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1. voda 11 juni 2015 17:09

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   Fitch downgrades outlook on BHP Billiton and Rio Tinto on iron ore price
   
   Published on Thu, 11 Jun 2015 63 times viewed
   
   Rating agency Fitch has downgraded its outlook on BHP Billiton and Rio Tinto from stable to negative, after revising down its price assumptions for iron ore, copper and nickel earlier this month.
   
   The outlook downgrade on A- rated Rio Tinto, the world's second-largest mining firm, was on the back of weaker price expectations for iron ore, its main product.
   
   It said “Although Rio Tinto benefits from a leading iron ore cost position, the high percentage of revenue and (earnings) generated by that single commodity exposes the company to significant risks.”
   
   BHP Billiton, the world's largest mining firm, held its A+ rating but Fitch said on Wednesday the spin-off last month of some of its assets into a new company named South32 would have a marginally negative effect on its credit rating in the near term, weighing on projected free cashflow generation.
   
   Source : wa today
   
2. voda 17 juni 2015 16:46

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   Rio Tinto faces huge charge for aborted Uranium project
   
   Published on Wed, 17 Jun 2015 101 times viewed
   
   Reuters reported that Rio Tinto may have to book a $300 million provision after its subsidiary Energy Resources of Australia decided to shelve a uranium project due to weak market conditions. ERA, a separately-listed division in which Rio Tinto has a 68.4 percent stake, said last week it would not proceed with the final feasibility study of its Ranger 3 Deeps uranium project in Australia.
   
   ERA’s shares slumped about 50 percent to a record low after the announcement. Shares in Rio Tinto, which said it agreed with ERA’s decision not to proceed
   
   Rio said in a statement last week “Rio Tinto is assessing a potential non-cash impairment charge of approximately $300 million (post tax) relating to its shareholding in ERA. After careful consideration, Rio Tinto has determined that it does not support any further study or the future development of Ranger 3 Deeps due to the project’s economic challenges.”
   
   Rio Tinto also said it would assist ERA in funding the rehabilitation program at the Ranger mine near Kakadu National Park, following a toxic spill in December 2013.
   
   Uranium prices plunged after the March 2011 meltdown at Japan’s Fukushima nuclear plant. Japan idled its entire industry in response, exacerbating a worldwide supply glut.
   
   Source : Reuters
   
3. voda 17 juni 2015 16:52

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   Rio Tinto Finance (USA) prices USD 1.2 billion of 10 year Fixed Rate Notes
   
   Anglo-Australian mining giant Rio Tinto (announced that it has priced $1.2 billion of 10-year fixed rate SEC-registered debt securities. The notes will pay a coupon of 3.75 per cent and will mature on 15 June 2025.
   
   Source : Strategic Research Institute
4. voda 18 juni 2015 15:36

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   Wet weather slows down Rio Tinto’s iron ore shipments
   
   The Australian reported that Rio Tinto’s West Australian iron ore shipments have been hit by bad weather this quarter, putting its 2015 guidance under threat and helping spur a recent rally in iron ore prices.
   
   It is understood Rio’s ports (which are to the southwest of the unaffected Port Hedland harbour used by BHP Billiton and Fortescue Metals) have been shut down for various periods over April and May because of storm surges and tides.
   
   But, in downbeat news for iron ore prices in the medium term, the company’s mines have not been affected. This means that once the longer than normal wet season at Rio’s Cape Lambert and Dampier ports passes, Rio will use expanded infrastructure capacity to put as much iron ore on to the market as it can to make up shipments over the rest of the year.
   
   Rio had guided to 330 million tonnes of iron ore production from the Pilbara this year (including minority interests) and 350 million tonnes of shipments from its global mines (which include Canada).
   
   But Macquarie analyst Hayden Bairstow says this might not be achievable, despite Rio this half targeting a boost in annual Pilbara export capacity to 360 million tonnes. He wrote “In order to achieve its guidance, Rio will need to achieve a second half shipping rate of about 370 million tonnes per year, beyond the forecast capacity of 360mtpa. Delivering a beyond-capacity result is not unachievable, however we believe a 350-360mtpa rate is more likely on a sustained basis.”
   
   Source : The Australian
   
   
5. voda 18 juni 2015 16:35

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   BHP Billiton offers 1 LNG cargo from Australian export plant
   
   Trading sources said that a division of mining group BHP Billiton is holding a closed tender to sell a LNG cargo from Australia's North West Shelf export plant.
   
   They said that it was not clear whether the cargo had yet been awarded.
   
   A recent change in the way the North West Shelf project markets LNG cargoes means that the six equal shareholders in the facility will from now on sell cargoes individually.
   
   The shareholders are BHP Billiton, BP, Chevron , Japan Australia LNG a JV of Japanese firms Mitsubishi and Mitsui plus Shell and Woodside.
   
   Source : Reuters
   
6. voda 21 juni 2015 15:04

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   BHP’s Olympic Dam to resume copper production ahead of schedule
   
   Bloomberg reported that BHP Billiton Limited will resume full production at its Olympic Dam copper mine in July, two months ahead of schedule, after a processing mill was restored.
   
   A forecast 60,000 to 70,000 metric tons of output have been lost as repairs were conducted following an electrical failure in January at the Svedala mill at the South Australian mine
   
   Olympic Dam’s asset president Jacqui McGill said “This week we reached the final milestone in the repair project,”
   
   The company’s initial forecast saw usual operations being restored by the end of September, BHP said. Olympic Dam produced 184,400 tons of copper in the year through June 2014.
   
   Source : Bloomberg
   
7. voda 22 juni 2015 16:41

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   Rio Tinto iron ore boss Mr Harding tips more pain for junior miners
   
   The West Australian reported that Rio Tinto iron ore boss Mr Andrew Harding has tipped more pain for the sector’s junior producers, saying he expects reduced new steel demand in China for the next few years.
   
   In a message to Rio’s 60,000-strong global workforce, published in Rio’s in-house M2M magazine, Mr Harding said he iss confident long-term global steel demand was strong but flagged weakening demand for iron ore in China in the short term.
   
   He said “In 2015 to date, China’s steel production has been much the same as last year. There is inventory in the housing sector that has to be run down, and that will lead to a few years of reduced consumption of new steel. But a year or two where there are short term effects running shouldn’t sway us from the long-term outlook.”
   
   Mr Harding said Rio made money on every tonne it sells but flagged a grim outlook for producers on the wrong side of the cost curve. He said “They’re not profitable in the long term, and definitely not through cyclical lows like we’re seeing now. Those at the opposite end have almost certainly managed to be high cost by being late entrants into the market. They might have made money when the market peaked, but those prices have historically been unsustainable.”
   
   Mr Harding said he believed short-term attempts by governments to protect smaller producers through tax relief would have a “very minor” impact, and would make no difference in the long term.
   
   Mr Harding’s comments come in a week the iron ore price has again fallen sharply, dropping from a four-month high of USD 65.61 a week ago to about USD 60. Analysts suggest the commodity price will weaken further in July, with Citi analysts tipping a third quarter price average price of $US48/t.
   
   Source : The West Australian
   
8. voda 23 juni 2015 17:02

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   Miners wipe out USD 85 billion through M&A in last 8 years - Citigroup
   
   Published on Tue, 23 Jun 2015 158 times viewed
   
   According to Citigroup Inc, the world’s biggest mining companies wiped USD 85 billion off the value of takeovers struck in the past eight years after prices for aluminum, iron ore and nickel collapsed
   
   Mr Jon Bergtheil, an analyst at Citigroup, said in a note on Monday “About 90 percent of their deals since 2007 were written off raising questions about their capital allocation strategy.”
   
   Rio Tinto Group, the world’s second-largest miner, was worst affected with 34 percent of its asset base impaired, followed by Anglo American Plc with a 23 percent impairment
   
   Aluminum made up USD 25 billion of the charges, followed by iron ore with USD 10.3 billion and nickel with USD 7.8 billion.
   
   Coal assets are set to add to writedowns as prices fall
   
   Source : Bloomberg
   
9. voda 25 juni 2015 16:39

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   Up to 50000 miners could lose jobs in 2 years in South Africa
   
   News24Wire reported that plans by mine owners to shed jobs to make their businesses more profitable should be dealt with quickly at the most senior level of government, according to labour expert Terry Bell.
   
   In a Fin24 podcast, Mr Bell explained that this is a very serious issue, not just for workers and unions, but also for the government and the economy.
   
   He said "Nobody should be surprised at the restructuring and potential job losses at Anglo American Platinum. This has been on the cards certainly for the past two years and certainly since the events and massacre of Marikana. It extends right across the gold, platinum and coal sectors, in fact mining in general.”
   
   He said “One Japanese corporation estimated earlier this year that up to 185 000 mine jobs will be (lost) over the next year or two. I think that's probably exaggerated, but there will almost certainly be about 30 000 to 50 000 jobs shed and that's going to mean hardship for nearly half a million dependants... who rely on the income of the miners.”
   
   He added “That will of course have a knock on effect across the economy. So it is a really worrying factor.”
   
   He also said "The big mining companies have already said they are heading towards mechanization. Deep mines and union shafts will probably be closed and sold to smaller mining companies who will employ fewer miners".
   
   The world's No 1 platinum producer Anglo American Platinum said on June 23 that it plans to overhaul a number of its South African mines to make them more profitable in the face of depressed prices.
   
   Source : News24Wire
   
10. voda 30 juni 2015 17:19

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    Rio Tinto to invest USD 300 million in Oyu Tolgoi in Mongolia in 2015
    
    Rio Tinto has announced plans to construct the underground section of the USD 5.4 billion Oyu Tolgoi copper and gold mine in Mongolia in 2015 with an investment of up to USD 300 million. Reuters quoted Mongolian Prime Minister Mr Chimed Saikhanbileg as saying that the company plans to begin second phase of construction at the mine in 2015.
    
    According to Mr Saikhanbileg, the next phase of the Oyu Tolgoi mine will be financed by 14 different international organisations and banks, including the World Bank's International Finance Consortium and the Multilateral Investment Guarantee Agency.
    
    The latest development represents progress for the long-stalled mine, which is expected to reach full capacity in 2021 and boost Mongolia's economy.
    
    The mine still requires an additional USD 4bn in financing and is expected to produce an average of 430,000 tonnes of copper and 12.05 tonnes of gold a year.
    
    Source : Mining Technology
    
    
12. voda 1 juli 2015 16:56

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    US Export-Import Bank that finances Gina Rinehart, Rio Tinto shuts down
    
    Australian Financial Review reported that the US government bank that has injected almost $10 billion into Australian resources projects, including Gina Rinehart's Roy Hill iron ore mine, is shutting down, leaving a potential funding hole for future mining development. US political conservatives have successfully waged an ideological war against the taxpayer-backed US Export-Import Bank, arguing it is handing out "corporate welfare" to major corporations.
    
    The 81-year old government lender expires at midnight on June 30 in Washington, rendering it powerless to grant new loans.
    
    As well as Ms Rinehart's Hancock Prospecting, Ex-Im has lent billions of dollars to local resources projects led by Origin Energy and BG Group. Most recently, Ex-Im was in line to loan about USD 500 million to Rio Tinto for a mooted $US4 billion syndicated financing of the Oyu Tolgoi copper and gold development in Mongolia. Unless Congress can overcome a stalemate and broker a compromise in coming weeks, Ex-Im will remain shuttered and be unable to participate in new financings.
    
    The closure of Ex-Im is a major political victory for congressional Republicans aligned to the party's radical small government Tea Party wing, who campaigned to block the reauthorisation of Ex-Im.
    
    The Ex-Im Bank, established in 1934 to boost exports in the wake of the Great Depression, is a government export credit agency offering direct loans, loan guarantees and insurance to overseas buyers of US exports where the private sector is unwilling to.
    
    Source : www.afr.com

    Bijlage:
13. voda 2 juli 2015 18:08

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    Mr Walsh of Rio Tinto lashes iron ore critics
    
    Business Spectator reported that the war of words between mining executives over the ill-fated iron ore market has taken another twist as Rio Tinto chief executive Mr Sam Walsh lashed out against critics who have attacked his company and others for overproducing the steelmaking ingredient.
    
    Mr Walsh, as he has in the past, rejected calls to rein in production of iron ore. He said "In times of economic uncertainty, it might sound seductive or comforting to want to put up the barriers, but we must keep markets and trade open.”
    
    Mr Walsh fired back Wednesday, saying that some critics have called it a crisis of confidence and talked themselves and others into a gloom. He said such talk risks becoming a negative feedback loop that feeds public anxiety about our industry's crucial role.
    
    Instead, Mr Walsh struck a more optimistic note. He predicted that demand for commodities is poised to grow sharply as India's population overtakes China's and Africa's population doubles and while China's growth is slowing, its economy is expected to grow more in the next 10 years than it has in the past 25 years.”
    
    Critics such as Mr Ivan Glasenberg, chief executive of Swiss mining giant Glencore, have said major iron ore producers such as Rio and BHP Billiton have helped crush prices by ramping up production even as demand from China has tapered off. At an industry conference in Barcelona in May, Mr Glasenberg said miners are suffering a "crisis of confidence" as mining giants oversupply markets regardless of demand.
    
    Rio Tinto produced 234 million tonnes of iron ore in 2014, up from 209 million tonnes in 2013 and 199 million tonnes in 2012.
    
    Source : business spectator
14. voda 8 juli 2015 17:10

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    Vale shares slide to decade low as tumbling commodities sink Ibovespa
    
    Bloomberg reported that Vale SA, the world’s largest iron-ore miner, fell to a 10-year low as a bear market for the raw material deepened, adding to losses on Brazil’s benchmark Ibovespa index.
    
    Shares of Vale extended a three-day decline and fell to the lowest since June 2005. The Rio de Janeiro-based miner accounts for about 6 percent of the Ibovespa’s weighting.
    
    The Ibovespa fell 0.9 percent to 51,705.18 at 3:36 p.m. in Sao Paulo. Vale declined 2.1 percent to 14.66 reais. The MSCI Brazil/Materials Index slumped 3.3 percent.
    
    Vitor Suzaki, an analyst at the brokerage Lerosa Investimentos, said in a phone interview from Sao Paulo “Vale is sinking the Ibovespa. It’s hard to tell where iron-ore prices will stabilize. There’s also a lot of uncertainty about China’s demand.”
    
    Source : Bloomberg
15. voda 9 juli 2015 16:57

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    Rio Tinto targeting N America and Asia Pacific after Kitimat aluminium smelter revamp
    
    Reuters reported that Rio Tinto said on Wednesday it was looking to lift its market share in North America and the Asia-Pacific region after revamping its Kitimat aluminium smelter in western Canada to produce nearly 50 percent more metal.
    
    The increase in primary aluminium production at the smelter to 420,000 tonnes per year could bite into markets also supplied by rival Alcoa and other producers struggling with softer revenue caused by weak prices and rising exports from China.
    
    Rio Tinto said it was preparing to make its first shipments from Kitimat since conducting extensive modernisation work on the 60-year-old smelter. The company predicts that at the new capacity of 420,000 tonnes, Kitimat will become one of the world's lowest-cost facilities of its kind.
    
    Located in British Columbia, the smelter was "well placed to supply Asia-Pacific and North American markets", Rio Tinto aluminium head Alf Barrios said in a statement emailed to Reuters.
    
    Rio Tinto is targeting production of 3.3 million tonnes of aluminium worldwide in 2015. Aluminium generated just $1.248 billion of Rio Tinto's $9.305 billion in underlying earnings last year.
    
    Weak aluminum prices have taken more of a toll on pure aluminium companies. Top producer Rusal of Russia said in April it might idle 200,000 tonnes of capacity, while Alcoa said the month before it was reviewing 500,000 tonnes of smelting capacity.
    
    Source : Reuters
    
16. voda 15 juli 2015 16:30

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    BHP Billiton schrijft $2 mrd af op Amerikaans olie- en gasproject
    
    AMSTERDAM (Dow Jones)--BHP Billiton (BHP) verwacht circa $2 miljard af te schrijven op zijn Amerikaanse onshore olie- en gasactiviteiten, nadat de ontwikkeling van een groot gasveld in Texas complexer en duurder bleek dan verwacht.
    
    De afschrijving is opnieuw een tegenslag voor de energiedivisie van het concern dat worstelt met impairmentkosten en zwakke prijzen.
    
    's Werelds grootste mijnbouwbedrijf in marktwaarde heeft miljarden uitgegeven aan de uitbouw van zijn energie-activiteiten in landen als de VS en Australie in een poging e e n van de grootste olieproducenten te worden, naast grote olieproducenten als Exxon Mobil.
    
    Chief executive officer Andrew Mackenzie heeft olie en gas aangewezen als een van de "vier pijlers" van het bedrijf, naast ijzererts, koper en steenkool.
    
    De Amerikaanse olie- en gasprijzen zijn echter scherp gedaald, vanwege een wereldwijd overaanbod als gevolg van de hoge productie in de VS en een zwakker dan verwachte vraag.
    
    Het concern meldde dat het merendeel van de afschrijving van $2 miljard gerelateerd is aan het gasveld Hawkville, dat het concern in handen kreeg met de overname van Petrohawk Energy Corp. in 2011 voor $12 miljard.
    
    Het bedrijf meldde tevens een bijzondere waardevermindering op goodwill te nemen als gevolg van de Petrohawk overname. De totale impairment in de resultaten voor het gebroken boekjaar dat eindigt op 30 juni zal $2,8 miljard voor belastingen bedragen.
    
    - Door Rhiannon Hoyle; Vertaald en bewerkt door Patrick Buis; Dow Jones Nieuwsdienst; +31 20 571 52 00; patrick.buis@wsj.com
    
17. voda 16 juli 2015 16:18

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    Anglo American schrijft miljarden af
    
    Gepubliceerd op 16 jul 2015 om 09:24 | Views: 1.579
    
    LONDEN (AFN) - Mijnbouwconcern Anglo American verwacht miljarden af te schrijven op zijn ijzerertsactiviteiten in Brazilië en de kolentak in Australië. Dat bleek donderdag. De onderneming heeft veel last van afnemende prijzen voor de grondstoffen.
    
    Anglo rekent op een afschrijving van 3 tot 4 miljard dollar, zo gaf het aan. In de eerste zes maanden van 2015 stonden de prijzen van bulkgrondstoffen aanhoudend onder druk, aldus het bedrijf. Daardoor moeten de korte- en langetermijnprognose voor de marktprijsontwikkeling worden bijgesteld.
    
    Het gaat daarbij concreet om de prijsverwachtingen van onder meer ijzererts, koper en platina, die ongeveer de helft van de omzet bepaalden vorig jaar.
    
18. voda 16 juli 2015 16:27

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    Rio Tinto stelt verwachtingen bij
    
    Gepubliceerd op 16 jul 2015 om 08:07 | Views: 2.067
    
    LONDEN (AFN/BLOOMBERG) - Mijnbouwgigant Rio Tinto heeft de productieverwachting voor ijzererts voor heel 2015 verlaagd. Dat maakte het concern, het op één na grootste mijnbouwbedrijf ter wereld, donderdag bekend in een tussentijds handelsbericht.
    
    Rio Tinto rekent nu op een productie van 340 miljoen ton ijzererts, waar het eerder mikte op circa 350 miljoen ton. De onderneming had de afgelopen tijd last van slecht weer, onder meer van twee cyclonen. Het schat dat dit de productie in juni met zo'n 7 miljoen ton heeft geraakt.
    
19. voda 16 juli 2015 16:58

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    Rio Tinto releases strong second quarter production results
    
    Highlights
    
    Iron ore production and shipments in the first half increased compared to last year despite severe and unseasonal weather in the Pilbara throughout the first half. Second quarter production of iron ore was nine per cent higher than the same quarter of 2014 and was seven per cent above the first quarter of 2015.
    
    The key elements of the Pilbara 360 million ronnes per annum infrastructure expansion are complete. The focus is now on generating maximum value from the assets, including debottlenecking and productivity improvements.
    
    The modernised Kitimat aluminium smelter in Canada poured first hot metal during the quarter. The progressive ramp up of production towards nameplate capacity of 420 thousand tonnes is expected to complete in early 2016. The modernised smelter will substantially increase output and lower production costs and emissions.
    
    The signing of the Oyu Tolgoi Underground Mine Development and Financing Plan (UDP) on 18 May 2015 represents a significant step forward for the project. The UDP between the Government of Mongolia, Turquoise Hill Resources and Rio Tinto provides a pathway forward in addressing shareholder matters to restart underground development. Next steps include approval of the underground feasibility study and project financing, as well as obtaining necessary permits.
    
    Rio Tinto CEO Mr Sam Walsh said “We have maintained our emphasis on efficiency and protecting returns, which is reflected in this solid production performance. We have also delivered three significant achievements within our growth portfolio. In aluminium, our Kitimat smelter is now producing metal from its expanded facilities, bringing 80 per cent of our smelting capacity into the first cost quartile. In copper, the Oyu Tolgoi underground project is moving forward following the signing of the Underground Mine Development and Financing Plan. In iron ore, we have completed the key elements of our Pilbara infrastructure expansion. Our combination of world-class assets, financial strength, and operating and commercial excellence provides a sound base to continue to generate sustainable returns for our shareholders.”
    
    Source : Strategic Research Institute
20. voda 18 juli 2015 15:56

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    Rio Tinto's weather related shipment drop is inconsequential
    
    Mr Clyde Russell of Reuters wrote that Rio Tinto's announcement of a reduction of 10 million tonnes in its forecast shipments of iron ore to 340 million tonnes in 2015 is largely inconsequential. He said that the small, weather-related drop in the forecast won't make much difference to a global seaborne market that is still vastly oversupplied, however, it does provide an opportunity to review just how Rio Tinto's strategy is working out.
    
    The key sentence for iron ore in the quarterly output report released Thursday was that the focus is now on generating maximum value from the assets, including debottlenecking and productivity improvements. This shows that Rio Tinto is sticking to its guns in taking the approach of getting the capacity of its mines in Western Australia state to 360 million tonnes, and then running them as hard and as efficiently as possible.
    
    In doing so Rio Tinto is trying to convince its investors, and the market at large, that a long-term strategy of being the lowest cost producer will eventually pay dividends as higher cost producers leave the market.
    
    Source : Reuters
    
21. voda 23 juli 2015 18:24

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    Iluka and BHP Billiton revise iron ore royalty payment agreements
    
    Mining Technology reported that Iluka Resources has amended its Mining Area C iron ore royalty agreements with BHP Billiton and its joint venture partners. The royalty agreements have been in place since 1994 and the company said that the basis upon which iron ore is marketed and sold has changed significantly. An agreement has been signed for a revised basis for the royalty determination in a bid to reflect the change.
    
    The revision will see Iluka receiving an immediate one-off payment of $ 8 million
    
    As part of the new agreement, the royalty rate will decrease from 1.25% to 1.232%, effective from 1 July 2014.
    
    From specific tenements of BHP Billiton's Mining Area C located in the Pilbara region of Western Australia, Iluka holds an in-perpetuity royalty over iron ore that will be produced.
    
    Mining Area C is said to be a core component of BHP Billiton's flagship Western Australian Iron Ore assets.
    
    The assets consist of four mining hubs that are linked to an integrated supply chain and are expected to sustain operations over at least 30 years.
    
    The internationally low-cost, long resource life Mining Area C is a high Fe quality component of BHP Billiton's iron ore assets in Western Australia.
    
    Source : Mining Technology