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Mijnen,Rio...bhp

1. voda 18 maart 2015 17:11

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   BHP Billiton recommends shareholders vote for demerger of South32
   
   The BHP Billiton Board has recommended shareholders approve the proposed demerger of South32 at the shareholder meetings to be held on 6 May 20151. The Board believes that with a more focused portfolio, BHP Billiton will be better placed to achieve further productivity benefits in its core portfolio, while creating a substantial new company, South32.
   
   BHP Billiton Chairman, Mr Jac Nasser said “The demerger will simplify BHP Billiton and has the potential to unlock shareholder value, while creating a new global diversified metals and mining company with a significant industry presence in each of its major commodities. Following the demerger, BHP Billiton will remain one of the largest diversified global resources companies and its strategic priorities will not change. The demerger simplifies BHP Billiton and enables us to further focus on generating value from our core portfolio. We believe that South32’s portfolio of high quality assets will benefit from the focus of a dedicated board and management team. South32 will begin with a strong balance sheet, will be able to adopt an independent business strategy and will have the opportunity to pursue growth and investment opportunities that may not otherwise be pursued if its assets remain within BHP Billiton. Having assessed a number of alternatives, the BHP Billiton Board considers the demerger to be the preferred approach to achieving simplification of our portfolio and maximising shareholder value. The Board unanimously recommends that shareholders vote in favour of the demerger.”
   
   Today BHP Billiton has interests in 41 assets across 13 countries and 6 continents. The demerger materially simplifies the portfolio in a single step and is significant progress towards achieving BHP Billiton’s identified core portfolio of 19 assets across eight countries and three continents. This portfolio, comprising exceptionally large long-life petroleum, copper, iron ore, coal and potash assets, collectively generated 96 per cent of the Group’s Underlying EBIT in the 2014 financial year.
   
   Overview of South32
   On demerger, South32 will be a globally diverse metals and mining company with a portfolio of assets producing alumina, aluminium, coal, manganese, nickel, silver, lead and zinc.
   
   South32’s portfolio will comprise
   
   Worsley Alumina: an 86 per cent interest in an integrated bauxite mining and alumina refining operation located in Western Australia, Australia
   
   South Africa Aluminium: a 100 per cent interest in the Hillside smelter near Richards Bay, South Africa
   
   Mozal Aluminium: a 47.1 per cent interest in the Mozal Aluminium smelter located near Maputo, Mozambique
   
   Brazil Aluminium: a 14.8 per cent interest in the Mineração Rio do Norte open-cut bauxite mine (MRN Mine), as well as a 36 per cent interest in the Alumar alumina refinery and a 40 per cent interest in the Alumar aluminium smelter (together with certain interests in ancillary facilities and lands);
   
   South Africa Energy Coal: a 90 per cent interest in four operating energy coal mines in the Witbank region in the Mpumalanga province of South Africa;
   Illawarra Metallurgical Coal: a 100 per cent interest in three underground metallurgical coal mines located near Wollongong in New South Wales, Australia
   
   Australia Manganese: a 60 per cent interest in the Groote Eylandt Mining Company (GEMCO) open-cut manganese mine and the Tasmanian Electro Metallurgical Company (TEMCO) manganese alloy plant. GEMCO is located in the Northern Territory, Australia near port facilities at Milner Bay, and TEMCO is located in Tasmania, Australia, near the Bell Bay wharf
   
   South Africa Manganese: a 44.4 per cent effective interest in the Mamatwan open-cut mine and the Wessels underground mine (collectively known as the Hotazel Mines) and a 60 per cent interest in the Samancor Manganese Metalloys alloy plant (Metalloys). The Hotazel Mines are located near the town of Kuruman, South Africa
   
   Cerro Matoso: a 99.94 per cent interest in an open-cut lateritic nickel mine and ferronickel smelter located near Montelibano, in the Córdoba Department in northern Colombia
   
   Cannington: a 100 per cent interest in a silver, lead and zinc underground mine and concentrator operation located in northwest Queensland, Australia, approximately 200km southeast of Mount Isa.
   
   The South32 businesses comprised gross assets of USD 26,723 million as at 31 December 2014 and contributed net profit after tax of USD 738 million for the 6 months ending 31 December 2014 and USD 217 million for the 12 months ending 30 June 2014 based on the historical combined financial information.
   
   The nominated South32 Directors are experienced and respected directors with a diverse range of skills, background and expertise, led by David Crawford as Chairman. South32 intends to appoint additional Non-executive Directors in time.
   
   
   Source - Stategic Research Institute
2. voda 18 maart 2015 17:14

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   Further iron ore price drop may result in another Minas Rio writedown - Anglo
   
   BNamericas reported that further deterioration in long term iron ore prices may result in additional impairment at Anglo American's flagship iron ore project, Minas-Rio in Brazil.
   
   In February, Anglo American reported USD 3.5 billion write down for Minas Rio, based on the assumed worth of assets. Minas-Rio was valued at USD 5.6 billion at the end of 2014, but the valuation remains sensitive to iron ore prices.
   
   Anglo's write down led iron ore (and gold) properties to see the lion's share of more than USD 10 billion in mining impairment charges in Latin America in Q4. The region's miners reported at least USD 10.4 billion in write-downs in the quarter as asset and reserve valuations were hit by lower commodity prices and political challenges.
   
   In 2014, a material worsening of the pricing environment for iron ore has been in evidence, driven by revisions to the outlook for global GDP growth, especially in the context of weaker Chinese construction activity, whilst at the same time supply from Western Australia has ramped up to outstrip weakening demand.
   
   Anglo said that the value in use of Minas-Rio has been updated to reflect management's best estimate of the future iron ore prices based on a detailed analysis of market fundamentals in the medium and long term. The long-term price which is used in the valuation from 2024 onwards is within the range of published analyst forecasts and broadly in line with the mean.
   
   Minas Rio's first shipments in late October coincided with a slump in iron ore prices as the top three global producers Brazil's Vale, together with Rio Tinto and BHP Billiton from Australia expanded production heavily while China's demand is slowing.
   
   The TSI 62%-Fe iron ore benchmark closed at USD 58.10 per tonnes up 0.4% from its previous close of USD 57.90 per tonne. However, it remains within USD 1 of its six year low of USD 57.70 per tonne reached last Wednesday.
   
   Source - Business News Americas
   
3. voda 18 maart 2015 17:19

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   Rio Tinto paid USD 7.1 billion in taxes in 2014
   
   Rio Tinto has published its latest Taxes paid report, detailing the USD 7.1 billion in taxes paid by the company around the world in 2014.
   
   Rio Tinto is a global leader in providing detailed information about the taxes paid in the jurisdictions in which it operates globally and has produced an annual Taxes paid report for the past five years.
   
   The voluntary report shows that Rio Tinto continues to make a significant contribution to public finances around the world and details all payments over USD 1 million made to governments in the countries where Rio Tinto operates.
   
   The majority of Rio Tinto’s taxes and royalties in 2014 were paid in Australia (USD 5.6 billion), Canada (USD 432 million), Chile (USD 262 million), United States (USD 211 million), Mongolia (USD 185 million), South Africa (USD 110 million), France (USD 106 million), Guinea (USD 67 million), Singapore (USD 44 million) and UK (USD 29 million).
   
   The report shows last year’s global effective tax rate was 43%. Between 2010 and 2014, the company paid an average effective rate of about 42.5%.
   
   Mr Chris Lynch CFO of Rio Tinto said that “Rio Tinto continues to be a major contributor to the economies of its host nations. Through our tax and royalty contribution, investments, employment, local purchasing and contracting, we are a major generator of wealth and economic activity. We are very proud of this record.”
   
   Mr Chris Lynch said that “The Taxes paid report is important evidence of our commitment to taxation transparency. We were a founding member of the Extractive Industries Transparency Initiative and strongly advocate the need to appropriately disclose payments to governments around the world.”
   
   He said that “2014 has been a year of significant change in the international tax landscape with a particular focus on efforts to eliminate Base Erosion and Profit Shifting (BEPS). Rio Tinto agrees with the aims of these efforts. Governments must also be mindful not to inadvertently damage the investment environment when implementing BEPS proposals.”
   
   He added that “To tackle BEPS issues effectively, we must adopt a coherent global approach and improve cross-border cooperation rather than take unilateral action that adds to compliance costs and dampens trade and investment.”
   
   Source - Strategig Research institute
4. theo1 26 maart 2015 13:02

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   Heeft iemand hier nog een mening over de South32 afsplitsing?
5. voda 30 maart 2015 16:38

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   BHP Billiton and Rio Tinto dividend growth is not sustainable
   
   SMH reported that a top international investor has questioned the ability of BHP Billiton and Rio Tinto to sustain their dividend growth as their pricing power erodes with declining commodity prices in a world gripped by low inflation.
   
   Morgan Stanley's Christian Derold, an international equities portfolio manager, said that he was doubtful the big miners had the capacity to continue with their dividend growth, saying it isn't sustainable I think but enjoy it while the fun lasts.
   
   Mr Derold said that "Their free cash flow is high at the moment because they have cut back on most expansionary capex, they're just sitting on the maintenance capex. I don't know what commodity prices will do but historically, whenever there was a new opportunity these are the first guys to jump."
   
   Instead, he is targeting companies with lower dividend yields but with greater surety around the sustainability of those yields through high gross margins and pricing power such as Nestle and Unilever.
   
   His view was influenced by the macroeconomic conditions where low inflation is prevalent and some parts of the world have slipped into deflation. The United Kingdom recorded zero per cent inflation for February for the first time since data was kept, it emerged this week, and the United States has only just returned to consumer price growth with a 0.2% inflation reading last month, thanks to rising energy prices. The euro area is still in deflation.
   
   Source - SMH
   
6. voda 30 maart 2015 16:41

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   Rio CEO to visit troubled Mongolia copper mine - Sources
   
   Reuters reported that Rio Tinto's chief executive will visit its USD 6.5 billion Oyu Tolgoi copper mine in Mongolia amid signs the country's new prime minister is keen to end disputes that have delayed an expansion project.
   
   The source said that Mr Sam Walsh will visit the mine, located in the Gobi desert around 80 kilometers north of the Chinese border, to meet employees, said one of the sources, who asked not to be named because issues related to the mine are sensitive. Time will also be made to greet members of the business community and some government officials.
   
   Disputes over costs and taxes have delayed an expansion of the mine that would extend its life beyond its estimated 15 years. That has stoked investor worries about resources nationalism with several governments across the world looking to renegotiate contracts to get a bigger say in mining projects.
   
   Mr Nick Cousyn, chief operating officer of Ulan Bator-based broker BDSec said that "Saikhanbileg's administration is Rio's best chance for a deal on Oyu Tolgoi phase two. They (Rio) can either empower him by showing flexibility and respect, or risk losing Mongolia to the populist opposition."
   
   Source - Reuters
   
7. voda 1 april 2015 19:04

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   BHP Billiton update Brazil Aluminium Sao Luis (Alumar) facility
   
   BHP Billiton announced that South32 has agreed with Alcoa, its joint venture partner and operator of the Alumar aluminium smelter, to suspend potline I from 15 April 2015. This follows the suspensions of potlines II and III in the prior financial year due to market conditions. All three potlines have been and will continue to be subject to ongoing review, having regard to market conditions.
   
   The temporary suspension of the smelter does not impact operations at the Alumar refinery or Mineração Rio do Norte bauxite mine. The decision to suspend production at the Alumar smelter will not have a material financial impact for South32 or BHP Billiton.
   
   South32 Brazil Aluminium;
   South32’s Brazil Aluminium business comprises a 14.8% interest in the Mineração Rio do Norte open-cut bauxite mine (MRN Mine), a 36% interest in the Alumar alumina refinery and a 40% interest in the Alumar smelter.
   
   Source – Strategic Research Institute
8. voda 1 april 2015 19:13

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   BHP Billiton calls for an end to unnecessary strike action
   
   As part of its submission to the Productivity Commission, BHP Billiton has proposed six reforms, including that strike action be a last resort.
   
   BHP said that its small suite of changes would allow employers and employees to work together to support improvements to productivity and competitiveness in the Australian economy.
   
   Two of the reforms are already before parliament and relate to the right of entry provisions and agreement provisions for ‘greenfield’ sites; this relates to the way in which union delegates are able to access mine sites.
   
   BHP is also calling for changes to the Fair Work Act to ensure it only contains enterprise agreement content to terms of employment only and not operational matters that limit productivity improvements.
   
   It also wants to see the act ‘truly supporting’ an employee’s choice of representation and equally enabling both non-union and union streams of enterprise bargaining.
   
   The company’s fifth and sixth reforms centre around strike action. BHP wants greater relief for employers from industrial action to ensure that it is a last resort, and an amendment to Fair Work Act provisions about adverse action to restore the limit on such claims to matters of victimisation due to union membership status or activity.
   
   Mr Mike Henry BHP’s coal president said that the changes should be seen as both sensible and realistically achievable. We are starting from the perspective that the current framework for the most part is OK; but it has some elements that are unclear, inappropriately applied, or to be frank — pretty unbalanced in our view. Collectively they have significant negative impacts for productivity. And that results in negative impacts not just for employers, but also for employees and for the economy.”
   
   BHP wanted a workplace relations framework that minimised conflict and disruption, aspects Mr Henry says are missing from the current legislation. A good solution would not be to only implement one of two of them because it is as much about how the terms come together, that create the negative dynamic for productivity, as it is about each individual element.
   
   Source – Mining Australia
   
9. voda 7 april 2015 19:58

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   Mongolia and Rio Tinto agree on phase two of mine
   
   Mongolia has broken the deadlock in negotiations about phase two of Rio Tinto’s USD 12.6 billion Oyu Tolgoi gold and copper mine, as the resource rich country seeks to draw back foreign investors.
   
   Foreign investors, whose dollars make up a big component of Mongolia’s USD 11.7 billion economy, have been put off by a combination of falling commodity prices and quixotic policy making in Mongolia.
   
   Rio Tinto, the Anglo Australian miner, and the Mongolian government have clashed over a tax dispute and cost overruns during the first construction phase. However, the Mongolian prime minister said agreement in principle had been reached with investors for building on the next stage of Oyu Tolgoi and the smaller Tavan Tolgoi coking coal mine.
   
   For Mongolia, much rests on resolving the Oyu Tolgoi dispute. Foreign direct investment fell last year with the downturn in commodity prices. The currency is weakening steadily and debt payments are looming.
   
   Between March 2017 and January 2018, external debt amounting to USD 1.08 billion matures. Mongolia’s aim to roll this over will depend on the creditworthiness of its balance sheet.Negotiations with Rio Tinto have centred on the USD 6 billion underground extension to the Oyu Tolgoi copper mine.
   
   Mongolia receives no dividends from its 34% stake in the mine until borrowings on the original mine are repaid, but it can contribute little to financing the expansion.
   
   Source : IRISH TIMES
10. voda 22 april 2015 19:47

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    BHP schrapt investering om lage ertsprijs
    
    WOENSDAG 22 APRIL 2015, 08:57 uur | 184 keer gelezen
    
    MELBOURNE (AFN/BLOOMBERG) - BHP Billiton, 's werelds grootste mijnbouwer, heeft een investering van 600 miljoen dollar (557 miljoen euro) uitgesteld vanwege de fors gedaalde ijzerertsprijs. De investering was een belangrijk onderdeel van de beoogde capaciteitsverhoging voor de productie van ijzererts naar 290 miljoen ton per jaar vanaf medio 2017.
    
    De prijs van de grondstof voor de productie van staal is doordat het aanbod veel groter is dan de vraag gedaald tot het laagste niveau in bijna tien jaar. BHP, dat dit jaar 250 miljoen ton wil delven, gaf geen nieuw jaartal voor de beoogde vergroting. In het afgelopen halfjaar namen rivalen als Rio Tinto en Vale soortgelijke beslissingen.
    
    De productie van ijzererts blijft ondanks de forse prijsdaling vooralsnog lucratief. De productiekosten per ton zijn lager dan 20 dollar, terwijl een ton verhandeld wordt voor 51 dollar.
    
12. voda 4 mei 2015 14:40

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    BHP's South32 risks tough market debut
    
    Reuters reported that BHP Billiton's shareholders are expected to approve the biggest ever spin off in the mining industry seeking to wring more value out of a string of long neglected aluminium, manganese, silver and nickel assets.
    
    But the new company, South32, risks a tough May 18 debut on the Australian bourse, with investors nervous about weak commodity prices, short mine life spans and declining ore grades.
    
    Reflecting this uncertainty, analyst valuations vary widely, with Morgan Stanley predicting it may start with a market worth of AUD 8.5 billion (GBP 4.43 billion) and Investec around AUD 12 billion.
    
    Mr Paul Xiradis CEO of Ausbil Investment Management, a BHP Billiton Ltd shareholder said that "I think a focused management team will be able to extract the best value for those assets over time. But if commodity prices are weak, it's going to be a bit more problematic."
    
    Named after the 32nd parallel south line of latitude that links its main business centres in Perth and Johannesburg, South32 will produce alumina, aluminium, coal, manganese, nickel, silver, lead and zinc from mines and smelters in Australia, Brazil, Colombia, South Africa and Mozambique. Those assets generated underlying earnings of USD 446 million on revenue of USD 8.3 billion last year.
    
    Mr Nik Stanjevic, an analyst at British wealth manager Brewin Dolphin said that "A lot of people who own BHP own it for the yield and for some exposure to the sector, and will not want to hold South32. South32 will be most sensitive to aluminium and alumina prices, with all in aluminium prices, which include London Metal Exchange prices plus a premium for delivery, having slumped this year due to a near 50 percent plunge in premiums.”
    
    Source : Reuters
    
13. voda 5 mei 2015 09:01

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    Koperproductie Glencore valt scherp terug
    
    DINSDAG 5 MEI 2015, 08:54 uur | 1 keer gelezen
    
    BAAR (AFN/BLOOMBERG) - Grondstoffenproducent en -handelaar Glencore heeft in het eerste kwartaal de koperproductie flink zien afnemen. Dat kwam onder meer door het winnen van erts met een lagere kwaliteit en het sluiten van een mijn in Chili vanwege onderhoud, zo bleek dinsdag.
    
    Glencore zag de productie met 9 procent zakken. De productie van kopermijnen in Afrika, Zuid-Amerika en Australië bedroeg 350.700 ton, tegen 385.600 ton een jaar eerder. De ertskwaliteit in een mijn in Argentinië en een in Peru nam af.
    
    De productie van kolen, die onder meer gebruikt worden in energiecentrales, nam met 4 procent toe. Het concern zal de productie inperken in Australië en overweegt Afrikaanse velden te sluiten, omdat de prijs voor het product door overaanbod op de markt inmiddels bijna is gezakt tot het laagste niveau sinds 2007.
    
    De Glencore-productie van zink dikte met 16 procent aan, lood nam 4 procent af en nikkel steeg 7 procent.
    
14. voda 9 mei 2015 16:30

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    Rio Tinto copper surplus coming sooner – Mr Jean Sebastien
    
    Rio Tinto's copper boss Mr Jean Sebastien Jacques believed the outlook for the red metal has improved significantly in just six months, with a long awaited shortage of supply set to emerge up to two years earlier than previously thought.
    
    Mr Jacques declared parts of his market appraisal last December where he predicted a shortage of copper would not emerge until 2018 or 2019 were out of date already.
    
    The first three months of 2015 saw supply from some of the world's largest copper mines interrupted, with mechanical failures cutting output from Olympic Dam in February while heavy rains affected operations at several large mines in Chile.
    
    Mr Jacques said that those disruptions combined with slightly better than expected demand for copper would likely ensure that the predicted surplus of copper in 2015 would not emerge.
    
    He said that "I can see the light at the end of the tunnel in the next 12 to 18 to 24 months. In December I said it would take three or four years to see the inflection point, but by 18 or 24 months we could start to see some interesting price back into the system. I believed the market will be balanced this year."
    
    Mr Jacques said that the expansion of Oyu Tolgoi remained the first priority of those three assets, and he said talks to resolve differences with the Mongolian government were now down to a small number of issues.
    
    Deutsche Bank agrees that 2017 is likely to be the year in which copper rises from its slumber; the investment bank predicts average copper prices below USD 2.80 per pound in 2015 and 2016, but for the price to average USD 3.17 per pound in 2017.
    
    Rio's copper division was recently merged with the coal division to cut costs, leaving Mr Jacques managing a portfolio with assets in Asia, North America, South America, Australia and Africa.
    
    Copper and coal are quite different commodities, particularly in the downstream area where copper requires much greater extraction and separation from its host rock than does coal.
    
    Mr Jacques said that there were sufficient similarities for value to be created by combining the two divisions into one, particularly by challenging the different teams to perform better than each other. An open pit copper mine and an open pit for coal are pretty close to the same shovels, trucks, the same.
    
    He said that "There is lots of benchmarking that is taking place between the two parts of the business, both in terms of cost, productivity and safety. The coal business was much more advanced in terms of cost, productivity and asset utilisation compared to copper, but copper was more advanced in terms of safety culture, especially underground. There will be lots of sharing of practices and we will be able to create value on the back of those two businesses together."
    
    Source : The Age
    
15. voda 12 mei 2015 16:29

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    Rio Tinto Alcan sees possible deficit in 2015 in aluminium market
    
    Reuters reported that Rio Tinto Alcan expects a global deficit in the aluminum market in 2015 despite good figures in the Q1.
    
    Mr Alf Barios CEO of Rio Tinto Alcan said that he expected a pick up in demand in China. Demand to grow by four percent per year and sees price volatility continuing in the short term while inventory levels by 2020 should fall to nine weeks from the current 12 weeks.
    
    Source : Reuters
    
16. voda 12 mei 2015 16:31

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    Rio Tinto plc optimistic on recovery in copper prices
    
    Rio Tinto plc is optimistic on a quick rebound in copper prices. The Anglo Australian company said that global copper prices will improve faster than forecasts with demand exceeding supply much earlier than estimates.
    
    Copper prices have risen by 18% since January, to their highest level last week at AUD 6,479 per tonne. By the end of the previous week, the prices had gone down to AUD 6,388 per tonne. Copper prices had dropped to their lowest level in five years, due to the impact of hedge funds in China.
    
    Mr Jean Sebastien Jacques head of Rio Tinto indicated that there will be a more balanced market in the current year due to the industry’s decision to bring down copper production in a weak commodity price environment. Disturbances in the marketplace and the industry’s decision to not to speed up work on some projects will most likely lead to a balanced market.
    
    Mr Jacques, who is also the chairman of the International Copper Association (ICA) further said that back in December, he saw the inflection point about three to four years away, but now he thinks that it can be reached in around two years.
    
    Rio Tinto’s proposed copper projects are set for a boost, as Mr Jacques plans to start talks with investors to attract investment and financing for the projects. This week, the company will enter into talks with the Mongolian government to close AUD 6 billion deal to expand the Oyu Tolgoi copper mine located in the Gobi desert. Rio Tinto’s haste in trying to initiate negotiations, with the Mongolian government over the project is a reflection of its optimism on the copper market.
    
    The company’s delegation will be heading to Mongolia in the current week, in an attempt to end a dispute with the Mongolian government over taxes and costs that have exceeded the budget in the construction’s initial phase. The disagreement between Mongolia's government and Rio Tinto has been going on for two years, which has hurt investor confidence.
    
    However, Mr Jacques remained hopeful that a deal would eventually be reached and believed that there was no deviation from the value sharing agreement with the Mongolian government. Through the agreement , the Mongolian government would reap 53% of the economic windfall from the deal.
    
    Source : BIDNESS ETC
    
17. voda 12 mei 2015 16:34

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    Mr Andrew's iron ore claims dismissed by Minerals Council of Australia
    
    ABC reported that the Minerals Council of Australia has dismissed the claims made by Fortescue Metals Group that BHP Billiton and Rio Tinto have flooded the iron ore market.
    
    Fortescue founder and chairman Mr Andrew Forrest, has called on the public to write to local Members of Parliament and urge them to consider the multinationals' licence to operate in Australia, if they don't market Australian iron ore responsibly."
    
    Mr Forrest maintained that since the 1980s, physical supply and demand of iron ore have been always equal, and the recent collapse in iron ore prices is a result of the nauseatingly repetitive statements made by these two companies that they are going to flood the market with iron ore, that they are going to be the last man standing and that their friendly competitors are going to disappear.
    
    Mr Brendan Pearson CEO of Minerals Council of Australia said that “There is no evidence such actions are being taken. Ten years ago, Rio Tinto and BHP had a market share in the global iron ore trade of 37% and in 2014 they had a market share of 37%. I can't see how their actions have flooded the market."
    
    Mr Pearson said that total production had risen, including out of Fortescue, as well as other global players like Brazil's Vale, but blaming BHP and Rio wasn't the answer to problems caused by the drop in prices. Markets will always come to equilibrium, and we would like prices to be higher, but market prices go up and down.
    
    Source : ABC
    
18. voda 12 mei 2015 16:35

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    Glencore's Mr Ivan Glasenberg on the attack as BHP cuts shale spending
    
    Glencore boss Mr Ivan Glasenberg warns the credibility of the mining industry is being damaged by companies that continue to expand exports into oversupplied markets.
    
    In a fresh attack on the iron ore strategy deployed by Rio Tinto, BHP Billiton and Brazilian miner Vale, Mr Glasenberg said that industry participants that ignored demand and market balance did so at their own peril.
    
    Mr Glasenberg declared the mining industry was suffering a crisis of confidence after being the worst-performing investment sector over the past year. Oversupply of markets regardless of demand is damaging the credibility of the industry.
    
    The comments supported the recent musings of Fortescue chairman Mr Andrew Forrest and came after Treasurer Mr Joe Hockey warned big miners that their export growth amid weak iron ore prices was being monitored by the Australian government. However, they are at odds with the open market policies adopted by the Minerals Council of Australia. Glencore is a council member.
    
    The feisty Glencore boss used the same conference in 2014 to deride the iron ore expansion strategy of Rio Tinto. He sought to merge with the company soon after the conference.
    
    Mr Glasenberg and Mr Sam Walsh CEO of Rio Tinto made presentations to the high powered audience within minutes of each other. BHP chief executive Andrew Mackenzie also attended the conference.
    
    Both Mr Mackenzie and Mr Walsh told the conference they did not expect to invest significant amounts of money in growth initiatives for iron ore.
    
    Mr Walsh told the conference that expansions would only happen where they created value for shareholders. We will, of course, invest to ensure the integrity of the Pilbara blend, but do not anticipate capital investment in further volume at this time highlighting recent decisions to defer construction on the Silvergrass mine in the Pilbara.
    
    Source : Australia Financial Review
    
19. voda 12 mei 2015 16:36

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    BHP cuts production costs in response to metal price dive
    
    Reuters reported that BHP Billiton would slash its iron ore production cost further and cut spending to better withstand a downturn in commodity prices.
    
    Giant iron ore producer BHP and rival Rio Tinto are locked in a battle to become the lowest cost iron producer. At the same time, they are increasing production of the steel ingredient, hoping to squeeze out competitors and gain market share.
    
    Mr Andrew Mackenzie CEO of BHP Billiton dismissed criticism that such a strategy was fuelling the sharp slump in iron ore prices.
    
    Mr Mackenzie said that "We operate in highly competitive and cyclical markets, where earnings outperformance through the cycle depends on being the most efficient supplier, not supply restraint. In this environment we are well prepared for the possibility of an extended period of lower prices in several commodities."
    
    BHP said that it would reduce its capital and exploration expenditure to AUD 9 billion in the 2016 financial year from AUD 12.6 billion in 2015 as it completes its growth projects.
    
    The Anglo Australian mining company said also it expected to reduce iron ore unit costs at its Western Australia operations by 21 percent to AUD 16 per tonne in the 2016 financial year, from just below AUD 20 per tonne last month.
    
    Source : Reuters
    
20. voda 13 mei 2015 16:45

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    Rio Tinto shedding up to 170 jobs in Montreal
    
    Canadian Manufacturing reported that Rio Tinto is shedding between 110 and 170 jobs in Montreal as the mining company prepares to move early next year into its new Canadian headquarters with the Alcan name missing from the building.
    
    The mining firm said that the staff reductions are part of the London based company’s efforts announced last February to streamline global operations and reduce costs.
    
    Ms Claudine Gagnon spokeswoman said that “We are in a cyclical industry and we have to adapt with the market. The reduction of corporate jobs that support various metal groups will begin in a few weeks and be completed by year end. About 800 employees currently work for the aluminum and other metal group divisions in Montreal.
    
    The aluminum division’s global headquarters will remain in the city but the name Alcan will gradually become less prominent. Rio Tinto will the identity of the featured tenant in the new, 26 storey Deloitte tower that will open next to the Bell Centre home of the Montreal Canadiens.
    
    Source : Canadian Manufacturing
    
21. voda 14 mei 2015 11:09

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    Iron ore mines in China facing annihilation as BHP and Rio expand
    
    Bloomberg reported that iron ore production in China is poised to shrink further as cheaper imports and faltering demand threaten to close mines supplying mills in the top steelmaker.
    
    According to Sanford C Bernstein & Company, most private mines in China have costs that are too high and produce ore of too low a quality to survive.
    
    Goldman Sachs Group Inc said that output that fell 20% to 311 million tonnes in 2014, will drop to 271 million tonnes this year and shrink further in 2016.
    
    Iron ore retreated 39% over the past 12 months as Australia’s Rio Tinto Group and BHP Billiton Limited and Brazil’s Vale SA boosted low cost production to cut costs and protect market share, spurring a glut as China slowed.
    
    Mr Georgi Slavov head of basic resources research at Marex Spectron Group said that “Mines not part of larger cash or credit line-rich steel groups are facing annihilation. Utilization in China keeps dropping, which means more and more mines are struggling to meet the ends and produce.”
    
    Mr Slavov said that China grew at the slowest pace in the first quarter since 2009 and figures Wednesday showed crude steel output dropped 1.3% in the first four months. The country supplements local supplies of ore with output from overseas. About three-quarters of existing iron ore capacity in China isn’t profitable and demand i the country is evaporating.
    
    Mr Mackenzie head of BHPB said that “The growth in demand for iron ore is happening at a slower rate than the addition of low cost supply. Which is why we’re bearish about iron ore prices in the medium-to-long term. BHP wants to cut costs in the Pilbara to AUD 16 per tonne.
    
    Source : Bloomberg