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voda 8 augustus 2018 15:29

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Glencore voert winst op

Gepubliceerd op 8 aug 2018 om 09:28 | Views: 872

Glencore 15:10
324,75 -1,55 (-0,48%)

LONDEN (AFN/BLOOMBERG) - Grondstoffenhandelaar en mijnbouwer Glencore heeft in het eerste halfjaar zijn winst opgevoerd. Het bedrijf profiteerde van gestegen prijzen voor kolen, grotere productie van koper en sterke resultaten van zijn handelsdivisie.

Het aangepaste bedrijfsresultaat (ebitda) steeg op jaarbasis met 23 procent tot 8,3 miljard dollar, volgens Glencore een record. De nettowinst dikte 13 procent aan tot 2,8 miljard dollar. Glencore wist ook de nettoschuldenlast met 16 procent te verlagen tot 9 miljard dollar. De onderneming is al enkele jaren bezig de schulden terug te dringen.

Glencore ontving in juli een dagvaarding van het Amerikaanse ministerie van Justitie. De multinational wordt verdacht van omkoping en witwassen in Nigeria, de Democratische Republiek Congo en Venezuela. Over de financiële gevolgen van die dagvaarding kon Glencore nog niets bekendmaken, zo schrijft het bedrijf in zijn halfjaarrapport.

voda 8 augustus 2018 16:38

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BHP boosts nickel mining, exploration investment in Western Australia

Brinkwire reported that global miner BHP is ploughing more investment into nickel mine development and exploration in Western Australia, seeking to secure its own supply of a key material in batteries needed to meet booming demand for electric cars. BHP is building what is expected to be the world’s largest battery-grade nickel sulphate plant on the outskirts of Perth and is boosting output to be “as self-sufficient as possible”, asset president Mr Eduard Haegel, told Reuters on the sidelines of the Diggers and Dealers mining conference in Kalgoorlie.

Nickel is in increasingly hot demand in new battery technologies that mean cars can travel further on a single charge. Using more nickel also cuts costs by reducing the amount of expensive cobalt, a mainstay of current electric vehicle (EV) battery technology.

Popular nickel, manganese and cobalt (NMC) lithium-ion batteries typically employ a ratio of 60 percent nickel to 20 percent cobalt and 20 percent manganese or 6:2:2. Increasingly battery makers are preparing to change the composition of these cathode materials to 80 percent nickel, 10 percent cobalt and 10 percent manganese.

As well as sourcing from its own mines, BHP also buys nickel concentrate from other miners. The move to secure more of its own supply comes as anticipated EV demand encourages other miners to go into sulphate production themselves.

Perth-based Independence Group, which supplies some of BHP’s needs, has said it will assess whether to build its own nickel sulphate plant by early next year before deciding whether to renew its supply deal with BHP, set to expire at the end of 2019.

BHP’s Perth nickel sulphate plant is expected to come on line from April 2019 with capacity to produce 100,000 tonnes of nickel sulphate, accounting for some 22,000 tonnes of nickel. The miner is making plans to double capacity with a potential second-stage expansion.

Source : Brinkwire

voda 21 augustus 2018 16:07

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Eenmalige posten drukken winst BHP

Gepubliceerd op 21 aug 2018 om 08:31 | Views: 1.155

BHP Billiton Plc 15:47
1.617,40 -27,80 (-1,69%)

SYDNEY (AFN/RTR) - De Australische mijnbouwgigant BHP Billiton heeft de winst in zijn afgelopen boekjaar zien dalen. Dat kwam voornamelijk door eenmalige lasten die het bedrijf nam bij zijn Amerikaanse schaliegas-activiteiten, zo kwam dinsdag naar voren uit het jaarbericht van het concern.

BHP zette in de twaalf maanden tot en met juni een winst in de boeken van 3,7 miljard dollar. Dat was een jaar eerder nog bijna 5,9 miljard dollar. Onlangs bleek dat BHP Billiton het grootste deel van zijn schalie-activiteiten in de Verenigde Staten verkoopt aan olie- en gasconcern BP.

De onderliggende winst, waar de eenmalige posten uit zijn gehaald, steeg juist met 33 procent tot ruim 8,9 miljard dollar. De mijnbouwer werd daarbij geholpen door hogere prijzen en een sterkere productie. Het slotdividend van BHP Billiton kwam op recordhoogte uit.

voda 23 augustus 2018 16:55

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Technical issue disrupts BHP Olympic Dam copper smelter

Mining com reported that World’s No.1 mining company BHP revealed that ore processing at its Olympic Dam copper, gold and uranium mine in South Australia is being affected by an ongoing technical issue. Releasing annual results, the company which spent AUD 600 million in fiscal 2018 upgrading the operation said it was assessing the impact of the ongoing outage. The technical issue followed the failure of several boiler tubes at the acid plant, BHP said without offering an expected timeline for operations to resume. It said that “Remediation and mitigation activities are underway, and underground mining operations continue as normal.”

The difficulty, Australian Broadcast Corporation reported, could disrupt production for up to eight weeks, though an exact timeframe is not yet known.

BHP is pushing ahead with a study into a USD 2.1 billion expansion of the mine. The board is expected to make a final investment decision in 2020 on the project, which would lift copper production to 330,000 tonnes by 2023.

Source : Mining com

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voda 24 augustus 2018 16:31

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Samarco restart not on the horizon - BHP

The shuttered Samarco iron ore mine is unlikely to come back online until beyond 2019, a BHP spokesman said. The news, revealed by Reuters, comes despite the company that runs the asset slowly accumulating the necessary permits and licenses required to restart the mine. In an interview, Mr Bryan Quinn, BHP’s president of joint ventures, said that the restart of the BHP-Vale operation depended on an agreement with prosecutors on the construction of a new tailing dam system.

That’s a topic which is at the heart of the Samarco story, and for state prosecutors in Brazil as well as among investors back in BHP’s home of Australia, since the construction and maintenance of the previous tailings dam remain under scrutiny.

When the tailings dam collapsed in 2015, 19 people were killed and the Doce River was contaminated with 60 million cubic meters of waste in what was and remains Brazil’s worst environmental disaster.

Quinn told Reuters that even though Samarco had acquired an environmental license to build a new tailing system, a deal with federal prosecutors in Minas Gerais state was required in order for it to proceed.

While he did not give any details on what actually needed to be, negotiations and details are supposedly confidential according to Minas Gerais authorities, Quinn said the company was “working very hard for a restart”.

In its financial report for 2018, BHP said that the restart remains a focus, “but is subject to separate negotiations with relevant parties and will occur only if it is safe, economically viable and has the support of the community.”

The company also said that besides the granting of state and federal licenses—a process that is continuing, the company also needs to go through community hearings and an “appropriate restructure of Samarco’s debt.”

News of a potential restart has gone back and forth over the last year. While joint owners BHP and Brazil’s Vale have been making progress with permits and putting out spotfires in the form of class actions, more class actions have popped up in the meantime, dogging the companies.

In FY18, BHP reported a loss of US$650 million in relation to the dam failure and associated consequences.

As of now, there is no timeline for the restart of the mine, but BHP’s partner Vale has often stated that it’s hoping for the mine to restart as soon as possible—and even quoted 2018 or early 2019 as possible dates—now seemingly well out of reach with the new information around negotiations on the tailings dam.

Source : Strategic Research Institute

voda 28 augustus 2018 16:40

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BHP to bring coal production cost down to USD 57 per tonne

Mining Monthly reported that BHP Billiton’s Queensland Coal unit is hoping to bring its cost of production down to USD 57 per tonne of coal after it increased 14% to USD 68 per tonne in FY2018. Unit cost guidance for the FY2019 year is expected to balloon between USD 68 per tonne and USD 72 per tonne as a result of an 8% increase in strip ratios, higher diesel prices, local inflationary pressures and an extensive maintenance program planned for the six months to December 2019. Lower volumes from its Broadmeadow longwall mine and Blackwater open cut mine cost the company USD 263 million in FY2018.

BHP said that "Operational conditions at Broadmeadow and Blackwater improved significantly in the June 2018 quarter. In the medium term, we expect to lower our unit costs to approximately USD 57 per tonne."

The Queensland coal unit reported revenues of USD 7.3 billion for FY2018, compared with USD 6.3 billion for the previous corresponding period and net costs of USD 2.8 billion compared to USD 2.3 billion previously.

Source : Mining Monthly

voda 27 september 2018 15:33

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Glencore Plans USD 1 billion additional share buyback

Reuters reported that commodities trader and miner Glencore would repurchase more of its shares worth up to USD 1 billion, increasing the size of an existing buyback program that followed a subpoena from US authorities. Glencore said in July it would buy back shares worth up to USD 1 billion in a program of purchases running to the end of 2018. It has now extended the program to the end of February 2019. The London-listed miner, with a market capitalisation of USD 61 billion, announced plans to repurchase shares after the US government investigation into bribery and corruption sent the stock down more than 15 percent since the start 2018.

Companies across the mining industry have been handing money back to shareholders after a recovery from the mining and commodity crash of 2015-16 and in response to pressure from investors not to spend cash on buying assets that they say may never deliver returns.

Glencore's share price had already been hit by concerns about political risk in Democratic Republic of Congo, where it mines just over a quarter of the global output of cobalt, because of a mining code that was signed into law in June.

Source : Reuters

voda 1 oktober 2018 16:32

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Miljardeninvestering Rio Tinto in ijzerertsprojecten Australië

(ABM FN-Dow Jones) Rio Tinto en twee Japanse partners gaan in totaal 1,55 miljard dollar investeren in twee joint venture ijzerertsprojecten in de afgelegen Pilbara-regio in West-Australië. Dat maakte het mijnbouwbedrijf bekend.

Rio Tinto gaat samen met Mitsui en Nippon Steel & Sumimotomo Metal 967 miljoen dollar investeren in het nieuwe Robe Valley project en 579 miljoen dollar in het al bestaande West Angelas project.

Volgens Rio Tinto zal met de investeringen de productie op peil blijven van het ijzererts Pilbara.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved

voda 11 oktober 2018 17:23

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BHP aims to restart Olympic Dam copper facility this month

Reuters cited Mr Mike Henry, president of operations, minerals Australia, said in an interview on the sidelines of LME Week, an industry gathering in London BHP expects a plant at its Olympic Dam mine to restart this month following repairs and the company has found a way to deliver returns from the asset as part of a focus on maxmising productivity. “The expectation remains that we’ll have that back up and running this month. We have identified a very credible route to growing the asset,” adding the company was on track with a plan to seek board approval for “bite-sized chunks of capital (expenditure) with healthy returns”. Mr Henry said Olympic Dam, which contains uranium oxide, copper, gold and silver, was “a wonderful ore body”, but in the latest in a series of setbacks, BHP in August announced it had shut an acid plant following a boiler tube failure, disrupting copper processing. Underground mining at the site continued as normal.

The company’s CEO said at the time Olympic Dam was the only part of the business not delivering “an acceptable return on capital”.

In Brazil meanwhile, it is still too soon to say when BHP’s Samarco iron ore operations, a joint venture with Vale , will resume output following a dam burst in late 2015. Brazil says this was its worst environmental disaster.

Source : Reuters

voda 12 oktober 2018 16:52

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Rio warns of further hit from old alumina contracts

Financial Times reported that Rio Tinto has warned of further hit from old contracts to supply alumina, the key ingredient used to make aluminium. Rio revealed a USD 178 million hit to profits from the contracts in the first six months of the year. It also provided investors with a way to calculate future impacts, saying a to per cent rise in the alumina price would cut earnings by USD 100 million and every 10 per cent drop in the aluminium price would cost it USD 60 million. Of the 2.2 million tonnes, Rio said 30 per cent of the contracted volumes would roll off after 2023 and the bulk by 2030. Alf Barrios, the head of Rio’s aluminium business, also flagged cost pressures. He said rising raw materials prices would impact group earnings by USD 400 million in 2018 versus a year earlier.

Alumina has been on a rollercoaster ride this year with the price of the commodity shooting up in price after Rusal, a big supplier, was hit by US sanctions and the world’s biggest refinery was forced to curtail production.

The Anglo-Australian miner has one of the biggest aluminium businesses in the world and while it is largely self-sufficient it has deals, dating back to 1960s, to supply 2.2m tonnes a year of the material to customers. Under the deals Rio sells alumina at a percentage of the benchmark aluminium prices. Unlike alumina, which has shot up in value this year following a string of outages and disruptions, aluminium on the London Metal Exchange has fallen in value, leaving Rio out of pocket.

Source : Financial Times

voda 16 oktober 2018 21:41

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Rio Tinto expects aluminium demand to be about 3.2pct per annum

RTTNews reported that Rio Tinto PLC expects aluminium demand growth to be about 3.2% per annum next 5 years. China is expected to be broadly balanced in aluminium in medium to long-term. The company said it maintained its low-cost position despite commodity headwinds. Costs are expected to stay elevated in 2019. Raw materials cost headwinds impacted EBITDA by USD 229 million in the first-half of 2018 compared to the prior year.

US primary metal demand is expected to grow by 0.3 million tonne per annum from 2017 to 2020.

Source : RTT News

voda 16 oktober 2018 22:06

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World’s second largest mining trucks arrive at BHP's Peak Downs in Central Queensland - Report

Queensland Country Life reported that five massive Ultra-Class Liebherr T 282 C Dump Trucks have arrived at BHP’s Peak Downs mine site in Central Queensland. National Group’s heavy transport solutions brand National Heavy Haulage delivered the massive mining trucks with police escorts and road closures. The journey went from Mackay to Peak Downs over five separate trips throughout the months of September and October. National Group managing director Mr Mark Ackroyd said this was not the everyday type of haul. He said that “The trucks are some of the biggest in the world and have an empty vehicle weight of more than 260 tonne so when you put that into perspective, they each weigh more than 130 standard cars. It takes a highly efficient and reliable team to deliver a haul of this size and our NHH guys were able to do it without any concerns at all.”

Red Bull recently listed the Liebherr T 282 C as the equal second largest mining truck on the planet in their article; 5 biggest dump trucks in the world, with a payload capacity of 400 tonne.

NHH general manager Ian Scott was surprised with the sheer size of these machines but was never worried about their fleet of trucks capabilities.

Mr Scott said that “These were definitely some of the biggest loads we have dealt with but that is what we are known for. We utilise top of the range Kenworth prime movers and Drake heavy duty trailers, so when you combine these with a team focus on safely delivering the biggest and best equipment there is, nothing is too hard or too big to shift.”

Now that the last Liebherr Truck has been delivered to Peak Downs, they will each undergo a final on-site assemble by National Mining Services, who are also a part of Mr Ackroyd’s National Group, and then be officially handed over to BHP to go to work.

Source : Queensland Country Life

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voda 16 oktober 2018 22:16

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Production and sales highlights of Q3- Vale

Vale broke the emblematic production barrier of 100 Mt of iron ore fines in a quarter, reaching a production record of 104.9 Mt in 3Q18 vs 96.8 Mt in 2Q18 and achieving a production rate of 400 Mtpy. This reflected in a new sales record for iron ore and pellets of 98.2 Mt in 3Q18, 4.7 Mt higher than the previous record in 4Q17. Premium products1 made up 79% of total sales in 3Q18 (vs. 77% in 2Q18) and together with the consolidation of the differentiation strategy of Vale s product portfolio resulted in contributions of quality and average premium to a realized price of iron ore fines of US$ 8.6/t in 3Q18 vs USS 7.1/t in 2Q18 and US$ 5.6/t in 3Q17.

Vale's superior product portfolio with high Fe content and low contaminants continues to improve. On average, Fe content reached 64.0% in 3Q18 vs 63.8% in 2Q18, alumina 1.2% in 3Q18 vs 1.3% in 2Q18 and silica 3.9% in 3Q18 vs 4.2% in 2Q18.

S11D had an important role in improving the share of premium products on sales to 79% in 3Q18 from 77% in 2Q18, reaching another quarterly production record of 16.1 Mt in 3Q18 vs 14.3 Mt in 2Q18, and achieving a production rate of approximately 70% of its nominal capacity in 3Q18. The breakthrough technology of the truckless system is proving effective and adherent to physical planning. Annual production in 2018 will be towards the upper limit of the 50-55 Mt guidance.

Vale reaffirms its iron ore production guidance of about 390 Mt and about 400 Mt for 2018 and 2019 onwards, respectively, as previously announced on Vale Day.

Vale achieved a quarterly pellet production record of 13.9 Mt, 1.1 Mt higher than in 2Q18 mainly due to the successful ramp-up of the Tubaro I and II pellet plants. The year to date performance together with the restart of the S3o Luis pellet plant in 3Q18 will lead Vale to achieve its production guidance of 55 Mt in 2018 and 60 Mt in 2019.

As previously announced, nickel operations in 3Q18 reflected planned one-off effects derived from Sudbury's scheduled maintenance shutdown. It was Sudbury's first annual maintenance since the shift to a single furnace and it occurred concomitantly with Thompson's transition to a mine-mill operation. Given that Thompson's feed is now sent for smelting at Sudbury, temporary effects on both operations led to overall nickel production of 55,7001 in 3Q18. These two one-offs affected only 3Q18 and now, with an enhanced flowsheet between Thompson and Sudbury, production is expected to go back to previous guidance levels from 4Q18 onwards. Sequential improvements are also expected in 2019 as the nickel business is under restructuring, with the new management team aiming to adjust mine plans, optimize nickel's cost structure and achieve higher efficiency.

Copper production reached 94,500 t in 3Q18, 3,400 t lower that in 2Q18, reflecting the annual scheduled maintenance shutdown in Sudbury and the strategic decision to decrease mine production at Voisey's Bay to extend the mine lifespan to match the Voisey s Bay Mine Extension - VBME underground development schedule.

As previously reported, the Coal business is reviewing mine plans and operations to ensure a sustainable ramp-up from 2019 onwards. The structural changes started to bear fruit in 3Q18, with production totaling 3.2 Mt, 11.3% higher than 2Q18.

Source : Strategic Research Institute

voda 17 oktober 2018 17:22

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Rio Tinto PLC Q3 copper production update

Rio Tinto PLC announced that its Rio Tinto Kennecott mined copper production in the third quarter of 2018 was significantly higher than the third quarter of 2017 as mining activity continued in a higher grade area of the pit, coupled with productivity improvements and increased plant throughput. The production profile is expected to experience increased variation in grade as operations mine in lower levels of the pit, together with waste stripping related to the south wall pushback expansion. Anticipated south wall pushback grade increases beginning in late 2020 are expected to offset this impact over the longer term. Refined copper was one per cent higher than the corresponding period of 2017, and 33 per cent above the second quarter of 2018 as better mine grades improved concentrate quality and smelting throughput.

Rio Tinto Kennecott continues to toll and purchase third party concentrate to optimise smelter utilisation, with 6.3 thousand tonnes of concentrate received for processing in the third quarter of 2018. Purchased and tolled copper concentrate are excluded from reported production figures.

The pushback of the south wall progressed during the quarter. It will extend the life of mine and remains on track for completion in 2020.

Escondida
Third quarter mined copper production at Escondida was six per cent higher than the same period of 2017, reflecting the ramp-up of Escondida production to nameplate capacity following commissioning of the Los Colorados concentrator, which occurred in the second half of 2017.

Oyu Tolgoi
Mined copper production from the open pit in the third quarter of 2018 was seven per cent higher than the corresponding period of 2017, with higher grades partly offset by lower plant throughput due to the processing of harder ore.

Oyu Tolgoi Underground Project
The project workforce reached 8,800 at the end of September, with an 89 per cent participation rate of Mongolian nationals. A ground breaking ceremony was held at site to mark the commencement of shaft three and shaft four earthworks. Work continues on shaft two equipping and on the conveyor to surface decline.

Following an annual re-forecast of the underground development schedule and costs, capital costs remain in line with the overall $5.3 billion budget and construction of the first draw bell is still expected in mid-2020. The preliminary re-forecast assessment indicates ground conditions and shaft sinking challenges that are ultimately expected to result in a revised ramp-up schedule to sustainable first production.

In February 2018, the Southern Region Power Sector Co-operation Agreement under which Oyu Tolgoi was committed to working with the Government of Mongolia on a Tavan Tolgoi Independent Power Provider project was cancelled. As a result the Government of Mongolia expects Oyu Tolgoi to deliver a domestic power source for the operation within four years (by February 2022).

Oyu Tolgoi is progressing studies and preparations for suitable power solutions and continues to discuss the provision of domestic power with the Government of Mongolia.

On 15 October 2018, a loader caught fire while operating in the Oyu Tolgoi underground mine. All employees working underground at the time were evacuated safely.

Grasberg
On 28 September 2018, Rio Tinto signed a binding agreement to sell its entire interest in the Grasberg mine in Indonesia to PT Indonesia Asahan Aluminium (Persero) (Inalum), Indonesia’s state mining company, for $3.5 billion. Separately, Inalum signed a binding agreement with Freeport-McMoRan Inc in relation to the future ownership and operation of the Grasberg mine.

The transaction and the Inalum/FCX transaction (which are inter-conditional) are each subject to a number of conditions precedent being satisfied, including the receipt of regulatory approvals. Subject to these conditions being met, completion of both transactions is expected to occur in the first half of 2019.

The proceeds of the sale are to be paid in cash to Rio Tinto at closing, with the funds to be used for general corporate purposes.

Source : Strategic Research Institute

voda 17 oktober 2018 19:20

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Vale Q3 production and sales overview of Copper

Vale announced that its copper production reached 94,500 tonne in 3Q18, 3.5% lower than in 2Q18, reflecting the annual scheduled maintenance shutdown in Sudbury and the strategic decision to decrease mine production at Voisey's Bay to extend the mine's lifespan matching the investment schedule. Sales volumes of copper reached 92,4001 in 3Q18, in line with the lower copper production in 3Q183.

Brazilian operations
Production of copper in concentrate at Sossego totaled 22,8001 in 3Q18, 4.1% higher than in 2Q18 due to strong plant performance.

Production of copper in concentrate at Salobo reached 50.000 t in 3Q18, 7.1% higher than in 2Q18 due to higher ore grades, higher mill throughput and increased copper recovery.

Canadian operations
Production of copper from the Sudbury mines reached 17,100 t in 3Q18, 7.1% lower than in 2Q18 reflecting Sudbury’s scheduled maintenance shutdown which included mines and surface plants.

Production of copper from Voisey's Bay source reached 2,500 t in 3Q18, mainly due to the strategic decision to optimize margins through the extension of mine life to to match the Voisey's Bay Mine Extension - VBME underground development schedule.

Source : Strategic Research Institute

voda 17 oktober 2018 19:47

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Manganese ore production totaled 482,000 tonne in 3Q 2018 - Vale

Manganese ore production totaled 482,000 t in 3Q18, 14.5% higher than in 2Q18 and 15.3% lower than in 3Q17. Manganese ore sales volumes reached 553,000 t in 3Q18, 131.4% and 11.0% higher than in 2Q18 and in 3Q17, respectively, due to the consumption of inventory built up in 2Q18. Ferroalloy production in 3Q18 totaled 43,000 t, 13.2% and 19.4% higher than in 2Q18 and 3Q17, respectively, due to better operational performance. Ferroalloys sales volumes totaled 37,000 t in 3Q18, 8.8% higher than in 2Q18 as a result of higher production volumes.

Manganese ore
Production at the Azul manganese mine totaled 272,0001 in 3Q18,16.2% higher than in 2Q18 due to the usual weather-related seasonality, and 28.8% lower than in 3Q17 due to lower grades in the run-of-mine, resulting in lower product recovery.

Production at the Urucum mine totaled 175,000 tin 3Q18,11.5% and 9.4% higher than in 2Q18 and in 3Q17, respectively, positively reflecting the preventive maintenance stoppages of prior periods.

Production at the Morro da Mina mine totaled 34,0001 in 3Q18, 13.3% and 25.9% higher than in 2Q18 and 3Q17, respectively, mainly due to the two-shift operation as of April 2018.

Ferroalloy production
Production in 3Q18 was composed of 21,000 t of ferrosilicon manganese alloys (FeSiMn), 15,000 t of high-carbon manganese alloys (FeMnHC) and 7,000 t of medium-carbon manganese alloys (FeMnMC).

Source : Strategic Research Institute

voda 17 oktober 2018 19:53

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BHP operational review of July-September quarter of 2018

BHP Chief Executive Officer, Andrew Mackenzie, said “We delivered a two per cent increase in copper equivalent production despite maintenance at a number of our operations. We are on track to meet guidance for the 2019 financial year across our commodities, except copper where we have reduced production guidance slightly following outages at Olympic Dam in Australia and Spence in Chile. In petroleum, we have extended our exploration success and encountered hydrocarbons in three wells. The Onshore US sale process is progressing to plan and is expected to be completed by the end of October 2018."

FOR THE QUARTER ENDED 30 SEPTEMBER 2018

• Group copper equivalent production increased by 2% in the September 2018 quarter despite maintenance across a number of operations. Volumes for the 2019 financial year are expected to be broadly in line with last year*1*.

• Full year production guidance remains unchanged for petroleum, iron ore, metallurgical coal and energy coal. Total copper production guidance reduced by approximately 3% to between 1,620 and 1,705 kt reflecting lower volumes now expected at Spence (electro-winning plant outage) and Olympic Dam (acid plant outage).

• Unit cost guidance121 maintained for all major assets for the 2019 financial year.

• All major projects under development are tracking to plan.

• In Petroleum, the Victoria-1 and Bongos-2 exploration wells in Trinidad and Tobago, and the Samurai-2 well in the US Gulf of Mexico, encountered hydrocarbons. A sidetrack of the Samurai-2 well is currently being drilling to further appraise the discovery.

• Onshore US sale process is on track to be completed by the end of October 2018, with the Fayetteville transaction completed on 29 September 2018. The net proceeds from the sale of our Onshore US assets are expected to be returned to shareholders.

Source : Strategic Research Institute

voda 17 oktober 2018 19:53

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BHP update on iron ore production in Jul-Sep quarter

BHP announced that total iron ore production increased by 10 per cent to 61 Mt or 69 Mt on a 100 per cent basis. Guidance for the 2019 financial year remains unchanged at between 241 and 250 Mt, or between 273 and 283 Mt on a 100 per cent basis.At WAIO. increased volumes were supported by record production at Jimblebar and improved reliability across our rail network and port operations. As expected, production was lower than the June 2018 quarter as we optimised maintenance schedules across the supply chain and implemented a program of work to further improve port reliability and performance.

Mining and processing operations at Samarco remain suspended following the failure of the Fund3o tailings dam and Santar6m water dam on 5 November 2015.

Source : Strategic Research Institute

voda 17 oktober 2018 19:55

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Vale Q3 production and sales overview of Nickel

As anticipated in the last production and sales report, Sudbury conducted its annual scheduled maintenance shutdown and Thompson transitioned to a mine-mill operation, with its concentrate being sent to the Sudbury smelter for further processing. As a consequence, production of finished nickel reached 55,7001 in 3Q18,15.9% lower than in 2Q18.

In 4Q18, nickel production is expected to reach close to 60,000 t as Sudbury returned from its annual scheduled maintenance shutdown in mid-September.

Sales volumes of nickel were 57,3001 in 3Q18, a decrease compared to 2Q18. Sales volumes did not decrease to the same extent as the production in 3Q18 mainly due to a drawdown of finished inventory in the quarter versus a buildup in 2Q18.

Canadian operations
Production from the Sudbury mines reached 9,2001 in 3Q18, 4,100 t lower than in 2Q18. The decrease compared to 2Q18 was mainly due to the 3Q18 scheduled maintenance shutdown that impacted mines and surface plants. The scheduled shutdown included the completion of the Atmospheric Emission Reduction (AER) project.

Production from the Thompson mines reached 1,9001 in 3Q18, 3,9001 lower than in 2Q18. In 3Q18, Thompson transitioned fully to a mine and mill operation and its concentrate will be processed in Sudbury for the foreseeable future. In 3Q18 Thompsons finished nickel production was impacted as Thompson's feed was not processed during Sudbury's scheduled maintenance. Production from the Voisey's Bay mine reached 8,400 t in 3Q18, 1,100 t lower than in 2Q18. The decrease was mainly due to the strategic decision to decrease production output to extend the mine's lifespan to match the Voysey's Bay Mine Extension - VBME underground development schedule. Production at the Long Harbour processing plant reached 8,3001 in 3Q18, 600 t lower than in 2Q18 as a result of the scheduled maintenance shutdown in August 2018.

Indonesian operation
PTVI nickel in matte production reached 18,800 t in 3Q18, in line with 2Q18. Production of finished nickel from PTVI reached 20,6001 in 3Q18, 15.7% higher than in 2Q18. The increase was mainly due to having established healthy feed stock inventory levels in previous periods, therefore Clydach consumed PTVI source material at high rates without compromising future production. PTVI source feed represents a primary source of feed at Class I Clydach rather than at our Class II Utility Nickel refineries. This represents a longer route to market but aims to maximize production of higher value carbonyl Class I products, in line with Vale's margin optimization strategy for the nickel business.

New Caledonia operation (VNC)
All the viable options for a stable and profitable operation that may lead to a sustainable business in the long haul are being assessed. Vale is supportive of its New Caledonian business and is currently studying options that, among other alternatives, include a revamped mining plan to enhance value generation from the asset and explore its cobalt potential in support of the EV batteries market. Vale is aiming to reach a decision on which alternative will be followed, possibly until the end of this year.

Production of NiO and NHC (nickel oxide and nickel hydroxide cake) at the VNC site (prior to shipping to Dalian in China for refining) was 6,900 t in 3Q18, 8% lower than in 2Q18. The decrease was mainly related to lower ore deliveries from the mine and refinery limitations. Additional trucks were added to the mining fleet in September to increase mine production in 4Q18. NiO accounted for 86% and NHC for 14% of VNC's 3Q18 site production.

Production of finished products from VNC source material reached 7,500 t in 3Q18, 20.2% lower than in 2Q18. Production was lower as higher levels of NiO were sent to Dalian to be refined into Utility Nickel during 3Q18, whereas in 2Q18 part of NiO was sold directly to the market in response to product demand, including in the EV battery supply chain. The difference in the time required to have nickel oxide sold immediately to the market as a saleable product and the lead time required to transport and refine it into Utility Nickel at the Dalian refinery were factors that reduced VNC source production in 3Q18.

Brazilian operation (Onga Puma)
Production from the Onga Puma operation reached 6,100 t in 3Q18, 8.9% higher than 2Q18. Production was higher than in 2Q18 due to greater furnace availability.

Source : Strategic Research Institute

voda 18 oktober 2018 17:10

0

BHP September quarter copper production update

BHPB announced that its total copper production for the September 2018 quarter was broadly flat at 409 kt. Guidance for the 2019 financial year has been reduced to between 1,620 and 1,705 kt and reflects lower volumes at Spence and Olympic Dam.

Escondida copper production increased by 10 per cent to 295 kt driven by higher copper concentrate output. This is a result of the diversion of ore feed from sulphide leach to the three concentrators to maximise their utilisation, which offset the impact of expected lower copper grades and adverse weather conditions in the quarter. Guidance remains unchanged at between 1,120 and 1,180 kt in the 2019 financial year. During the period, we successfully completed negotiations with Escondida Union N°1 and signed a new collective agreement, effective for 36 months from 1 August 2018.

Pampa Norte copper production decreased by 25 per cent to 43 kt as a result of lower volumes from Spence. The decrease reflected a lower stacking rate in May and June 2018 as a result of planned maintenance, and a production outage following a fire at the electro-winning plant in September 2018. Production guidance for Spence has been reduced from between 185 and 200 kt to between 160 and 175 kt, with volumes weighted to the second half as a return to full capacity is expected during the December 2018 quarter. Since the fire, mining and stacking operations at Spence have continued, accumulating copper in the system, which will be recovered over the coming years as tankhouse capacity becomes available. On 19 June 2018, BHP entered into an agreement to sell Cerro Colorado to EMR Capital*3*. The transaction is expected to close during the December 2018 quarter, subject to financing and customary closing conditions. During the period, we successfully completed the advanced negotiation with Cerro Colorado Union N°1 (operators and maintenance), with the new agreement effective for 36 months from 1 September 2018.

Olympic Dam copper production decreased by 21 per cent to 33 kt as a result of an unplanned acid plant outage in August 2018. Surface operations remain suspended as remediation works continue on the gas converter, sulphur burner and waste heat boiler in the acid plant. Surface operations are expected to recommence at the end of October 2018 and ramp up to full capacity during November 2018. As a result, production guidance for the 2019 financial year has been reduced from between 200 and 220 kt to between 170 and 180 kt. Underground operations have been unaffected with total development of nine kilometres achieved in the September 2018 quarter and progression into the higher ore grade Southern Mine Area continuing.

Antamina copper production increased by three per cent to 37 kt due to higher head grades. Production guidance for the 2019 financial year remains unchanged at approximately 135 kt for copper and approximately 85 kt for zinc.

Source : Strategic Research Institute

AEX 860,01 -5,35 -0,62% 19 apr


Germany40^	17.714,20	-0,69%
BEL 20	3.827,75	+0,03%
Europe50^	4.904,14	-0,28%
US30^	37.851,00	0,00%
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US500^	4.960,72	0,00%
Japan225^	37.028,48	0,00%
Gold spot	2.392,50	0,00%
EUR/USD	1,0655	+0,11%
WTI	82,10	0,00%

WDP	+3,12%
Kendrion	+2,92%
EBUSCO HOLDING	+2,67%
Vopak	+2,61%
NX FILTRATION	+2,17%

JUST EAT TAKE...	-5,11%
TomTom	-4,68%
Fugro	-4,30%
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BESI	-3,64%

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