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1. voda 11 februari 2014 16:39

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   Rio Tinto business development boss departs
   
   Business Spectator reported that Rio Tinto Plc’s head of business development has left the company at a time when the world's second largest iron ore producer is working to overhaul its business following massive writedowns last year and its first full year loss.
   
   Mr Philip Mitchell who spearheaded mergers and acquisitions talks for the Anglo Australian mining titan and was in the role for the past 6 years is no longer with the company. The person didn't give a reason for Mr Mitchell's departure.
   
   Mr Matt Halliday Rio's director of business development for Australia will take over the role on an acting basis.
   
   Mr Sam Walsh CEO of Rio Tinto last year pledged to pursue greater value for shareholders and slash costs after the company's balance sheet was hit by a sharp drop in commodity prices and more than USD 14 billion in impairment charges. That included switching its focus from mergers and acquisitions to cost cutting and asset sales.
   
   Rio's asset writedowns stemmed in large part from costly and poorly timed acquisitions including the USD 38 billion purchase of Canadian aluminum company Alcan at the height of the market in 2007. The company, which cut costs by around USD 2 billion last year and will look to strip a further USD 3 billion out by the end of this year, will report is full year 2013 results Thursday.
   
   Source – Business Spectator.com
   
   
2. voda 13 februari 2014 13:47

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   Winst Rio Tinto omhoog door kostenbesparingen
   
   DONDERDAG 13 FEBRUARI 2014, 07:38 uur | 114 keer gelezen
   
   LONDEN (AFN/BLOOMBERG) - Rio Tinto, het grootste mijnbouwbedrijf ter wereld, heeft de winst het afgelopen jaar stevig zien stijgen. De mijnbouwer plukte de vruchten van een omvangrijk kostenbesparingsplan, zo werd donderdag bekend.
   
   De nettowinst over 2013 kwam uit op 3,7 miljard dollar (2,7 miljard euro), tegen een verlies van 3 miljard dollar in 2012. De zogenoemde onderliggende winst, exclusief bepaalde eenmalige uitgaven en baten, steeg van 9,3 miljard dollar tot 10,2 miljard dollar, meer dan de verwachtingen van analisten.
   
   Topman Sam Walsh, die sinds begin 2013 aan het roer staat van het bedrijf, lanceerde een besparingsprogramma waarmee de kosten met in totaal 2 miljard dollar moeten worden beperkt. Zijn voorganger kreeg kritiek van investeerders dat Rio Tinto te veel geld had uitgegeven aan acquisities en uitbreidingen.
   
3. voda 13 februari 2014 16:08

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   Rio Tinto 2013 coal production increase in Mozambique
   
   The Anglo-Australian company said that Rio Tinto increased coal production at its Benga mine in Mozambique by around 230% YoY in 2013.
   
   In its annual report and accounts Rio Tinto Coal Mozambique said it had increased production of coking coal from 289,000 tonne in 2012 to 867,000 tonne in 2013, which was a rise of around 300%.
   
   Thermal coal production also rose to 754,000 tonne in 2013, compared to 419,000 tonne in 2012.
   
   Source - Strategic Research Institute
   
4. voda 15 februari 2014 15:20

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   Rio Tinto sale of iron ore company of Canada not necessity
   
   Reuters reported that Rio Tinto sale of its stake in Iron Ore Company of Canada which it put up for sale last year was not essential.
   
   Mr Sam Walsh CEO of Rio Tinto said that "We do want to continue to rationalize (our portfolio) but this is absolutely about value, we are not about to do something silly to tick a box. For IOC, if somebody wants to offer a big cheque that's fine but we don't need to sell any major business."
   
   IOC is currently 59% owned by Rio Tinto, 26% by Mitsubishi Corporation and 15% by Labrador Iron Ore Royalty Company.
   
   Rio Tinto put its stake up for sale about a year ago but offers from companies including private equity investor Apollo, rival Blackstone and commodity trader and miner Glencore Xstrata came in well below the mining group's target of about AUD 3.5 to AUD 4 billion.
   
   Mr Walsh said that IOC is going to become a more valuable business going forward also because of stricter environmental standards in China forcing mills to rely on higher quality raw materials such as the iron ore pellet IOC produces.
   
   Source – Reuters
   
5. voda 15 februari 2014 15:22

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   South African mining production records 12pct increase in Dec on year before
   
   Mining production rose 12% YoY in December after a revised 5.2% YoY increase in November.
   
   Statistics SA said that in 2013 overall, mining production rose 4% in volume terms compared with a 3.2% decline in 2012. The highest positive growth rates were recorded for building materials (39.9%), iron ore (32.3%), chromium ore (29.9%) and manganese ore (24.6%).
   
   The main contributors to the 12% increase were iron ore which contributed 5.8 percentage points; platinum group metals, which contributed 3.6 percentage points; and gold, with 1.8 percentage points.
   
   Seasonally adjusted mining production increased 4.3% in the fourth quarter of 2013 compared with the previous quarter with iron ore the main contributor, contributing 3.3 percentage points. Mineral sales rose 7.9% YoY in November 2013.
   
   The highest positive growth rates were recorded for other metallic minerals (76.6%), iron ore (60.3%), nickel (37.9%) and chromium ore (34%). The major contributors to the 7.9% increase were iron ore, with 6.8 percentage points; and platinum group metals, with 4.8 percentage points. Gold, which fell 8 percentage points, was a significant negative contributor.
   
   Source – Bdlive.co.za
   
   
6. voda 16 februari 2014 15:22

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   Rio Tinto impaired its Mozambique coking coal
   
   Anglo-Australian mining group Rio Tinto impaired its Mozambique coking coal assets by USD 470 million taking total write-downs on the southern Africa properties to USD 3.5 billion only USD 400 million less than the price paid for them in 2011.
   
   The group, in the commentary to its full-year results published, that a total of USD 3.5 billion in impairments had been recognised across all its operations.
   
   Rio Tinto posted a 10% improvement in full-year underlying earnings to USD 553 million. It returned a 192% per share ordinary dividend, a 15% increase YoY.
   
   The company said that the impairment of Rio Tinto Mozambique was following the development plan, discount rate and associated country risk premium resulting in the recoverable value being below carrying value.
   
   Rio Tinto bought into Mozambique's coking coal district in 2011 when it raised its initial USD 3.5 billion bid for Riversdale Mining to USD 3.9 billion in an effort to win over the last remaining shareholders who had been holding up the transaction.
   
   By 2012, however, it announced a USD 3 billion write-down partly owing to its failure to secure a permit to barge coal from the properties down Mozambique's Zambezi river. The quality of the coking coal was also questioned.
   
   Mr Jan du Plessis, Rio Tinto chairman, dubbed the write-downs as unacceptable at the time, and it resulted in the resignation of Doug Richtie, head of Rio Tinto's energy business as well as Tom Albanese, CEO of Rio Tinto.
   
   Rio Tinto said that in the past it hoped to produce 1 million tonne of coal from the USD 500m Benga mine in its 2012 financial year, growing to 1.5 million tonne in 2013. A second stage development would see output expanded to 6 million tonne a year of coking coal and a further 4 million tonne per annum of thermal material from the mine.
   
   Source – Miningmx.com
   
7. voda 17 februari 2014 16:51

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   World largest coking coal mine discovered in west Canada - CDI
   
   Canadian Dehua International Mines Group Inc (CDI) said that a coal field estimated to have 7 billion tonne of reserve has been discovered in west Canada, making it the largest coking coal field in the world.
   
   Mr Vincent Li, chief engineer of CDI, analytic data showed the 150 square kilometers field contains 7 billion tonne of coal, most of which is buried within a depth of 1,000 meters, while half of the total reserve is high quality coking coal.
   
   The newly discovered mine, located in the Wapiti river area in northeast British Columbia of Canada, surpasses the previous largest field, the Tavan Tolgoi in Mongolia, which has 1.8 billion tonne of coking coal in its 6.5 billion tonen of coal reserve.
   
   Source - Xinhua
   
8. voda 18 februari 2014 16:11

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   BHP Billiton boekt hogere winst eerste helft '13/'14
   
   AMSTERDAM (Dow Jones)--BHP Billiton Ltd (BHP) heeft over de eerste helft van zijn gebroken boekjaar 2013 - 2014 een hogere nettowinst geboekt, vanwege bezuinigingen en een hogere ijzerertsproductie om een daling van de mondiale grondstofprijzen te compenseren.
   
   s' Werelds grootste mijnbouwbedrijf rapporteerde over de eerste helft van zijn gebroken boekjaar een nettowinst van $8,11 miljard, tegenover $4,43 miljard in dezelfde periode een jaar eerder, op een omzet van $33,95 miljard.
   
   Daarmee presteerde het bedrijf beter dan verwacht. Zeven door The Wall Street Journal geraadpleegde analisten rekenden op een nettowinst van $7,04 miljard.
   
   Het in Melbourne gevestigde bedrijf verhoogt zijn interimdividend met 3,5% tot $0,59 per aandeel, waarmee Chief executive officer Andrew Mackenzie woord houdt aan zijn belofte zich meer te richten op het stimuleren van het rendement voor de aandeelhouders en minder op dure overnames of financiering van grote nieuwe projecten.
   
   Daarnaast meldde het concern dat het zijn nettoschuld heeft teruggebracht tot $27,1 miljard, van $29,1 miljard eind juni 2013. Operationele kosten werden de afgelopen achttien maanden gereduceerd met $4,49 miljard.
   
   BHP, dat zijn winst voor pakweg 50% uit de productie van ijzererts haalt, voerde de productie van ijzererts de afgelopen jaren sterk op om te profiteren van China's honger naar staal bij de bouw van nieuwe wolkenkrabbers, luchthavens en bruggen.
   
   Het concern produceerde in de drie maanden tot en met december 48,9 miljoen ton ijzererts, een stijging met 16% ten opzichte van een jaar eerder.
   
   In oktober verhoogde het concern zijn prognoses voor de jaarlijkse ijzererts productie, waarbij het concern verwees naar verbeteringen in de supply-chain en een vroege opstart van zijn laatste nieuwe ijzerertsmijnen.
   
   - Door Rhiannon Hoyle ; Vertaald en bewerkt door Patrick Buis; Dow Jones Nieuwsdienst; +31 20 571 52 00; patrick.buis@wsj.com
   
   
   
9. voda 21 februari 2014 16:28

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   Supply glut will keep pressure on aluminium prices - BHP Billiton
   
   Reuters reported that the aluminium market will remain tough for producers in the forseeable future as high inventories weigh on prices and idled capacity is poised to resume output and cap any price rises.
   
   BHP Billiton's marketing chief said that more than five million tonnes of aluminium are stored in warehouses approved by the London Metal Exchange the world's largest base metals marketplace and much more is kept outside these warehouses. Smelter shutdowns and metal being locked up in financing deals have squeezed the availability of aluminium in the spot market however and have pushed premiums to release aluminium from storage to around record levels.
   
   Mr Mike Henry president of Health and Safety, Marketing and Technology for BHP Billiton said that “This effect has been partially offset by weaker benchmark prices on the LME and has given only little relief to producers. While you have a small increase in overall prices it hasn't really been substantial enough to move the needle. You have got 5.4 million tonnes sitting in LME warehouses, a lot more aluminium sitting outside the warehouses and that's an industry that will continue to be challenged for the foreseeable future."
   
   Mr Henry said that "You have got a lot more days of inventory in aluminium that you would have for many other commodities. And if prices move up, there is a lot of idle capacity that can be brought back to the market which would likely cap any sustained upside in prices."
   
   Source – Reuters
   
10. voda 28 februari 2014 16:41

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    Vale posts record USD 6 billion loss after Brazil tax accord
    
    Bloomberg reported that Vale SA posted a record quarterly loss after settling a decade long tax dispute with Brazil.
    
    Vale’s Q4 net loss widened to USD 6.45 billion or USD 1.25 a share from a net loss of USD 2.62 billion or 51 cents, a year earlier. Earnings before interest, taxes, depreciation and amortization or adjusted Ebitda, rose to USD 6.64 billion beating USD 5.9 billion average estimate by 17 analysts compiled by Bloomberg.
    
    The world’s third-largest mining company has underperformed its main peers in the stock exchange for the past year as a tax dispute with Brazil and weakening demand in China, the destination of about half its iron ore shipments weighed on investors’ confidence. Vale has divested aluminum, logistics, copper and energy assets since mid-November as it seeks to raise cash and streamline operations to boost profitability.
    
    The miner agreed in November to pay BRR 22.3 billion to settle a tax dispute with the Brazilian government over foreign unit profits. Vale said today that the settlement cut 2013 net income by BRR 6.47 billion.
    
    The quarterly loss is the largest since at least 1997, when the company went public, exceeding the net loss a year ago after Vale wrote down the value of some nickel, coal and steel assets.
    
    BHP Billiton Limited, the world’s biggest mining company, last week said profit for the H1 increased a more than expected 31% on stronger iron ore earnings and a decline in costs. Rio Tinto Group, the second largest, on Feb. 13 boosted its dividend after also beating estimates on H2 profit.
    
    Mr Jose Carlos Martins Vale Executive Director for Ferrous and Strategy said that “China steel demand may increase between 3% and 6% this year after expanding more than expected in 2013. We see prices oscillating but we don’t see any chance of prices falling below USD 110. That’s a price quite interesting for us.”
    
    Source – Bloomberg
    
12. voda 28 februari 2014 16:49

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    Australian Ms Rinehart nears AUD 8 billion mine finance deal - Sources
    
    Reuters reported that Australian billionaire Ms Gina Rinehart's Roy Hill iron ore project is close to finalizing AUD 7.8 billion financing deal a vital step towards an end 2015 start for the giant mine in Western Australia's iron rich Pilbara district.
    
    The 55 million tonnes a year project which would make Roy Hill Australia's fourth largest iron ore producer will add to hefty new supplies coming on line from Rio Tinto, BHP Billiton and Fortescue Metals Group. It could also add to the wealth of mining magnate Rinehart, already Australia's richest person with AUD 17.7 billion fortune.
    
    Roy Hill is likely, however to be the last new project of this scale to get off the ground, given worries over shaky underlying demand for iron ore in China, the world's biggest consumer of the steel-making raw material.
    
    Other miners are rethinking expansion and cutting costs as iron ore prices drop. At just below AUD 120 per tonne .IO62-CNI=SI on Wednesday, prices have fallen more than 11% so far this year and are down almost 40% from a record high of AUD 200 reached in February 2011.
    
    The agreement is not completely settled yet. All the views have to be gathered as there are a lot of stakeholders. But as of now I don't see any problems and a March signing looks likely."
    
    The start for the project which includes a 344 kilometers (210 mile) rail line and port facilities, has been pushed back amid delays in finalizing equity partners and debt funding. Roy Hill had initially been targeting an end 2014 start to production.
    
    According to current plans, first shipment is expected in the latter half of 2015. It can be understood as a trial run just before construction is expected to be completed by end 2015. The total included a working capital facility of about AUD 600 million and around AUD 3 billion from commercial banks.
    
    Source – Reuters
    
13. voda 4 maart 2014 15:56

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    Glencore Xstrata maakt verlies in 2013
    
    AMSTERDAM (Dow Jones)--Glencore Xstrata plc (GLEN.LN) heeft in 2013 verlies gemaakt vanwege een forse goodwill afschrijving die voortkwam uit de overname van onderdeel Xstrata, meldt de grondstoffengigant dinsdag.
    
    Het in Zwitserland gevestigde concern boekte in 2013 een verlies toewijsbaar aan aandeelhouders van $7,4 miljard, tegenover een winst van $1 miljard een jaar eerder. Analisten geraadpleegd door the Wall Street Journal gingen uit van een verlies van $6,24 miljard.
    
    Glencore kocht Xstrata vorig jaar mei voor bijna $30 miljard en schreef voor $7,5 miljard af op de aankoop.
    
    De aangepaste winst voor rente en belasting kwam in 2013 uit op $5,97 miljard, een stijging van 34% op jaarbasis. Hier was de aankoop van Xstrata juist gunstig omdat er geprofiteerd kon worden van de winst van het onderdeel.
    
    Afzonderlijk meldt Glencore dinsdag dat het nog steeds van plan is om zijn koperactiviteiten Las Bambas in Peru te verkopen voor $5,9 miljard. Dit was een voorwaarde van Chinese toezichthouders om goedkeuring te geven voor de overname van Xstrata.
    
    Door Alex MacDonald; vertaald en bewerkt door Marleen Groen; Dow Jones Nieuwsdienst; +31 20 5715 200; marleen.groen@wsj.com
    
    
14. voda 4 maart 2014 16:35

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    Iron ore slump to hurt BHP Billiton and Rio Tinto earnings - Citi
    
    SMH reported that a plunge in the price of iron ore has prompted Citi to downgrade its expectations the earnings of BHP Billiton and Rio Tinto this year.
    
    The investment bank has joined Goldman Sachs in tipping the price of iron ore Australia's most lucrative export to crash to USD 80 per tonne within the next 2 years.
    
    Citi analysts led by Mr Clarke Wilkins downgraded their recommendations for BHP and Rio from buy to neutral, with share price targets falling from AUD 39 to AUD 38 and AUD 80 to AUD 74 respectively.
    
    Mr Wilkins forecast a 9% fade in Rio's earnings from 2014 to 2016 saying the lower iron ore prices would offset increased production and cost cuts.
    
    He said that ''Iron ore is the dominant earnings driver for the sector and the only positive ray of light is that USD 80 per tonne iron ore has already been priced in and/or multiples re rate as long expected decline finally happens. BHP was rated neutral with gas price upgrades and diversification providing a 'partial offset to iron ore and coking coal pain.
    
    Fortescue Metals was also downgraded to neutral, with Citi's price target for the stock falling from AUD 6.70 to AUD 5.90. Meanwhile, Atlas was downgraded to sell while the same recommendation was maintained for Mt Gibson.
    
    Mr Wilkins said that ''Atlas continues to extend the life of the trucking model through exploration success. But our concerns over its ability to fund next stage of growth become even greater at lower iron ore prices.''
    
    He said that the main driver for Citi's downgrade in the price of iron ore was producers flooding the market and resilient' Chinese domestic production. 'As with other commodities that have tipped into surplus we expect the price to fall deeper into the cost curve than the market expects.
    
    He added that short term we expect rising Chinese steel production rates and inventory draw down to buoy iron ore prices and stocks but ultimately both get dragged down by the overwhelming increase in iron ore supply.'
    
    Source - SMH.com
    
15. voda 9 maart 2014 17:01

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    Rio Tinto seeks to finalise Simandou investment plan
    
    Reuters reported that Global miner Rio Tinto pledged to press ahead with finalizing an investment framework for the long delayed Simandou iron ore project and said it would seek ratification from parliament as soon as possible.
    
    West Africa's Guinea confiscated half of the giant Simandou project in 2008 accusing Rio of moving too slowly but the two sides settled differences in 2011 and it is seeking to develop the southern half. The company pushed back its start date by at least three years to 2018 last year, without giving a reason.
    
    Rio Tinto said that the parties have affirmed their commitment on the Simandou project. They have agreed that the priority is to agree the investment framework on which they are working relentlessly and to ratify it by the parliament as soon as possible. It added that after the project was ratified, it would aim to complete a banking feasibility study by early 2015.
    
    The pledge follows a meeting in late February between Rio Tinto management and President Alpha Conde, the group added. Guinea had previously committed to providing 51 percent of project's costs although sources close to the negotiations have since said it does not have the funding available.
    
    Simandou, one of the largest untapped deposits of iron ore, is expected to cost up to USD 15 billion and could turn the country into a major exporter of iron ore. The right to develop the northern part of the deposit is held by the mining arm of Israeli billionaire Beny Steinmetz BSG Resources.
    
    Source – Reuters
    
16. voda 11 maart 2014 19:59

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    Glencore Xstrata mining merger produces USD 2.4 billion in synergies
    
    Glencore Xstrata has done an excellent job in finding synergies through the mining giants’ USD 29 billion merger in May 2013, the combined group’s first set of annual results shows.
    
    Mr Ivan Glasenberg CEO of Glencore Xstrata said that “The group had increased the synergy benefits of the merger from the original estimate of USD 2 billion a year by 2014 to USD 2.4 billion and there was scope for further cost savings.
    
    Mr Hanre Rossouw head of commodities for frontier and emerging markets at Investec Asset Management said that “Despite a USD 7.5 billion write down on the value of Glencore Xstrata assets since the takeover on May 2 last year, the merger was a good decision and the additional realized cost savings show Glencore has done an excellent job.”
    
    Mr Rossouw said that “Because it was an all-share deal, the impairment is really an accounting issue related to the share price movements since the date the transaction was finalized and the allocation of fair value to Xstrata assets. It is not a cash flow item.”
    
    Mr Glasenberg said that in addition to finance and headcount savings about 8,000 jobs have been shed across the global operations since the takeover the Xstrata deal had improved the group’s cost position by moving it down the cost curve with higher quality assets.
    
    The Xstrata write down contributed to the group’s loss of USD 7.4 billion down from a profit of USD 1 billion in 2012. Revenue rose marginally to nearly USD 240 billion about 60% of South Africa’s gross domestic product. The fortunes of Glencore Xstrata, which listed on the JSE in November to deepen its relationship with South Africa and to highlight its confidence in Africa as an investment destination,are tied to the copper and coal markets and its marketing division.
    
    He added that “Its marketing business is seen as a big plus in diversifying its earnings, as its success is not closely tied to commodity prices. The division continues to be resilient no matter what movement we have in the commodity prices.”
    
    Source – Bdlive.co.za
    
17. voda 12 maart 2014 16:46

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    Iron ore mining bosses unconcerned with price plunge
    
    Iron ore companies' share prices remained weak after huge falls yesterday, leaving the overall share market flat. After slumping between 4% and 10% based on their degree of iron ore exposure, Australia's miners were more stable today.
    
    Rio Tinto managed a 2 cent gain to AUD 61.22 while BHP Billiton was 0.6% lower at AUD 35.93.
    
    Fortescue, which slumped 9.4% lost a further 1.8% with many investors seeing it amongst the most vulnerable to continued iron ore price weakness. However, the AJM annual global iron ore and steel forecast conference in Perth heard from industry players who say they are not panicked by the recent price slide.
    
    Mr Andrew Harding Rio Tinto's head of iron ore said that “The recent fall in iron ore prices which were down 8.3% alone to USD 104.70 per tonne is due to a confluence of factors. We are looking at a credit squeeze that impacted the sane time as high stockpile levels in China. Sentiment has caused the rapid change as sentiment often does."
    
    Mr Andrew said that expects a good future for iron ore prices and profits and said that there will be short-term volatility, proof of which you are seeing this week. The longer term is still intact and I can't see any indication that would change my mind, we still see good growth in the market through to the 2020s.
    
    Mr Jimmy Wilson head of iron ore of BHP Billiton said that "Our view that Chinese crude steel production is expected to peak at 1.1 billion tonnes around 2025, is unchanged."
    
    Source – ABC.net
    
18. voda 14 maart 2014 16:31

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    Rio Tinto wins approval for iron ore production expansion in Pilbara
    
    Xinhua reported that the government of Western Australia has approved plans by Rio Tinto to increase production at two of its Pilbara iron ore operations.
    
    Mr Colin Barnett WA Premier and State Development Minster said that the approval has cleared the way for the creation of more than 760 new jobs in the Pilbara region. The expansion at Rio Tinto's West Angelas and Western Turner Syncline mines in Pilbara is estimated to cost AUD 880 million.
    
    Mr Barnett said that the West Angelas expansion, which will lift its iron ore production from 29 million tonnes per annum to 35 million tonnes per annum was another sign of confidence in the Pilbara resources sector.
    
    He said that "This expansion is expected to extend the mine's life by approximately 13 years and will involve AUD 680 million capital investment by Rio Tinto and its Robe River joint venture partners."
    
    Mr Barnett said that Rio Tinto is also expected to spend around AUD 200 million to increase production at its Western Turner Syncline mine from 25 million tonne per annum to 30 million tonne per annum.
    
    He said that "These projects are part of Rio Tinto's plans to increase its annual iron ore production in Pilbara towards 360 million tonnes and demonstrate the ongoing commitment of the company and its Robe River JV partners to their WA operations."
    
    Source - Xinhua
19. voda 14 maart 2014 16:34

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    Anne Lauvergeon and Simon Thompson join Rio Tinto board
    
    Rio Tinto last week announced that Anne Lauvergeon and Simon Thompson will join the boards of Rio Tinto plc and Rio Tinto Limited as non-executive directors and both will become members of the Sustainability and Nominations Committees.
    
    Anne Lauvergeon's appointment will take effect from 15 March 2014. She has over 30 years' experience across a number of fields. She started her career in the steel industry and then worked in a variety of roles at leading industrial companies before serving as chief executive officer of AREVA Group, the French nuclear power company, from 1999 to 2011. Anne also spent a number of years as adviser on international economic affairs at the French Presidency and as deputy chief of staff.
    
    Simon Thompson's appointment will take effect from 1 April 2014. He holds a degree in geology and brings a wealth of international investment banking and mining experience. Simon held investment banking positions before he joined the Anglo American group in 1995 where he had a number of senior roles, including that of executive director, a position from which he retired in 2007.
    
    The boards also announce the retirement of Vivienne Cox as a non-executive director at the conclusion of the Rio Tinto plc annual general meeting on 15 April 2014.
    
    Rio Tinto chairman Jan du Plessis said "I am delighted to welcome Anne Lauvergeon and Simon Thompson to the Rio Tinto boards. They boast impressive track records as executives across multiple industries, in addition to which both bring a wealth of experience as non-executive directors of a number of leading international businesses.
    
    "I am very grateful to Vivienne for all her support to Rio Tinto over the past nine years and wish her well for the future.
    
    "In addition to the appointments announced today, we are making good progress in identifying another Australian to join the boards as a non-executive and a further announcement in this regard will be made in due course."
    
    Source – Strategic Research Institute
20. voda 14 maart 2014 16:34

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    BHPB gives positive forecast for iron ore at industry event
    
    BHP Billiton outlined how its focus on productivity and capital efficient debottlenecking in its iron ore business is delivering value.
    
    Mr Jimmy Wilson president of BHP Billiton Iron Ore while speaking at the AJM Global Iron Ore and Steel Forecast conference reiterated the Company’s view of the iron ore market and its Western Australia Iron Ore business. Our market outlook is for continued strong steel demand growth over the next 10 years. Our view that Chinese crude steel production is expected to peak at 1.1 billion tonnes, around 2025, is unchanged. We remain confident that global demand for iron ore will continue to grow, though at a more moderate rate, driven by urbanization and industrialization.”
    
    Mr Wilson said that “BHP Billiton will retain a favourable position on the iron ore cost curve underpinned by the quality of our resource base. These resources further position us to benefit from an increasing market preference for high quality lump and fines iron ore products.”
    
    Mr Wilson also reiterated the Company’s productivity agenda was underway and delivering significant value. Our journey to deliver sustainable productivity benefits has encompassed a full review of the supply chain across mines, rail and port. Our initial focus on equipment availability, utilization and operating rate was followed by low cost debottlenecking initiatives.
    
    He said that “Across our mines we have realized significant productivity improvements that have resulted in increased shovel, truck and ore handling plant availability and utilization. Where appropriate, we have also installed relocatable crushers to increase high margin volumes.”
    
    He added that “Our Iron Ore business is well positioned to deliver high margin volume growth at a lower cost without the need for an additional mining hub or major port and rail infrastructure.”
    
    Source – AJM
    
21. voda 17 maart 2014 13:01

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    Glencore Xstrata dicht bij verkoop Las Bambas-project
    
    AMSTERDAM (Dow Jones)--Glencore Xstrata plc (GLEN.LN) is dicht bij een miljardendeal waarbij zijn Peruaanse koperproject Las Bambas wordt verkocht aan een Chinees consortium.
    
    Volgens personen bekend met de gesprekken kan de deal op zijn vroegst dinsdag worden aangekondigd wanneer Glencore en China Minmetals Corp In Londen bijeenkomen met het doel de deal te ondertekenen.
    
    Glencore Xstrata ging vorig jaar akkoord met de verkoop van Las Bambas als voorwaarde van het Chinese ministerie van handel om goedkeuring te geven voor de fusie van Glencore en Xstrata, waarmee 's werelds grootste grondstoffenbedrijf werd gecreeerd.
    
    Voor China zou het de grootste aankoop van een overzeese mijnbouwer zijn sinds 2008, toen staatsbedrijf Chinalco een belang van 12% nam in Rio Tinto, blijkt uit gegevens van Dealogic.
    
    Met de deal komt een eind aan maandenlange moeizame onderhandelingen over ondermeer de overnameprijs. Wat dat overnamebedrag daadwerkelijk wordt, is nog niet duidelijk. Volgens bronnen zal dit bedrag in elk geval boven de $5 miljard uitkomen.
    
    Door Cynthia Koons, Yvonne Lee en Prudence Ho; vertaald en bewerkt door Marleen Groen; Dow Jones Nieuwsdienst; +31 20 5715 200; marleen.groen@wsj.com