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Mijnen,Rio...bhp

1. voda 26 oktober 2013 15:56

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   BHP talks continue over Guinea iron ore stake sale
   
   Reuters reported that BHP Billiton was still in talks to sell its stake in a major iron ore deposit in Guinea despite lengthy negotiations that have prompted questions over the potential for a deal.
   
   Sources familiar with the matter said in December that BHP had selected mining venture B&A Mineracao, cofounded by the former boss of Brazil's Vale Mr Roger Agnelli, as the preferred bidder for its slice of the Mount Nimba iron ore deposit. Their talks have now dragged almost a year. At least one source familiar with the matter has since said interest on the suitor's side had cooled.
   
   Mr Andrew Mackenzie CEO of BHP said that "The discussions continue. B&A had not yet reached a decision.”
   
   Mount Nimba - like other major iron ore projects in Guinea including the giant Simandou deposit has faced questions over the stability of the West African country and the possibility of exporting through neighbouring Liberia, which is vital to making mines profitable at current prices. It has also been unclear whether BHP would continue the talks, started under its previous management team, if buyer appetite eased off and at a time when iron ore prices have held up.
   
   Mr Mackenzie said that BHP was in no rush to sell assets cheaply if they are not proving a problem to the company. Yet he also said there was no change of direction in West Africa as BHP concentrates on its Pilbara operations in Australia.
   
   He said that "We have over 100 years of resource in the Pilbara and by far and away the best opportunity for this company is, in a capital efficient way, to grow the productive capacity of the Pilbara that overwhelms our strategy for iron ore."
   
   Source – Reuters
   
   
2. voda 30 oktober 2013 17:07

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   BHP chief Mackenzie puts dampener on WA expansion
   
   Mr Andrew Mackenzie chief of BHP Billiton said that the company will be slower and more efficient with development plans and has warned that the miner may walk from JV if partners are too eager to push ahead.
   
   Mr Mackenzie believed the major mistake made during the China boom, when prices surged and market share was there to be captured, was too many projects were rushed into development.
   
   Now the boom is over, he has told analysts in London that there is still value in slowing down development projects to focus on improving engineering and economics. The comments may dampen expectations a USD 5 billion iron ore expansion in Western Australia will be approved next year.
   
   Following strong statements in last week's September quarter production report about the likelihood of another West Australian iron ore expansion from 220 million tonnes a year to up to 270 million.
   
   Some analysts expected an iron ore approval within the next 12 months. But Mr Mackenzie's analyst round table suggests BHP is not rushing to approve a follow on expansion, despite a recent strong performance from the high margin unit.
   
   UBS said that "Mr Andrew believed that by going slower with a refocus of efforts, capital intensity can be reduced and project economics improved. He believes further work will result in reduced capital intensity for medium to long-term growth projects, such as WA iron ore expansion from 220 million tonnes to 270 million and Jansen (potash project in Canada)."
   
   Citi analysts said that Mr Mackenzie expected iron ore expansion costs of between USD 100 and USD US120 per tonne of capacity, flagged by iron ore chief Mr Jimmy Wilson, could be improved.
   
   Source - The Australian.com
   
3. voda 1 november 2013 16:38

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   Iron ore production breaks record - Rio Tinto
   
   Mining giant Rio Tinto issued impressive Q3 production results that revealed record production and shipments of Western Australia iron ore thanks to the opening of its Pilbara 290 port and rail expansion (ahead of schedule and significantly under budget).
   
   We think this good news has only been sweetened by the recent recovery in iron ore prices following a near term bottom in early June. It's important to note, however, that iron ore prices remain in a defined downtrend and while we view the recent pricing performance as positive, we're not celebrating just yet.
   
   Still, fundamentals are starting to brighten up just a bit for the mining group. Economic performance in China is starting to improve and the country's iron ore imports set a record in September at 74.6 million tons, up 8% from August and 15% on a YoY basis. Steel production in China has come in better than expected during the past couple months and while we will enter into a seasonally weaker period in the next few months, the recent performance has certainly been a pleasant surprise.
   
   Iron ore prices will continue to be volatile and the road ahead will be bumpy but we think Rio Tinto has valuation upside beyond AUD 60 per share on a base case scenario. The firm also represents our only exposure to the basic materials sector in the portfolio of our Best Ideas Newsletter. We're not making any changes to the weighting of our position at this time.
   
   Source - Seekingalpha.com
   
4. voda 2 november 2013 16:42

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   BHP Billiton Australian nickel mine hit by small quake
   
   Reuters reported that BHP Billiton's Leinster nickel mine in Western Australia was hit by a small earthquake early on Thursday and all workers have been brought out from the underground mine safely.
   
   BHP said that nine workers who were underground at the time of the magnitude 3.7 earthquake were moved into a secure refuge chamber and were later brought to the surface.
   
   The affected section of the mine, part of BHP's Nickel West operation, is being assessed for damage. Nickel West produced 28,400 tonnes of nickel in the September quarter.
   
   Source - Reuters
   
5. voda 15 november 2013 16:48

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   BHP suspends Australia nickel mine after small earthquake
   
   Reuters reported that BHP Billiton will post lower nickel production in the current quarter after a minor earthquake closed down operations at its Perseverance mine in western Australia.
   
   Workers in the underground mine escaped injury from the magnitude 3.7 earthquake on October 31 by taking refuge in a specially designed chamber, where they had access to water and communications. They were brought safely to the surface later in the day.
   
   Operations at the mine, located about 500 kilometers from Perth, have been halted while experts assess the impact on operations. The company's nearby Mt Keith, Cliffs and Kambalda mines and its Kalgoorlie smelter and Kwinana refinery were not affected by the quake and were operating as normal.
   
   Production from the Kwinana nickel refinery on the western Australian coast would be maintained in the short term but the suspension at Perseverance was likely to reduce total saleable nickel output in the December 2013 quarter.
   
   BHP said a small crew was working underground to re-establish access, carry out inspections, assessments and maintenance of essential services. Other staff had been notified that they are not required at work until further notice.
   
   Source - Reuters
   
6. voda 25 november 2013 16:48

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   Rio and BHP top the list as Jefferies says buy high quality iron ore stocks
   
   Buy high quality iron ore equities is the advice of broker Jefferies as it gave its assessment of the sector in the wake of rising prices for the metal and seeming rebound in demand from China.
   
   With Chinese steel output remaining high, iron ore inventory levels low and seasonal supply constraints in iron ore likely coming, we remain bullish on iron ore moving into the first quarter.
   
   Jefferies does point to a rise in shipments in recent weeks and months, which would ordinarily see prices ease back. However it reckons the market for higher grade product is still relatively tight.
   
   Based on our analysis, relatively high steel output, lean raw material inventories and seasonal supply constraints (particularly in Australia, Brazil and China) should lead to a much tighter iron ore market in the Q1 of 2014, leading to higher prices.
   
   On this basis it is a buyer of BHP Billiton up to EUR 24 a share and Rio Tinto up to EUR 40, giving respectively 24% and 21% upside compared with the current share prices.
   
   Source - Proactive Investors
   
   
7. voda 26 november 2013 16:54

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   BHP cancels mine opening as airport closes
   
   AAP reported that global miner BHP Billiton has cancelled the opening of its Jimblebar iron ore mine due to the closure of Newman airport in the north of Western Australia.
   
   Mr Andrew Mackenzie CEO of BHP, WA Premier Mr Colin Barnett, dignitaries and media were scheduled to travel to the Pilbara mine opening. But six Newman bound Qantas and Virgin Australia flights were cancelled after an emulsion treatment applied to the tarmac failed to dry and became sticky in the heat.
   
   A Newman Airport spokesman said the curing process had not occurred as quickly as planned and flights were cancelled to prevent a build up of emulsion on plane tyres and fuselages.
   
   A BHP spokeswoman said that the company had not decided if it would reschedule an official opening event. Though regrettable, the cancellation does not detract from the significant achievement of the opening of our newest mine, particularly the delivery of first ore six months ahead of the original schedule.
   
   She said that BHP Billiton was using charter services and landing aircraft at alternative locations to accommodate mine workers who were due to travel to site.
   
   Source - AAP
   
8. voda 27 november 2013 16:42

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   BHP spends big to expand iron ore export capacity
   
   BHP Billiton is a step closer to its long term goal in the Pilbara, after announcing USD 301 million worth of new spending. The global miner will spend the money on two new ship loaders at Port Hedland, which will help increase the export capacity of its iron ore division.
   
   Ship loaders are effectively large spouts that pour iron ore directly into the hull of giant ships, and the two new ones will replace a couple of 40 year old ship loaders. The new models can each move an extra 2,500 tonnes of ore an hour.
   
   The spending is part of the gradual upgrade and improvement BHP is conducting in the Pilbara with the goal of gradually growing the export business toward 270 million tonnes per year.
   
   BHP said that yThis investment will also create additional port capacity that can be utilised as a series of debottlenecking initiatives increase the capacity of our Western Australia Iron Ore supply chain towards 270 million tonnes per annum (100% basis), at a low capital cost.
   
   Source - SMH.com
   
9. voda 27 november 2013 16:43

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   BHPB Jimblebar mine opening cancelled
   
   The opening of BHP Billiton’s Jimblebar iron ore mine was cancelled following the closure of Newman airport, located in the north of Western Australia.
   
   Six Qantas and Virgin Australia flights that were due to land at the airport had to be cancelled as an emulsion treatment that had been applied to the tarmac failed to dry in time and became sticky in the heat.
   
   This came as BHP?s CEO Andrew Mackenzie and Western Australia’s Premier Colin Barnett, as well as dignitaries and media groups, were set to travel to the opening of the Pilbara mine on Monday.
   
   In its Q1 operational review, which was released last month, BHP increased its full year production guidance for the steelmaking ingredient to 212 million tonnes following a record production of 54 million tonnes for the three months. The delivery of first ore from Jimblebar six months ahead of schedule contributed to this result and should continue to help push overall production rates higher in the future.
   
   A spokeswoman for BHP stated that the miner was not sure whether another official opening would be scheduled but said that the cancellation does not detract from the significant achievement of the opening of our newest mine, particularly the delivery of first ore six months ahead of the original schedule.
   
   Source - Finance.ninemsn.com
   
10. voda 28 november 2013 16:23

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    Rio Tinto verhoogt productie
    
    Gepubliceerd op 28 nov 2013 om 09:55 | Views: 2.880
    
    Rio Tinto 16:04
    PNC 3.285,00+146,00(+4,65%)
    
    ArcelorMittal 16:04
    EUR 12,67+0,11(+0,88%)
    
    LONDEN (AFN/BLOOMBERG) - Rio Tinto verhoogt in de komende tijd zijn jaarlijkse productiecapaciteit van ijzererts met meer dan 60 miljoen ton en deze verhoging kost minder dan de onderneming eerder verwachtte. Dat maakte het op een na grootste mijnbouwbedrijf ter wereld donderdag bekend.
    
    De mijnbouwgroep wil tussen 2014 en 2017 de jaarlijkse capaciteit van de ijzerertsproductie uit laten komen op circa 360 miljoen ton. Dit gaat in totaal circa 3 miljard dollar (2,2 miljard euro) minder kosten dan waar het bedrijf eerder van uitging. Wat die verwachting precies was, gaf Rio Tinto niet aan. Analisten gingen eerder uit van een bedrag van ruim 5 miljard dollar om de productie in die mate te verhogen.
    
    De capaciteitsuitbreiding wordt bereikt door de productie van bestaande mijnen op te krikken en de ontwikkeling van een nieuwe productielocatie. Tegelijkertijd gaat Rio Tinto scherper op de kosten letten. IJzererts is een van de belangrijkste grondstoffen voor de productie van staal.
    
    Rio Tinto rekent op een stijgende vraag vanuit China, waar de economie na een korte periode van iets zwakkere groei, in de komende jaren naar verwachting weer snel zal uitdijen. De onderneming zei donderdag te verwachten met de uitbreiding van de productiecapaciteit meer marktaandeel te winnen.
    
12. voda 28 november 2013 16:53

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    BHP to replace two shiploaders and improve reliability
    
    In a bid to increase the reliability of its inner harbour port facilities, mining heavyweight BHP Billiton will replace two of its shiploaders at Port Hedland at a cost of USD 301 million.
    
    The company will replace its existing shiploaders, known simply as SL1 and SL2, which are more than 40 years old and have the capacity to load iron ore at a rate of approximately 10,000 tonnes per hour. In contrast, the new shiploaders will each have a loading capacity of 12,500 tonnes per hour.
    
    Mr Jimmy Wilson the miners iron ore president recognises it as an important investment that is consistent with our commitment to maximise the capacity of the Western Australia Iron Ore (WAIO) inner harbor which will also deliver substantial value to shareholders and other stakeholders.
    
    Source - Finance.ninemsn.com
    
13. voda 28 november 2013 22:30

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    Aluminiumprijs op laagste punt in 4 jaar
    
    Gepubliceerd op 28 nov 2013 om 21:38 | Views: 419
    
    LONDEN (AFN/BLOOMBERG) - De prijs van aluminium is donderdag op de metaalbeurs in Londen naar het laagste punt gedaald in ruim 4 jaar, vanwege aanwijzingen dat er een ruim aanbod is van het lichtgewichtmetaal.
    
    De prijs van een ton aluminium (leverbaar in 3 maanden) daalde licht naar 1754 dollar, het laagste niveau sinds juli 2009. Volgens de Franse bank Société Générale zal de wereldwijde aluminiumproductie dit jaar met 6,2 procent stijgen en ligt het aanbod daarmee 500.000 ton boven de vraag.
    
    Aluminiumproducenten hebben de afgelopen jaren hun productiecapaciteit juist verlaagd vanwege de gedaalde vraag. Volgens Société Générale zakt de productiecapaciteit dit jaar met 1,2 miljoen ton en werd in 2011 en 2012 1,1 miljoen ton aan capaciteit gesloten.
    
14. voda 2 december 2013 16:28

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    Mijnbouwer Vale snijdt weer in investeringen
    
    Gepubliceerd op 2 dec 2013 om 14:41 | Views: 1.613
    
    NEW YORK (AFN) - Het Braziliaanse mijnbouwconcern Vale draait voor het derde jaar op rij de investeringskraan verder dicht. Het bedrijf maakte maandag tijdens een analistenbijeenkomst in New York bekend dat het volgend jaar 14,8 miljard dollar verwacht te investeren. Het budget ligt daarmee 1,5 miljard euro lager dan dat voor dit jaar.
    
    Het bedrag dat 's wereld grootste ijzerertsproducent in 2014 wil investeren, is het laagste in 4 jaar tijd. Door persbureau Bloomberg gepolste analisten gingen in doorsnee uit van een nog sterkere afname, tot 14,5 miljard dollar.
    
    Vale schroefde de begrote investeringen in nieuwe en bestaande projecten dit jaar al met bijna een kwart terug tot 16,3 miljard dollar. Het liet vorige maand al weten dat het daadwerkelijk bestede bedrag waarschijnlijk nog iets lager zal komen te liggen.
    
    Kritisch
    
    Volgens topman Murilo Ferreira blijft Vale kritisch kijken naar al zijn investeringen. Het bedrijf staat onder grote druk om de winstgevendheid, die sterk lijdt onder de aanhoudende economische malaise, te verbeteren. Het verkocht dit jaar voor 3 miljard dollar aan bezittingen en drong de kosten met 2 miljard dollar terug.
    
    De productie van ijzererts, het belangrijkste product van het Braziliaanse bedrijf, zal volgend jaar naar schatting uitkomen op 312 miljoen ton, tegen een verwachte 306 miljoen ton in 2013. Een jaar geleden voorspelde Vale voor 2014 nog een productie van 326 miljoen ton.
    
15. voda 4 december 2013 16:40

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    Rio Tinto to slash capital spending to AUD 11 billion in 2014
    
    Reuters reported that Rio Tinto aims to cut capital spending by a fifth in each of the next two years as it focuses on paying down debt and boosting returns to shareholders.
    
    Rio also forecast a resurgence in steel demand in China, its biggest customer for iron ore, estimating demand growth at 7.5% this year. It was on track to meet its AUD 2 billion cost cutting target for 2013 and has already beaten its target for cutting exploration spending.
    
    The world's no.2 iron ore miner plans to cut capital spending to AUD 11 billion in 2014 from just under AUD 14 billion this year and sees capital spending at AUD 8 billion in 2015. Steel demand growth in China is set to more than triple this year with further steady growth ahead.
    
    Mr Sam Walsh CEO of Rio Tinto said that "In China, the decisions from the government's Third Plenary Session last month reflect an ambitious yet pragmatic approach to continued reform and confirmed our expectation of gradual change, which reduces the likelihood of a sudden downturn."
    
    However, he also sounded a note of caution about the global outlook despite signs of modest economic recovery. From where I stand, we continue to see market fragility and volatility.
    
    Source - Reuters
    
16. voda 4 december 2013 16:42

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    Vale approves 2014 investment budget of USD 15 billion
    
    Reuters reported that Brazilian iron ore miner Vale SA board approved a 2014 investment budget of USD 14.8 billion with 80% going to develop new iron ore project and for logistics.
    
    After the annual investment budget reached a peak of USD 18 billion in 2011, Vale said 2014 marked the third consecutive year of declining investments as it refocuses on its core business of iron ore mining. The company's 2013 budget was set at USD 16.3 billion.
    
    The sleeker budget comes as Vale, the world's second largest mining company, seeks to streamline, sell money-losing units and focus on Brazilian iron ore output to deal with slowing global demand for major commodities.
    
    Vale said that USD 9.3 billion of investments in 2014 would go for new projects and USD 4.5 billion for existing operations with the remaining USD 900 million for research and development.
    
    Mr Murilo Ferreira CEO of Vale said that "We are strongly committed to allocating capital only to world-class assets with big resources, low costs, high quality products and opportunities for low cost brownfield expansion. Brownfield refers to mines that have undergone declines in yield or output. Mining companies sometimes invest in them to improve output by expanding or implementing improvements.”
    
    Mr Ferreira said that Vale has secured environmental licenses often an unpredictable and time consuming processes for the expansion of its Carajas and Itabiritos iron ore mines.
    
    Source - Reuters
    
17. voda 5 december 2013 17:03

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    Rio Tinto is delivering on commitment to create greater value for shareholders
    
    Rio Tinto will demonstrate strong progress and performance against its commitment of delivering greater value for shareholders at its investor seminar in Sydney. In addition to presenting results achieved year to date, the company will outline what it is doing to capitalize on long term attractive industry fundamentals. There will be an in-depth look at its Aluminium, Copper and Iron Ore product groups.
    
    Key points from the seminar include:
    1. The delivery of a USD 1.8 billion improvement in operating cash costs in the ten months to October, and on track to deliver the USD 2 billion target for 2013.
    
    2. A USD 800 million reduction in exploration and evaluation spend in the ten months to October, exceeding the 2013 target of USD 750 million.
    
    3. Forecast 2013 total capital expenditure of less than USD 14 billion, a reduction of more than 20% compared to 2012. Total capital expenditure is forecast to be reduced to USD 11 billion in 2014 and to around USD 8 billion in 2015, reflecting 20% reduction YoY.
    
    4. USD 3.3 billion of divestments of non core assets announced or completed in 2013. To date, proceeds of USD 2.3 billion have been received in divestments of non core businesses, including the recent sale of a stake in Constellium for USD 315 million. Sale of Northparkes closed on 1 December for final cash proceeds of USD 820 million. Clermont is making good progress and on track to close in early 2014.
    
    5. Headcount reduction of 3,800 across the Group since June 2012, after taking into account 1,800 new roles to support the iron ore expansions. Another 3,000 roles have left the business with divested assets.
    
    6. Pursuing a consistent and clear strategy with a company wide transformation program to improve execution and deliver industry-leading performance and superior returns on investment.
    
    7. Breakthrough low capital expenditure pathway to optimize West Australian iron ore growth from an annual production rate of 290 million tonnes a year to at least 330 million tonne per annum in 2015, at a capital cost of USD 120 per tonne to USD 130 per tonne with an overall capex saving of more than USD 3 billion. Production will reach more than 350 MT in 2017.
    
    8. Aluminium continuing its transformation by reducing operating costs by more than USD 450 million to the end of October 2013, compared to 2012, and optimizing its portfolio through the sale, suspension or curtailment of non core assets.
    
    9. Focusing on a bauxite operation in Gove as part of a comprehensive engagement plan with the Northern Territory and Australian Governments and regional community following last month's decision to suspend operations at the alumina refinery.
    
    10. Shaping a tier one copper portfolio, by delivering US$1.8 billion of divestments, and focusing on four long-life and low-cost operating assets and a phased approach to developing two world-class greenfield projects.
    
    Mr Sam Walsh CEO of Rio Tinto said that “"I have set a clear direction for the business to reignite our passion for delivering greater value for shareholders. Our results so far show we are taking decisive action, making tough decisions and advancing at pace. We have cut costs and are set to exceed our commitments made in February. Operating costs are down $1.8 billion year to date compared to the same period last year and exploration and evaluation costs are more than USD 800 million lower. We are also improving productivity, setting new production records in many of our key businesses and bringing our Oyu Tolgoi and Pilbara 290Mt/a expansion growth projects online within budget and on time. And we are delivering exceptional value from our growth opportunities, by continually optimizing and improving our mine planning to generate the best returns.”
    
    Mr Walsh said that "Our capex is reducing, and will come down further, to around $11 billion next year. While there is always more to do I am confident we are well on the way to transforming Rio Tinto into the highest performer in our sector. A company respected for delivering value and immensely proud to contribute to the economies around the world wherever we operate. From where I stand, we continue to see market fragility and volatility. The impacts of decisions like quantitative easing and austerity programs are still washing through markets around the world. But it is a mixed story because, despite this uncertainty, we are also seeing modest economic recovery.
    
    He said that "In China, the decisions from the government's Third Plenary Session last month reflect an ambitious yet pragmatic approach to continued reform and confirmed our expectation of gradual change which reduces the likelihood of a sudden downturn. Over the longer term, I remain optimistic about demand for our products. China's urbanization will continue and the development of other economies as they continue to grow at pace, such as India, Vietnam, Indonesia, the Philippines, the Middle East, the former Soviet Union, South America and Africa, will also contribute to ongoing demand for our products. Therefore, the outlook for our business is robust and we are strengthening our ability to capitalize on opportunities available to us in the future."
    
    Source – Strategic Research Institute
    
18. voda 7 december 2013 15:55

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    BHP Billiton may not review India exit plan
    
    Business Standard reported that Petroleum Minister Mr M Veerappa Moily may want BHP Billiton to review its India exploration and production plans but the Anglo Australian energy major seems to have no such plans.
    
    For simplification and a sharper strategic focus, BHP Billiton has been reassessing its global assets portfolio. The company said that “As part of this process BHP Billiton also determined our exploration programme in the Philippines was not a strategic fit. So, this strategic review and the decisions that have come from it are not specific to India.”
    
    In October, the company surrendered nine exploratory oil blocks with estimated reserves of 10 billion barrels of oil equivalent. In a statement, the company said that “The decision to relinquish these blocks is the result of an exploration portfolio review and the inability to carry out exploration operations in these blocks. BHP Billiton will preserve 50% of its interest in its Nelp-IX block, operated by BG Group. Currently, we are awaiting the results of the seismic survey.”
    
    BHP was awarded 6 blocks in the 7th round of auctions under Nelp and 3 under the 8th round. Due to objections from the space department and the defence ministry, BHP has not been able to commence exploration work in the blocks.
    
    Last week, Mr Moily said analysts and exploration and production operators that “BHP Billiton is prepared to continue if ONGC takes up some issues.” However, he did not specify the issues.
    
    Responding to this, ONGC Chairman Mr Sudhir Vasudeva said that “We will sit across the table and discuss the possibilities. Transactions, if any, will be purely on commercial terms.”
    
    Source - Business Standard
    
    
19. voda 7 december 2013 15:56

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    Negative outlook for Asia-Pacific mining companies should bottom out in 2013 - S&P
    
    Standard & Poor's Ratings Services said that the profitability and credit metrics of Asia-Pacific mining companies should bottom out in 2013.
    
    Standard & Poor's credit analyst May Zhong said that ''We expect the negative credit outlook for Asia-Pacific metals and minerals companies to moderate in 2014. We believe production volumes will ramp up in the sector, operation margins will level out as companies cut costs and improve productivity, and cash holdings will be preserved as growth capital expenditure is deferred.''
    
    Nonetheless, we expect the improvement in credit metrics will be slow and modest. Commodity prices are unlikely to bounce back strongly in the next 12 to 18 months because of pockets of oversupply for certain minerals, such as coking and thermal coal and nickel, and metals such as steel and aluminum. The weak commodity prices would hamper a strong recovery in earnings and cash flows.
    
    Meanwhile, we expect the region's oil and gas refiners and marketers to face a largely stable credit outlook in 2014 as regional energy demand remains strong.
    
    Credit analyst Lawrence Lu said that “We have seen oil and gas companies' spending plans spike by almost 80% since 2008. We believe these spending plans will remain elevated in 2014, considering the growth in energy demand. 'However, companies retain some discretion to reduce spending related to mergers and acquisitions should operating conditions deteriorate.''
    
    Source - IRIS International
    
20. voda 8 december 2013 16:03

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    Glencore Xstrata bets on thermal coal future as BHP and Rio scale back
    
    Mr Ivan Glasenberg, the billionaire running commodities supplier Glencore Xstrata Plc, is investing more in thermal coal than his 3 closest competitors combined even as investors warn the fuel's outlook is deteriorating.
    
    The former coal trader is betting on prices rebounding from a 3 year drop.
    
    The Swiss company, in which he owns 8%, is spending CHF 4.75 billion, largely on projects inherited in the takeover of Xstrata Plc, to boost output 21% through 2016.
    
    At the same time, BHP Billiton Limited, the biggest mining company, Rio Tinto Group and Anglo American Plc, have stalled new investments, sold mines or halted others.
    
    Mr Glasenberg, 56, is deepening his bet on coal as appetite wanes among some investors for companies that extract fuels blamed for making the biggest contribution to climate change. Share prices of the four largest single-commodity thermal-coal producers have tumbled an average 25% in the past 12 months as an explosion in lower-cost supplies of US shale gas compounds a weaker outlook for exports to China.
    
    Source - Bloomberg
    
21. voda 12 december 2013 16:57

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    BHP and Rio Tinto digitise iron ore shipping paperwork
    
    Australian mining giants BHP Billiton and Rio Tinto are among the first companies worldwide to start using electronic documents when shipping iron ore by sea.
    
    In late October miner BHP Billiton, trading house Cargill and other counterparties completed the first trade financed iron ore shipment using an electronic bill of lading called CargoDocs, which was developed by Malta headquartered company Electronic Shipping Solutions.
    
    A bill of lading lays out contract terms between shipper and client for sea-freight transactions. It specifies the name of the captain of the ship, the port and destination of the ship, the goods, the consignee and freight rate.
    
    The electronic bill of lading for BHP Billiton's iron ore cargo was drafted, approved signed issued to the shipper, presented to the confirming bank and passed to the issuing bank and onto the buyer in two days, unlike paper trades which can take weeks.
    
    A BHP spokeswoman said that "We support electronic bills of lading and have made good progress with all parties involved in the chain to build an infrastructure that supports electronic document execution.”
    
    Anglo Australian miner Rio Tinto has also started to use other types of e-bills of lading. Earlier this year Cargill completed the first grains deal using an electronic document with the document transfer from the US to Mexico taking just 19 minutes.
    
    With an array of costs that can include ship hire, on top of insurance, fuel and port fees, companies are keen to make savings by speeding up the logistical and administrative process to streamline invoicing and customs clearance.
    
    Charlotte Winter of law firm Norton Rose Fulbright said that bills of lading have been around for centuries, so inevitably there is a long history of law and commercial practice associated with them. As such it is bound to take time to change to a new system.
    
    One of the reasons this is building momentum is you have particular trades that appear to be comfortable with electronic bills and significant parties in the market seem to be promoting their use.
    
    Mr Alexander Goulandris CEO of ESS said his firm was in talks with other trade houses and companies over the use of CargoDocs in grains and iron ore as well as other markets such as coal and coffee. Trade houses Louis Dreyfus and Noble Coffee were poised to use e-documents on coffee trades.
    
    Mr Goulandris said that with the growing complexity of global trade, including new sea routes emerging, there was more interest in using electronic freight. Tighter bank credit lines was also pushing global firms to find new efficiencies. Changes in the transport system have also led to a fragmentation of the market. This has led to operational headaches getting larger.
    
    Source – Reuters