018, the alumina content of PBF would be lowered.
    
    A steel mill source from Tangshan said that “Rio Tinto told us that it was planning to lower the alumina content in PBF closer to the 2.3% level, which would be better than current loading specifications.”
    
    RTX fines loading in July and August were reported to have traded at a discount of USD 13 to USD 14 per dmt against the IODEX July and August average, which was lower than other mainstream medium grade Australian fines on the market.
    
    The current offer price of the product was understood to be a discount of USD 10/dmt against IODEX, sources added.
    
    Two Chinese buyers who bought the RTX fines cargoes told S&P Global Platts they thought it was cost-effective to take the cargoes.
    
    One of the buyers said that “Our own steel mill can use this cargo with no problem. The specification is close to Jimblebar Fines and it was USD 3- USD 5/dmt cheaper than JMBF, which is quite attractive to us.”
    
    The RTX fines cargoes sold have typical specifications of: 61% Fe, 4.2% silica, 3.1% alumina and 0.13% phosphorous. RTX is therefore considerably higher in silica, alumina and phosphorus than PBF.
    
    Source : Platts
15. voda 5 juli 2018 16:33

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    Glencore koopt eigen aandelen in
    
    Gepubliceerd op 5 jul 2018 om 09:15 | Views: 737
    
    Glencore 16:17
    329,35 +9,90 (+3,10%)
    
    BAAR (AFN/BLOOMBERG) - Mijnbouwer en grondstoffenhandelaar Glencore gaat voor maximaal 1 miljard dollar (ruim 854 miljoen euro) eigen aandelen inkopen. Het Zwitserse bedrijf kondigde aan dat de inkoop donderdag begint en voor het einde van het jaar moet zijn afgerond.
    
    Met de aandeleninkoop wil Glencore het vertrouwen van beleggers herwinnen. Dat kreeg eerder deze week een knauw toen het grondstoffenbedrijf een dagvaarding kreeg van het Amerikaanse ministerie van justitie in een mogelijke witwas- en corruptiezaak. Het bedrijf moet documenten leveren rond activiteiten in Nigeria, de Democratische Republiek Congo en Venezuela die teruggaan tot 2007.
    
    Het aandeel Glencore leverde dinsdag nadat het nieuws bekend was geworden 12 procent in.
16. voda 5 juli 2018 19:11

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    Glencore faces US corruption probe
    
    Swiss Info reported that Swiss commodities mining and trading giant Glencore has been subpoenaed by the United States Department of Justice in relation to its activities in Nigeria, the Democratic Republic of Congo and Venezuela.
    
    A statement external link from the Baar-based company said the DoJ has demanded “documents and other records with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes.” The period covered by the subpoena is 2007 to the present time.
    
    Last month, Glencore announced it was settling a legal dispute in the DRC involving Israeli billionaire Dan Gertler. The controversial businessman and his companies have been subject to US sanctions since being named as ‘Specially Designated Nationals’.
    
    However, Glencore stated on June 15external link that it would have to pay mining royalties to one of Gertler’s companies, Ventora, for fear of severe disruption to its operations in the African country. The statement read that “Glencore believes that payment in non-US dollars of royalties and access premiums to Ventora without the involvement of US persons would appropriately address all applicable sanctions obligations.”
    
    Payments to governments
    On 3 July, Glencore made no specific reference to this issue when announcing the DoJ subpoena. The Swiss NGO Public Eye has issued a criminal complaint relating to Glencore’s DRC activities and there are media reports of investigations by the British authorities.
    
    Last month Glencore disclosed that it paid some USD 4.5 billion (CHF 4.47 billion) to foreign governments, in the form of taxes, royalties and other expenses last year of which USD 2.78 billion related to the firm’s extractive businesses.
    
    The ‘Payments to Governmentsexternal link’ report states that more than USD 400 million was paid out in DRC in 2017, including nearly USD 38 million in royalties. In a three-year period 2015-2017 those payments totaled more than USD 1 billion. There was no specific detail of payments made to the governments of Nigeria and Venezuela.
    
    Glencore said it would release further details about the DoJexternal link subpoena “in due course as appropriate”. The company made USD 14.7 billion in earnings before interest, tax, depreciation and amortisation and a profit of USD 5.8 billion last year.
    
    Accountability demanded
    Anti-corruption campaigning NGO Global Witness welcomed the DoJ move. It stated that "It is vital that any wrongdoing is brought to light and that those responsible are held to account."
    
    It said that “Holding Glencore accountable is a huge step in global accountability more generally. It would set a precedent for companies all over the world who, in many cases, are able to act with impunity in regards to the world’s mineral wealth.”
    
    Source : Swiss Info
17. voda 27 juli 2018 08:44

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    BP koopt schaliegastak BHP Billiton
    
    Gepubliceerd op 27 jul 2018 om 08:27 | Views: 13
    
    BHP Billiton Plc 26 jul
    1.672,80 0,00 (0,00%)
    
    BP 26 jul
    564,50 0,00 (0,00%)
    
    Royal Dutch Shell A 26 jul
    29,09 0,00 (0,00%)
    
    MELBOURNE (AFN/BLOOMBERG) - Olie- en gasbedrijf BP koopt het merendeel van de Amerikaanse schaliegasactiviteiten van mijnreus BHP Billiton. Daar legt het Britse bedrijf 10,5 miljard dollar voor neer. BHP verkocht een klein ander onderdeel voor 300 miljoen dollar aan Merit Energy. De mijnbouwer hoopt de verkopen in oktober af te ronden.
    
    BHP kondigde de verkoop vorig jaar augustus aan. Dat werd gedaan onder druk van de activistische aandeelhouder Elliott Advisors, die het onderdeel niet winstgevend genoeg vond.
    
    BHP kreeg tientallen biedingen binnen van geïnteresseerde partijen. Door de stijgende olieprijs is de arbeidsintensieve winning van olie en gas door middel van fracking weer lucratiever geworden. Ook Shell zou een bod hebben gedaan.
18. voda 1 augustus 2018 16:02

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    Rio Tinto gaat aandeelhouders belonen
    
    Gepubliceerd op 1 aug 2018 om 09:43 | Views: 881
    
    Rio Tinto 15:45
    4.070,50 -126,00 (-3,00%)
    
    LONDEN (AFN/BLOOMBERG) - Mijnbouwer Rio Tinto gaat de aandeelhouders belonen met meer dan 7 miljard dollar. Het bedrijf viert daarmee goede resultaten en deelt de opbrengsten van een reeks verkopen.
    
    Rio Tinto gaat 2,2 miljard dollar aan dividend uitgeven en verhoogt de waarde van zijn aandeleninkoopprogramma met 1 miljard dollar. Voor nog eens 4 miljard dollar, die het bedrijf binnenhaalde door onder meer een Australische kolenmijn en een belang in de Indonesische kopermijn Grasberg van de hand te doen, weet de mijnbouwer nog niet hoe dat geld precies wordt teruggegeven aan zijn aandeelhouders.
    
    Rio Tinto voerde de onderliggende winst in het eerste halfjaar met 12 procent op naar 4,4 miljard dollar. Dat was te danken aan onder meer hogere metaalprijzen als gevolg van Chinese steun voor zijn economie. Ook produceerde de tweede mijnbouwer ter wereld meer ijzererts.
19. voda 2 augustus 2018 16:59

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    Rio Tinto completes sale of remaining coal assets
    
    Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion. The transactions include the sale of Rio Tinto’s interests in the Hail Creek coal mine and Valeria coal development project to Glencore for $1.7 billion, and its interest in the Kestrel underground coal mine to a consortium comprising private equity manager EMR Capital and PT Adaro Energy Tbk for $2.25 billion.
    
    Rio Tinto chief executive J-S Jacques said “The sale of our remaining Australian coal assets delivers exceptional value to our shareholders. Once again, I would like to thank the many people across Rio Tinto and the communities in which we operate who have contributed to the coal business. I wish them continued success under new ownership.”
    
    Source : Strategic Research Institute
20. voda 7 augustus 2018 17:13

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    BHPB asks for government mediation in talks at Chile's Escondida
    
    Reuters reported that BHP said that it had formally requested a period of government mediation with the union at its Escondida copper mine in Chile. Patricio Vilaplana, BHP vice president for corporate affairs, in a statement said “We have asked authorities for obligatory mediation because we want to reach an agreement and because we know that no one wants a strike.
    
    The union had earlier asked the company to negotiate by 10:00 a.m. local time (1400 GMT), but said in a statement later on Monday that it had begun preparing for a strike. The government must now set a date for the mediation to begin. After that, negotiations extend for 5 days.
    
    Workers last week voted to reject the company’s final wage offer and approved a strike, but Chilean law allows either party to call for a period of government mediation, a last effort to reach agreement ahead of a walk-off.
    
    Last year, a 44-day strike at the mine jolted global copper markets and slowed economic growth in the South American country, which is the world’s top copper producer.
    
    Source : Reuters

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