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1. voda 13 februari 2015 13:34

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   Rio Tinto delivers underlying earnings of USD 9.3 billion
   
   Mr Sam Walsh CEO of Rio Tinto said that "Last year, we made a clear commitment to materially increase cash returns to our shareholders. We have delivered this through a 12% increase in our full year dividend and a proposed AUD 2.0 billion share buy back. These represent a total cash return to shareholders, in respect of 2014, of almost AUD 6.0 billion.
   
   Mr Walsh said that our continued financial and operating discipline enabled us to offset much of the impact of lower commodity prices in 2014. By increasing volumes and reducing costs, we achieved underlying earnings of AUD 9.3 billion and we were able to maintain our EBITDA margin2 at 39 per cent. Free cash flow was assisted by a further reduction in capital expenditure3 and a successful programme to release working capital. As a consequence, we have reduced net debt4 by AUD 5.6 billion to AUD 12.5 billion.
   
   He said that "I would like to thank our 62,000 colleagues for their contribution to these excellent results. Decisive early action throughout the Group delivered the strong balance sheet, which enables us to announce today's additional material cash return to shareholders. With lower commodity prices and uncertain global economic trends, the operating environment remains tough.”
   
   However, in these conditions Rio Tinto's qualities and competitive advantages deliver superior value. Our combination of world class assets, disciplined capital allocation, balance sheet strength, operating and commercial excellence and a culture of safety and integrity gives me confidence in our ability to continue to generate sustainable returns for our shareholders.
   
   Revenues and earnings;
   1. Consolidated sales revenues of AUD 47.7 billion, as a AUD 5.4 billion (pre-tax) decline in pricing was partially offset by AUD 3.0 billion from higher volumes.
   
   2. EBITDA margin at 39% unchanged from 2013, with volume gains and cost improvements offsetting the impact of lower prices.
   
   3. Achieved underlying earnings of AUD 9.3 billion, nine per cent lower than 2013 despite the AUD 4.1 billion (post-tax) impact of lower prices.
   
   4. Underlying earnings per share were 503.4 US cents.
   
   5. Net earnings of AUD 6.5 billion reflect non cash exchange rate losses of AUD 1.9 billion, a AUD 0.4 billion charge following the repeal of the Minerals Resource Rent Tax (MRRT) and other charges of AUD 0.5 billion. An impairment charge of AUD 1.2 billion mainly related to the Kitimat project as reported at the half year was mostly offset by a reversal of AUD 1.0 billion in the second half of 2014 related to uplift in carrying value for the Pacific Aluminium business.
   
   Production;
   Set production records for iron ore and Hunter Valley thermal coal, and delivered a strong operational performance in bauxite, copper and aluminium.
   
   Cash flow and balance sheet;
   1. Achieved AUD 4.8 billion of sustainable operating cash cost improvements and exploration and evaluation savings since 2012, of which AUD 1.5 billion were in 2014.
   
   2. Generated net cash from operating activities of AUD 14.3 billion, including working capital improvements of AUD 1.5 billion principally from lower inventories and lower receivables.
   
   3. Reduced capital expenditure by AUD 4.8 billion to AUD 8.2 billion in 2014, reflecting completion of existing major projects and continued capital discipline.
   
   4. Decreased net debt by AUD 5.6 billion in 2014 to AUD 12.5 billion at 31 December 2014, with gearing of 19%. This compares with AUD 18.1 billion and 25% gearing at 31 December 2013.
   
   Capital returns
   1. Increased full year dividend by 12% to 215 US cents per share.
   
   2. Proposed capital return of USD2.0 billion comprises a targeted AUD 500 million (c. USD0.4 billion) off market share buy back tender of Rio Tinto Limited shares and the balance of approximately USD 1.6 billion for an on market buy back of Rio Tinto plc shares.
   
   3. These represent a total cash return to shareholders, in respect of 2014, of almost AUD 6.0 billion, an increase of approximately 64% on 2013.
   
   4. Post the AUD 2.0 billion share buy back, the proforma gearing ratio at 31 December 2014 increases to 21 per cent.
   
   2015 guidance;
   1. Retain tight capital discipline with a focus on cash generation and sustainable returns.
   
   2. Further cash cost improvements of AUD 750 million expected to be realised in 2015.
   
   3. Capital expenditure is expected to decline to less than AUD 7.0 billion in 2015 and remain at around AUD 7.0 billion in 2016 and 2017.
   
   Source - Strategic Research Institute
2. voda 14 februari 2015 16:03

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   BHP Billiton update on Olympic Dam Svedala Mill
   
   On 28 January 2015 the Svedala mill, part of BHP Billiton's Olympic Dam surface processing operations in South Australia, suffered an electrical failure and was safely placed in the maintenance position.
   
   A complete diagnostic review was undertaken and revealed damage to the motor stator coil. The repair and remediation plan is being developed and the Company can confirm the mill will be out of service for approximately six months.
   
   BHP Billiton plans to use this period to bring forward some of the maintenance activities and preparatory work required to support the underground extension of the Southern Mine Area.
   
   The Svedala mill is the largest of three mills onsite. The two smaller grinding mills at Olympic Dam will continue to operate at full capacity. However, as a result of the suspension of the primary mill other processing activities on site will be scaled back.
   
   Based on current information, BHP Billiton estimates a reduction in copper production of between 60 and 70kt with the majority of the loss anticipated this financial year.
   
   A return to full production is anticipated by the end of the September 2015 quarter. Any subsequent updates to production guidance as a result of the mill outage will be communicated in forthcoming financial reporting and quarterly operational reviews.
   
   Source - Strategic Research Institute
3. voda 14 februari 2015 16:05

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   Rio Tinto AUD 500 million off market buy back tender
   
   Rio Tinto will conduct an off-market buy-back tender (the Buy Back) for Rio Tinto Limited shares as part of the Group's proposed USD 2 billion capital return programme announced today.
   
   Under the Buy Back, Rio Tinto Limited is targeting the repurchase of AUD 500 million of shares, although it reserves the right to increase or decrease the size of the Buy Back or not buy back any shares.
   
   The Buy-Back is an important feature of the Group's capital return programme. It is an efficient way to return capital as it allows the purchase of shares at a discount of at least eight per cent to prevailing market prices and is expected to be funded out of the Group's cash resources.
   
   Source - Strategic Research Institute
4. voda 14 februari 2015 16:06

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   Rio Tinto update on production of aluminium
   
   Performance;
   The Aluminium group's underlying earnings of AUD 1,248 million increased 124% in 2014, with EBITDA margins improving to 29% for integrated operations. The main drivers of this strong performance were continued momentum from cost reduction and productivity improvement initiatives, a further rise in regional market and product premiums and the beneficial impact of weaker Australian and Canadian currencies.
   
   The Aluminium group's focused efforts on cost savings have now delivered pre tax cash cost improvements of AUD 806 million in 2014 and 2013 compared with the 2012 base. The combination of improved EBITDA and reduced working capital levels also delivered strong operating cash flow in 2014, which increased 50% to AUD 2,550 million and generated positive free cash flow.
   
   In December 2014, Rio Tinto's aluminium group set out a new strategy focused around cash generation from its first quartile smelters and market-paced growth from its industry leading bauxite position. While the alumina division remains essential to provide the group's modern, low cost smelters with competitive security of supply, the focus in 2015 will be on driving productivity improvements and lowering costs to maximise value from these assets. Ramping up the Yarwun refinery to its 3.4 million tonnes per annum nameplate capacity during the second half of 2015 will be a critical component of this goal.
   
   Markets;
   The 2014 cash LME aluminium price averaged AUD 1,867 per tonne, an increase of 1% on 2013. Regional market premiums for aluminium reached record levels in the latter part of the year and are expected to remain strong in the near term. With growing demand and tight physical markets, LME inventories have begun to decline. Much of the remaining inventory continues to be tied up in financing deals due to higher forward prices and low interest rates.
   
   Value added products represented 62% of primary metal produced in 2014, generating attractive product premiums. Overall, the group achieved an average realised aluminium price of AUD 2,395 per tonne in 2014 compared with AUD 2,249 per tonne in 2013.
   
   Bauxite prices remain strong, underpinned by growing demand and the ongoing Indonesian bauxite export ban. Third party bauxite sales increased four per cent during 2014 to 23.3 million tonnes (2013: 22.4 million tonnes).
   
   Operations;
   Bauxite underlying earnings increased by 14% to AUD 429 million in 2014 boosted by a rise in third party sales and stronger pricing. The Weipa mine in Australia delivered another strong performance, comparable to that achieved in 2013 and the Sangaredi mine in Guinea achieved record production. Gove shifted to bauxite exports following the curtailment of the refinery in May 2014. Exports from Gove are currently infrastructure constrained at around 6 million tonnes per annum but are expected to ramp up towards an eight million tonnes per annum run rate towards the end of 2015, as these constraints are addressed. As a result, 2014 global bauxite production was marginally lower than 2013.
   
   The alumina division recorded a loss of AUD 209 million, which represented a 21 per cent improvement on 2013, attributable to volume gains and cost improvements. Alumina production was up by 6% compared with 2013 reflecting stronger production across all refineries, in particular Yarwun which continued to ramp up. As a result of productivity improvements three of the four refineries achieved production records in 2014.
   
   Primary Metal increased earnings by 215 per cent to AUD 629 million while earnings from the Pacific Aluminium smelters rose by 131 per cent to AUD 291 million. All regions benefited from the record product and market premiums and continued to realise significant benefits from their cost saving programmes.
   
   Aluminium production was broadly in line with 2013, with production from the new AP60 plant and capacity creep across the smelter portfolio offsetting the closure of Shawinigan in November 2013 and the partial shutdown at Kitimat in preparation for the commissioning of the modernised smelter. Eight smelters, representing 54% of 2014 production volumes, achieved annual production records.
   
   Further actions were taken in 2014 to streamline the portfolio, with the completion of the sales of the Aluminium group's interests in the SØRAL smelter in Norway in October and the Alucam smelter in Cameroon in December.
   
   New projects and growth options;
   The Kitimat Modernisation Project is proceeding in line with revised plan with first production expected towards the end of the first half of 2015 and full capacity of 420,000 tonnes expected to be reached in the first half of 2016.
   
   Aligned to the Aluminium group's bauxite growth strategy, the South of Embley project, a 22.8 Mt per annum, tier one investment opportunity in Cape York, Queensland, with mining costs expected to be in the first quartile, continues under evaluation. Required regulatory permits are in place and the project is in an advanced stage of study.
   
   2015 production guidance;
   Rio Tinto's share of bauxite, alumina and aluminium production for 2015 is expected to be 43 million tonnes, 8.0 million tonnes and 3.3 million tonnes, respectively.
   
   Source - Strategic research Institute
5. voda 15 februari 2015 15:21

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   Rio Tinto update on production of copper
   
   Performance;
   The Copper group's underlying earnings of AUD 912 million were 11% higher than 2013 and 25% higher than 2013 when adjusted for movements in prices and exchange rates and the impact of a write down of the carrying value of an exploration property in 2013.
   
   This strong performance reflected increased gold and molybdenum volumes at Kennecott Utah Copper following the recovery from the pit wall slide in April 2013, the ramp up of Oyu Tolgoi, delivery of further cash cost savings and lower exploration and evaluation spend.
   
   Pre tax cash cost improvements in the Copper group have now delivered AUD 923 million of savings in 2014 and 2013 compared with the 2012 base, with KUC being the major contributor following significant improvements in efficiencies.
   
   Net cash generated from operating activities of AUD 1,701 million was 349% higher than 2013 due to recovery at KUC and the ramp up of operations and sales at Oyu Tolgoi. The rate of customer collections at Oyu Tolgoi accelerated in 2014, sales exceeded production and product inventories returned to normal levels by the end of 2014.
   
   Further good progress was made in 2014 on simplifying the portfolio. In addition to the AUD 1.8 billion of divestments in 2013, the Copper group announced:
   1. In April 2014, a gifting of its 19.1% shareholding in Northern Dynasty Minerals Ltd, owner of the Pebble Project, to two local Alaskan charitable foundations.
   2. In July 2014, the completion of the divestment of its interest in the Sulawesi nickel project in Indonesia.
   
   3. In July 2014, that Turquoise Hill Resources Ltd. signed a sale and purchase agreement with National United Resources Holdings Limited for the sale of a 29.95% interest in South Gobi Resources Ltd. This agreement was amended in December 2014, and following the announcement of a private placement of common shares by South Gobi Resources and issuance of shares to China Investment Corporation under its convertible debenture agreement, the sale to NUR now represents a 25.65 per cent stake with the closing date extended to 30 April 2015.
   
   4. In August 2014, that it was reviewing all options for its 53.83% stake in Bougainville Copper Limited.
   
   Markets;
   Average prices in 2014 were generally lower than 2013. Copper declined 7% to 310 cents per pound and gold decreased 10% to AUD 1,266 per ounce while molybdenum increased four per cent to AUD 11.7 per pound. The total impact of price changes on the Copper group, including the effects of provisional pricing movements, resulted in a decrease in underlying earnings of AUD 244 million compared with 2013.
   
   At 31 December 2014, the Copper group had an estimated 331 million pounds of copper sales that were provisionally priced at 288 cents per pound. The final price of these sales will be determined during the first half of 2015. This compares with 254 million pounds of open shipments at 31 December 2013, provisionally priced at 333 cents per pound.
   
   Operations;
   Mined copper production for the year was four per cent higher than 2013, driven by the sustained ramp up at Oyu Tolgoi. This ramp up, along with higher grades at both Oyu Tolgoi and KUC, resulted in a 69% increase in mined gold production over 2013. Refined copper production in 2014 was three per cent higher than in 2013 despite the planned 65 day smelter shutdown at KUC that started in September 2014 and was completed during the fourth quarter.
   
   At KUC, mined copper production for 2014 was comparable to 2013, despite lower grade and throughput as mine production was aligned to smelter requirements during its planned shutdown. An acceleration of de-watering activities and further unloading of the east wall occurred during this period in order to mitigate geotechnical risks. Mined gold for the year was 26 per cent higher than 2013 principally due to higher grades while mined molybdenum was 100 per cent higher than 2013 due to higher grades and improved recovery rates.
   
   At Escondida, increased mill throughput in 2014 and increased ore stacked for leaching resulted in copper production being in line with 2013, despite lower grades. At Oyu Tolgoi, Rio Tinto's share of production of copper and gold in concentrates increased to 50 thousand tonnes and 197 thousand ounces, respectively, attributable to higher grades, increased throughput and a full year of production. Customer collections of concentrate from the Chinese bonded warehouse exceeded production in 2014 and resulted in product inventories returning to normal levels.
   
   New projects and growth options;
   Growth opportunities in the portfolio are centred on value-accretive development options at Resolution and La Granja and the second stage development at Oyu Tolgoi, which requires the resolution of all outstanding shareholder issues, the finalisation and approval of the feasibility study by all shareholders including the Government of Mongolia, the agreement of a comprehensive funding plan including project finance and the receipt of all relevant permits before further investment will be undertaken.
   
   2015 production guidance;
   
   Rio Tinto expects its share of mined copper production to be between 500,000 and 535,000 tonnes and refined copper production to be between 190,000 and 220,000 tonnes.
   
   Source – Strategic Research institute
6. voda 15 februari 2015 15:21

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   Rio Tinto board changes
   
   Mr Lord Kerr and Mr Michael Fitzpatrick, non executive directors of Rio Tinto, will be retiring from the board this year.
   
   They will not seek re election as non executive directors of Rio Tinto plc and Rio Tinto Limited and will retire from the board at the conclusion of the Rio Tinto Limited annual general meeting in Perth on 7 May 2015.
   
   Mr Jan du Plessis chairman of Rio Tinto said that "I am very grateful to John and Mike for their immense contribution to Rio Tinto over many years. They have both provided tremendous support during their tenure. I wish them well for the future."
   
   Source – Strategic Research Institute
7. voda 15 februari 2015 15:24

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   Anglo American announces preliminary results for 2014
   
   Significant operational improvements amid sharply lower commodity prices;
   1. Delivered on all major commitments for 2014 operational performance, project delivery and portfolio restructuring targets;
   
   2. Strong operational performance across every business (4% production increase on Cu Eq. basis(1));
   
   3. Group underlying EBIT(2) of USD 4.9 billion, a 25% decrease due to sharply weaker commodity prices (USD 2.4 billion(3) underlying EBIT impact), partially offset by weaker producer country currencies (USD 1.3 billion positive impact to underlying EBIT) and increased production and sales volumes;
   
   4. Special items after tax and non-controlling interest include commodity price driven impairments of $3.9 billion, including $3.5 billion at Minas Rio.
   
   5. Net debt of USD 12.9 billion as at 31 December 2014 (2013: USD 10.7 billion), with USD 15.1 billion of liquidity; USD 1.7 billion of bonds maturing in 2015 and USD 1.6 billion maturing in 2016.
   
   
   (1). Copper equivalent production, expressed as copper equivalent tonnes, is a metric used to show changes in underlying production volume. Each commodity's volumes are expressed as revenue, and then converted into a copper equivalent volume by dividing revenue by copper price (per tonne). The prices used for conversion by Anglo American are those from 30 June 2013. When aggregated, these give the group's production expressed in units of copper equivalent. Production volumes considered include both equity and purchased volumes (e.g. platinum concentrate from joint operation partners), as well as volumes from mines in pre-commercial production. No domestic thermal coal production is considered. Copper equivalent unit costs divide the gross costs associated with unit costs, by relevant copper equivalent volume. Only own equity volumes (and costs) are considered. Thabazimbi (iron ore) and domestic thermal coal production is excluded, as are operations not in commercial production. Both the copper equivalent production and copper equivalent unit cost metrics have been adjusted for the 532 koz of platinum production lost due to the strikes at Platinum operations.
   
   (2). Underlying EBIT is operating profit presented before special items and remeasurements and includes the Group's attributable share of associates' and joint ventures' underlying EBIT. Underlying EBIT of associates and joint ventures is the Group's attributable share of associates and joint ventures revenue less operating costs before special items and remeasurements. See notes 4 and 6 to the Condensed financial statements for underlying EBIT. For definition of special items and remeasurements, see note 7 to the Condensed financial statements.
   
   (3). Excludes De Beers volume/price and impact of the strike at Platinum.
   (4) See note 10 to the Condensed financial statements for basis of calculation of underlying earnings.
   
   (5). Includes the Group's attributable share of associates' and joint ventures' revenue of USD 3,915 million (2013: USD 3,721 million).
   
   (6) Stated after special items and re measurements. See note 7 to the Condensed financial statements.
   
   (7) Attributable ROCE is based on underlying performance before the impact of impairments reported since 10 December 2013 and reflects realised prices and foreign exchange during the current period.
   
   Source – Strategic Research Institute
8. voda 16 februari 2015 21:15

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   Rio Tinto's Mr Walsh defends iron ore strategy
   
   Bloomberg cited Mr Sam Walsh CEO of Rio Tinto Group as saying that if the second largest mining company cut iron ore output after prices sank, forfeited supply would be made up by rivals with higher costs and that wouldn't be in his shareholders' interests.
   
   Mr Walsh said that “Guess what happens when you take 100 million tons off? The price goes up, and all those people that went out of the market come back into the market. And guess what? The price gets back to where it was and, whacko, we would be down 100 million tons.”
   
   The raw material fell 47% in 2014 and extended losses this year as the lowest cost producers including Rio boosted output and spurred a glut, wagering that less efficient miners will curb supply or shutter mines. The surplus will more than double to a record this year as low-cost suppliers keep expanding, Australia & New Zealand Banking Group Ltd said in a report on Wednesday, cutting price forecasts through 2018.
   
   Mr Walsh said that “Now I know there are some people hanging on by their fingernails. You can only do that for a certain time and sooner or later you've really got to recognise the reality of life.”
   
   Source - Bloomberg
9. voda 17 februari 2015 16:45

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   BHP Billiton update senior appointments at South32
   
   BHP Billiton has announced two senior management appointments for its proposed demerger of global metals and mining company, South32.
   
   Head of Investor Relations;
   Mr Peter Harris has been appointed to the role of Head of Investor Relations Elect effective 23 February 2015.
   
   Mr Peter joins South32 from JCP Investment Partners, a Melbourne based fund that has over AUD 10 billion of Australian equity assets under management. As a partial owner of the fund, Mr Peter was responsible for mining, energy, utilities and steel sector investments.
   
   Prior to joining JCP Investment Partners, Mr Peter spent several years working as an equities analyst at Commonwealth Securities in Australia covering the mining, energy and utilities sectors. He is a former Chief Economist for Shell Australia and has previously worked as an Economist for the Productivity Commission (Australia).
   
   Mr Brendan Harris CFO of Elect of South32 said that “Mr Peter brings a wealth of mining industry experience and expertise to the role and is a key appointment to the company's management team.”
   
   Head of Corporate Affairs;
   Mr Steven Blaney has been appointed to the role of Head of Corporate Affairs Elect effective 24 March 2015.
   
   With over 20 years of experience in senior corporate affairs and marketing roles across Asia, Europe and Australasia, Steven joins the South32 team from Citi where he is currently Managing Director/Head, Corporate and Government Affairs, Australia and New Zealand.
   
   Mr Harris and Mr Blaney will be based at South32's head office in Perth.
   
   A final Board decision on the proposed demerger will be made once all necessary third party approvals are secured on satisfactory terms. On this basis, BHP Billiton expects to release all shareholder documentation with full details of the proposed demerger in March 2015, with a shareholder vote taking place in May.
   
   Source - Strategic Research Institute
10. voda 17 februari 2015 16:53

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    Rio Tinto defies commodity rout with big payout
    
    Global miner Rio Tinto handed shareholders AUD 2 billion capital return on top of a higher than expected dividend on February 12, despite reporting its worst half year profit in two years. The bumper return came after the world no 2 miner cut costs, capital spending and debt to shore up its cash flows against collapsing commodity prices, with the steepest slide in its biggest business, iron ore.
    
    Mr Sam Walsh CEO of Rio Tinto, under pressure to please investors to ward off a renewed takeover approach from rival Glencore Plc said that he was confident the company would continue to generate sustainable returns for shareholders.
    
    Mr Walsh said that "With lower commodity prices and uncertain global economic trends, the operating environment remains tough. However, in these conditions Rio Tinto's qualities and competitive advantages deliver superior value."
    
    Underlying earnings for the six months to December 31 fell 30% to AUD 4.19 billion from a year earlier, based on Reuters calculations off the full year result but was well above analysts' forecasts for AUD 3.76 billion.
    
    Rio increased its full year dividend by 12% to AUD 2.15, which was higher than the AUD 2.12 that the market was expecting. It would return AUD 2 billion through a buyback of its Australian and UK listed shares, which was in line with what analysts had expected.
    
    Source - Reuters
12. voda 18 februari 2015 17:03

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    BHPB confirms potential cyclone impacting GEMCO operations and Groote Eylandt
    
    BHP Billiton Manganese Australia confirms that Tropical Cyclone Lam continues to have potential to track towards Groote Eylandt affecting both the community and GEMCO operations.
    
    We are working with the Local Counter Disaster Planning Committee for Groote Eylandt, which is led by the NT Police and also making preparations to shut down our operations if required.
    
    We are planning to evacuate non essential personnel to Darwin via charter and commercial aircraft services. This will be completed over the course of Wednesday prior to gale force winds impacting the Eylandt. We are also preparing to offer assistance to the community should the Local Counter Disaster Planning Committee require any additional support as the cyclone approaches.
    
    GEMCO has also cancelled incoming employee and contractor charter aircraft in preparation to shut down operations if a cyclone warning is declared, when all remaining personnel will return to their designated shelters in Alyangula.
    
    Our full incident response management team has been mobilised and our emergency services personnel are on standby. Our priority is ensuring the safety of the community, our employees and contractors and our operational assets.
    
    Source - Strategic Research Institute
13. voda 19 februari 2015 17:02

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    BHPB provides submission to Senate Inquiry into Corporate Tax Avoidance and Minimisation
    
    BHP Billiton welcomed the opportunity to provide a submission to the Senate Inquiry into Corporate Tax Avoidance and Minimisation.
    
    In its submission, BHP Billiton said that as demonstrated by the work undertaken by the OECD, issues around base erosion and profit shifting are complex and multi layered, requiring a carefully considered and coherent package of measures to address them.
    
    Mr Tony Cudmore, President Corporate Affairs said that “We fully support the BEPS Action Plan being pursued by the OECD and supported by the G20 in relation to international tax reform. At a time of subdued global growth it is critical that unilateral action does not act as an impediment to cross border trade and investment, thereby placing further pressure on economic growth.”
    
    Mr Cudmore went on to said that as a significant payer of taxes in Australia and globally, BHP Billiton's tax arrangements are subject to robust scrutiny. BHP Billiton takes its tax and transparency obligations very seriously last financial year we paid more than USD 8 billion in taxes and royalties in Australia and we are the nation's largest corporate taxpayer. Taxes and royalties paid last year delivered an effective tax rate of more than 45%. Globally we paid USD 9.9 billion in taxes, royalties and certain indirect taxes last financial year.
    
    Mr Cudmore said that BHP Billiton has developed its own Transparency Principles and supports a number of transparency initiatives, evidenced by BHP Billiton's voluntary and active participation.
    
    Source - Strategic Research Institute
14. voda 20 februari 2015 13:54

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    BHP Billiton to conduct reef research with CSIRO
    
    BHP Billiton has teamed up with the CSIRO for a marine research partnership that will focus on the World Heritage Listed Ningaloo Reef in Western Australia.
    
    The five year, jointly funded USD 5 million research program will include both deep and shallow reef research, turtle and shark tagging, a PhD scholarship scheme and opportunities to engage the local community, including BHP Billiton Petroleum employees, in Exmouth, WA.
    
    Mr Doug Handyside GM of BHP Billiton Petroleum said that the investment in marine science would help the oil and gas industry to better understand the reef and help target conservation efforts. We are dedicated to ensuring the knowledge on which we base our operational decisions is entrenched in science.
    
    H said that “The partnership between CSIRO and BHP Billiton supports this valuable scientific research to provide baseline data on the condition of the ecological values of the reef, which will allow assessments over time to determine any changes. This enables us to uphold our commitment to operate in the most environmentally responsible manner possible.”
    
    Mr Andrew Johnson executive director of environment at CSIRO said that the research would deliver the fundamental knowledge required to manage increasing and varied use in the Ningaloo region. Our research presence at Ningaloo is now entering its tenth year, so we are very aware of the reef's many uses it is the way we manage and balance these different uses which is key to sustainable development.
    
    Source – Australian Mining
    
15. voda 21 februari 2015 15:45

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    Diana Shipping signs time charter contracts with Rio Tinto
    
    Diana Shipping Inc, a global shipping company specializing in the ownership of dry bulk vessels, announced that, on February 17th 2015, through a separate wholly-owned subsidiary, it entered into a time charter contract with Rio Tinto Shipping Asia Private Limited, for one of its Capesize dry bulk vessels, the m/v Semirio. The gross charter rate is USD 10,000 per day minus a 5% commission paid to 3rd parties, for a period of minimum 12 months to maximum 16 months. The charter is expected to commence on February 20th 2015.
    
    The 'Semirio' is a 174,261 dwt Capesize dry bulk vessel built in 2007.
    
    The Company also announced that on the same day, through a separate wholly-owned subsidiary, it entered into a time charter contract with Rio Tinto Shipping Asia Private Limited, for one of its Capesize dry bulk vessels, the m/v Sideris GS. The gross charter rate is USD 10,000 per day minus a 5% commission paid to third parties, for a period of minimum 10 months to maximum 14 months. The charter is expected to commence on February 23rd 2015.
    
    The 'Sideris GS' is a 174,186 dwt Capesize dry bulk vessel built in 2006.
    
    In total the employments of 'Semirio' and 'Sideris GS' are anticipated to generate approximately USD 6.6 million of gross revenue for the minimum scheduled period of the time charters.
    
    Diana Shipping Inc's fleet currently consists of 40 dry bulk vessels. The Company also expects to take delivery of 2 new-building Newcastlemax dry bulk vessels and one new-building Kamsarmax dry bulk vessel during the Q2 of 2016. As of today, the combined carrying capacity of our fleet, excluding the three vessels not yet delivered, is approximately 4.6 million dwt with a weighted average age of 6.9 years.
    
    Source - Strategic Research Institute
16. voda 21 februari 2015 15:48

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    Rio Tinto Alcan open to expanding smelters in Canada
    
    Rio Tinto Alcan plans to expand its smelting capacity in Canada once the fragile aluminum market gains strength.
    
    Mr Alfredo Barrios CEO of Rio Tinro Alcan said that “Aluminum prices, which have retreated since rising last year, are not encouraging investment at the moment because of excess smelting capacity. But strong long term fundamentals, including demand expected to grow through 2025 in part from the automotive sector, should eventually encourage new investments.”
    
    Mr Alfredo Barrios said that “If the market starts improving and the returns start remunerating the investments then there are a number of projects that we have across the world, even in Quebec, to potentially grow.”
    
    He pointed that specifically to a new Alouette smelter and expansion of its AP60 pilot project in Quebec. When the moment is right, Quebec is a clear place where we will be investing in smelting. That is where our core smelting business is.
    
    Mr Barrios said that Rio Tinto Alcan has been the only aluminum company outside of China and the Middle East to have invested heavily in recent years despite weak market conditions and low prices. It spent more than USD 7.5 billion in Canada over the past five years, including USD 4.8 billion to modernize a smelter in Kitimat, BC that is set to open in the coming months.
    
    Source - The Epoch Times
    
17. voda 22 februari 2015 16:53

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    Fortescue CEO points finger at Rio Tinto and BHPB for low iron ore prices
    
    As iron ore prices slip further into the abyss, Mr Nev Power CEO of Fortescue Metals Group believed the relentless expansion projects by Rio Tinto and BHP Billiton are to blame.
    
    Mr Power said that “The low iron ore price is not benefiting anybody. It has drained an enormous amount from the economy, from the West Australian economy and the (iron ore) industry in general. The continual move to add supply to an already depressed iron ore market is hindering smaller miners and creating a hole through government budgets.”
    
    Mr Power said that “As we know in the iron ore business there has been plenty of talk about what projects will come on but they have been delayed and not come on as forecast but this apprehension of excess supply is influencing the price.”
    
    Last year, West Australian Premier Mr Colin Barnett directly accused the two miners of working in a concert way. This seeming strategy of the two major producers to flood the market (with supply) and force the price down, I mean, remember who your landlord is that’s hurting Western Australia.”
    
    He said that "I will just make the point, you can have your corporate strategy, but there's also a sense of corporate social responsibility. And while you are pursuing your business strategy which I tend to think is flawed you are actually hurting the host State, the State that provides the iron ore and generates most of the wealth of Rio Tinto and BHP at a world scale."
    
    Source – Mining Global
    
18. voda 22 februari 2015 17:00

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    BHPB chief defies cutback push
    
    Mr Andrew Mackenzie CEO of BHP Billiton has blasted panicked calls for a halt to Pilbara iron ore production growth to prop up prices of the steelmaking raw material.
    
    Mr Mackenzie said that restricting supply as controversially suggested by West Australian Premier Mr Colin Barnett and Mr Andrew Forrest’s Fortescue would be a futile exercise. The only certain effect of stalling production will be to reduce Australian exports.
    
    Reflecting his deep concern with calls for restricting production growth in iron ore, Mr Mackenzie warned there were potential global free trade implications. Less supply from a dependable supplier such as Australia could be seen to possibly generate geopolitical instability, leading to a lower level of world economic growth.
    
    He said that “I strongly believe that the world will be best served by a sustainable supply of commodities at a fair price and that capital resources should be directed towards the most efficient sources of that production in a manner that the world gets them as cheaply as possible, in terms of cost, and with the greatest environmental performance and the smallest environmental footprint.’’
    
    Mr Mackenzie said that any growth you see from us is pre­dominantly by completing investments and making the investments that we have made even more productive. Anything less than that would mean giving up revenue, giving up royalties, giving up the stimulation to employment and innovation that are so important for this country’s future.
    
    He said that “If there had been a pullback of production out of the major Australian producers, it’s very questionable as to whether that would have had any impact on the downward drift in the price. And that would have simply ceded production to other countries, who would’ve taken up that slack.”
    
    Mr Mackenzie said that Australia had become more investable, thanks to the abolition of the mining and carbon taxes. The most important agenda now for us is to use that as a basis to continue to improve the international competitiveness of the Australian resources and therefore, mining industry. And much of that is down to the leadership we provide.’
    
    He would not be drawn on the uncertain political environment in Canberra and what that meant for the pace of economic reform. But he emphasised the importance to business confidence of regulatory certainty and political stability.
    
    He also outlined an agnostic approach on the nuclear power debate reignited by South Australia with its move to establish a royal commission into the potential for it to become a reality in the state. He said ownership of the Olympic Dam deposit in that state’s outback, the world’s biggest uranium deposit, did not alter that stance.
    
    Source - Business Spectator
19. voda 22 februari 2015 17:01

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    Rio and BHP set iron ore production records
    
    Rio Tinto and BHP Billiton continue to report record iron ore production from their mines in the Pilbara region of Western Australia.
    
    Rio Tinto’s Pilbara operations produced 280.6 million tonnes for the full year of 2014, 12% higher than in 2013. BHP Billiton produced 124 million tonnes (100% basis) during its fiscal first half ending December 30th 2014, a 15% increase over the comparable prior year period.
    
    Rio Tinto is developing a fourth phase of expansion to 360 million tonnes per year at its Pilbara operations and reported that the project was about 80% complete as of year end 2014 with all major rail, marine and wharf works in place and on track for delivery by the end of the H1 of 2015.
    
    Approximately 40 million tonne per year of brownfield expansions are under way at Rio Tinto’s Pilbara mines to feed the expanded infrastructure capacity. As a result, the company is forecasting that its production from the Pilbara will increase to 330 million tonnes in 2015.
    
    BHP Billiton is forecasting production of 245 million tonnes from its Western Australia operations for its full fiscal year ending June 30th 2015. Expanded production is being driven by the ongoing ramp up of the 35 million tonnes Jimblebar mine, which delivered its first production in the third quarter of 2013.
    
    Source - www.e-mj.com
    
20. voda 22 februari 2015 17:03

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    Nickel West cuts 50 jobs
    
    The West Australian reported that BHP Billiton has laid off about 50 workers at its Nickel West division over the past two weeks, following its failure to sell the struggling WA operation.
    
    It is understood 36 workers were made redundant and more than a dozen workers were put off last week. It is believed the jobs were axed from administrative and support roles at Nickel West, including finance, human resources and a number of project management positions.
    
    BHP took Nickel West off the auction block in November, after a long running sale process failed to find a buyer at an acceptable price.
    
    A spokesman for BHP said that the company had been restructuring its workforce around its decision to run the business for cash.
    
    With a shorter time horizon than other BHP Billiton assets, Nickel West will focus on the key activities critical to safely and efficiently operating its existing assets to closure, while deriving the maximum value from its known reserves.
    
    Source - The West Australian
    
21. voda 23 februari 2015 16:41

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    BHP Billiton update on Tropical Cyclone Marcia
    
    BHP Billiton confirmed that ship loading at the Gladstone Harbour and Hay Point Coal Terminal, together with rail operations, ceased temporarily on Thursday evening due to weather conditions associated with Tropical Cyclone Marcia.
    
    Normal operations recommenced this morning at Hay Point Coal Terminal. All BHP Billiton Central Queensland sites remain operational with minimal impact. Any material impacts will be reported in the BHP Billiton Quarterly Operational Review.
    
    Source – Strategic Research Institute