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1. voda 19 oktober 2018 16:22

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   Anglo American restart operations at Minas Rio iron ore mine - Mr Fernandes
   
   Reuters cited Mr Ruben Fernandes, the miner’s Brazil chief as saying that Anglo American Plc should restart operations at its Brazilian Minas Rio iron ore mine in November or December and a planned ramp-up to 26.5 million tonnes per year is likely to be reached in 2021. The company halted production at the Minas Rio mine after two leaks in March in a pipeline that channels slurry more than 500 km (310 miles) from the mine in Minas Gerais state to a port in Rio de Janeiro state. The company has been inspecting the pipeline from April through October, and is working to change out about 4 kilometers of it out of caution after it discovered cracks in the welding.
   
   Mr Fernandes said that “We should finish the replacement in November. So everything is on track for us to resume operations in the fourth quarter. It could be in November or December.”
   
   Purchased at the height of the commodities boom a decade ago for $5.5 billion, Minas Rio is Anglo American’s biggest development project. The London-based company was once counting on Minas-Rio to produce 26.5 million tonnes of iron ore by 2016. As the project hit delays, it had shifted to an output goal of 24 million to 26.5 million tonnes for 2020.
   
   Source : Reuters
2. voda 19 oktober 2018 16:23

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   Brazil’s Vale rules out major acquisitions
   
   Brazil’s mining giant Vale, the world's No.1 iron ore and nickel producer, has ruled out any major acquisitions in the short-term and said it would only invest further in nickel if global prices for the metal improve. Speaking at the FT Commodities Global Summit in Rio de Janeiro on Tuesday, Vale chief executive Mr Fabio Schvartsman said the company would only consider developing its giant nickel reserves in Indonesia if the price of the metal increased to $20,000 a tonne from its current price of just below $13,000 a tonne.
   
   The metal climbed around 75 percent in the first half of this year, prompting investment in related projects. Vale itself announced decided in June to move ahead with construction of an underground mine at its Voisey’s Bay nickel mine, located in Canada’s Atlantic province of Newfoundland and Labrador.
   
   The company also suspended the sale of a stake in another of its nickel mines — New Caledonia, located on the remote South Pacific island.
   
   Source : Strategic Research Institute,
3. voda 19 oktober 2018 16:31

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   Rio Tinto averages 34 autonomous trains a day in Pilbara
   
   Rio Tinto reported that its AutoHaul autonomous trains in the Pilbara are now running at an average rate of 34 trains per day. According to Rio Tinto, in its quarterly production statement released today, this equates to “290,000km (or 45 per cent of daily kilometres) completed in this mode”. Rio Tinto expects to fully implement the AutoHaul program by the end of this year. The company also reported that its Pilbara shipment guidance for 2018 of 330–340Mt remains on track despite a year-on-year (YoY) dip for the quarter. Pilbara iron ore production was down 3 per cent from the equivalent 2017 period to 82.5Mt for the quarter, while shipments were down by 5 per cent to 81.9Mt.
   
   The company stated that this decrease was due to planned maintenance and safety implementations following the death of a truck driver at the company’s Paraburdoo iron ore mine in August.
   
   Internationally, iron ore production also saw a YoY fall at Rio Tinto’s Canadian operations. Rio Tinto is the majority owner of the Iron Ore Company of Canada (IOC), whose iron ore production was down 9 per cent from the third quarter of 2017 to 2.9Mt.
   
   However, results for IOC saw a massive spike on the previous quarter (a 231 per cent leap) due to the settlement of a labour dispute that resulted in a two-month suspension of operations from March to May 2018.
   
   Source : Australian Mining

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4. voda 19 oktober 2018 16:32

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   BHP on track to achieve 50pct female workforce by 2025
   
   BHP Billiton, the world's largest miner, said it is on track to meet its target for women to make up half of its workforce by 2025, following a 40 per cent increase in the number of female staff over the past two years. The miner, which shocked the male-dominated industry when it introduced the target in 2016, said it has launched a host of initiatives to boost the hiring of women and allow more flexible working across its 26,000-strong workforce. “I believe we’ll get there and we re on track,” Mr Athalie Williams, chief people officer at the Anglo-Australian company, said.
   
   Mining is one of the worst performing industries when it comes to the hiring of women, especially at the higher levels. Not one of the mining companies in the FTSE 350 index of largest miners by market capitalisation is led by a woman, and Switzerland-based Glencore only appointed a woman to its board in 2014.
   
   Since setting the target BHP has hired 2,000 women compared to only 500 men. As a result the number of women as a percentage of the workforce has risen from 17.6 per cent to 22.4 per cent. That’s a higher percentage than BHP’s rival Glencore, a FTSE 100 miner whose workforce is 14 per cent female.
   
   Ms Williams said it was critical to make sure women stayed at BHP and did not feel they had to leave to raise a family. We’ve got to have balanced hiring and balanced retention — so it’s not a revolving door where we bring women in and they don’t stay,” she said. More flexible working schedules is key to achieving that, Ms Williams said. Shorter shifts, such as six hour days, and remote working can allow women to work while their children are in school, she said.
   
   Source : Strategic Research Institute
5. voda 23 oktober 2018 16:49

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   Anglo American voelt Braziliaanse problemen
   
   Gepubliceerd op 23 okt 2018 om 08:57 | Views: 941
   
   Anglo American 16:28
   1.608,20 -55,00 (-3,31%)
   
   ArcelorMittal 16:28
   22,79 -0,78 (-3,31%)
   
   LONDEN (AFN/RTR) - Het internationale mijnbouwconcern Anglo American heeft het afgelopen kwartaal minder geproduceerd. Dat komt voornamelijk door een lek in een pijpleiding van de Braziliaanse ijzerertsmijn Minas Rio, die sinds maart al gesloten is.
   
   De totale productie van het mijnbouwconglomeraat nam in het derde kwartaal met 3 procent af ten opzichte van dezelfde periode vorig jaar. Anglo American verwacht dat de problemen met de Braziliaanse mijn in het vierde kwartaal zijn opgelost. De opschorting van de productie neemt naar verwachting een hap van 300 tot 400 miljoen dollar uit het bedrijfsresultaat (ebitda) van Anglo American voor het boekjaar 2018.
   
   Als Minas Rio niet wordt meegerekend, was er volgens Anglo American sprake van 1 procent groei. Die stijging komt vooral op het conto van de flink opgevoerde koperproductie. Daarnaast haalde het mijnbouwbedrijf meer kolen en platina uit de grond. De diamantproductie van dochteronderneming De Beers is daarentegen met 5 procent gedaald.
6. voda 24 oktober 2018 19:33

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   Brazilian pension fund Previ won't sell Vale shares before yr end – Mr Coelho
   
   Reuters reported that Brazilian pension fund Previ, one of iron ore miner Vale SA’s largest shareholders, will not sell part of its stake before the year ends, its chief executive officer said. Speaking on the sidelines of a conference in Rio de Janeiro, CEO Jose Mauricio Coelho said the fund intended to reduce its stake in the miner over the medium term. Previ had previously announced plans for the sale without saying when. Previ, which manages pensions for the employees of state-controlled Banco do Brasil SA, changed the way it accounts for the stake in its financial statements, marking Vale shares monthly at an average market value of the previous 90 days.
   
   Previously, Brazil’s largest pension fund was only allowed to revise the share price once a year.
   
   Vale’s shares have risen 80 percent over the last 12 months. Previ, Brazil’s biggest pension fund, retains the shares through a holding company, Litel Participações SA. After the accounting move, Previ posted a surplus of 2.3 billion reais in September and reversed a deficit in the year.
   
   Chief Investment Officer Marcus Moreira de Almeida said at the conference that Litel’s shareholders, which also includes pension funds Petros, Funcef and Fundação Cesp, were discussing how Litel would distribute the Vale shares directly to the funds.
   
   Source : Reuters
7. voda 24 oktober 2018 19:34

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   BHP uses laser sensors to put more ore in rail cars in Western Australia
   
   IOT Hub.com reported that BHP has used laser sensors to maximise the amount of iron ore it can transport from pit to port in Western Australia. The miner said that since introducing the technology two years ago, it had lifted the average train capacity by 650 tonnes - “the equivalent of an extra train every four days”. CEO Mr Andrew Mackenzie told the company’s London AGM that laser sensors could be applied elsewhere in its operations.
   
   Mr Mackenzie said that “This type of precision technology has great potential for other parts of our business. For BHP, our scale, simplicity and connectedness uniquely positions us at the forefront of technological progress.”
   
   Rival Rio Tinto already does something similar. It is making sure rail cars leave its pit with an optimal load by weight, using sensors already fitted to the cars.
   
   Source : IOT Hub
8. voda 26 oktober 2018 14:59

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   Vale misses net income estimate for Q3 2018
   
   Brazil’s Vale SA , the world’s largest iron ore producer, posted USD 1.408 billion in third-quarter net income, below the 2.23 billion in the year-ago period, and less than analysts’ estimate of USD 1.926 billion. Net operating revenue rose to USD 9.543 billion, above the USD 9.050 billion in the third quarter of 2017. Analysts had expected revenue of USD 9.456 billion.
   
   Source : Reuters
   
   
9. voda 26 oktober 2018 16:45

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   Rio Tinto starts up TBM at Kemano Second Tunnel project in Canada
   
   Rio Tinto, together with the Cheslatta Carrier and Haisla First Nations, has celebrated the launch of the tl’ughus tunnel boring machine, a key milestone towards completing the Kemano Second Tunnel project for the BC Works aluminium smelter in Kitimat, British Columbia. The 1,300 tonne machine was named by the Cheslatta Carrier nation after a giant snake that, according to legend, once bored through the mountains and landscape around the nearby Nachako Reservoir.
   
   It will dig 7.6 km of tunnel through a mountain as part of a C$600 million ($458 million) project to enhance the long-term security of a clean power supply for the BC Works smelter.
   
   Rio Tinto Aluminium Managing Director Altantic Operations, Gervais Jacques said that “Launching the tl’ughus in partnership with the Cheslatta Carrier and Haisla First Nations is an important milestone for our world-class aluminium operations in British Columbia. Our smelter in Kitimat produces some of the world’s lowest carbon aluminium and this project will enhance the long-term security of its supply of clean, renewable hydropower.”
   
   Construction of the Kemano Second Tunnel project is expected to be complete in 2020. It will supply the Kemano powerhouse with water from the Nachako Reservoir, creating a back up to the original tunnel built over 60 years ago.
   
   Frontier Kemper Aecon has been selected as the main contractor for the project, with Hatch being the EPCM. Herrenknecht has supplied the TBM.
   
   Source : Im-mining

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10. voda 29 oktober 2018 17:20

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    Vale expects jump in base metal performance in 2020
    
    Brazil's Vale, the world's top iron ore producer,is expecting major improvement in the performance of its base metals division in 2020 but said that production cuts would remain effect this year and next while prices remain low, executives said. Chief Executive Fabio Schvartsman forecast a major jump for the segment in 2020. Base metals are non-precious metals that contain no iron. "We are expecting a significant jump in results for base metals in 2020 due to the likely recovery in prices, reduction in costs, and jump in volume that the company will have in 2020," Schvartsman said in a call with analysts. The comments came a day after Vale reported third quarter results that fell short of expectations, because of a USD 250 million drop in base metals operating profit, in addition to a weaker real currency.
    
    The base metals forecast represented a shift, after Schvartsman said in February that the company was seeking to make its base metals unit grow to 30 percent of its financial results by the end of 2019, in a bid to diversify beyond its massive iron ore business.
    
    Mr Luciano Siani, Vale Chief Financial Officer, said that the company's net debt would fluctuate around a target of $10 billion but not go below that level.
    
    Vale has managed to reduce its net debt to USD 10.7 billion, still above the $10 billion goal Schvartsman had set for the middle of 2018. Heavy spending on Vale's flagship S11D mine, which churns out rich grades of ore, drove up Vale's debt in recent years, at a time iron ore prices slid sharply. Schvartsman said iron ore from S11D would be used for blending and would not put pressure on market supply. He added that Chinese demand had been stronger than expected and that the ore division will perform well in coming quarters.
    
    China's campaign to clean its skies by clamping down on polluting steel mills has fueled a need for high-grade iron ore to boost productivity and limit emissions, opening the door wider for suppliers of better quality ore like Vale to the world's biggest buyer.
    
    Source : Strategic Research Institute
11. voda 30 oktober 2018 20:14

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    Vale's announces Q3 2018 results
    
    Mr Fabio Schvartsman CEO of Vale's commented on the 3Q18 results, “The strong Q3 2018 results showcase the structural change in the Chinese iron ore and steel markets. We are the mining company that is best suited to further benefit from the flight to quality given the increasing share of premium products.” He concluded, “We are turning Vale into a very predictable company by delivering sound operational performance, higher price realization, lower costs and rigorous capital allocation.” In line with our annual production guidance, we reached a record of 104.9 Mt for iron ore in 3Q18, with an improvement in the overall quality of our products that is a unique combination of higher volumes and higher quality. Our flexible supply chain along with S11D and pellet plants ramp-ups led to another quarterly sales volume record for iron ore and pellets at 98.2 Mt. 3Q18 was also marked by the increase in the share of our premium products, which achieved 79% of total sales. Our pellets volumes reached a record high of 14.3 Mt, supported by our decision to restart the three idle pellet plants.
    
    Iron ore fines and pellets quality premiums reached the record of USD 11.0/t[1] , an increase of US$ 4.2/t, when compared to 3Q17, completely offsetting the decrease in iron ore prices thus showing our ability to cope with changes in the market trend and adding predictability to our performance. Our strong cash flow generation of US$ 3.1 billion led us to virtually achieve the net debt target of US$ 10 billion. Net debt reduced further, despite the return of US$ 2.4 billion to our shareholders, totaling US$ 10.7 billion in 3Q18, the lowest level since the third quarter of 2009.
    
    3Q18 results translated into a minimum shareholder remuneration of USD 1.142 billion. If we deliver the same results next quarter, our minimum dividend related to the second half, according to our policy, will be US$ 2.3 billion, against US$ 1.9 billion in the first half.
    
    Chief Financial Officer Mr Luciano Siani Pires highlighted, “Over the next years we will explore options for our accumulated free cash flow in a disciplined way. Dividends will be our natural choice based on our new policy, and on top of dividends, we will pursue: (i) extraordinary dividends or buybacks, (ii) organic growth opportunities, such as the recently approved Salobo III project, (iii) bolt-on acquisitions and (iv) optimization of other liabilities.”
    
    Consistent with our rigorous capital allocation strategy, we have just approved the investment of USD 1.1 billion in the Salobo III copper project, a high return investment. Vale will receive a bonus ranging from approximately US$ 600 to 700 million from Wheaton Precious Metals, after achieving certain production targets. We have also approved a sustaining investment of US$ 428 million in the Gelado project, which will recover approximately 10 Mtpy of pellet feed with 64.3% Fe content, 2.0% silica and 1.65% alumina from tailings dams in the Carajás Complex, reducing opex (no trucks, no transportation distances and no grinding) and future capex (lower production rates and less replacement of equipment at the existing Carajás mine). Gelado shows the flexibility of our resource base, where even former waste is superior in quality to industry standards. Salobo III and Gelado will start up in 1H22 and 2H21, respectively.
    
    Source : Strategic Research Institute
12. voda 30 oktober 2018 20:14

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    Rio Tinto update on Simandou
    
    The non-binding heads of agreement, originally signed on 28 October 2016, for Chinalco to acquire Rio Tinto's entire interest in the Simandou iron ore project in Guinea has lapsed. Rio Tinto and Chinalco, who respectively own 45.05 per cent and 39.95 per cent of Simandou, will continue to work with the Government of Guinea to explore other options to realise value from the world-class Simandou iron ore deposit.
    
    The Government of Guinea owns a 15 per cent stake in the project.
    
    Source : Strategic Research Institute

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13. voda 30 oktober 2018 20:17

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    Glencore lifts copper production 12% in Q3
    
    Mining MX reported that Glencore posted solid third quarter numbers today in which copper production of 1.06 million tonnes was 12% higher than at the same period last year owing to the restart of Katanga’s processing operations in the Democratic Republic of Congo. Cobalt output jumped 8,700 tonnes to 28,500 tonnes.
    
    Goldman Sachs described the quarterly performance as neutral. “Production was broadly inline with our estimates at the big operations – copper / zinc and coal. Guidance across all divisions was reiterated / tightened apart from oil where it was cut on account of the Mangara field in Chad being offline for a month,” it said.
    
    Source : Mining MX
14. voda 9 november 2018 15:12

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    BHP iron ore stockpiled at West Australian port
    
    AAP reported that BHP doesn't have enough iron ore stockpiled at a West Australian port to cover its scheduled shipments after a fully laden runaway train was deliberately derailed, causing rail operations to be suspended. The BHP-operated train took off early on Monday after the driver stepped out to inspect one of its 268 wagons. The nearly 3km-long locomotive hurtled along the company's Newman to Port Hedland line for about 50 minutes until it was deliberately derailed by remote control at a centre more than 1500km away in Perth.
    
    Nobody was injured. "We cannot speculate on the outcome of the investigation however we are working with the appropriate authorities and our focus remains on the safe recovery of our operations," the company said in a statement. About 1.5km of track repairs will take about one week to partially complete and BHP says it will liaise with customers about its contractual commitments given the stockpile will not cover the entire period of disruption.
    
    According to Reuters, one of BHP's customers in China, a steel producer, has not yet received any notice from the miner.
    
    An official, who declined to be named, told the newswire "We have a long-term contract with BHP and we haven't received a notification so far."
    
    Source : AAP

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15. voda 12 november 2018 21:20

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    Vale announces a cash tender offer for up to USD 1 billion of notes
    
    Vale and its wholly owned subsidiary, Vale Overseas Limited, announced the commencement of offers to purchase for cash up to a maximum aggregate principal amount of USD 1,000,000,000 of Vale Overseas' 4.375% Guaranteed Notes due 2022 (CUSIP: 91911TAM5 / ISIN: US91911TAM53) (the "2022 Notes"), 6.875% Guaranteed Notes due 2036 (CUSIP: 91911TAH6 / ISIN: US91911TAH68) (the "2036 Notes"), 6.875% Guaranteed Notes due 2039 (CUSIP: 91911TAK9 / ISIN: US91911TAK97) (the "2039 Notes") and 6.250% Guaranteed Notes due 2026 (CUSIP: 91911TAP8 / ISIN: US91911TAP84) (the "2026 Notes"), and Vale's 5.625% Notes due 2042 (CUSIP: 91912EAA3 / ISIN: US91912EAA38) (the "2042 Notes," and together with the 2022 Notes, 2036 Notes, 2039 Notes and 2026 Notes, the "Notes"). The Offers are made upon the terms and subject to the conditions set forth in the offer to purchase dated November 9, 2018 (the "Offer to Purchase"). The Offers are not contingent upon the tender of any minimum principal amount of Notes, but the Offerors will only purchase up to a maximum aggregate principal amount of US$400,000,000 of 2022 Notes (the "2022 Tender Cap") and up to a maximum aggregate principal amount of US$1,000,000,000 of Notes, including any 2022 Notes purchased (the "Maximum Principal Amount"), subject to increase by the Offerors in their sole discretion.
    
    The Offers will expire at 11:59 p.m., New York City time, on December 10, 2018, unless earlier terminated by the Offerors (such time and date, as the same may be extended, the "Expiration Date"). Holders of Notes who validly tender and do not validly withdraw their Notes on or prior to 5:00 p.m., New York City time, on November 26, 2018, unless extended (such time and date, as they may be extended, the "Early Tender Date"), will be eligible to receive the Total Consideration (as defined in the Offer to Purchase), which includes an early tender premium of US$30.00 per US$1,000.00 principal amount of Notes validly tendered. Holders who validly tender their Notes after the Early Tender Date, but on or prior to the Expiration Date, will be eligible to receive the Tender Consideration (as defined in the Offer to Purchase). Validly tendered Notes may be withdrawn in accordance with the terms of the Offers, at any time prior to 5:00 p.m., New York City time, on November 26, 2018, unless extended, but not thereafter, except as described in the Offer to Purchase or as required by applicable law.
    
    Source : Strategic Research Institute
16. voda 12 november 2018 21:20

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    BHP to meet iron ore commitments despite train derailment in Western Australia - CEO
    
    Reuters cited Mr Andrew Mackenzie CEO of global miner BHP Billiton as saying that BHP will meet its iron ore commitments to customers despite a supply disruption after it had to derail a runaway ore train in Western Australia. The miner suspended its rail operations after the incident on last Monday that wrecked track and left a locomotive and wagons upturned nearly 120 km south of Australia’s iron ore export hub of Port Hedland. Asked whether BHP would invoke force majeure, Mr Mackenzie told media after the company’s annual general meeting in South Australia that he did not expect the miner would let down any of its customers. He said that “We will have the ability to supply our customers as we have been contracted to do.”
    
    BHP said that it would use stockpiles at Port Hedland to maintain its port operations, but that the reserves were not expected to cover the entire period of disruption.
    
    Mr Mackenzie said that “We have got about 130 people working night and day to get this fixed. We are continuing to mine so we will have good stocks at the mines as soon as the rail fully opens and we believe that with the recovery plan that we have, which is within a week, we will not be letting down any of our customers.”
    
    Source : Reuters
17. voda 12 november 2018 21:34

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    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada
    
    The Canada Newfoundland and Labrador Offshore Petroleum Board announced that BHP has been successful in its bids to acquire a 100% participating interest in, and operatorship of, two exploration licences for blocks 8 and 12 in the offshore Orphan Basin in Eastern Canada. Mr Steve Pastor, BHP President Operations Petroleum, said the successful bids are an exciting opportunity for BHP to explore for world class conventional oil assets as an early mover in this prospective region. Mr Pastor said that “This frontier opportunity has large oil resource potential which we identified through our Global Petroleum Endowment Study in 2016 and is in a low risk country, with competitive fiscal terms. This opportunity delivers on our exploration focus in conventional petroleum and will leverage our global deep-water development and operational expertise.”
    
    BHP’s aggregate bid amount of USD 625 million covers the drilling and seismic work required by the exploration work programs under the licence agreements over the six year term. BHP’s minimum commitment under the licence agreements is for USD 157 million. Should BHP decide to progress the exploration program beyond this initial phase, a decision in relation to further capital expenditure to drill the first appraisal well is expected to be made in FY2022.
    
    Meanwhile, BHP’s initial planned capital expenditure on the exploration work programs for blocks 8 and 12 is USD 140 million up to FY2021, and is within BHP’s current exploration budget.
    
    Subject to satisfaction of conditions outlined by the Canada Newfoundland and Labrador Offshore Petroleum Board, it is anticipated that the licence agreements would be issued in December 2018 and would be effective in January 2019.
    
    Source : Strategic Research Institute
18. voda 12 november 2018 22:12

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    Liberty seals committed financing agreement to acquire Europe’s largest smelter
    
    British-owned Liberty, part of Sanjeev Gupta’s global GFG Alliance, has announced that it has entered into a committed financing agreement with a syndicate of major international banks for the purchase of Aluminium Dunkerque, Europe’s largest aluminium smelter from Rio Tinto. The term loan secured on standard financial terms, provides five year committed funds. This now clears the way for the eagerly-anticipated deal on the 560-worker site to be formally completed before the end of November following the completion of closing mechanics.
    
    This announcement follows extensive talks over recent months aimed at securing French Government approvals, long-term power price contracts and robust measures to protect the business in the face of aluminium market turbulence arising in part from US sanctions against Rusal and the closure of a major alumina refinery in Brazil.
    
    After completion Liberty intends to make substantial investments in the flagship plant, making it the cornerstone of a major integrated manufacturing business, producing metals and components for the automotive and other growing industries in France. As part of this Liberty recently acquired the aluminium wheels factory at Chateauroux in central France.
    
    Commenting on today’s sign-off from the banks, Mr Sanjeev Gupta, executive chairman of the GFG Alliance said that “I’m very pleased to have completed this committed facility with a broad range of leading banks allowing Liberty to complete this landmark transaction. It allows us to press ahead with our plans to develop Dunkerque, to expand production and create added-value downstream operations. This agreement underlines the support of the banking community for GFG’s vision for economic and environmental sustainability.”
    
    Source : Strategic Research Institute
19. voda 13 november 2018 20:44

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    LS-Nikko inks copper concentrate purchase deal with BHP
    
    Business Korea reported that LS-Nikko Copper Inc., Korea's largest non-ferrous metal company, has made a long-term copper concentrate purchase agreement with BHP, the world's largest mining company in Australia. The two companies held a signing ceremony at Lotte Hotel in Ulsan, Korea, on Oct. 12 with the attendance of LS-Nikko CEO Doh Suk-goo and BHP Minerals Americas president Daniel Malchuk. The term of this contract is five years, and the total volume of the deal is 1.65 million tonnes, the largest since the launch of LS-Nikko.
    
    LS-Nikko will receive 330,000 tonnes of copper concentrate from Escondida copper mine in Chile per year from next year to 2023.
    
    LS-Nikko is planning to produce about three trillion won worth of non-ferrous metals, including 500,000 tons of electrolyte copper, precious metals such as gold, silver, platinum and palladium, rare metals, sulfuric acid and hig-purity sulfuric acid.
    
    The company said in a statement that "After signing a 10-year contract with Minsur S.A., a mining company in Peru, in September, the company has concluded another long-term contract with BHP. These deals will help us secure a competitive edge in the global market.”
    
    BHP, in particular, increased the volume of its copper concentrate supply from 250,000 tons a year to 330,000 tons in this contract, and concluded a five-year contract, while the industry norm is a contract for less than three years.
    
    Mr Vicky Binns, BHP vice president marketing minenals said that "LS-Nikko has firmly established itself as one of the world's top companies through strengthening environmental safety and stabilizing operations despite the global economic crisis.”
    
    LS-Nikko CEO Doh said that “We will continue to strengthen our competitiveness in smelting to grow as the best partner for BHP.”
    
    Source : Business Kores

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20. voda 16 november 2018 15:40

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    Vale-BHP Brazil JV Samarco names Ms Cristina Cavalcanti as new CFO
    
    Reuters reported that Brazil's Samarco Mineracao SA, a JV between BHP Billiton and Vale SA, named former Usiminas mining executive Ms Cristina Cavalcanti as its new chief financial officer. Ms Cavalcanti joins Samarco as it attempts to renegotiate billions of dollars in debt with creditors and restart operations after a tailing dam burst in 2015, killing 19 people.
    
    Cavalcanti previously worked as administrative and financial director at Mineracao Usiminas, the mining unit of steelmaker Usinas Siderurgicas de Minas Gerais SA.
    
    Source : Reuters