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Mijnen,Rio...bhp

1. voda 5 september 2013 16:39

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   Rio Tinto cuts production forecast for iron ore over next 5 years
   
   Mining giant Rio Tinto revised its production forecast for iron ore over the next five years amid lower volume of orders for the key steel making ingredient from China.
   
   One possible implication of this policy is that Rio may possibly not open new mines ir expand after current projects are finished even if demand for iron ore remains healthy or steady.
   
   Mr David Joyce chief of Rio Iron Ore Development said that “With this development, the lower end of the projected annual exports for iron ore could go down to 300 million tonnes in 2018 from the previous forecast of 360 million in May provided by Mr Sam Walsh CEO of Rio Tinto.”
   
   However, the upper end remains at 375 million tonnes. Despite the adjusted forecast for the lower end of annual production for iron ore, Rio had approved the expansion of its Pilbara iron ore railways and ports on the assumption of handling 360 million tonnes annually, but its approved mine expansion is up to 290 million tonnes only.
   
   Rio estimated that the revenue cost of not pursuing extra mine expansions would be AUD 7 billion a year based on 30% lower iron ore price of AUD 100 per tonne. The lower forecast were due to the projected lower commodity prices and Rio changing its focus from growth to cost cutting and capital management.
   
   Mr Andrew Harding CEO of Rio Iron Ore said that “The giant miner would continue to pursue further productivity improvements from its fully integrated Pilbara system to maximize return on investment.”
   
   Source - Ibtimes.com
   
2. voda 6 september 2013 16:25

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   Eye tracking system bought by BHP for mining truck fleet
   
   Seeing Machines has been awarded AUD 1.5million order for its Driver State System (DSS) from BHP Billiton. It follows a 17 truck trial at Mining Area C and Eastern Ridge, in the Pilbara, northwest Australia. In all, 110 trucks will be equipped with the devices, which use Seeing Machines’ breakthrough eye-tracking technology. It’s one of a series of similar transactions with the world’s big miners. The group also has a deal with American firm Caterpillar which has been agreed to roll out the DSS via its dealer network.
   
   The DSS solution is a robust, automatic platform that uses cutting edge eye tracking algorithms to detect operator drowsiness and distraction. It has been specifically designed for straightforward deployment into vehicles and environments where fatigue and attention must be monitored and managed in real time.
   
   The DSS-IVS (in vehicle system) uses a small, console-mounted camera to track operator eye behavior, determine the driver’s drowsiness state and detect micro sleeps the instant they occur. Audio and seat vibration alarms immediately alert the operator and site dispatchers are notified of incidents in real time.
   
   The DSS system works equally well day and night, even if an operator wears tinted safety glasses or prescription eyewear. And unlike other companies solutions that require drivers to wear awkward proprietary tethered’ glasses with infrared eye sensors or caps with brain monitoring electrodes, DSS is non contact and requires no calibration. Your drivers just get in and drive.
   
   Source - Mineweb.com
   
3. voda 6 september 2013 16:26

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   Monadelphous wins AUD 235 million Rio Tinto contract
   
   The West Australian reported that engineering firm Monadelphous Group has won AUD 235 million construction contract for work on an iron ore port being built for Rio Tinto.
   
   Monadelphous said the contract was for work on Rio's Cape Lambert Port B Project in the Pilbara and involved structural mechanical and piping works for the supply and installation of a screenhouse, two car dumpers and associated conveyor and transfer stations. Work is scheduled for completion in the final three months of 2014.
   
   The company said the contract would support solid sales revenue momentum into the new financial year.
   
   Source – The West Australian
   
   
4. voda 8 september 2013 15:17

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   Rio Tinto may start Simandou mine in 2018 at the earliest
   
   Bloomberg reported that Rio Tinto Group AUD 20 billion Simandou iron ore project in Guinea may start in 2018 at the earliest, three years behind the initial target, pending completion of funding.
   
   Mr Alan Davies CEO of London based Rio’s diamonds and minerals division, who is also responsible for Simandou said that “The production date will come out to be what it will be once the investment framework is concluded and the financing is put in place. If everything goes extremely well and rapidly, the production will be around 2018.”
   
   Mr Sam Walsh CEO of Rio Tinto said last month that meeting the target of first production by 2015 would prove difficult. The company, which last year sold 44.65% stake in Simandou to state owned Aluminum Corp. of China Limited for AUD 1.35 billion is helping Guinea get financing for its half share of the project’s port and rail.
   
   Mr Davies said that “The government of Guinea has confirmed that it will not fund its 51% share of the infrastructure, so clearly all the partners will have to work closely together to come up with a financing plan. Rio and its partners will talk with a range of possible investors, including sovereign wealth funds and construction companies.”
   
   Source – Bloomberg
   
   
5. voda 10 september 2013 16:37

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   Glencore ziet grotere besparing op Xstrata
   
   Gepubliceerd op 10 sep 2013 om 09:40 | Views: 1.088
   
   Glencore Xstrata 16:20
   PNC 330,30 +9,00 (+2,80%)
   
   BAAR (AFN) - Glencore verwacht dat de overname van mijnbouwer Xstrata een kostenbesparing oplevert van 2 miljard dollar. Dat is vier keer zo veel als aanvankelijk werd gedacht. De dinsdag bekendgemaakte nieuwe raming is onder meer inclusief 450 miljoen dollar aan voordelen op de marketinginspanningen.
   
   Grondstoffenhandelaar Glencore nam Xstrata eerder dit jaar over voor 29 miljard dollar. ,,We hebben de integratie van het bedrijf snel en succesvol afgerond'', aldus topman Ivan Glaser. ,,Een groot deel van de kostenbesparingen valt te realiseren in de overhead op hoofd- en bijkantoren. We zijn pas net begonnen met het in kaart brengen van de gecombineerde mijn- en metaalactiviteiten.''
   
   Glencore schreef vorige maand nog 7,7 miljard dollar af op de waarde van bezittingen die verworven werden met de overname vanwege het negatieve sentiment in de bredere mijnbouwindustrie.
   
6. voda 3 oktober 2013 16:21

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   Braziliaanse Vale wil $2,25 miljard extra dividend uitkeren
   
   
   SAO PAULO (Dow Jones)--Het uitvoerend bestuur van de Braziliaanse mijnbouwgigant Vale sa (VALE3.BR) wil een extra $2,25 miljard aan dividend uitkeren aan de aandeelhouders, heeft het bedrijf woensdagavond laat bekendgemaakt.
   
   De uitbetaling bestaat voor $1,75 miljard uit het tweede deel van een minimum dividend in 2013, plus nog eens een extra $500 miljoen, aldus Vale.
   
   Als het huidige voorstel goedgekeurd wordt dan zal uitbetaling plaatsvinden op 31 oktober, meldt het bedrijf in de persverklaring. In combinatie met de eerste uitbetaling zal Vale in 2013 in totaal $4,5 miljard aan dividend uitkeren aan de aandeelhouders.
   
   
   - Door Luciana Magalhaes, vertaald en bewerkt door Elco van Groningen, Dow Jones Newswires; +31 20 571 52 00; elco.vangroningen@wsj.com
   
   
7. voda 4 oktober 2013 16:34

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   Rio Tinto completes first phase expansion phase of iron ore operations in Pilbara
   
   Rio Tinto has completed the first phase of the major expansion of its integrated iron ore operations in the Pilbara, celebrating the milestone today with a ceremony at Cape Lambert.
   
   The Premier of Western Australia, The Hon. Colin Barnett MLA, officially opened Cape Lambert wharf B (CLB) which will help bring the overall capacity of Rio Tinto’s Pilbara iron ore operations to 290 million tonnes a year the largest iron ore operation in Australia and the second largest in the world.
   
   Mr Andrew Harding CEO of Rio Tinto Iron Ore said that "The 290 expansion, the largest integrated mining project in Australia, has created the opportunity for Rio Tinto to deliver superior value to shareholders and customers. It is testament to our focus on value-driven growth at our low-cost operations. We have again demonstrated our project execution performance is second to none, delivering this expansion ahead of schedule and under budget. This disciplined approach has generated greater value through capital expenditure savings of USD 400 million (100% basis), achieved mainly from our engineering and contracting strategies across this phase of the programme. By running Australia’s lowest-cost iron ore operations we will ensure the benefits continue to flow through to the bottom line."
   
   Source - Strategic Research Institute
   
8. voda 10 oktober 2013 16:11

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   Glencore Xstrata boekt vooruitgang in verkoop Peruaanse mijn - bronnen
   
   
   LONDEN (Dow Jones)--Glencore Xstrata plc (GLEN.LN) boekt goede vooruitgang in de verkoop van een Peruaanse kopermijn en heeft volgens drie personen die bekend zijn met de situatie twee van de vier Chinese bedrijven die een initieel bod hadden uitgebracht, teruggevraagd voor het uitvoeren van een boekenonderzoek en een tweede bod.
   
   Het voormalige Glencore International plc ging akkoord met de verkoop van het Peruaanse Las Bambas project van Xstrata, dat $5,9 miljard zal kosten om te ontwikkelen, om daarmee goedkeuring van de Chinese toezichthouder zeker te stellen voor de overname van Xstrata ter waarde van $44,6 miljard. Deze overname vond plaats in mei.
   
   De eventuele koper van Las Bambas zal goedgekeurd moeten worden door het Chinese ministerie van handel. China, een van de grootste gebruikers van koper ter wereld, heeft de voorwaarden opgelegd zonder dat Glencore of Xstrata in het land actief is met kopermijnen of faciliteiten voor de verwerking daarvan.
   
   Als het van een Chinese overname komt dan zou dit de grootste overname zijn van een Chinees bedrijf van buitenlandse koperactiviteiten.
   
   Glencore Xstrata ontving medio september initiele niet-bindende biedingen voor Las Bambas van verschillende bedrijven, waarbij sommige van hen optraden als consortium, legt e e n van de personen uit. Het bedrijf heeft nu een aantal van deze bieders geselecteerd voor het uitvoeren van een boekenonderzoek en om te participeren in een twee biedingsronde, aldus twee van de bronnen.
   
   In de tweede ronde dingen onder andere MMG Ltd. (1208.HK), onderdeel van het Chinese staatsbedrijf voor metaalhandel China Minmetals Corp., en Chinalco Mining Corp. International (3668.HK), dat onderdeel is van Aluminum Corp. of China Ltd. (601600.SH), apart van elkaar mee naar de Peruaanse mijnbouwactiviteiten van Glencore Xstrata, stellen twee personen die bekend zijn met de kwestie. Het Chinese Jiangxi Copper Co. (600362.SH) diende ook een bod in tijdens de eerste ronde, maar heeft de tweede biedingsronde niet gehaald, zegt een derde persoon.
   
   Voorafgaand aan de eerste biedingsronde toonde ook Citic Resources Holdings Ltd. (1205.HK) interesse in Las Bambas, zegt een van de bronnen, maar het bedrijf wilde niet aangeven of het ook een initieel bod heeft ingediend.
   
   
   - Door Alex MacDonald (met een bijdrage van Prudence Ho, Yvonne Lee en Ryan Dube), vertaald en bewerkt door Elco van Groningen; Dow Jones Nieuwsdienst; +31-20-5715200; elco.vangroningen@wsj.com
   
   
9. voda 12 oktober 2013 16:46

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   Rio Tinto reassures on Pilbara plans
   
   Mr Andrew Harding head of Rio Tinto Limited iron ore division has sought to reassure investors that he will not lead the miner through its large scale Pilbara expansion plans unless there is a sound business case for doing so as he seeks to deflect shareholder pressure to return excess cash to investors instead of embark on the planned expansion.
   
   Mr Harding said “If it follows through on the expansion, Rio would become the world's largest iron ore producer. But Rio and other large miners have faced pressure to revisit expansion plans until the outlook for Chinese commodity demand becomes clearer. But achieving such distinctions will not drive the decision, unless the expansion makes sound investment sense.”
   
   He said that “If I am required to build the business to a certain size because it maximises value, I will do that if it's sensible and if there's another way that maximises and increases value I will do that, but I am not in love with any of it. You have to maintain an ego that does not need to be satisfied in building things. I'm a mining engineer; I am not a romantic truck lover or process plant person or anything like that.”
   
   Source – Business Spectator.com
   
10. voda 15 oktober 2013 16:11

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    Rio Tinto productie ijzererts bereikt recordniveau
    
    
    SYDNEY (Dow Jones)--Mijnbouwbedrijf Rio Tinto (RIO) heeft een recordniveau aan ijzererts geproduceerd in het afgelopen kwartaal om aan de vraag voor staal vanuit China te voldoen.
    
    Het concern overweegt 5 miljard aan Australische dollars (A$) te investeren in uitbreiding van zijn mijnen in Australie. De op het Braziliaanse Vale sa (VALE) na grootste producent van ijzererts voert de productie op omdat het concern verwacht dat de vraag uit China zal stijgen omdat het land grote hoeveelheden nodig heeft om staal te maken voor de bouw van onder andere wolkenkrabbers en de automotive industrie.
    
    Deze verwachting leek in het afgelopen anderhalf jaar risicovoller te zijn geworden omdat de economie van China vertraagde. Peking heeft bovendien de speculatie in vastgoed aan banden gelegd, waardoor sommige analisten verwachten dat de bouwactiviteit zal afnemen. Desalniettemin is de recente vraag verrassend sterk gebleken. De Chinese import van ijzererts kwam in september op een recordhoogte uit van 74,6 miljoen ton, een stijging van 15% op jaarbasis.
    
    Tekenen van een gezonde vraag uit China heeft de ijzerertsprijzen ondersteund, terwijl prijzen van andere grondstoffen zoals kolen en nikkel laag blijven. IJzerertsprijzen zijn sinds een dieptepunt in mei met 21% gestegen tot $133,60, maar liggen nog steeds 7,8% lager dan begin dit jaar.
    
    Rio Tinto maakte bekend dat in het kwartaal dat in september eindigde 68,3 miljoen ton ijzererts werd geproduceerd in Australie en Canada. Het mijnbouwbedrijf verwacht dat halverwege volgend jaar een productiviteitsniveau wordt bereikt van 290 miljoen ton per jaar, wat een stijging impliceert van 25% ten opzichte van de productievolumes in 2012. IJzererts is goed voor 80% van de winst van Rio Tinto en is verreweg belangrijker dan andere activiteiten zoals koper.
    
    
    Door Rhiannon Hoyle, vertaald en bewerkt door Levien de Feijter; Dow Jones Nieuwsdienst: +31-20-5715200; levien.defeijter@wsj.com
    
    
12. voda 17 oktober 2013 15:15

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    Rio Tinto update on iron ore production
    
    Pilbara operations;
    Q3 production of 64.3 million tonnes set a new quarter record, driven by period on period productivity improvements and commissioning of the Hope Downs 4 mine. Production for the nine months to September was 184.1 million tonnes (Rio Tinto share 146.8 million tonnes), 4% higher than the corresponding period in 2012.
    
    Pilbara marketing;
    Q3 sales of 64.3 million tonnes (100% basis) set a new sales record and were 5% higher than the same period in 2012. Year to date sales of 175.4 million tonnes were 3% higher than the corresponding period last year.
    
    Approximately 30% of sales in the Q3 of 2013 were priced with reference to the prior quarter’s average index lagged by 1 month. The remainder was sold either on the current quarter average, current month average or on the spot market. Prices are adjusted for product characteristics and iron and moisture content.
    
    Pilbara expansion;
    Expansion projects are on track, with the 290 MT per annum project being delivered ahead of the original schedule and AUD 400 million under budget. First shipment occurred in late August, four months ahead of schedule and ramp up to nameplate capacity will continue through to the end of the H1 of 2014.
    
    Expansion of the port, rail and power infrastructure to 360 MT per annum is currently underway. A number of options for mine capacity growth are under evaluation, including incremental tonnes from low cost productivity improvements, expansion of existing mines and the potential development of new mines.
    
    Iron Ore Company of Canada;
    Total saleable production for the nine months to September was 12% higher than in the same period in 2012 due to continued improvement in the expanded mine and concentrator. Completion of the second phase of the Concentrate Expansion Project to bring total concentrate production capacity to 23.3 MT per annum is expected during the H1 of 2014.
    
    Year to date concentrate sales are 60% higher than in the same period in 2012. This is as a result of the additional concentrate volumes from recent expansions and the decision to curtail pellet production to reduce costs.
    
    Source – Strategic Research Institute
    
13. voda 17 oktober 2013 15:18

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    BHPB can expand Australian iron ore production to 270 million tonnes
    
    BHP Billiton can expand Western Australian iron ore production from 260 MT per year to 270 MT per year by debottlenecking existing infrastructure.
    
    Mr Jimmy Wilson president of the iron ore division said that BHPB could achieve this target without spending on an additional mining hub or major port combined with rail infrastructure.
    
    The company said that the new Jimblebar mine will ramp up to 35 MT per year bringing total mine capacity in the WA Pilbara region to 220 MT per year.
    
    BHPB’s Port Headland inner harbour expansion project is substantially complete comprising eight berths and eight ship loaders with an option for two additional berths. The outer harbour remains a valuable option for long term growth.
    
    Strong steel production continues to underpin iron-ore demand. The iron ore cost curve is expected to flatten over the medium to long-term as the major, low-cost producers expand supply.
    
    Source – Mining Journal.com
    
14. voda 18 oktober 2013 18:42

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    Rio Tinto announces strong Q3 production results
    
    1. Record quarter for iron ore production, shipments and rail volumes. First shipments through Cape Lambert wharf B were made in late August, 4 months ahead of the original timeframe. The safe and efficient ramp up schedule is on track to reach a full run rate production of 290 Mt/a by the end of the first half of 2014.
    
    2. Production at Oyu Tolgoi continued to ramp up and is now consistently producing at design capacity. Shipments of copper concentrate to China commenced on 9 July. Oyu Tolgoi’s customers are making good progress with Chinese customs officials to obtain the necessary approvals to allow collection of purchased concentrate from the bonded warehouse.
    
    3. 2013 expectations for mined copper at Kennecott Utah Copper have been upgraded to 185,000 tonnes. The new heavy vehicle access road is expected to be operational in the next few weeks.
    
    4. First hot metal was produced at the AP60 plant in Quebec. Once fully commissioned, the 60,000 tonne per year plant will produce 40% more aluminium per cell than the previous generation of AP technology.
    
    5. Production of semi soft and thermal coal improved following the completion of recent brownfield mine expansions and substantial productivity gains through operational improvements from load and haul fleets.
    
    6. On track to exceed our AUD 750 million explorations and evaluation spend reduction target for 2013, having achieved AUD 729 million in lower exploration and evaluation spend during the nine months to September compared to the same period in 2012.
    
    Mr Sam Walsh CEO of Rio Tinto said that “We achieved strong production results in the Q3 with copper volumes up as Oyu Tolgoi ramps up to full capacity and as Kennecott continues to recover ahead of expectations. Productivity improvements in our Australian operations led to record quarterly thermal coal production. In iron ore, we achieved record production and shipments in Western Australia following the official opening of our landmark Pilbara 290 port and rail expansion, four months ahead of its original schedule and $400 million under budget. We maintained good progress against our strategic priorities to improve the performance of our businesses, strengthen the balance sheet and deliver our approved growth projects. We are also making further important gains in productivity across our operations and continue to drive costs out of the business.”
    
    Source – Strategic Research Institute
    
    
15. voda 18 oktober 2013 19:34

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    Rio Tinto to complete Iron Ore Company of Canada expansion by mid 2014
    
    Rio Tinto expects to complete the Phase II expansion at its majority owned Iron Ore Company of Canada by mid 2014. The expansion of the facility in Newfoundland and Labrador will increase concentrate production capacity by 6% to 23.3 million tonnes a year.
    
    Analysts expect that up to CAD 70 million in additional spending will be required to complete the project owned 58.7% by Rio Tinto. The facility's output in the Q3 beat expectations and is up 12% so far this year. Production was four million tonnes including 1.8 million tonnes of concentrate and 2.2 million tonnes of pellets.
    
    Sales were 3.8 million tonnes down from 4.8 million tonnes in the prior quarter due interruptions caused by wildfires, harder ore in the pit and scheduled maintenance downtime.
    
    Concentrate sales this year are up 60% from the first 9 months of 2012 due to recent expansions and the decision to curtail pellet output to reduce costs.
    
    Overall, Rio Tinto said that quarterly global production of iron ore, copper and aluminum were higher, but output was down from its Diavik diamond operation in the Northwest Territories.
    
    Mr Sam Walsh CEO of Rio Tinto said that “The Company is making progress in achieving its strategic priorities. We are also making further important gains in productivity across our operations and continue to drive costs out of the business."
    
    Source - Financialpost.com
    
    
16. voda 22 oktober 2013 16:47

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    BHP Billiton voert productie ijzererts op
    
    Gepubliceerd op 22 okt 2013 om 07:17 | Views: 3.137
    
    BHP Billiton Plc 16:27
    
    PNC 1.957,00+83,50(+4,46%)
    
    MELBOURNE (AFN/BLOOMBERG) - BHP Billiton heeft de productie van ijzererts afgelopen kwartaal stevig opgevoerd en verwacht dit jaar meer te produceren dan eerder werd aangegeven. Het mijnbouwbedrijf reageert daarmee op de sterke vraag uit China.
    
    BHP Billiton meldde dinsdag dat de productie van ijzererts in het eerste kwartaal van zijn gebroken boekjaar met 23 procent is gestegen, tot 48,8 miljoen ton. Analisten voorspelden een productie van 47,8 miljoen ton. De totale ijzerertsproductie neemt dit boekjaar naar verwachting toe tot 212 miljoen ton. Eerder voorspelde het concern een totale productie van 207 miljoen ton.
    
    De import van ijzererts door China klom in september tot het recordniveau van 75 miljoen ton. IJzererts is de belangrijkste divisie van BHP Billiton. Vorig boekjaar leverde de grondstof 43 procent van de brutowinst van de mijnbouwer.
    
17. voda 23 oktober 2013 16:45

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    BHPB updates on iron ore production
    
    Iron ore – Iron ore production increased by 23% in the September 2013 quarter to 49 million tonnes.
    
    WAIO achieved record production of 54 million tonnes (100% basis) for the September 2013 quarter. Continued strong operating performance across the supply chain and the successful delivery of first production from the Jimblebar mine, ahead of schedule, contributed to the record result. The ramp up of phase one capacity at Jimblebar to 35 million tonne per annum is expected to be completed by the end of the 2015 financial year.
    
    The optimisation of the supply chain in the Pilbara continues to unlock substantial value and WAIO is now expected to produce 212 million tonnes (100% basis) in the 2014 financial year, a five million tonne increase on prior guidance. Longer term, a low cost option to expand Jimblebar to 55 million tonnes per annum and the broader debottlenecking of the supply chain is expected to underpin further capital efficient growth in capacity to approximately 260 million tonnes per annum to 270 million tonnes per annum (100% basis).
    
    Samarco’s (Brazil) three pellet plants continued to operate at capacity during the period. Total iron ore production for the 2014 financial year, which includes Samarco, is now expected to increase to 192 million tonnes (BHP Billiton share).
    
    Source – Strategic Research Institute
    
18. voda 23 oktober 2013 16:45

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    BHP Billiton operational review for quarter ended sept 2013
    
    1. BHP Billiton maintained strong momentum in the September 2013 quarter as production increased by 11%i from the prior corresponding period. Optimisation of the Western Australia Iron Ore supply chain continues to unlock substantial value with 2014 financial year production guidance raised to 212 million tonnes (100% basis). Full year production guidance is maintained for Petroleum, Copper and Coal.
    
    2. Total petroleum production for the September 2013 quarter was a record 62.7 million barrels of oil equivalent. A 16% increase in liquids production was underpinned by significant growth in Onshore US volumes, primarily in the Black Hawk and the start up of a new production well at Atlantis. An additional Atlantis production well is scheduled for completion in the second half of the 2014 financial year.
    
    3. Queensland Coal continued to benefit from its focus on productivity as it sustained an annualised production rate of 61 million tonnes (100% basis) in the September 2013 quarter.
    
    4. Four major projects delivered first production including the WAIO Jimblebar Mine Expansion where first production was achieved approximately 6 months ahead of the original schedule. All other projects are tracking to plan.
    
    5. Our ability to simplify our portfolio and focus on our diversified pillars of Petroleum, Copper, Iron Ore and Coal remains an important point of differentiation. Since the beginning of the 2013 financial year the Group has completed major transactions totalling USD 6.5 billion, which includes USD 2.2 billion received in the financial year to date.
    
    Mr Andrew Mackenzie CEO of BHP Billiton said that “Our pursuit of productivity gains and operating excellence is already yielding strong results. There is no better example than in our Iron Ore business, where the deployment of mobile crushing units and the continued debottlenecking of the supply chain has underpinned a five million tonne increase in Western Australia Iron Ore’s production guidance for the 2014 financial year.”
    
    Mr Mackenzie said that “We continue to build on the substantial USD 2.7 billion reduction in controllable cash costs delivered in the 2013 financial year with strong momentum maintained in the Q1. In addition, a 25% reduction in capital and exploration expenditure to USD 16 billionii in the 2014 financial year has significantly increased internal competition for capital. Our rate of expenditure will decline again next year and if our investment criteria cannot be met in any one project, product or geography, we will redirect our capital elsewhere or we will not invest.”
    
    He said that “Active management of our portfolio has also delivered significant value for our shareholders. In this financial year completed transactions have already delivered proceeds of USD 2.2 billion, further strengthening our solid A balance sheet. With strong production growth and our overriding commitment to substantially increase free cash flow we are well positioned to grow returns to our shareholders.”
    
    Source – Strategic Research Institute
    
19. voda 24 oktober 2013 17:09

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    BHP raises iron ore target as Australian expansions accelerate
    
    Reuters reported that BHP Billiton upgraded its full year iron ore output target as the world's biggest miner ramped up production to capture more of a slower growing market for raw materials.
    
    Shares in BHP posted their biggest one day gain in more than three months as chief executive Mr Andrew Mackenzie who promised a relentless focus on productivity when he took the top job in May said the miner's efforts were paying off.
    
    He said that there's no better example of that than in our iron ore business pointing to faster ore crushing and more efficient rail transport to the port that helped boost its full year iron ore forecast by 2.4% to 212 million tonnes.
    
    Miners are cutting costs and driving assets harder as slowing demand growth for raw materials from China and elsewhere puts more emphasis on economies of scale to keep costs down.
    
    BHP reported a 23% rise in iron ore output in its quarter ended September 30 from a year earlier, boosted by a multi billion dollar expansion of its Australian mines.
    
    Mackenzie reiterated that BHP would take tough decisions on projects that failed to meet the company's investment criteria in the new era of austerity that has swept global miners.
    
    BHP has already cut planned spending for 2013 to 2014 by 25% to AUD 16 billion and has earmarked a further drop for the following year. It is looking to sell assets and focus on iron ore, petroleum, copper and coal.
    
    Source - Reuters
    
20. voda 24 oktober 2013 17:10

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    Minmetals likely to abandon Rio Canada iron ore bid
    
    China Minmetals Corporation is likely to drop out of the bidding for Rio Tinto Group controlling stake in Iron Ore Company of Canada.
    
    Credit Suisse Group AG analysts said that minmetals considers Rio’s asking price too high and has decided to focus more on its bid for a Glencore Xstrata Plc copper project in Peru, one of the people said, asking not to be identified because the information is private. Rio’s 59% stake in Iron Ore Company may be valued at as much as USD 3.5 billion.
    
    Global mining companies including Rio, BHP Billiton Limited and Anglo American Plc are seeking to sell some of their less promising assets after a worldwide economic slowdown reduced consumption of raw materials. Steel demand growth from China will slow in the next two years.
    
    Rio began a sale of its Iron Ore Company stake this year to cut costs and strengthen its balance sheet, hiring Credit Suisse and Canadian Imperial Bank of Commerce to sell all or part of its interest.
    
    Teck Resources Limited, Canada’s second largest mining company, is also considering abandoning its bid for the Rio unit because of a wide valuation gap.
    
    Rio has struggled to sell other units. In June, the company said it backed away from divesting its diamond division after failing to find a buyer and deciding not to pursue an initial public offering of the unit.
    
    In August, Mr Sam Walsh CEO of Rio Tinto said that “A sale of Australian and New Zealand aluminum units for value is not possible in the current environment.”
    
    Source - Bloomberg
    
21. voda 25 oktober 2013 16:59

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    BHP turns to data mining to improve production efficiency
    
    Mr Mike Henry is leading BHP Billiton’s efforts to mine one of its most important resources: data.
    
    As metal prices have retreated from their supercycle peaks, BHP and other mining groups are scrabbling for ways to maintain profits by bearing down on costs and reversing an alarming decline in productivity.
    
    Mr Henry president of marketing and technology for BHP said that Labour productivity in Australia, for example, has decreased 30% to 50% over a decade. Miners also know that shareholders, irritated by cost blowouts and low returns over the latter years of the commodity supercycle, prefer to hear about companies sweating the small stuff looking for low cost and incremental improvements rather than about the next big acquisition.
    
    BHP’s search for efficiency is leading it to crunch all sorts of data down to the way its trucks are driven to limit maintenance downtime to find and spread the best ways of working. This month the final 17,000 of BHP’s 42,000 staff were connected to a software platform put in place over the past 6 years that allows operating information from around its operations to be compared.
    
    Mr Henry said that "It is the first time that we have actually had the ability to measure business performance in a common fashion and at a granular level across the whole of the business. One of our advantages should be the scale we have, and for almost any individual business process or work process, I am confident that there would be an example of either best practice or very good practice somewhere across the global organisation."
    
    He said that miners have always cut costs when prices fall but struggled to maintain higher productivity this way. It is a top down blunt instrument. We are adopting a different approach. We have put the platform in place; we are working at bottom up and we believe that is going to better enable us to make this sustainable.
    
    Some of the data analysis is aimed at removing production bottlenecks so miners can raise production cheaply. In coal, BHP claims to have improved truck use at one mine by 25% through systems tracking each vehicle and scheduling repairs more efficiently. In iron ore, one mine improved the efficiency of its train loading by 20% in just three months this year, and is using mobile crushing units at mines to get the most out of capacity.
    
    Mr Henry acknowledges miners may lag behind other industries in using data. With perfect hindsight, you would want to have this in place from day one but the reality is that within the resources and minerals industry currently, this is certainly going to be at the good end of the spectrum.
    
    Source - Bdlive