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Mijnen,Rio...bhp

1. voda 13 mei 2014 16:36

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   Jinchuan may have to compete with BHP to secure nickel
   
   Jinchuan Group Company China’s largest refined nickel producer, may have to compete with BHP Billiton Limited for supply from Western Area Limited’s operations.
   
   Mr Dan Lougher MD of Western Area said that “Jinchuan’s supply contract with Western Areas runs out at the end of the year, while BHP closed its Perseverance nickel mine in Western Australia in October and needs to source new supply to feed its Nickel West smelter.”
   
   Mr Lougher said that “We can give them more if they pay the right dollar. Jinchuan is always keen to talk about life-of-mine contracts. The competitive tension that you can get around the smelters is quite important for us.”
   
   According to Citigroup Inc, nickel, used to make stainless steel, rose to a two-year high this month on concern that Indonesia’s ore export ban is reducing global supplies. Nickel may rise to more than USD 30,000 per tonne next year.
   
   Western Area’s mines, also located in Western Australia, are two of the highest grade operations in the world. Its plant has production capacity of 25,000 tonnes of nickel concentrate annually. BHP, the world’s largest mining company, is contracted to buy 12,000 tonnes a year and Jinchuan purchases 13,000 tonnes annually under its current contract.
   
   BHP’s production from its Nickel West unit, which includes mines and a smelter, will decline 10% in the next financial year after the closure of the Perseverance mine because of a seismic event. It re opened its Rocky’s Reward mine to mitigate the supply shortage.
   
   Source - Bloomberg
   
2. voda 13 mei 2014 20:05

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   JPMorgan: Mijnbouwsector weer in trek
   
   DINSDAG 13 MEI 2014, 09:48 uur | 1050 keer gelezen
   De afgelopen 2 jaar was de mijnbouwsector niet bepaald populair bij investeerders. Nu lijkt het erop dat de kansen keren. JPMorgan is nu overwogen op de sector, terwijl de zakenbank 2 jaar lang onderwogen was.
   
   ‘Wij denken dat de risico-rendementsverhouding verbetert’, schrijft een team van Europese aandelenstrategen van JPMorgan, onder leiding van Mislav Matejka, in een research note. ‘De afgelopen drie jaar zijn we zeer terughoudend geweest, maar nu moeten we ons standpunt wijzigen.’
   
   Afgelopen week kwamen er bescheiden positieve cijfers uit China. In april nam de activiteit licht toe van 50,3 naar 50,4. Het 50 punten-niveau onderscheidt uitbreiding van krimp. De stijging geeft volgens Matejka steun aan de suggestie dat de tweede economie in de wereld stabiliseert. Hij voegt daaraan toe dat groei ondersteunende maatregelen door de Chinese overheid, met een tamelijk ingetogen inflatie, de sector de komende jaren een boost kunnen geven.
   
   Kostenbesparingen
   
   'Ook kostenbesparingen en het verminderen van kapitaaluitgaven werken positief uit voor mijnbouwbedrijven. Daarnaast stuwt de zwakke dollar de prijs van grondstoffen verhandeld in dollars.'
   
   Afgelopen jaar waren grondstoffen de slechtst presterende sector in de Euro Stoxx 600 Index. Voor 2014 ziet het plaatje er positiever uit, met een winst van bijna 5 procent.
   
   Jon H Bergtheil, analist bij CitiGroup, denkt dat gediversifieerde mijnbouwers beter zullen presteren dan mijnbouwers die in één grondstof gespecialiseerd zijn. ‘Het voornaamste is dat gediversifieerde bedrijven, met hun betere toegang tot kapitaal, beter zullen presteren op sub-sectorniveau. Daarentegen zullen bedrijven die één grondstof delven, hun grotere broers verslaan door simpelweg goed management.’
   
   Door Lucia Rodenburg
   
   www.belegger.nl/beurstips-en-handelsk...
3. voda 14 mei 2014 17:00

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   Rio Tinto completes 290 million tonne Pilbara iron ore expansion
   
   Rio Tinto announced a major milestone for Australia's largest integrated mining project, with its Pilbara iron ore system of mines, rail and ports reaching a run rate of 290 million tonnes a year, two months ahead of schedule.
   
   It said “Early completion of the expansion has added significant value to the Pilbara operations, with continued ramp-up of the system contributing to the record first quarter production achieved this year.”
   
   It added “The achievement further underlines the world-class status of Rio Tinto's Western Australian iron ore operations and follows completion of the infrastructure component in September 2013, which itself was delivered four months ahead of schedule and $400 million under budget.”
   
   Rio Tinto Iron Ore chief executive Mr Andrew Harding said "This is a significant milestone which adds real value for our business and our shareholders by moving more iron ore through the Pilbara at low cost. It builds on an impressive track record of delivery, achieved through our culture of driving performance and the quality of our people. We are now focused on the next phase of our expansion towards 360 million tonne per annum. The infrastructure is on schedule for completion in a little over 12 months and, from a base run rate of 290 million tonne per annum, we have a rapid, low-cost pathway to increase mine production capacity by more than 60 million tonne per annum between now and 2017."
   
   Rio Tinto has achieved the 290 million tonne per annum run rate but there is likely to be some run rate variability in coming months as Rio Tinto completes its 360 million tonne per annum expansion and realises the integration of AutoHaul®, the world's first automated heavy-haul rail system.
   
   Expansion timeline:
   
   1. The 283 million tonne per annum expansion project was announced in October 2010 and was increased to 290 million tonne per annum in 2012 reflecting greater productivity throughout the integrated system of mines, rail and ports.
   
   2. First ore loaded at the new Cape Lambert port B facility in August 2013.
   
   3. The 290 million tonne per annum infrastructure was completed in October 2013.
   
   4. The 360 million tonne per annum infrastructure will be completed by the end of the first half of 2015, and mine production capacity will increase by more than 60 million tonnes a year between 2014 and 2017.
   
   Source – Strategic Research Institute
   
4. voda 14 mei 2014 17:09

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   Jinchuan may have to compete with BHP to secure nickel
   
   Jinchuan Group Company China’s largest refined nickel producer, may have to compete with BHP Billiton Limited for supply from Western Area Limited’s operations.
   
   Mr Dan Lougher MD of Western Area said that “Jinchuan’s supply contract with Western Areas runs out at the end of the year, while BHP closed its Perseverance nickel mine in Western Australia in October and needs to source new supply to feed its Nickel West smelter.”
   
   Mr Lougher said that “We can give them more if they pay the right dollar. Jinchuan is always keen to talk about life-of-mine contracts. The competitive tension that you can get around the smelters is quite important for us.”
   
   According to Citigroup Inc, nickel, used to make stainless steel, rose to a two-year high this month on concern that Indonesia’s ore export ban is reducing global supplies. Nickel may rise to more than USD 30,000 per tonne next year.
   
   Western Area’s mines, also located in Western Australia, are two of the highest grade operations in the world. Its plant has production capacity of 25,000 tonnes of nickel concentrate annually. BHP, the world’s largest mining company, is contracted to buy 12,000 tonnes a year and Jinchuan purchases 13,000 tonnes annually under its current contract.
   
   BHP’s production from its Nickel West unit, which includes mines and a smelter, will decline 10% in the next financial year after the closure of the Perseverance mine because of a seismic event. It re opened its Rocky’s Reward mine to mitigate the supply shortage.
   
   Source – Bloomberg
   
5. voda 15 mei 2014 16:59

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   BHP creates new aluminium company
   
   SMH reported that BHP Billiton has advanced the reorganisation of its internal corporate entities, creating a new company through the Australian securities regulator for its aluminium division.
   
   The move comes as BHP's board and management consider spinning non core assets into a new AUD 20 billion division that would potentially be handed back to shareholders.
   
   All options are on the table as BHP evaluates strategies for assets that do not fit within chief executive Mr Andrew Mackenzie's four pillars agenda. Goldman Sachs is advising the company on the transformative plan, code named Project River.
   
   BHP Billiton Aluminium (Holdings) Private Limited was created May 6 and registered to BHP's Perth office, Brookfield Place. It has two directors, Mr John Slaven and Mr Stefano Giorgini and its secretary is Mr Robin Lees. Brisbane based BHP Coal Holdings is its sole shareholder however BHP is the ultimate holding company and it is unclear whether BHP Billiton Aluminium retains any physical assets.
   
   Mr Mackenzie said that the case for further simplification of the business was compelling reigniting speculation that BHP will lean towards a spin off. No decisions had been yet, he told an investor conference, and the outcome may not be known until BHP's annual results due in August.
   
   He said that the case for the continued simplification of our portfolio is compelling and it remains our priority. Simplification will create a portfolio of unrivalled quality and be the catalyst for increased and accelerated productivity gains. Value is our priority, and we will get it right.
   
   Source – SMH.com
   
6. voda 16 mei 2014 21:05

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   Rio Tinto accepts re issue of Guinea iron mine rights
   
   Reuters reported that Rio Tinto accepts Guinea's decision to reissue the rights to half a giant iron ore mine that it once held.
   
   Two sources close to the matter said that exploiting Simandou, one of the world's most valuable iron ore deposits, could help Guinea to prosper. But development of the deposit in one of Africa's poorest countries has been severely hampered by battles over the mining concessions.
   
   Australian miner Rio last month sued competitor Vale , Israeli billionaire Mr Beny Steinmetz and BSG Resources alleging they had devised a fraudulent scheme to steal its rights to part of Simandou in 2008.
   
   Rio said that the civil action was purely a damages claim and not an attempt to reinstate the mining titles it lost over blocks 1 and 2, the northern half of the deposit.
   
   The miner, which is focusing on developing the southern part of Simandou with Chinese partner Chinalco, said that it would not challenge anyone who acquired those titles.
   
   The West African country plans a new auction to reissue the permits, but the possibility of legal claims from companies that previously held these rights risks curbing interest in the sale.
   
   The letter was sent because Guinea insisted that Rio clarify their attitude towards the coming tender reaffirm all their agreements with Guinea, and will work cooperatively with who ever wins the tender, even if it's Vale."
   
   Mr Alpha Conde president of Guinea said that Vale was not involved in the alleged corruption and would be welcome to bid to reclaim permits, previously owned by Rio, that it lost last month.
   
   Source – Reuters
   
7. voda 20 mei 2014 16:41

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   Rio Tinto set to finalise USD 20 billion Guinea iron ore project
   
   AFP reported that Global mining giant Rio Tinto is set to finalise a USD 20 billion deal to develop the world's biggest untapped iron ore deposit in Guinea later this month following years of delays.
   
   Mr Sam Walsh CEO of Rio Tinto said that “The Simandou iron ore project, which could create Africa's biggest ever infrastructure venture will boost Guinea's annual revenue by USD 1.2 billion through income tax and royalty payments and pump billions more into the nation's economy.”
   
   Mr Walsh said that "Later this month, we expect to sign the investment framework that formalises our partnership with the government of Guinea, Chalco and the IFC. This has taken some time to bring to fruition and I think this signing will inject the project with renewed momentum.”
   
   He said that the "Remarkable project" would see billions of dollars invested in developing infrastructure in one of Africa's poorest nations, which is still recovering from decades of military dictatorships and misrule. The deal will formalise the partnership for Simandou with Guinea's government, China's state run aluminium group Chalco and the International Finance Corporation, a division of the World Bank.”
   
   Mr Walsh said that "When fully operational, the annual economic contribution of Simandou to the Guinean economy is estimated to be USD 7.6 billion that's 22 times the USD 340 million in international aid contributions to Guinea in 2012. It would be fair to say that this represents a new paradigm for Guinea."
   
   The estimated USD 20 billion project will include a railway to carry iron ore from the Simandou mountain range to a deep water port 650 kilometres (400 miles) away. The JV includes the development of the port, the establishment of fibre optic and wireless communications, and more than 1,000 kilometres of new and upgraded roads.
   
   Rio was awarded control of all four tenements at Simandou which it said held 2.25 billion tonnes of iron ore resources in 2006, but was ordered by the then military dictatorship to relinquish two northern concessions in 2008.
   
   These concessions were given to BSG Resources, a firm controlled by Israeli billionaire Beny Steinmetz which in turn sold half its rights to Brazilian mining giant Vale.
   
   The permits were declared void by the Guinea government last month, although the nation's President Alpha Conde said the withdrawal of concessions were part of a wider clampdown on mining rights and not case specific despite claims of corruption against BSGR.
   
   In April, Rio Tinto launched a complaint in a US district court against the awarding of the northern Simandou mining concessions to the VBG consortium, which was formed in 2010 by Vale and BSGR, appealing for damages to be awarded to the miner for the loss of the permits.
   
   Source – AFP
   
8. voda 20 mei 2014 16:44

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   Iron ore price slide puts the skids under miners
   
   Fears of a further drop in the iron ore price led to heavy losses among Australian miners with Fortescue Metals Group plunging to its lowest for the year and Rio Tinto also hit hard.
   
   The benchmark S&P/ASX200 finished at the day's low, down 70 points, or 1.3% at 5409. The broader All Ordinaries fell 68.6 points, or 1.3% to 5390.3.
   
   The bulk metal's spot price came within a whisker of USD 100 per tonne on Friday night, closing at USD 100.70 following a dive in Chinese steel rebar futures to a new record low.
   
   Leads from Dalian iron ore futures pointed to further falls overnight on Monday, which could see the price for the bulk commodity fall below USD 100 per tonne for the first time since September 2012.
   
   As a result, Australian miners led sharemarket losses. Fortescue Metals was hit hardest, losing 4.6% to finish at a 2014 low of AUD 4.37. Rio Tinto plunged 3% to AUD 60.10, while rival BHP Billiton slumped 1.7% to AUD 37.43,
   
   Junior iron ore miners were not spared any pain, as BC Iron dropped 4.5% to AUD 3.63, while Atlas Iron finished 1.3% lower at 74¢.
   
   Mr Sean Fenton portfolio manager of Tribeca said that "Iron ore seems to be the dominant theme. There's a noise around the Chinese property market slowing down. There's a lot of caution going around mining and iron ore related names."
   
   Iron ore has slumped 25% in 2015 and many analyst forecasts see the price falling even further. Should the raw material continue on its downward trend, the price will start nearing the pain threshold for many junior iron ore miners who have higher production costs than some of their more established peers.
   
   Strong growth in the renovations and restorations sector of housing helped DuluxGroup post a 33.6% jump in half year profit to USD 56.1 million. Despite a tough federal budget which is expected to weigh on consumer confidence, the paints manufacturer forecast full year profit to beat the last year's result of USD 94.1 million.
   
   Source – SMH.com
   
   
9. voda 21 mei 2014 17:02

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   Australian miners BHPB and FMG aim to avert iron ore port strike
   
   Reuters reported that two of the world's biggest iron ore miners BHP Billiton and Fortescue Metals Group held government sponsored mediation talks to avert industrial action by tugboat operations that could halt a quarter of global seaborne exports.
   
   There were no immediate comments on any outcome from the talks.
   
   BHP, Fortescue, Teekay and the union had mediation talks on Tuesday held by Australia's industrial tribunal, the Fair Work Commission. A second round is due to take place in June. If there is no resolution, one way the government could halt a strike by arguing the action would hurt Australia's economy.
   
   Mr Nev Power CEO of Fortescue said that "We want to ensure the dispute does not impact our day-to-day operations and we are reviewing all options available to us to mitigate any potential impact on our business going forward."
   
   BHP has previously warned that a strike by tugboat operators at Port Hedland on the Indian Ocean could cost up to USD 100 million in lost revenue each day.
   
   Deckhands, engineers and masters of the tugboats that guide vessels in and out of the port are pressing operator Teekay Shipping for more pay and leave. Deckhands, represented by the Maritime Union of Australia, last week approved plans to strike for one, two or seven days but have yet to decide whether to stop work. Any strike by them would have to take place by June 11.
   
   BHP has already warned that a strike would cost USD 100 million in lost sales a day, based on exports running at around 1.1 million tonnes a day at a price around USD 100 per tonne.
   
   Source - Reuters
   
10. voda 22 mei 2014 15:54

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    Glencore CEO sees opportunity in lack of iron ore assets
    
    Bloomberg reported that Mr Ivan Glasenberg CEO of Glencore Xstrata Plc believed the company’s reduced risk from falling iron ore prices sets it apart from larger rivals BHP Billiton Limited, Rio Tinto Group and Vale SA.
    
    He said that “We are not heavily exposed to iron ore except on the trading side and therefore we believe we have an opportunity against our peers there. We are not big players in the iron ore market.”
    
    Mr Glasenberg said that “Prices are coming off because we see massive expansions coming there from our major competitors. They continue to expand these brownfields and put more supply into the market.”
    
    The iron ore position of Glencore, the world’s fourth biggest mining company, pales in comparison with BHP, Rio and Vale. The three together controlled about 60% of seaborne supply in the USD 170 billion trade last year.
    
    Thermal coal for power stations and copper are the biggest contributors to Glencore earnings. By contrast, Rio derived 88% of profits from iron ore last year. Glencore does have some iron ore capacity and approved USD 900 million iron ore project in Mauritania earlier this year. The mine, to produce 7 million tonnes a year, is expected to start output in 2017. The company, the world’s largest listed commodities trader, increased its iron ore trading business 68 percent last year to 33.2 million tonnes.
    
    Source – Bloomberg
    
12. voda 22 mei 2014 15:57

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    Miners target cost cuts as iron ore price at lowest level for 2 years
    
    SMH cited miners as saying that as the price of iron ore slipped below USD 100 per tonne for the first time in nearly two years, they would continue to focus on driving down costs.
    
    Iron ore, measured out of the Tianjin port in China, lost a further 2.2% per cent overnight on Monday, sliding to USD 98.50 per tonne, its lowest point since September 2012. The bulk metal has slumped 6.6% in May and has pushed deeper into bear market territory down 26.6% for the year.
    
    Following iron ore's slide this year, Mr Andrew Forrest chairman of Fortescue has seen his company's share price and personal fortune tumble. At Fortescue's 2014 peak of AUD 6.23, Mr Forrest's fortune was worth AUD 6.43 billion. Since then, Fortescue's share price has plunged 26.8% to AUD 4.39, wiping AUD 1.91 billion from Mr Forrest's stake.
    
    Diversified miners are ramping up iron ore production while single metal miners continue to add to supply, leading to oversupply and a further slump in the iron ore price.
    
    Mr Wayne Bould MD of minnow Grange Resources said “Iron ore prices were at pretty unsatisfactory levels and he had witnessed a major effort from buyers to push iron pellet prices lower in 2014. Normally there is a reasonable premium offered for the pellet products we sell into China but there has been an extremely large amount of pressure pushing that premium lower.''
    
    Mr Ken Brinsden boss of Atlas Iron said that “The iron ore price was outside his control but he did not sweat over the short term moves. We will continue to focus on those things we can control and in particular growing our production base, controlling costs and looking after our strategy."
    
    Mr Morgan Ball MD of BC Iron said that “The surprising thing about the current iron ore price fall was that the Australian dollar had not responded, although he expects pressure to remain on the currency. BC Iron has earned a reputation as one of the biggest dividend payers in the iron ore industry, and has vowed to pay out between 30% and 50% of net profits after tax to shareholders.”
    
    Mr Ji Minlei trader who operates from the port of Rizhao said that “Pressure from banks partly explained why the iron ore price had dipped below USD 100 per tonne for the first time since September 2012. Some traders have been caught in the liquidity crunch and have been forced to sell.''
    
    Mr Ji said that banks had been increasingly tightening credit this year and were now demanding deposits of up to 30% to finance cargoes, double the previous level. The biggest risk to the price now is that banks further tighten credit.''
    
    Source – SMH.com
    
13. voda 22 mei 2014 15:59

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    BHPB price of manganese ore for China as June shipment unchanged
    
    BHP Billiton Limited has recently submitted its offer price of manganese ore as June 2014 shipment meant for China to respective customers individually.
    
    According to whom it may concern, the price per 1% of manganese for Mn 46% Lump ore (GEMCO grade) is USD 4.50, the one for Metallurgical Fine ore (Mn 48%) is USD 4.37 and the one for South African low grade ore (Mn 38% to 40%) is USD 3.80 which remain unchanged from the prices as May shipment.
    
    As the prices of manganese metal and Mn containing ferroalloys show a slightly upward trend, there was an anticipation of price hike for June shipment, but the price resultingly remained unchanged.
    
    Source - The TEX Report
    
14. voda 22 mei 2014 16:00

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    Australia shares down 0.6pct as iron ore prices extended
    
    Reuters reported that Australian shares slipped hurt by miners as iron ore prices extended a worrying slide and added to a confluence of negative factors, including a drop in consumer sentiment and a ditched investment plan by Woodside Petroleum Limited.
    
    A measure of Australian consumer sentiment slumped in May to its lowest in over two years as households fretted about their own finances a week after the government unveiled a string of spending cuts and new levies in a tough fiscal budget.
    
    Consumer discretionary stocks fell on the news with retailers Harvey Norman Holdings Limited and David Jones Limited dropping 1.6% and 0.3% respectively. Ten Network Holdings Ltd lost 1.1%.
    
    Mr Ric Spooner chief market analyst at CMC Markets said that "High petrol and utility prices, moderate wage growth and looming welfare cuts are likely to limit the discretionary wallet. Companies reliant on discretionary spending will be hoping for a lift in consumer confidence over coming months that might flow through into less saving and more spending."
    
    The resource sector remained in the doldrums as Chinese iron ore futures fell for a third straight day to a fresh low and spot prices fell further below USD 100 per tonne on weak buying from steel mills in top consumer China. Top tier miners BHP Billiton Ltd and Rio Tinto Limited were down 1.7% and 2.1% respectively.
    
    Source – Reuters
    
15. voda 23 mei 2014 15:32

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    BHP to ask government to Intervene to stop iron ore port strike
    
    Bloomberg reported that BHP Billiton Limited is likely to ask the Australian government to intervene to stop a threatened strike that would halt iron ore shipments from the world’s largest export harbor.
    
    M Jimmy Wilson CEO of BHP’s iron ore unit said that “Mining operations may start winding down after two days of strike action because stocks at port Port Hedland are reasonably high. We choke reasonably quickly, two to three days.”
    
    BHP, the world’s third biggest exporter of iron ore, is already facing reduced earnings at the unit as prices fell into a bear market in March and slumped to a 20 month low. Industrial action may cost producers about USD 94 million a day, prompting BHP to follow in the steps of Australia’s national carrier Qantas Limited which sought government intervention in a 2011 labor dispute.
    
    Mr Wilson said that “They are literally holding us to ransom and that is something we have to push back on. It is highly likely that we would ask the government to help in the name of national interest.”
    
    Disrupting global iron ore supplies may in the short term bolster the iron ore price, which has plunged 27% this year. Goldman Sachs Group Inc warned a global surplus may be 175 million tonnes next year, up 21% on an earlier forecast.
    
    Fortescue Metals Group Limited, Australia’s third largest ore exporter, and Atlas Iron Limited also ship from Port Hedland. BHP fell 0.8% to AUD 37.17 in Sydney, while Fortescue declined 2.4% and Atlas lost 2.7%.
    
    Mr Wilson said that “Deckhands at Teekay Shipping (Australia) Pty, which is contracted by BHP to run tugboat operations at the port, are seeking a 40% wage increase over four years and a cut in work time from six months to four and a half months a year. They are the highest-paid port workers in the country.”
    
    Source – Bloomberg
    
16. voda 27 mei 2014 16:20

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    Miljardencontract voor ijzererts in Guinee
    
    DINSDAG 27 MEI 2014, 13:00 uur | 508 keer gelezen
    
    MELBOURNE (AFN/BLOOMBERG) - Rio Tinto heeft een financiële overeenkomst gesloten met de overheid van het West-Afrikaanse Guinee voor de ontwikkeling van een ijzerertsmijn en bijbehorende infrastructuur. Daarmee is mogelijk 20 miljard dollar gemoeid, aldus de Australische mijnbouwkolos dinsdag.
    Het akkoord brengt de onderhandelingen over de aanleg van een spoorlijn en een haven wellicht in een stroomversnelling. Rio Tinto werkt bij het project samen met Aluminium Corp of China (Chinalco) en International Finance Corp (IFC). De regio Simandou in Guinee geldt als 's werelds grootste ongerepte ertsafzetting. Volgens Rio Tinto kan de mijn jaarlijks 100 miljoen ton erts produceren.
    
    Mocht het project doorgaan, dan kan Guinee waarschijnlijk rekenen op een verdubbeling van het bruto binnenlands product. Bovendien levert het project 45.000 banen op.
    
    
17. voda 29 mei 2014 14:50

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    China seeks partnership with Vale to transport iron ore
    
    China is interested in setting up a partnership with Brazilian mining major Vale to move iron ore from its giant vessels on to smaller ones, as a ban on the big ships docking at Chinese ports continues.
    
    Vale's mega ships, capable of carrying 400,000 tonne of iron ore and known as the Valemax, are not permitted to dock at Chinese ports because of their size. This has frustrated the miner's attempts to reduce freight costs in order to compete with Australian based rivals such as BHP Billiton and Rio Tinto, located closer to China.
    
    Chinese shipowners have strongly opposed access for Vale's mega ships amid concerns that they could worsen a shipping glut and steal market share. Mr Li Jinzhang, Chinese ambassador to Brazil, said foreign reporters at a conference that "Our transport department has every interest in discussing and resolving this matter, including options such as setting up a partnership to tranship the iron ore and thus work together to lower freight costs."
    
    Transhipment involves moving the iron ore from the Valemax ships on to smaller boats which could then dock at Chinese ports. Vale is currently developing a transhipment centre in Malaysia and already has a system in operation in the Philippines. Vale's transportation costs are currently about USD 22 a tonne.
    
    Source – Business Times
    
    
18. voda 29 mei 2014 14:50

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    • voda

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    Rio Tinto appoints Mr Alfredo Barrios as Aluminium CEO
    
    Rio Tinto has appointed Mr Alfredo Barrios as CEO of its Aluminium business. He will succeed Ms Jacynthe Cote who will leave the business for personal reasons to pursue other interests.
    
    Mr Alfredo will assume the role on June 1st 2014 and join the Executive Committee on this date. He will be based in Montreal, subject to obtaining all necessary immigration approvals from the Canadian authorities. Ms Jacynthe will continue in an advisory role until September 1st 2014 in order to ensure a smooth transition.
    
    Mr Alfredo Barrios' most recent role was Executive Director and Executive Vice President Downstream at the joint venture TNK-BP, one of Russia's biggest vertically integrated oil and gas companies, where he was responsible for the refining, trading, supply, logistics and marketing businesses.
    
    He joined BP in 1992 and has enjoyed a varied and distinguished career including senior leadership roles in the United Kingdom, United States, Russia and Continental Europe. He has a strong track record of successfully delivering sustained safety and business performance, large capital intensive projects and international government relations.
    
    Mr Sam Walsh CEO of Rio Tinto said that "Ms Jacynthe has long been a key member of Rio Tinto's leadership team and has enjoyed a successful career with Rio Tinto and Alcan spanning more than 25 years. The ongoing improvement in the performance of the Aluminium business is testimony to her commitment to the business throughout her career. I would like to offer her my personal thanks and best wishes for the future."
    
    Mr Walsm said that "We are delighted to welcome Mr Alfredo to Rio Tinto who will undoubtedly bring renewed vigour and experience to our Aluminium business. I am confident he will build on the foundations Jacynthe and her team have put in place and drive further improvement in delivering increased value from the business. I also look forward to the new insight he can bring as a member of my executive team."
    
    Source – Strategic Research Institute
19. voda 30 mei 2014 15:33

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    Rio Tinto to build relations as iron ore market gets competitive
    
    China Daily reported that Rio Tinto wants to build relations with China as iron ore market gets competitive as it faces an ever more competitive iron ore market.
    
    China drives over a third of company revenue.
    
    Mr Sam Walsh CEO of Rio Tinto said that "As China continues its urbanization and industrialization process, the steel demand will keep growing. We are confident that our products will be needed in the future."
    
    He said that his strategy remains unchanged: continuous commitment to the market, cutting costs and supplying high-quality products.
    
    In 2013, Rio Tinto produced 266 million tons of iron ore, an annual increase of 5%.
    
    Source – China Daily
    
20. voda 3 juni 2014 16:52

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    Rio Tinto appoints new board director
    
    Mr Michael L'Estrange AO will join the Rio Tinto board as a non executive director on September 1st 2014.
    
    Professor L'Estrange has had a long and distinguished career at the highest levels of public policy in Australia, with a particular focus on international relations and diplomacy. Starting his career in the Department of Prime Minister and Cabinet, Mr Michael was appointed to various senior roles in the Australian Government, including Secretary to Cabinet and Head of the Cabinet Policy Unit and Secretary of the Department of Foreign Affairs and Trade.
    
    He is currently Head of College of the National Security College at the Australian National University in Canberra and a Director of the University of Notre Dame, Australia.
    
    Mr Jan du Plessis chairman of Rio Tinto said that "I am delighted to welcome Mr Michael L'Estrange to the Rio Tinto board. He is a highly regarded individual with an impressive academic and public policy background. Mr Michael has nearly 30 years of distinguished public service experience in Australia, and brings to our board a wealth of expertise in foreign policy, international relations and trade. His appointment further reinforces the significance of Australia to Rio Tinto's global operations."
    
    Mr Michael L'Estrange said that "Serving on the Rio Tinto board presents a wonderful opportunity, particularly in today's dynamic international environment. I look forward to working with the board and management team as Rio Tinto looks to strengthen its global business."
    
    Source – Strategic Research Institute
21. voda 3 juni 2014 16:53

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    Israeli tycoon Mr Beny Steinmetz to sues Rio and Mr Soros for Simandou iron ore rights
    
    The Australian reported that Israeli billionaire Mr Beny Steinmetz will launch a multi billion dollar lawsuit this month against Mr George Soros and Rio Tinto after his rights to the most prized iron ore deposit in Africa were revoked.
    
    The suit, to be filed at the High Court in London, is expected to allege that Rio formed a conspiracy with Mr Soros and Global Witness, a campaign group funded by him, to force him out of the Simandou project in Guinea.
    
    In April, Guinea President Mr Alpha Conde cancelled Mr Steinmetz’s rights to half of Simandou. Mr Conde took the licence back after an independent panel, supported by Global Witness, alleged that Mr Steinmetz had acquired the rights through corruption.
    
    A month ago Rio upped the stakes by filing a racketeering suit in New York, claiming that Brazilian mining giant Vale and Mr Steinmetz’s company BSGR had hatched a conspiracy of their own several years ago to oust Rio from the project and take it for themselves.
    
    The 100 kilometers chain of peaks in the west African jungle contains more iron ore than any other undeveloped deposit in the world. If a mine is built there, it will generate hundreds of billions of dollars in revenue.
    
    Source – The Australian.com