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voda 20 februari 2018 16:22

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'Shell loert op schalietak BHP'

Gepubliceerd op 20 feb 2018 om 13:40 | Views: 1.327

BHP Billiton Plc 16:03
1.487,00 -75,00 (-4,80%)

Royal Dutch Shell A 16:03
25,80 +0,02 (+0,06%)

LONDEN (ANP/BLOOMBERG) - Shell is een voorname kandidaat om de Permian schaliedivisie van BHP Billiton in te lijven. Upstream-directeur Andy Brown van het olie- en gasconcern sprak dinsdag tijdens een bijeenkomst in Londen van een bezitting die voor Shell mogelijk interessant is.

Shell loert actief op onderdelen om zijn schaliedivisie te versterken. Brown noemde schalie nog geen jaar geleden een van de groeimotoren van Shell, samen met projecten in de diepzee. Shell mikt bij dat laatste tegen eind 2020 op een dagelijkse olieproductie van 900.000 vaten. Dat zijn er nu nog 750.000.

Verder zei Brown verbaasd te zijn over de nog altijd sterke vraag van vloeibaar gemaakt aardgas (lng). Vooral in China was de groei volgens hem significant. Shell tekende onlangs een langjarig contract met de nationale oliemaatschappij van Koeweit over de levering van lng. Volgens Brown staat Shell open voor verdere investeringen in lng in dat land.

voda 20 februari 2018 16:26

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BHP Billiton profiteert van koper en olie

Gepubliceerd op 20 feb 2018 om 07:51 | Views: 777

BHP Billiton Plc 16:05
1.490,00 -72,00 (-4,61%)

New York WTI spot 17 feb
61,68 0,00 (0,00%)

MELBOURNE (AFN) - Mijnbouwbedrijf BHP Billiton heeft in de eerste zes maanden van zijn gebroken boekjaar geprofiteerd van de hogere prijzen van olie en koper. Dat leidde voor het Brits-Australische bedrijf tot de hoogste halfjaarwinst in vier jaar.

Met het binnenkomende geld verlaagde BHP zijn schuld. Ook keert het bedrijf een hoger dividend uit aan aandeelhouders van 55 cent per aandeel.

De onderliggende winst van BHP kwam net boven de 4 miljard dollar (circa 3,2 miljard euro) uit, een stijging van 25 procent. De nettowinst was 2 miljard dollar. Het bedrijf nam een eenmalige last vanwege wijzigingen in het Amerikaanse belastingstelsel.

BHP liet verder weten zijn bedrijfsstructuur met dubbele notering regelmatig te evalueren. Activistisch investeerder Elliott Advisors, dat ruim 5 procent van de aandelen heeft, zit de mijnbouwer achter de broek om die structuur te vereenvoudigen. Volgens Elliott kan dat 22 miljard dollar opleveren.

voda 21 februari 2018 16:42

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Glencore beloont aandeelhouders

Gepubliceerd op 21 feb 2018 om 09:29 | Views: 833

Glencore 16:21
401,25 +16,85 (+4,38%)

LONDEN (AFN/BLOOMBERG) - Mijnbouwbedrijf en grondstofhandelaar Glencore gaat zijn aandeelhouders belonen. Het van huis uit Zwitserse bedrijf verhoogde het dividend naar 0,20 dollar per aandeel. Daarmee keert Glencore in totaal 2,9 miljard dollar uit, 700 miljoen dollar meer dan het volgens de eigen richtlijnen hoeft te doen.

Glencore verdiende in 2017 fors meer geld, geholpen door de stijgende grondstofprijzen en kostenbesparingen. Onder de streep resteerde een bedrag van 5,8 miljard dollar, tegen 1,4 miljard dollar een jaar eerder. Met de handel in grondstoffen werd voor het eerst sinds 2008 weer meer dan 3 miljard dollar verdiend. Dat betekende een stijging van de brutowinst bij deze divisie met 10 procent ten opzichte van 2016. Belangrijke grondstoffen voor Glencore zijn steenkool, koper, nikkel, zink en olie.

Het concern, dat onder meer een beursnotering heeft in Londen, wist de schuldpositie met een derde te verlagen tot bijna 11 miljard dollar, wat aan de onderkant is van de eigen bandbreedte van 10 miljard tot 16 miljard dollar. Daarmee verschafte Glencore zichzelf wat financiële lucht om bijvoorbeeld overnames te doen of om meer geld uit te keren aan aandeelhouders.

voda 21 februari 2018 20:03

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BHP face fresh tension with union at Port Hedland

Financial Review reported that BHP's flagship iron ore division could face fresh industrial tensions, with a union representing tugboat workers at Port Hedland expected to file a notification of dispute against the miner and its contractors within weeks. The Australian Institute of Marine and Power Engineers is preparing to renew hostilities with BHP, almost four years after it and two other maritime unions waged a long-running fight against the miner over annual leave and workplace conditions at Port Hedland.

Within a year of that battle, BHP's unionized tugboat provider Teekay had lost its contract to operate at Port Hedland and been replaced by rival provider Rivtow, which operated with a different industrial relations model.

Rivtow's tugs generally run under a "partnership model", similar to the structure of many law firms, which has proved to be a thorn in the side of unions because those crewing the tugs are technically owners, not employees.

But there has been speculation in recent weeks that some tug partnerships at Port Hedland have been hiring marine engineers as employees, which could open the door to revived union activity.

Mr Andrew Williamson assistant federal secretary of AIMPE said the union would raise the matter with the Western Australian Industrial Relations Commission.

Mr Andrew Williamson assistant federal secretary of AIMPE said that "The AIMPE will this month be embarking on litigation against BHP in the port of Port Hedland and seeking an industrial instrument for that port from the WA Industrial Relations Commission to set aside what the union considers to be sham partnership arrangements."

Mr Williamson has previously been warned by the new breed of tug operators at Port Hedland that he would be trespassing if he enters a tugboat run by a partnership.

But the union believes the hiring of employees on tugs would give it right of entry.

BHP introduced Rivtow and its partnership model during the reign of former WA Liberal Premier Colin Barnett, but the company will have to face this latest bout of tensions with a Labor government in power in WA.

Iron ore is Australia's most lucrative export commodity, with the federal government's chief economist Mark Cully recently forecasting that USD 62 billion worth of iron ore would leave these shores in fiscal 2018.

More than half of Australia's iron ore is exported through Port Hedland, highlighting the economic significance of any potential industrial turbulence at the port.

Source : AFR

voda 22 februari 2018 16:33

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Helft meer winst voor Anglo American

Gepubliceerd op 22 feb 2018 om 09:15 | Views: 582

Anglo American 16:13
1.791,80 -4,80 (-0,27%)

ArcelorMittal 16:13
28,29 -0,31 (-1,08%)

JOHANNESBURG (AFN/BLOOMBERG) - Mijnbouwbedrijf Anglo American heeft 2017 met bijna de helft meer winst afgesloten vergeleken met een jaar eerder. Het concern profiteerde vooral van hogere grondstoffenprijzen en kostenverlagingen.

De onderliggende winst kwam uit op bijna 3,3 miljard dollar, tegen 2,2 miljard dollar een jaar eerder. Per aandeel bedroeg het resultaat 2,57 dollar, iets beneden de verwachtingen van analisten. Het concern wist de schuld afgelopen jaar flink terug te dringen tot 4,5 miljard dollar. Twee jaar geleden bungelde Anglo, net als andere mijnbouwers, op de rand van de afgrond als gevolg van gekelderde grondstoffenprijzen. Anglo werd gedwongen om het dividend te schrappen en verscheidene mijnbedrijven te verkopen.

Maar over 2017 wil Anglo een dividend uitkeren aan zijn aandeelhouders van 1,02 dollar per aandeel. Ook wil de onderneming de kosten tegen 2022 met een extra 3 miljard tot 4 miljard dollar terugdringen.

voda 22 februari 2018 20:21

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BHP and Thiess wanted to pick a fight with unions to drive down wages

The Age reported that two of Australia's biggest companies, BHP and Thiess, wanted to pick a fight with a militant branch of the mining union to drive down wages and spread a new lower cost labour model through mines around the country.

A tender from Thiess, a subsidiary of CIMIC formerly known as Leighton Holdings shows a proposed contract with BHP Mitsubishi Alliance that would have run to 2020 would only succeed with workers "paid significantly less" than is currently the case.

BHP announced a 25% jump in its underlying attributable profit, up to USD 4.1 billion compared to USD3.2 billion this time last year, with CEO Andrew Mackenzie stating the firm was on track to deliver further capital and operating productivity gains of USD 2 billion by the end of the 2019.

Mr Mackenzie said that "We remain firm in our resolve to maximise cash flow, maintain discipline and increase shareholder value and returns."

The result represents years of trying to trim costs from boom time conditions around the turn of the decade.

The 2014 bid detailed in documents obtained by Fairfax Media are for the Queensland Norwich Park mine would have seen local union aligned members replaced by lower-cost contractors at the company which has more than 15,000 Australian employees.

According to the proposal to be signed off by then managing director Bruce Munro "Firstly to generate profits from an operation that was previously losing money. And secondly to leverage off the success of this model to introduce it to other operations."

Mr Munro said that "This is most likely its prime but unstated reason for considering a contractor model."

In the confidential internal document Thiess labelled BHP the world's second largest mining company a "difficult, contractual and bureaucratic client" and highlighted BHP's determination to cut wages costs as iron ore and coal prices collapsed in 2014.

The proposal stated that "They are unlikely to tolerate any failures to achieve contract production levels despite what will be an extremely difficult operation in terms of the industrial relations environment."

The labour hire bid for the Norwich Park operation came at the start of a four year stalemate, with BHP and unions refusing to budge over a new enterprise bargaining agreement.

Norwich Park remains "economically un-viable" and is not operating despite having one of the largest coal deposits in the world but Thiess was later awarded a USD 440 million contract for two nearby sites in the Bowen Basin.

A spokesman for BHP declined to comment on whether those 2017 tenders were awarded the basis of the 2014 bid, citing commercial confidentiality. Thiess did not respond to multiple requests for comment.

BHP has made no secret of its use of a mixture of labour hire and permanent staff to enable it to create a more flexible working environment.

The Australian Council of Trade Unions claims at BHP operations in the Bowen Basin up to 50 per cent of the workforce under some labour hire contracts are getting paid up to a third less than those employed directly by the mining giant.

According to the Thiess tender, the previous enterprise bargaining agreement between BHP and its staff had annual wage increases of 5 % "as well as other restrictive workplace practices."

ACTU secretary Ms Sally McManus said the discrepancy showed workers get pay rises when they have the power to negotiate them. She said that "Not when BHP or any other company decides to be generous or when the government gives them a company tax cut."

Source : The Age

voda 22 februari 2018 20:22

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BHPB Commodities outlook

BHPB announced that Crude oil prices trended higher during the December 2017 half year. Production discipline by OPEC members and non-OPEC participants (the Vienna Group') and strong demand growth contributed to a substantial reduction in the inventory overhang. The tighter market, rising geopolitical tensions, unplanned supply outages, plateauing of the US rig count and extension of Vienna Group production cuts aided market sentiment. A roughly balanced market is forecast for the 2018 calendar year.

The US domestic gas price was relatively stable as growth in exports, strong power demand over summer and delays to North East pipeline projects helped eliminate the storage surplus relative to the five-year average. We anticipate that the market will return to surplus in the 2018 calendar year, as record US production is facilitated by the start-up of major North East pipelines.

Copper prices rose over the December 2017 half year. Solid global consumption was underpinned by continued strength in China, in particular from consumer durables. On the supply side, the announcement that China would ban lower- grade copper scrap imports and the potential for supply disruptions due to the large number of upcoming labour negotiations in South America drove sentiment. Over the next few years, the global copper market is expected to remain finely balanced and vulnerable to supply shocks, particularly in the concentrate segment.

The global steel industry continued its recovery in the December 2017 half year, with production growth led by emerging markets. China's steel supply-side reforms have resulted in a structural improvement in industry profitability. China's steel production growth is expected to moderate in the 2018 calendar year due to a cooling in the housing and automobile sectors. However, the recovery in the rest of the world is likely to continue, with solid demand conditions and lower Chinese steel exports.

Iron ore prices improved over the December 2017 half year. Demand for high-grade products remained firm on the back of high steel margins, which benefitted from Chinese steel supply-side reforms and winter production restrictions. This has resulted in an elevated price differential between high and low-grade ore price indexes. In the medium to longer term, ongoing Chinese supply-side reforms, the shift of steel capacity to coastal regions and more stringent environmental policies are expected to underpin demand for high-quality seaborne iron ore.

Metallurgical coal prices strengthened in the December 2017 half year. Chinese demand for higher quality metallurgical coal remained firm throughout the period despite the onset of winter emission restrictions. Additionally, domestic supply was constrained due to safety and environmental concerns. High prices have incentivised additional seaborne supply from the US and Mozambique. In the medium term, China's coal supply-side reforms and environmental considerations will support demand for higher quality metallurgical coal.

Source : Strategic Research Institute

voda 22 februari 2018 20:24

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BHP announced results for the Half year ended 31 December 2017

1. Attributable profit of USD 2.0 billion includes an exceptional loss of USD 2.0 billion (after tax) , compared to an attributable profit of USD 3.2 billion, including an exceptional loss of USD 40 million (after tax), in the prior period. The December 2017half year exceptional loss is related to the US tax reform and Samarco dam failure. The December 2016 half year exceptional loss was related to the Samarco dam failure, partially offset by the reimbursement received on cancellation of the Caroona exploration licence.

2. Underlying attributable profit of USD 4.1 billion, compared to USD 3.2 billion in the prior period.

3. Profit from operations of USD 6.7 billion, compared to USD 6.1 billion in the prior period, has increased as a result of higher prices and volumes, partially offset by higher costs.

4. Underlying EBITDA of USD 11.2 billion, with higher prices and volume productivity (in total USD 2.6 billion) more than offsetting the impacts of higher costs, unfavourable exchange rate movements, inflation and other net movements (in total USD 1.3 billion).

5. Underlying EBITDA margin of 53 per cent, compared with 54 per cent in the prior period.BHP Results for the half year ended 31 December 2017

Productivity and costs
1. A negative movement in productivity of USD 496 million was recorded reflecting: lower volumes and unfavourable fixed cost dilution at Olympic Dam as a result of the smelter maintenance campaign (USD 202 million); the impact of reduced volumes at Queensland Coal and Petroleum (USD 225 million); and a favourable change in estimated recoverable copper in the Escondida sulphide leach pad in the prior period (USD 206 million); partially offset by an increase in Escondida copper volumes and lower labour and contractor costs at Western Australia Iron Ore (WAIO)

2. Productivity guidance remains unchanged, with USD 2 billion of gains expected to be delivered over the two years to the end of the 2019 financial year, weighted to the second year.

3. Full year unit cost guidanceP(vi )P remains unchanged for Petroleum, Copper, Iron Ore and Energy Coal (based on an exchange rate of AUD/USD 0.75 and USD/CLP 663)

4. Queensland Coal unit costs for the 2018 financial year are now expected to be USD 66 per tonne (based on anexchange rate of AUD/USD 0.75) , an increase from previous guidance of USD 59 per tonne, as a result of reduced low-cost Broadmeadow and Blackwater volumes, production from higher cost pits and rising inflationary pressures. Unit costs for the second half of the 2018 financial year are expected to be USD 63 per tonne with challenging roof conditions at Broad meadow expected to continue through the March 2018 quarter

Mr Andrew Mackenzie CEO of BHP said that "Higher commodity prices and a solid operating performance delivered free cash flow of USD 4.9 billion. We used this cash to further reduce net debt and increase returns to shareholders through higher dividends. We are on track to deliver further productivity gains of USD 2 billion by the end of the 2019 financial year as we secure improvements in both operating and capital productivity, aided by smarter technology application across our value chain. Our capital expenditure program remains focused on high-return, low-risk development opportunities in commodities where we see greatest potential. We remain firm in our resolve to maximize cash flow; maintain discipline and increase shareholder value and returns."

Source : Strategic Research Institute

voda 27 februari 2018 20:08

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Rio Tinto receives a binding offer for aluminium assets

Rio Tinto has received a binding offer from Hydro of USD 345 million, subject to final adjustments, to acquire Rio Tinto’s ISAL smelter in Iceland, its 53.3 % share in the Aluchemie anode plant in the Netherlands and its 50 % share in the Aluminium fluoride plant in Sweden.

In accordance with applicable laws, Rio Tinto will launch a consultation process with employees, relevant European works councils and other stakeholders. Subject to satisfactory completion of these consultations and certain other conditions, Rio Tinto expects to conclude the sale in the second quarter of 2018.

Rio Tinto Aluminium chief executive Alf Barrios said “The binding offer for the sale of these assets provides further evidence of Rio Tinto’s commitment to strengthen our business and deliver value by streamlining our portfolio. Hydro has a solid track record in the aluminium industry and is a partner to Rio Tinto in other ventures. ISAL, Aluchemie and Alufluor are a natural fit with Hydro’s portfolio and this transaction should secure the long term future for the sites and continued economic benefit for the wider communities”.

Source : Strategic Research Institute

voda 1 maart 2018 21:34

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Vale announces 2017 financial results

Mr Fabio Schvartsman Chief Executive Officer commented on 2017 results that “Our 2017 performance shows remarkable cash generation and substantial net debt reduction as a result of improvements in price realization, strict discipline in capital allocation and slightly improved results from nickel and coal assets”. Mr Schvartsman concluded that “2017 was a turning point for Vale. We started ambitious changes in efficiency, cost management and corporate governance. We laid the foundations for diversifying cash generation by improving the asset base we have today to reduce our dependency on iron ore. We aim to transform Vale into a predictable company”.

1. Adjusted EBITDA was USD 15.338 billion in 2017, 28% higher than in 2016, despite the negative impact of the BRL appreciation (8.4%) and higher bunker oil prices (45%), mainly as a result of higher realized prices and premiums.

2. Quarterly adjusted EBITDA was USD 4.109 billion, in line with 3Q17 despite the reduction of USD 5.3/t in Platts IODEX, as a result of higher prices in Base Metals and Coal, higher sales volumes in Ferrous Minerals and lower costs in Base Metals.

3. Free Cash Flow was USD 8.604 billion in 2017, the highest level since 2011, and net debt decreased by USD 6.899 billion, totaling USD 18.143 billion as of December 31st, 2017.

4. Quarterly Free Cash Flow increased considerably vs. 3Q17, totaling USD 2.744 billion in 4Q17. This enabled a significant net debt reduction of USD 2.923 billion quarter-on-quarter. Mr Luciano Siani Pires Chief Financial Officer highlighted that “The solid operational performance and the conclusion of our divestment program accelerated Vale’s net debt reduction. The USD 18.1 billion net debt in 4Q17 is equivalent to a pro forma net debt of USD 14.4 billion, considering the cash inflows of USD 3.7 billion from the conclusion of the Fertilizers deal with Mosaic in January and from the Project Finance at Nacala Corridor to be received soon. We have obtained the financial close of the Nacala Project Finance, which means that all the conditions precedent were fulfilled, and we will receive the proceeds on March 21st, 2018. These inflows, together with the continuing cash generated from operations, will enable us to achieve our USD 10 billion net debt target in the short term.”

5. Capital Expenditures reached their lowest level since 2005, totaling USD 3.848 billion in 2017, decreasing USD 1.342 billion vs. 2016 with the conclusion of the S11D mine and plant project. CAPEX is expected to remain at these levels in the coming years.

6. Adjusted EBITDA for the Ferrous Minerals business segment was USD 13.192 billion in 2017, 26% higher than in 2016, mainly as a result of net effect of the 22% increase of the Platts IODEX in revenues and costs (USD 2.248 billion) and gains through higher premiums and commercial initiatives (USD 1.439 billion), which were partly offset by the negative impact of the exchange rate (USD 556 million) and the 45% increase in bunker oil prices (USD 409 million).

7. Adjusted EBITDA per ton for Ferrous Minerals[2] was USD 37.9/t in 2017, 24% higher than in 2016 mainly as a result of higher price realization and a better product mix, despite the 45% increase in bunker oil prices. Mr Peter Poppinga, Executive Officer for Ferrous Minerals and Coal commented that “Vale is focused on maximizing its margins through product mix and volume adjustments as well as optimization of the balance between costs and price realization. Looking forward, costs will reduce and price realization will increase further on the back of continuous supply chain optimization.”

8. Adjusted EBITDA for pellets represented 18% of Vale’s total Adjusted EBITDA, totaling USD 2.767 billion in 2017, a 52% increase vs. 2016.

9. Quarterly adjusted EBITDA for Ferrous Minerals was USD 3.319 billion in 4Q17, decreasing USD 355 million vs. 3Q17, mainly due to lower prices. After excluding the exogenous factors of lower market prices and premiums (USD 581 million), adjusted EBITDA was USD 226 million higher than in 3Q17.

10. Quarterly iron ore fines and pellets EBITDA break-even[3] increased to USD 33.9/t in 4Q17, USD 3.9/t higher than in 3Q17, mainly as a result of exogenous factors such as higher spot freight rates, higher bunker oil prices and lower 65% Fe premiums.

11. Quarterly CFR dmt[4] reference price for iron ore fines was USD 72.6/t in 4Q17, US$ 7.0/t higher than the quarterly average Platts IODEX.

12. Adjusted EBITDA for Base Metals was USD 2.139 billion in 2017, increasing 16% vs. 2016 mainly as a result of higher prices. Mr Eduardo Bartolomeo, Executive Officer for Base Metals commented that “We are on track to ensure that each and every asset in Base Metals is cash flow positive irrespective of prices, while also maintaining the optionality of capturing the possible upside in the market that comes with the advent of electric vehicles. In 2017, we carried out a detailed review on a mine-by-mine basis, putting in care and maintenance two mines in Canada and one nickel refinery in Taiwan. Other stoppages are planned for 2018 such as the precious metals refinery in Acton and the smelter and refinery in Thompson. Additionally, we have just launched our cost efficiency program targeting a reduction of USD 200 million by 2020.”

13. Quarterly adjusted EBITDA for Base Metals totaled USD 782 million in 4Q17, the highest quarterly level since 1Q11, with an increase of USD 221 million mainly as a result of higher prices and lower costs.

14. Quarterly adjusted EBITDA of VNC was USD 11 million, mainly due to higher nickel and cobalt prices, the quarterly production record of cobalt and lower costs[5], which decreased 14% to USD 8,420/t in 4Q17.

15. Adjusted EBITDA for the coal shipped through Nacala reached USD 410 million in 2017 driving the improvement of the Coal business adjusted EBITDA of USD 330 million in 2017, the first positive result since 2010.

15. Net income of USD 5.5 billion in 2017 was USD 1.5 billion higher than in 2016.

16. Vale will pay BRL 4.7 billion (USD 1.5 billion) of shareholder remuneration in the form of interest on capital. Vale’s Board of Directors approved the distribution of BRL 2.2 billion in December 2017 and BRL 2.5 billion in February 2018 to be paid in March 2018, which is equivalent to the minimum established by Vale’s bylaws. The decision to pay the minimum required remuneration reflects a cautious and disciplined approach from Vale, until the Company receives the proceeds from asset sales and cash generation from operations. The new dividend policy is being discussed and will be announced until the end of March.

Source : Strategic Research Institute

voda 6 maart 2018 19:56

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Chile to attract USD 60 billion in mining investments by 2038 — Minister

Mining reported that Chile, the world’s No 1 copper producer and one of the top lithium suppliers, is expected to attract about USD 60 billion in new mines and expansions over the next 20 years. According to Ms Aurora Williams, miners with operations in the country currently spend USD 15 billion on support services a year, so the government has set an ambitious goal of helping locals to become providers for the industry.

The target, she said it to have 250 world-class suppliers providing innovative solutions around the world and exporting USD 10 billion by the end of the next decade.

Ms Williams said that “The nature of mining has changed dramatically in recent years as the industry gets to grips with some of the major challenges it faces.” Mr Williams added that “As a country we have identified some of those key challenges, we would like to address through the development of new technology.”

The minister says some the issues Chile needs to address include transitioning from open-pit to underground mining, improving the efficiency of smelters and refineries, mitigating mine tailings, boosting productivity and efficiency of mines, and enhancing the efficiency of mineral processing.

The country, which holds half of the world’s most “economically extractable” reserves of lithium, climbed back up to the top ten global mining destinations the Fraser Institute, a Canadian think-tank, publishes each year. The nation now leads the list in Latin America and is in eight place worldwide.

Source : Mining com

voda 6 maart 2018 19:56

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Australia watchdog takes Rio Tinto and former executives to court over Mozambique losses

Economic Times reported that Australia's corporate watchdog has launched court action against global miner Rio Tinto and two former executives for misleading and deceiving investors about the coal reserves it reported in a USD 4 billion acquisition in Mozambique.

The Australian Securities and Investments Commission said the company and its former Chief Executive Tom Albanese and former Chief Financial Officer Guy Elliott had made misleading statements in their 2011 annual report, published in 2012.

The commission said in a statement that "ASIC alleges that RTL engaged in misleading or deceptive conduct by publishing statements in the 2011 annual report, signed by Mr Albanese and Mr Elliott, misrepresenting the reserves and resources of RTCM."

Source : Economic Times

voda 7 maart 2018 21:47

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Trump Trade War - A black day for the world – BHP

SMH quoted Mr Andrew Mackenzie chief executive of BHP as saying that US President Donald Trump’s plans for steel tariffs will harm the global economy. Speaking at the AFR Business Summit, Mr Mackenzie called Mr Trump’s steel tariffs a black day for the world and business. Mr Mackenzie used the summit to slam Mr Trump’s protectionist moves as a way to prop up an uncompetitive industry. Mr Mackenzie said that "BHP will never seek to hide behind trade barriers to shield ourselves from our lack of competitiveness."

Despite this shock to global markets and trade, Mr Mackenzie remained broadly positive on continued business outside of the US.

Mr Mackenzie said that "Free trade is self-evidently the lifeblood of the global economy, and we expect it to flourish despite the short term, but regrettable developments in the US."

Mr Mackenzie said that "Elsewhere we observe buoyant economic conditions underpinned by the growth of free trade outside the US."

Mr Mackenzie said that Asia, and India, will be the world’s development hub, praising China’s Belt and Road initiative which is planning a swathe of massive infrastructure projects across Asia in order to spur the region’s economy.

Mr Mackenzie took one last dig at Mr Trump’s leadership while boosting the role of Asia, outlining the possibilities of the Trans-Pacific Partnership "without the US.”

Source : SMH

Bijlage:

voda 8 maart 2018 21:25

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Rio Tinto calls SEC fraud charges plainly wrong

Reuters reported that Rio Tinto Plc and two former top executives said civil fraud charges brought by the US Securities and Exchange Commission over a failed African coal project are “plainly wrong” and should be thrown out. In a court filing late Monday night, Rio Tinto, former Chief Executive Officer Mr Tom Albanese and former Chief Financial Officer Mr Guy Elliott rejected SEC claims they should have written down Mozambique coal assets no more than 11 months after buying them in 2011 for USD 3.7 billion, rather than waiting 17 months.

The delay enabled the big Anglo-Australian mining group to raise about USD 5.5 billion from US investors kept in the dark about the deterioration, the SEC argued in a lawsuit filed in October with the US District Court in Manhattan.

The defendants said that in the months after the acquisition they had reason to believe the value of the assets had actually grown by USD 1.2 billion, as rising prices for “scarce” coking coal helped offset lower barging and rail capacity.

The market viewed the eventual USD 3 billion writedown as immaterial “in the context of a company with total assets of about USD 120 billion,” they also said, adding that the SEC did not claim that Rio Tinto’s stock or bond prices were harmed.

The defendants said that “The SEC alleges that Rio Tinto should have taken the impairment within just 11 months of acquisition at a time when Rio Tinto had not yet completed its analysis of the quantity and quality of available coal or determined whether there was a viable means for transporting that coal to market.”

The defendants added that “The SEC is plainly wrong, and each of its claims consequently must be dismissed.”

US District Judge Analisa Torres set a March 19 deadline for the SEC to respond.

Rio Tinto wrote off most of the assets, which it had acquired in a takeover of Riversdale Mining and later renamed Rio Tinto Coal Mozambique, in January 2013, and sold them in late 2014 for just USD 50 million.

The Monday filing came three days after the Australian Securities and Investments Commission brought its own civil court action against Rio Tinto, Albanese and Elliott over the coal assets.

Source : Reuters

voda 8 maart 2018 21:26

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Rio knew Riversdale resource was overstated - ASIC

AFR reported that Australian market regulator has alleged Rio Tinto knew within four months of completing the 2011 Riversdale Mining acquisition that its assumptions about the amount of coal within its new Mozambique assets was "materially" overstated. In the "concise statement" lodged in the Federal Court by the Australian Securities and Investments Commission upon launching a civil suit against Rio and two of its former executives, ASIC says the quantum of coal resources and reserves published by Rio in March 2012 was 67 % lower than the company had assumed in the due diligence assessments which informed the USD 3.7 billion acquisition of Riversdale.

Despite reporting dramatically less coal within the Mozambique assets, Rio stated in its March 2012 annual report that the magnitude of resources and reserves were "consistent with original estimates calculated during due diligence".

ASIC believes that statement constitutes misleading and deceptive conduct, because it concealed from shareholders that the Riversdale acquisition had been built on "materially incorrect" analysis.

ASIC said in the filing that "Reserves and resources reported in the 2011 annual report were not consistent with and were materially different from the due diligence estimates."

ASIC said that "The making of the consistency representation was conduct which was misleading or deceptive or likely to mislead or deceive."

Aside from seeking to ban Rio's former chief executive Mr Tom Albanese and former chief financial officer Guy Elliott from managing a corporation in the future, ASIC is pursuing them for a pecuniary penalty and costs.

The company said in Tuesday's filing that "Prior to acquisition, Rio Tinto had anticipated a significant write-down of Riversdale's estimates of the available coal resources, and in January 2012, Rio Tinto determined that Riversdale's estimates would need to be written down to less than three billion tonnes of coal."

The Australian and US investigations into the accounting of the Mozambique assets comes after Rio was fined GBP 27.3 million (USD 48.6 million) by the UK's Financial Conduct Authority in October over the same issue.

The FCA stated that Rio showed "a serious lack of judgment" when it decided not to impair the Mozambique assets when reporting its half year results in August 2012.

The FCA came to that conclusion because by August 2012 it was apparent that the Mozambique government was likely to oppose Rio's plan to barge the coal to market via the Zambezi River.

The FCA said in a statement that "Rio Tinto's financial reporting was therefore inaccurate and misleading."

Source : AFR

voda 9 maart 2018 21:40

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McGowan urges Rio Tinto to retrain workers

WA Today reported that West Australian premier is pushing for Rio Tinto to retrain the estimated 200 employees whose roles will be replaced by driverless trucks. Rio Tinto will introduce driverless trucks to a new mine in the Pilbara region later this month, its fifth to be serviced by the expanding fleet.

WA Premier Mr Mark McGowan said that possible job cuts were concerning for the workers involved and he would write to Rio Tinto to request employees were offered other positions.

Mr McGowan said that "Rio Tinto is a big company. It operates in Western Australia mining iron ore and there's a range of jobs that it needs to be performed."

Mr McGowan said that "With the workforce that is displaced by these sorts of initiatives, they need to retrain them and put them into other positions in the company."

Mr McGowan said that state government would do its best to "advocate on their behalf".

Mr McGowan said that "Just because there are driverless trucks doesn't mean there aren't other roles that can be performed, so we're going to take up the case on behalf of those people."

A spokesman for the mining giant told AAP the company already had plans to retrain workers.

Rio Tinto iron ore chief executive Chris Salisbury addressed a business function in Perth on Wednesday but did not say how many jobs were being affected by the automated transition of the iron ore division.

The division employs 11,500 West Australians directly.

Source : WA Today

voda 9 maart 2018 21:41

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Rio Tinto speeds up driverless fleet expansion in Australia

Mining reported that mining giant Rio Tinto is expanding its driver less trucks fleet in Australia by introducing 15 autonomous vehicles to a new mine in the Pilbara region. The trucks, to be deployed later this month to the West Angelas iron ore mine, are fitted out with the company's in-house autonomous haulage system.

West Angelas, run by Rio's Robe River joint venture partners, Mitsui and Nippon Steel & Sumitomo Metal, will be the fifth mine to be serviced with driverless trucks.

Rio has more than 80 autonomous Komatsu trucks currently in operations, hauling about a quarter of both ore and waste material generated across the company’s five sites in the Pilbara region, including the newly commissioned Silvergrass mine.

The miner plans increasing the number of driverless trucks to more than 140 by the end of 2019.

In December, the company approved retrofit programs to add autonomous technology to 48 existing Komatsu and Caterpillar haul trucks over the next two years.

About 20% of Rio Tinto's existing fleet of almost 400 haul trucks in the Pilbara is autonomous and, following the completion of the retrofit projects autonomous trucks, this will rise to about 30% of the fleet, the miner said last month.

Rio has worked with Komatsu for 20 years. In September 2017, they deployed the world's first retrofitted autonomous haul truck at the company’s Hope Downs 4 operation.

A supervisory system and a central controller, rather than a driver operates autonomous haul trucks. They use pre-defined GPS courses to automatically navigate haul roads and intersections and to know actual locations, speeds and directions of other vehicles at all times.

Rio has also announced plans to have a network of driverless trains in Western Australia. In October, it completed its first long-haul journey with a completely autonomous locomotive.

Getting to this point hasn’t been easy. The actual commissioning of the autonomous trains project has been put off a few times, partly due to software problems.

Delays with the implementation of autonomous iron ore trains hurt Rio Tinto’s output in 2016. The miner ended up producing 330 million tonnes, down from the original target of 350 million tonnes.

The so called Autohaul plan is part of the “Mine of the Future” project the company launched in 2008, which also included the introduction of automated drilling and the roll out of an operations centre near Perth airport.

Source : Mining com

voda 9 maart 2018 21:42

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Changes to Rio Tinto Simandou Ore Reserves and Mineral Resources

Rio Tinto’s 2017 annual report, released to the market includes a write back of Ore Reserves to Mineral Resources at the Simandou iron ore project, in Guinea. The updated Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 and the ASX Listing Rules. Supporting information relating to the change is set out in this release and its appendix. Mineral Resources are quoted on a 100 % basis. Rio Tinto’s interest in the Simandou iron ore project is 45.05 %, with Chinalco (39.95 %) and the Republic of Guinea (15 %).

On 28 October 2016, Rio Tinto and Chinalco signed a non-binding agreement to sell Rio Tinto’s entire stake in the Simandou project, in Guinea, to Chinalco. The Heads of Agreement set out the proposed principal terms of the sale with the aim of signing a binding agreement.

Considering current uncertainties in timing of development and potential variations to project scope under future project ownership, the project Ore Reserves have been written back to Mineral Resources.

Accordingly, estimates of Mineral Resources at Simandou have been increased, compared to the previous estimate in the 2016 annual report. The Simandou Mineral Resources have increased by 1922 million tonne, from 835 million tonne to 2757 million tonne.

Tenure under the Simandou Mining Concession is held by Simfer SA, which is owned jointly by Rio Tinto, Chinalco and the Republic of Guinea. The Concession duration is 25 years, renewed automatically for a further period of 25 years followed by further 10 year periods in accordance with the Guinean Mining Code, provided Simfer has complied with its obligations under the Amended and Consolidated Basic Convention entered into with the Republic of Guinea, dated 26 May 2014.

Source : Strategic Research Institute

voda 12 maart 2018 20:44

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Rio Tinto's last two coal mines set to attract bids over USD 3 billion

SMH reported that at least three bidders are expected to submit final offers for global miner Rio Tinto's Hail Creek and Kestrel coal mines, which could fetch up to USD 2.5 billion (USD 3.2 billion), people familiar with the process said. The Anglo-Australian mining company made a strategic decision in 2017 to exit coal and focus on growth in iron ore, copper and its aluminium division. Hail Creek and Kestrel, in Queensland's Bowen Basin, are Rio Tinto's last two coal mines, following the USD 2.7 billion sale of its Hunter Valley coal operations to Yancoal last year.

Whitehaven Coal is expected to bid, as well as private equity firm EMR Capital along with Indonesia's Adaro Energy. A consortium led by US private equity firm Apollo Global Management is also expected to be in the running.

Final bids for the two mines that mostly produce coking coal, used in steel mills, are due on Monday, March 12. All sources declined to be named as the bids were subject to confidentiality agreements.

The sale is eagerly awaited by investors, who are hungry for more cash returns after a bumper payout for 2017, as the company is no longer looking to cut debt and has no plans for any big new investments.

UBS analysts said in a note this week that "If Rio were to sell these assets, the likely outcome for the use of proceeds would be to direct them to shareholders," adding that the mines could hand back more than USD 9 billion over the next 12 months.

EMR Capital has lined up Indonesia's second biggest coal producer Adaro as a partner on the bid, after talks with Chinese wealth fund CIC fell through, according to two people close to the process. Adaro did not respond to telephone calls and written requests for comment.

Mr Jason Chang managing director of EMR declined to comment on whether it was bidding. Mr Chang said that "Our themes haven't changed. We're still looking for coking coal, potash and copper assets."

Apollo Global Management is bidding with pension fund Canada Pension Plan, US coal company Xcoal Energy & Resources and a former Glencore executive for the assets. Apollo and CPP declined to comment. Xcoal Resources was not immediately available to comment.

Whitehaven declined to comment, but is seen in a position to make acquisitions for the first time in several years, with its gearing slashed to just 4 %.

However, for a USD 4.3 billion company, Hail Creek and Kestrel would be a huge bite, and analysts expect it would need to either sell new shares to help fund a deal or line up a partner in the mines.

UBS speculated that Mitsui, which co-owns the Kestrel mine, "may have a desire to increase their stake". Mitsui Australia's spokesman declined to comment.

China-backed Yancoal Australia looked at the assets, but as of late Friday was no longer in the race, according to a lending source. Yancoal declined to comment.

Rio's partners in Hail Creek are units of Nippon Steel and Sumitomo Metal Corp, Marubeni Corp and Sumitomo Corp, while Kestrel is minority-owned by Japan's Mitsui & Co.

The final price Rio gets will all hinge on bidders' outlook for coking coal prices.

UBS values the two mines at USD 1.94 billion, based on a long-term price of USD 120 a tonne for hard coking coal, while Macquarie values them at USD 2.7 billion based on USD 125 a tonne.

Those coking coal prices are well below current levels around USD 209 shored up by a number of factors, including capacity curbs imposed by Australia's top coal hauler, congestion at one of the country's key ports, and problems at some mines.

One person close to the process said that "Rio Tinto are in a position where they can call whatever price they want.”

Rio, which is being advised by Credit Suisse, declined to comment on the sale.

Source : SMH

voda 15 maart 2018 20:23

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Rio Tinto’s Mongolian mining woes deepen

FT reported that Rio Tinto is facing further problems in Mongolia, where is it developing a giant copper and gold deposit. Turquoise Hill Resources , the Canadian-listed company through which Rio controls the Oyu Tolgoi mine, said that it had received an “information” request from the Mongolian Anti-Corruption Authority to provide financial information.

The company said in a statement that “The request relates to an investigation about possible abuse of power by authorized officials during negotiation of the 2009 Oyu Tolgoi Investment Agreement. There is no indication in the ACA information request to suggest that Oyu Tolgoi is a subject of the investigation.”

Oyu Tolgoi in Mongolia’s Gobi Desert is one of Rio’s most important growth assets. The company and its partners are ploughing more than USD 5bn into an underground expansion project aimed at lifting output to 560,000 tonnes a year between 2025 and 2030.

Oyu Tolgoi is 66 % owned by Turquoise Hill and 34 % by the Mongolian government. Rio’s interest comes through a 50.8 % stake in Turquoise Hill, which has a market value of USD 6.6 billion.

Rio and Turquoise have a turbulent relationship with the Mongolian government. In January, Turquoise Hill was hit with a USD 155m tax claim, while copper exports from the mine have also been interrupted by protests near the border between Mongolia and China.

More recently, the Mongolian government ended a deal that allowed Rio to source power for Oyu Tolgoi from China. The Anglo-Australian miner is now seeking approval to build a power station at the mine, a move that could add to the costs of the underground expansion project.

Source : FT

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