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1. voda 18 maart 2014 16:57

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   Rio Tinto chief Mr Sam Walsh scores AUD 10 million pay and perks deal in first year
   
   Heraldsun reported that Mr Sam Walsh chief of Rio Tinto has pocketed more than AUD 10 million in pay and perks during his first year in the top job.
   
   Mr Walsh who steered Rio from a USD 3 billion loss to a USD 3.7 billion profit last year has seen his remuneration package surge 44% since taking the top job.
   
   Details of the company’s executive pay packages were disclosed in its annual report released tonight. It came as the price of iron ore clawed back ground with its biggest one day jump in more than 14 months.
   
   Mr Walsh took the helm at Rio Tinto early last year. His AUD 10.1 million remuneration deal for 2013 compares with a package worth AUD 6.9 million the previous year, when he ran the company’s all important iron ore division.
   
   He was given a three year term for the top job but recently indicated he would be happy to stay longer, depending on board approval.
   
   Iron ore miners came under pressure this week as the price of the key ingredient in steel fell into bear market territory amid fears China was heading for a hard landing.
   
   After recording its biggest single day price fall in more than 4 years overnight on Monday, iron ore continued to regain ground today. It closed at USD 111.50 per tonne up 3.8% its best single day performance since December 2012.
   
   Iron ore is down 17% this year and has shed close to 20% of its value over the past 12 months. A number of economists have downgraded their growth forecasts for China the world’s biggest iron ore buyer after weaker than expected manufacturing numbers.
   
   Source – Heraldsun.com
   
2. voda 19 maart 2014 16:59

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   Rio Tinto publishes details of USD 8 billion global tax payments in 2013
   
   Rio Tinto has published its latest Taxes paid report which details the US$7.5 billion of taxes the company paid around the world in 2013. The company also paid USD 1.9 billion of taxes on behalf of its employees.
   
   The voluntary annual report details all individual payments more than USD 1 million made to governments in the countries where Rio Tinto operates.
   
   The majority of Rio Tinto's taxes were paid in Australia (USD 5.7 billion), Canada (USD 523 million), Chile (USD 380 million), Mongolia (USD 220 million), United States (USD 217 million), South Africa (USD 167 million), France (USD 126 million), Guinea (USD 64 million), Singapore (USD 52 million) and the United Kingdom (USD 26 million).
   
   Corporate income tax was the largest component of Rio Tinto's tax payments around the world, followed by government royalties, employer payroll taxes and other taxes.
   
   Mr Chris Lynch CEO of Rio Tinto said that "Our tax strategy and payments are central to our approach to achieving sustainable development for the long term as a business, as a sector and as a global corporate citizen. This report demonstrates the significant contribution Rio Tinto makes to public finances in the countries where it operates around the globe. We are a strong advocate for global tax transparency and this is reflected through this report and our founding membership of the Extractive Industries Transparency Initiative.”
   
   He said that "However, Rio Tinto is concerned about additional compliance costs associated with the proliferation of new regulatory initiatives around worldwide tax reporting that have recently been introduced, or are under consideration, by various governments. A multitude of different reporting formats is unlikely to result in greater clarity and will impose additional costs upon companies, with little or no public benefit."
   
   Source – Strategic Research Institute
3. voda 25 maart 2014 16:44

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   Rio Tinto finds iron ore in Botswana - Chamber of Mines CEO
   
   Bloomberg reported that Rio Tinto Group may have found huge deposits of iron ore in southern Botswana.
   
   Mr Charles SiwawaCEO of the country’s chamber of mines said that “The discovery in an area called Werda is thought to be an extension of South Africa’s Sishen deposits which are mined by Anglo American Plc’s Kumba Iron Ore Limited.
   
   Mr Siwawa said that “From the presentations they made to the Botswana government, there are huge iron ore deposits. They might have found a second Sishen. Rio Tinto, which has been working in Werda, near Botswana’s border with South Africa, for the past three years, will continue exploration work. Kumba’s Sishen mine produced almost 31 million metric tons of iron ore last year.”
   
   He said that Rio Tinto is doing early stage iron ore exploration in Botswana. Future output from Rio Tinto’s find and Tsodilo Resources Limited’s Xaudum project in Ngamiland has the potential to surpass production from Botswana’s diamond-mining industry. The future of Botswana mining is going to be the coal and iron ore resources and of course diamonds,.
   
   Source – Bloomberg
   
   
4. voda 28 maart 2014 17:08

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   Billington Holding warns on skills shortage as orders reach 5 year high
   
   Structural steel group Billington Holdings warned there will be an industry wide shortage of skilled labour unless manufacturers step up their apprenticeship schemes.
   
   Like many other manufacturers, Billington was forced to downsize its workforce during the slump but now it is seeking to employ new people as it reports its strongest order book in five years.
   
   Mr Steve Fareham CEO of Billington Holdings said that “The industry wide issue is a lot of people have come out of the industry and won’t be coming back. There will be a skills shortage. We’ve got a strong apprenticeship programme going and a strong trainee scheme.”
   
   Mr Fareham said that “The results were in line with current market expectations, although profits were more than double the original market expectations at the start of the 2013 financial year; Billington reported a significantly improved performance from its structural steel business, which accounts for 84% of group revenue.”
   
   Source – Yorkshire Evening Post
   
5. voda 1 april 2014 16:21

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   BHP wil kleiner aantal grondstoffen delven
   
   DINSDAG 1 APRIL 2014, 09:36 uur | 128 keer gelezen
   
   MELBOURNE (AFN/BLOOMBERG) - BHP Billiton overweegt om de onderdelen die zich bezighouden met het delven van aluminium, nikkel en bauxiet af te stoten. 's Werelds grootste mijnbouwgroep stelde dinsdag dat een vereenvoudiging van het concern een prioriteit is.
   
   BHP wil zich volledig richten op de winning van aardolie, ijzererts, koper en kolen. In de afgelopen 2 jaar verkocht het bedrijf al voor ruim 5 miljard dollar aan onderdelen. Met de verkoop van de aluminium-, nikkel- en bauxietactiviteiten is naar verluidt 19 miljard dollar gemoeid.
   
   Vorige maand gaf rivaal Glencore Xstrata aan mogelijk met een bod op de nikkeltak van BHP te komen. Marktkenners denken dat het moeilijk zal zijn voor BHP om alle onderdelen af te stoten. Vanwege dalende prijzen zette de mijnbouwsector voor circa 50 miljard dollar aan bezittingen in de etalage.
   
6. voda 1 april 2014 16:57

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   Port Hedland tugboat dispute threatens iron ore exports
   
   An industrial dispute involving tugboat workers at Port Hedland is threatening to halt shipping of iron ore through the port, and disrupt Australia's most lucrative export chain.
   
   The Maritime Workers Union has been unable to agree on a new workplace agreement for deckhands on the tugboats, and in recent days the union has won permission to conduct a ballot of workers to gauge support for possible industrial action in the near future.
   
   The MUA has returned to the Fair Work Commission in Sydney on Monday for more talks with Teekay Shipping, the company that is contracted by BHP Billiton to provide tugboat services for all players at the port; including Fortescue Metals Group and Atlas Iron.
   
   The deckhands are seeking improved pay and increased leave entitlements, in a bid to bring their conditions into line with the better paid engineers and masters that also man the tugboats.
   
   The exact demands are unclear, as different claims have emerged from both sides, and today's hearing will see the talks go behind closed doors at the Fair Work Commission in front of Vice President Mr Graeme Watson.
   
   But it's clear the tugboat workers already earn six-figure salaries, and work on a roster that sees them work four weeks on, then four weeks off.
   
   It's also clear that if the tugs go on strike, the entire operation of port would likely be halted.
   
   When exports through the port are halted, the entire Pilbara supply chain soon follows suit, because only so much ore can be piled up in the stockyards at Port Hedland.
   
   Iron ore has been easily Australia's most lucrative export for several years and should be again this year, with the federal government's Bureau for Resources and Energy Economics predicting the commodity would be worth $78.5 billion to Australia this year.
   
   The noises coming from the mining industry, which has spent the past 18 months cutting costs, cutting jobs and in some cases cutting salaries, is that big pay rises would be out of step with the times.
   
   The two camps have some history, with BHP suing the MUA in 2012 over an unprotected strike lasting just a few hours.
   
   But generally, union disputes are rare in the Pilbara, where much of the workforce is not unionised.
   
   BHP declined to elaborate further this morning, saying only ''It would be inappropriate to comment as the matter is the subject of conciliation proceedings with the Fair Work Commission.''
   
   Source - www.smh.com.au
   
7. voda 3 april 2014 16:55

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   BHP Billiton may spin off nickel and aluminium
   
   The West Australian reported that there is mounting speculation that BHP Billiton is getting close to jettisoning its unloved nickel and aluminium businesses.
   
   A possible demerger of the two divisions from BHP's mainstays led by Pilbara iron ore would have major ramifications for thousands of WA workers employed at the Nickel West in the Goldfields and bauxite and Worsley alumina operations in the South West.
   
   Goldman Sachs is also working on a broader Project River the code name for a strategic review of various options for BHP to maximise value from the two non core metal divisions. It has been the long time corporate adviser to BHP, including on its unsuccessful takeover bid for Rio Tinto.
   
   BHP responded to the Australian Securities Exchange a few hours ago saying a simplification of our portfolio is a priority and is something we have pursued for several years. It would not discuss specific measures or a preference for a spin-off of the nickel and aluminium divisions, although it also did not deny the suggestion of a possible AUD 20 billion demerger.
   
   BHP said that we believe that a portfolio focused on our major iron ore, copper, coal and petroleum assets would retain the benefits of diversification, generate stronger growth in free cash flow and a superior return on investment.
   
   By increasing our focus on these four pillars, with potash as a potential fifth, we will be able to more quickly improve the productivity and performance of our largest businesses. We continue to actively study the next phase of simplification, including structural options but will only pursue options that maximise value for BHP Billiton shareholders.
   
   Source - The West Australian
   
8. voda 3 april 2014 16:55

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   Low coal prices here to stay - BHP Billiton
   
   BHP Billiton doesn't expect coal prices to rise anytime soon.
   
   Mr Dean Dalla Valle coal president of BHP said that “Coal prices have fallen sharply in the past 18 months with China, US, Canada and Russia flooding the steel making market and new player Indonesia swamping the energy market.”
   
   Mr Valle said that "It's tough out there. It's hard to see any relief in the short term certainly when you have such strong supply. Adding to the coal market's difficulties were high operational costs in Australia.
   
   He said that “BHP paid 1.5 times more for a truck operator in Queensland than in New Mexico. We must always remember that the world sets our prices and Australia sets our costs."
   
   Mr Dalla Valle said that no decision had been made as the company strives to simplify its portfolio. There's no doubt we consistently review this and we'll always test it for value for shareholders."
   
   Source - SMH.com
   
9. voda 6 april 2014 15:33

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   BHP Billiton wins tax exemptions for demerger
   
   SMH reported that BHP Billiton has secured key tax exemptions for a potential AUD 20 billion demerger of non core assets while pushing forward discussions with governments in moves that suggest the resources giant is leaning towards approving the transaction.
   
   Sources close to the process said BHP Billiton had secured exemptions from the Australian Tax Office as far back as last November for capital gains, dividend and stamp duty issues that could have derailed the demerger option.
   
   While no decision has been made on exactly how to dispose of the non core assets which could include aluminum, nickel, zinc as well as energy coal in South Africa it is understood the BHP board will consider seriously a demerger when it meets either later this month or in May.
   
   BHP is considering the proposal to hand a newly demerged company back to shareholders, given potential members of the new company's executive team and board have been identified.
   
   Fairfax Media revealed a team advised by investment bank Goldman Sachs has been working on 'Project River which is examining a number of strategic options for assets that do not fit within chief executive Mr Andrew Mackenzie's four pillars strategy.
   
   Mr Mackenzie is determined to streamline the Anglo Australian resources house, focusing on iron ore in the Pilbara, US petroleum, copper in South America and coal in Queensland's Bowen Basin. Potash remains a potential fifth pillar.
   
   Tax has been one of the main complicating factors for the Project River team, which has spent thousands of hours working through the most effective way of structuring the new company. Many of the non core assets were acquired through the 2001 merger with South Africa's Billiton and are owned through British entities.
   
   However, it is believed BHP has been given key exemptions that would make a demerger more attractive. If BHP were to push ahead with the demerger, it would effectively exit South Africa, which is considered a more risky place for resources companies to do business than Australia, the US or Chile.
   
   BHP has declined to comment specifically on Project River but acknowledged this week it was considering further asset sales. As a result of the report this week, it is believed BHP has pushed forward discussions with the ruling African National Congress government. The new company could have some form of sharemarket listing in South Africa to appease political concerns.
   
   The market has broadly welcomed the possibility a new company housing the non-core assets and listed in Australia and South Africa.
   
   Source – SMH.com
   
   
10. voda 6 april 2014 15:34

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    Banks tighten credit for steel traders in China
    
    Banks in China have introduced more stringent measures for extending loans to steel traders since the beginning of this year due to the economic slowdown.
    
    A staff member at the loans department of a commercial bank in Taiyuan, Shanxi province said that they have tightened loan measures for steel traders to avoid the growth of bad debts. Some people who had taken loans could no longer make their payments in installments on schedule and were forced to postpone the payments.
    
    The official said that demand for raw materials surged in China as the economy developed over the past three decades, triggering a mushrooming growth of loans extended to steel traders and iron ore buyers.
    
    With demand now declining due to the economic slowdown, investment risks have increased. As a result, stock has piled up, the volume of funds has become insufficient, banks have begun scaling back loans and the cost of taking a loan had also gone up.
    
    Mr Sun Xu analyst of UBS Securities said that many steel material traders, particularly smaller businesses, are finding it hard to get a bank loan. Some steel enterprises have been forced to break their long-term contracts with iron ore producers to relieve funding pressure. They have also turned to purchasing low-priced iron ore.
    
    From 2008 to 2009, local steel factories and traders were inclined to sign long term contracts with foreign suppliers. The prices of such deals were relatively high but guaranteed a stable supply. The global financial crisis, however, resulted in iron ore prices slumping, forcing some steel factories and traders to break long-term deals with their foreign suppliers.
    
    Source – Wantchinatimes.com
    
12. voda 6 april 2014 15:35

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    Japan's scrap exports drop in by February
    
    According to data released by the country’s Ministry of Finance, Japan’s scrap exports totaled 475,000 tonnes in February dropping by 43.2% YoY.
    
    In the given period of time, South Korea was the largest importer of the Japanese scraps with 292,000 tonnes dropping by 43.2%.
    
    During the first 2 months of this year, Japan’s scrap exports totaled 937,000 tonnes down by 40.4% from the same period of last year.
    
    South Korea remained the largest importer of the Japanese scraps with 623,000 tonnes. China was the second largest one with 280,000 tonnes and Vietnam was the third largest one with 24,000 tonnes.
    
    Source - www.yieh.com
13. voda 7 april 2014 16:56

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    BHP coal boss Mr Dalla Valle upbeat on global growth
    
    The Australian reported that BHP’s coal boss Mr Dean Dalla Valle remains optimistic about the long term future for the commodity but has warned Australia must remain competitive or lose out to its global rivals.
    
    In his second speech this week at a CEDA event, BHP Billiton’s coal president said over the next couple of decades he expected global growth in demand for both energy coal and metallurgical coal.
    
    He highlighted that the International Energy Agency’s modelling shows that energy coal demand was expected to grow at a compound annual rate of 2.4% through to 2035.
    
    He said that given the investment in the industry in recent years and the focus on productivity measures, competition to meet this demand will be fierce at a global level. I believe Australia is well placed to be a part of that global growth, but if we can’t do it competitively then someone else will and the loss will be ours.
    
    Mr Dalla Valle, giving a similar speech to the one he delivered earlier this week in Brisbane outlined that Indonesia had more than doubled its coal export business in the last five years. Today it produces more than 400 million tonnes of coal on an annual basis Australia produces around 420 million tonnes a year.
    
    He said that “Our view is that coal will remain the centrepiece of Asia’s energy portfolio into the foreseeable future, because coal is the cheapest and most readily available source of energy. The coal industry has been the focus of activists opposed to the mining of the commodity, with heated campaigns in NSW and Queensland that have led to protests at sites to block new developments.”
    
    Mr Dalla Valle said that despite its long history and important role in industrialisation, he felt that coal was often maligned and misunderstood. Growth rates for coal would likely be lower than other energy sources, including gas and renewables but added that energy coal would still be the source of around 35 per cent of the world’s electricity needs.
    
    He said that “In the next 20 years, we expect 1.7 billion people to gain access to electricity for the first time that’s a hard number for 20 million Australians to absorb. So in our view coal remains one of the lowest-cost forms of power generation and is critical to the provision of this electricity.”
    
    Source – The Australian.com
    
14. voda 8 april 2014 17:03

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    Rio Tinto loses legal fight to expand Australia coal mine
    
    Reuters reported that Rio Tinto has lost a legal fight to expand its Warkworth coal mine in Australia which the global miner said was necessary to maintain viability as coal markets weaken.
    
    Australia's Supreme Court dismissed an appeal by Rio Tinto to overturn an earlier ruling that found projected economic benefits of extending the mine in the small community of Bulga 180 kilometers north of Sydney failed to outweigh its environmental impact.
    
    Coal is Australia's second biggest export earner after iron ore but the country faces tough competition from other suppliers. Neighbouring Indonesia now mines around 400 million tonnes of coal annually compared with 420 million in Australia.
    
    Mr Chris Salisbury MD of Rio Tinto's Coal & Allied unit said that “The legal battle spearheaded by environmental legal group EDO had led to a projected 1 million tonnes in lost production for 2014, with losses next year not yet determined as the company prepares to restart from scratch the approval process to spread mining over additional land.”
    
    Mr Salisbury said that Rio Tinto would submit revised development plans for the mine in the coal rich Hunter Valley district of New South Wales state, where global mining companies including Glencore Xstrata, Peabody Energy and BHP Billiton also have operations. In its revised plans, Rio Tinto is offering to set aside more than 1,800 hectares of land for a National Park and fund AUD 9 million woodland and employment programmes.”
    
    He said that "We are pushing forward with a significantly enhanced mining plan. Time is of the essence" to improve the mine's economy of scale given the weak market gripping the coal sector.”
    
    Source – Reuters
    
15. voda 9 april 2014 17:51

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    Rio Tinto set to join in Indian coal buy up
    
    Rio Tinto is one of a number of companies, including GVK seeking to sell equity in their coal mines to government owned Coal India Limited.
    
    A report in the business newspaper Mint said Coal India Limited has received at least 60 proposals from companies such as Rio and GVK, to sell it some of their global coal assets.
    
    Coal India has an estimated USD 6.65 billion to invest in coal mines over the next five years according to the report as India prepares to import a rising volume of coal.
    
    A company executive said that there are a certain number of Indian firms as well who have approached us for their assets in Indonesia and Australia.
    
    Coal India unit Coal Videsh was earlier involved in talks with global coal firms such as Peabody Energy Corporation and Rio Tinto to form a strategic alliance to mine coal in Australia, the US, South Africa and Indonesia.
    
    Source – SMH.com
    
16. voda 11 april 2014 16:35

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    BHP and Rio to be hit by lower steel demand
    
    Global steel demand is forecast to decline this year as the Chinese economy slows from its breakneck speed, raising concerns about the impact it will have on Australia as one of the world's top iron ore producers.
    
    The World Steel Association, the industry's main international body expects global demand to rise 3.1% in 2014 to 1.52 billion tonnes compared to growth of 3.6 per cent last year. Demand growth is then expected to increase slightly in 2015, rising 3.3%.
    
    The expected drop off in demand is expected to affect the profit margins of Australia's biggest and richest iron ore miners BHP Billiton and Rio Tinto, and smaller players, as the raw material is used in steel making.
    
    The price of iron ore is down 11 per cent this year and is trading at USD 119 a tonne . Australian shares in BHP and Rio are up 1.37 to AUD 30.4 and 0.99% to USD 65.14, respectively.
    
    Australia's iron ore miners have been a significant contributor to national income as a result of a 20 year mining boom but the economy is now in transition to one which is trying to encourage growth in non mining sectors because of the expected drop in demand for the steel commodity, namely from China.
    
    Helping to offset some of the drop in demand from China and emerging countries which ran at more than 6 per cent a year for six years in a row from the early 2000s is an expected pick up in the growth of developed economies, such as the US and Europe. The hope is that as these powerful economies improve that demand for steel to build infrastructure and housing will increase.
    
    The Steel Association said Chinese demand for the commodity would rise just 3% in 2014 to 721 million tonnes compared with growth of 6.1% recorded last year. In 2015, Chinese demand growth is expected to slow further to 2.7%.
    
    Global companies expected to be affected by the forecast are ArcelorMittal and TATA Steel, Chinese groups including Hebei and Baosteel as well as South Korea's Posco and Japan's Nippon Steel.
    
    Source – SMH.com
    
17. voda 14 april 2014 16:16

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    Glencore Xstrata verkoopt mijn voor $5,8 mrd aan Chinees consortium
    
    LONDEN (Dow Jones)--Glencore Xstrata plc (GLEN.LN) heeft zondag aangegeven zijn Peruaanse koperproject Las Bambas voor minstens $5,8 miljard te verkopen aan een Chinees consortium.
    
    Met de deal komt een eind aan maandenlange moeizame onderhandelingen over ondermeer de overnameprijs. Voor China is het de grootste aankoop van een overzeese mijnbouwer sinds 2008, toen staatsbedrijf Chinalco een belang van 12% nam in Rio Tinto, blijkt uit gegevens van Dealogic. In een korte verklaring zondag gaf Glencore aan zijn gehele belang in Las Bambas te verkopen aan een consortium dat geleid wordt door MMG Ltd., een eenheid van het door de staat gecontroleerde China Minmetals Corp.
    
    De transactie wordt naar verwachting tegen de herfst afgerond, en is afhankelijk van goedkeuring van de mededingingsautoriteiten en een stemming onder MMG's aandeelhouders.
    
    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.
    
    Door Alexis Flynn. Vertaald en bewerkt door Ellen Proper; Dow Jones Nieuwsdienst: +31-20-5715200; ellen.proper@wsj.com
    
    
    
18. voda 15 april 2014 16:41

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    IJzerertsproductie Rio Tinto naar record
    
    DINSDAG 15 APRIL 2014, 09:21 uur | 296 keer gelezen
    
    LONDEN (AFN/BLOOMBERG) - De productie van ijzererts door mijnbouwconcern Rio Tinto is in het eerste kwartaal van dit jaar naar een nieuw record gestegen. Dat maakte het op één na grootste mijnbouwbedrijf ter wereld dinsdag bekend.
    
    De productie van de grondstof voor staal nam met 8 procent toe tot 52,3 miljoen ton in vergelijking met een jaar eerder. Analisten hadden in doorsnee op 54,7 miljoen ton gerekend. Met de hogere productie van ijzererts wil Rio Tinto inspelen op de stijgende vraag vanuit China.
    
19. voda 15 april 2014 16:59

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    Rio Tinto delivers strong first quarter production
    
    Highlights
    
    1. Record first quarter iron ore production, shipments and rail volumes. Shipments from the Pilbara exceeded production in the quarter, despite the impact of tropical cyclone Christine which closed our ports for three days at the end of 2013 and affected the progressive recovery of rail and ports into January. The full ramp up is well on track to achieve nameplate capacity of 290 million tonnes per annum by the end of the first half of 2014.
    
    2. Mined copper benefited from higher grades at Kennecott Utah Copper and production at Oyu Tolgoi. This more than offset the elimination of production from copper assets divested in 2013.
    
    3. Record first quarter bauxite production and shipments were driven by a ramp up of production at the Weipa mine in Australia to feed the newly expanded Yarwun alumina refinery.
    
    4. Production of coal improved in the first quarter of 2014 compared to the same period in 2013 due to the productivity improvement programme.
    
    5. Exploration and evaluation expenditure was $155 million in the first quarter of 2014, sustaining the savings achieved in 2013 whilst progressing the highest priority future growth projects
    
    
    Rio Tinto CEO Mr Sam Walsh said “Rio Tinto has started the year with a series of performance records as we continue to drive productivity gains across our operations. Our Pilbara iron ore business has again set new benchmarks for production, shipments and rail volumes for the first quarter and we are well on track to reach nameplate capacity of 290Mt/a by the end of the first half of 2014. Our mined copper production benefited from higher ore grades at Kennecott Utah Copper and production ramp up at Oyu Tolgoi and we also had a record first quarter for bauxite, primarily driven by higher production at Weipa.”
    
    Source – Strategic Research Institute
20. voda 15 april 2014 16:59

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    • voda

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    BHPB unable to repeat iron ore mechanism to coking coal prices
    
    Mining.com reported that mining giant BHP Billiton, which changed the iron ore pricing mechanism, has been working hard to repeat the 2010 move in the coking coal market, but has so far met with little success.
    
    The main pushback from steel mills against spot pricing has to with the variability of the coal produced from one mine to the other, which is especially true in number two importer of metallurgical coal Japan.
    
    The negotiations are happening during a difficult time for the coking coal trade which this year should amount to some 320 million tonnes.
    
    Quarterly benchmark coking coal traded as high as AUD 330 a tonne in mid-2011 after bad weather took much of Australia's supply off the market. The price of the commodity stayed above AUD 200 for 2 years between September 2010 and September 2012, but has been on a steady downtrend since then.
    
    Q2 2014 contracts have been inked at AUD 120 a tonne, down 14% from first quarter benchmarks and the lowest since 2008.
    
    BHP, the globe's top exporter of coking coal, has put its money where its mouth is and is selling an ever increasing portion on the spot market.
    
    Source - www.mining.com
    
21. voda 16 april 2014 16:32

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    • voda

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    BHP Billiton: hogere productie ijzererts
    
    WOENSDAG 16 APRIL 2014, 10:21 uur | 1 keer gelezen
    
    MELBOURNE (AFN/BLOOMBERG) - 's Werelds grootste mijnbouwconcern BHP Billiton heeft woensdag zijn doelstelling voor de productie van ijzererts voor dit jaar verhoogd, na een sterker dan verwachte productie in het eerste kwartaal.
    
    BHP Billiton verhoogde de productie van de grondstof voor metaal in het afgelopen kwartaal met 23 procent tot 49,6 miljoen ton in vergelijking met een jaar eerder. Analisten hadden in doorsnee op 48,3 miljoen ton ijzererts gerekend. Het mijnbouwbedrijf heeft nu zijn doelstelling voor de productie voor het gehele jaar met 2,4 procent verhoogd tot 217 miljoen ton ijzererts.
    
    Branchegenoot Rio Tinto maakte dinsdag bekend dat de productie van ijzererts in het afgelopen kwartaal een record heeft bereikt van 52,3 miljoen ton. Mijnbouwers zoals Rio Tinto en BHP Billiton spelen met de hogere productie van ijzererts in op de stijgende vraag vanuit China.