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voda 13 februari 2012 17:03

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BHPB mulls iron ore production cuts as prices fluctuate

AFP reported that BHP Billiton warned that it could scale back production at unprofitable operations as commodity prices softened due to economic uncertainty.

Mr Marius Kloppers CEO of global mining giant BHP Billiton at a press conference in Sydney said that its flagship iron ore business was in good health despite weakening Chinese demand and insisted it would take a fairly big event to knock expansion plans worth AUD 27 billion.

He told ABC television “I think a more immediate problem is that given some of those price movements that you've seen, not all of our operations are making profit to the same extent at the moment.”

He said “That's probably more the avenue that you're going to see us act in, where an existing operation doesn't make profit, we're probably likely to say 'look this is not making profit, let's curtail production.”

BHP posted a 5.5% fall in first half profits last week to USD 9.4 billion, largely due to volatility in commodity prices and Mr Kloppers said iron ore had clearly moderated a little bit as China cooled.

However, Mr Kloppers said freight costs from Australia's resource rich west coast to China were as low as they've ever been and iron ore shipments would be very profitable "even if that price comes back a little bit more.

(Sourced from AFP)

voda 13 februari 2012 17:04

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Rio Tinto eyes first Mozambique coal shipment by March end

Rio Tinto PLC aims to deliver its first coal from its Mozambique coal operations by the end of March.

Speaking at the Mining Indaba, Mr Doug Ritchie head of the company's energy division said that the company continues to be interested in expanding in coal, where demand remains robust.

He also said that Rio Tinto is interested in working with governments to create transport corridors that contribute to economic growth in addition to shipping mining products.

(Sourced from Dow Jones Newswires)

voda 15 februari 2012 16:36

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BHP and Rio approve USD 5 billion Escondida copper expansion

Reuters reported that BHP Billiton and Rio Tinto have raised their bets on global copper demand approving plans for USD 4.5 billion expansion of the massive Escondida mine in Chile while BHP plans to reopen US copper mine idled three years ago.

The two miners are already spending billions of dollars expanding output at their Australian iron ore mines to feed Chinese demand, and the push to boost output by 80% at the world's biggest copper mine underscores their optimism about longer term demand for metals.

The price of copper, seen as a bellwether for industrial demand has fallen 17% from record highs above USD 10,000 per tonne a year ago but is still more than double the level reached in the depths of the global financial crisis.

Mr Glyn Lawcock analyst of UBS said that the market wants more copper pointing to tight global supplies of the metal used for everything from power transmission to plumbing.

The USD 4.5 billion investment at Escondida where production last year fell 25% due to declining ore grades has been well flagged but BHP's decision to start mining again in late 2012 at Pinto Valley in Arizona came as a surprise.

Mr Ric Ronge portfolio manager at Pengana Capital, which owns BHP shares said that "They must be happy with the outlook for copper and the cost structure of that asset."

Analysts said that cheaper energy prices in the United States had probably helped to justify the planned USD 195 million investments to restart the mine at a capacity of 60,000 tonnes a year in what the major miners see as a tight market in the medium term.

(Sourced from Reuters)

voda 15 februari 2012 16:37

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Rio Tinto approves USD 1 billion investment in Escondida

Rio Tinto has approved USD 1.4 billion for two projects to support higher production at the Escondida copper mine in Chile. Rio Tinto holds a 30% interest in Escondida.

The Organic Growth 1 Project replaces the Los Colorados concentrator with a new 152,000 tonnes per day plant. It also allows access to the high grade ore located underneath the existing facilities. Construction of the new plant will be complete within three years. The project will cost USD 3.8 billion.

The Escondida Oxide Leach Area Project involves the construction of a new dynamic leaching pad and a mineral handling system. The project will maintain processing capacity at current levels following the completion of the current heap leach in 2014. OLAP will cost USD 721 million with construction expected to complete in July 2014.

Rio Tinto investment is expected to be funded through the company share of Escondida cash flows.

voda 15 februari 2012 16:38

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BHP Billiton to restart copper mining at Pinto Valley

BHP Billiton is to restart mining at its Pinto Valley operation in Arizona, USA.

The mine which will produce copper and molybdenum concentrate will have annual production capacity of approximately 60,000 tonnes of copper in concentrate. The project will create approximately 650 new jobs with mining expected to resume at the end of the 2012 calendar year.

Mr Wayne Isaacs BHP Billiton Base Metals North America Asset President said “We are pleased to be resuming mining operations at Pinto Valley given the robust investment case and the potential for an extension to current reserves. We will be hiring more than six hundred new team members and look forward to working with local communities to safely restart the mine.”

Mr Peter Beaven President BHP Billiton Base Metals said “The USD 195 million investments at Pinto Valley will add valuable copper production to our Base Metals portfolio. As we look forward, our business is particularly well placed given strong growth anticipated at both Escondida and Antamina in the short to medium term.

voda 15 februari 2012 16:38

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Rio Tinto executives waive bonuses over Alcan

The top two executives at Rio Tinto will not take a bonus this year after the mining company was forced to take USD 8.8 billion hit on its aluminum business Alcan.

The news came as the Australian miner reported record annual profits but disappointed investors by not extending its share buy back program.

Mr Tom Albanese CEO of Rio Tinto said that “As the acquisition of Alcan happened on my watch, I felt it only right not to be considered for an annual bonus this year.”

In 2010, Mr Albanese was paid a bonus of EUR 1.6 million in cash and shares and Mr Elliott EUR 1.26 million.

Rio paid USD 44 billion including debt to buy Canada based Alcan in June 2007 shortly before the worst of the global financial crisis hit in 2008. The deal saddled Rio with large debts and led to USD 15.2 billion rights issue. The company has been seeking to improve the performance of the division by focusing on low cost production. In October, Rio announced plans to divest an estimated USD 8 billion of aluminum assets.

Mr Albanese said that “We are working hard on improving the performance of our aluminum business and during the year we completed a strategic review.”

The bigger than expected writedown came as Rio announced an 11% rise in underlying net income to a record USD 15.5 billion for the year ending December 2011. Net income including impairment charges fell 59% to USD 5.8 billion. Rio announced a final dividend of 91 US cents a share.

Rio said that it would invest further USD 3.4 billion to expand its iron ore operations in Western Australia where the miner has plans to lift capacity by more than 50%. Rio expects production capacity of 283 million tonnes a year in Australia’s Pilbara iron ore belt will be reached in the H2 of 2013.

(Sourced from www.irishtimes.com)

voda 15 februari 2012 16:39

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BHP Gabon play spurs investor interest in Avima - Core Mining

Core Mining Ltd said interest from investors in its Avima deposit in the Democratic Republic of Congo increased after reports BHP Billiton Ltd is seeking control of a nearby project in Gabon.

Mr Socrates Vasiliades chief executive officer said “That’s triggered some strong interest. We’re listening to proposals at the moment. If it helps fund us through to production and then why not. Let’s talk. It’s a race.”

He said “Bringing in some expertise with an established player would be very good for the company and its shareholders.”

Two people familiar with the talks said last month that the closely held company which is studying a USD 4.5 billion iron-ore mine, port and rail project, counts OAO Severstal and Glencore International Plc as investors and is seeking to start output by 2015. BHP, the largest mining company is in talks with Gabon on control of the nation biggest iron ore deposit, Belinga.

Core said in November the deposit was estimated to hold about 1 billion tons of iron ore. Severstal acquired a 16.5% stake in Core.

(Sourced from Bloomberg)

voda 16 februari 2012 17:12

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Rio Tinto Alcan welcomes the first electrolytic cell at Arvida AP60 Technology Centre

The first AP60 cell has been delivered to Rio Tinto Alcan's Arvida AP60 Technology Centre located in Saguenay Lac Saint Jean, Quebec.

Mr Étienne Jacques COO of Rio Tinto Alcan Primary Metal, North America said that "This is a momentous day for Rio Tinto Alcan. With the new generation of AP60 cells, metal production per cell will be 40 per cent higher than in other existing smelters.”

The arrival of the first AP60 cell at the plant is a significant milestone. Indeed, the AP60 technology will become an aluminum industry benchmark due to its operating costs, energy consumption and environmental performance.

Mr Jacques said that "This is all the more significant because the cell was built right here in Saguenay Lac Saint Jean by Charl Pol Saguenay, a company that will deploy the leading edge technology around the world. First metal is expected at the plantin 2013."

Note that Phase I of the Arvida AP60 Technology Centre is the launching pad for the next series of AP electrolytic cells which makes Rio Tinto Alcan a leader in aluminum electrolysis technology. Phase I will see the commissioning of 38 cells in 2013 with a yearly aluminum production capacity of 60,000 tonnes. Construction of this first phase of the project USD 1.1 billion investment, currently involves 900 employees. Rio Tinto Alcan invests USD 1 million per day in the project. Production capacity could reach 460,000 tonnes in the upcoming phases which are currently under study.

voda 16 februari 2012 17:14

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BHPB BMA miners strike could hit coking coal production in Australia

ABS reported that more than 3000 BHP Billiton Mitsubishi Alliance workers began a 7 day strike in Queensland, in the biggest industrial action in Australia in more than a decade, potentially cutting output by approximately 1 million tonnes.

Workers are threatening week long stoppage at seven Bowen Basin mines, which produce one fifth of the world's coking coal.

There are warnings from analysts, that the stoppages will cause big problems for Asian customers.

BHP says the action won't affect pay negotiations, or decisions on issues the company says are vital to competitiveness.

Analyst Mr Tim Morris says the action could affect coal prices. He said “It's a reflection of workers wanting a larger slice of what's been a growing profit pie in the coal industry. You've already got significant flooding affecting coal output and Australia's one of the world's largest suppliers of coal to Asia. So it could have an impact on short-term pricing and if the tension continues, you could see some medium-term issues as well.”

Workers at BHP’s Goonyella Riverside, Broadmeadow, Peak Downs, Saraji, Norwich Park, Gregory Crinum, and Blackwater mines will be involved in the strikes.

(Sourced from abc.net.au)

voda 17 februari 2012 16:21

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BHP will not continue Congo smelter project

Reuters reported that global miner BHP Billiton has decided not to go ahead with an aluminum smelter project in the Democratic Republic of Congo after a review.

Mr Ruban Yogarajah spokesman for the company said that BHP Billiton has studied the construction of the aluminum smelter in the DRC which was to be supplied by the potential Inga 3 dam project.

He said that however the company has chosen to not continue the project which was still at a very early stage following a review of its economics.

(Sourced from Reuters)

voda 24 februari 2012 16:42

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BHP Billiton to temporarily suspend production at TEMCO

BHP Billiton announced its intention to temporarily suspend production at TEMCO1, its manganese alloy production facility located in George Town, Tasmania, by early to mid March 2012.

Mr Tom Schutte BHP Billiton manganese president said that “TEMCO is a processing business that competes globally with similar facilities in other parts of the world. Recently, there has been further erosion of its international competitiveness due to the strong Australian dollar and steady increases in input costs, including in reductants and electricity. At the same time, manganese alloy markets in Europe and North America have been weak and global prices remain low.”

He added that “While measures have been taken to make the operation as cost effective as possible, these have not been sufficient to counter shifts in the market, increased costs of production, or operating losses.”

BHP Billiton Manganese Australia President, Bryan Quinn, said the Company will review the long term future of the operation over a three month period, which will include extensive stakeholder consultation and review of all options.

“Importantly, during this time there will be no change in the employment status of TEMCO based permanent employees. However, contracting partners will be reduced to those critical to essential activities. If any decision is made to reduce the number of permanent employees following the review, we will explore all options in order to preserve jobs, including redeployment opportunities within BHP Billiton.”

voda 24 februari 2012 16:43

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BHPB BMA coal miners plan more strikes next week

It is reported that workers at BHP Billiton's Bowen Basin coal mines plan to strike again next week, extending a months-long dispute over working conditions.

Mr Stephen Smyth Construction Forestry Mining and Energy Union district president said that Workers at the BHP Billiton Mistubishi Alliance's (BMA) Goonyella Riverside, Saraji and Norwich Park mines will hold stoppages ranging from as little as 24 hours to as long as 10 days.

Mr Smyth said the rest of the seven BMA operated mines are also expected to strike next week, but did not provide details on the duration of the stoppages.

About 3,500 unionized workers at the mines have been staging rolling work stoppages since they first approved strike action in June 2011.

The total workforce at the mines is around 10,000 and analysts have estimated that a full week of 12 hour stoppages at the mines would cut production by up to 1 million tonnes, which could support metallurgical coal prices.

Union members want greater job security and more pay as rising commodity prices boost mining sector profits.

BMA operated mines have a combined output capacity of more than 58 million tonnes per year of mostly metallurgical coal, representing about a fifth of annual global trade.

(Sourced from Reuters)

voda 24 februari 2012 16:43

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Rio Tinto Iron Ore Company of Canada charged under OHSA

The Newfoundland and Labrador government announced that the Iron Ore Company of Canada has been charged under the Occupational Health and Safety Act in connection with a fatal accident in Labrador City.

In the March, 2010 incident, two workers fell about 23 feet from a work platform that was being used to access spill chains. One of the workers died.

Spill chains are used to slow the speed of iron ore as it flows from the crusher to the ore car.

IOC’s major shareholder and operator is British mining group Rio Tinto.

The firm was charged with five violations, according to a press release from Service NL, the provincial agency responsible for investigating workplace safety incidents.

Service NL stated “The five charges relate generally to the company’s alleged failure to ensure that adequate fall protection was in place, that lockout procedures were in effect, that equipment was capable of safely performing the functions for which it was intended, that workers and especially supervisors were made familiar with the hazards likely to be met, and that training, supervision and facilities necessary to ensure the workers’ safety were provided,”.

voda 1 maart 2012 17:05

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BHPB and ArcelorMittal see tight iron ore market as costs curb

The global iron ore market will remain tight until later in the decade because increased capital costs could delay some new projects, supporting prices that have more than doubled over the past three years.

Global iron ore demand, chiefly driven by top importer China, has been outpacing supply, and many analysts have predicted the seaborne market will start to be oversupplied by 2014 or 2015 because of massive expansion by top miners Vale , Rio Tinto and BHP Billiton.

Between them, the Big 3, which control around two thirds of the 1 billion tonne global seaborne market, are planning to ramp up output by more than 300 million tonnes over the next three years.

But with rising costs set to delay Greenfield projects, there is little risk of the global iron ore market being oversupplied until late in the decade, Simon Wandke, vice president and chief commercial officer of ArcelorMittal Mining, told an industry conference in Beijing on Tuesday.

Mr Michiel Hovers vice president of iron ore marketing at BHP Billiton said that "It is difficult to get a lot of projects online given the current environment.” Mr Hovers said that growth in supplies tended to fall short of market expectations due to delays and other issues.

BHP said there were no delays in its own expansion projects.

The 2008 financial crisis either cancelled or delayed 300 million tonnes of new iron ore projects, according to an earlier estimate by Standard Chartered Bank, fueling a sharp rise in prices to near $200 a tonne in 2011.

While prices have come off since, to around USD 140 a tonne currently, they are still more than double where they were in late 2008 and nearly triple the production cost of large miners, easily making iron ore their biggest money maker.

BHP said China's iron ore demand growth was set to continue, with 60% of its 1.3 billion population still living with low levels of per capita steel consumption.

Mr Hovers estimated that by 2025, steel demand from China's auto sector alone was expected to add 100 million tonnes to the country's total consumption.

Mr Luiz Meriz president of Vale Minerals China said that "Our strategy is to continue maximising output even when supply becomes more balanced in future.”

(Sourced from Reuters)

voda 6 maart 2012 20:01

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Rio Tinto may cut output at Tasmania aluminium smelter

Reuters reported that Rio Tinto may cut output at one of its Australian aluminium smelters which is losing money due to the strong Australian dollar high production costs and weak aluminium prices.

The global miner said that workers at the Bell Bay aluminium smelter part of the Pacific Aluminium business that Rio Tinto is looking to sell, are worried 600 jobs could be lost however the company said that no decision had been made to axe jobs or shut the smelter.

Mr Ray Mostogl GM of Bell Bay Aluminium smelter said that "The aluminium sector in Australia is facing tough market conditions in the form of high exchange rate higher costs of production and low aluminium prices."

Some potlines could be closed while conditions remain tough, but the company declined to confirm a report in the Australian Financial Review that workers had been told shutting the plant in two years was an option.

Mr Mostogl said that we are leaving no stone unturned as we try to make Bell Bay resilient in any market conditions. Aluminium producers worldwide have been slashing output to help support the market.

In Australia, Norsk Hydro has cut a third of the output at its 180,000 tonnes per year Kurri Kurri aluminium plant and has warned it may have to cut more while Alcoa is reviewing the future of its 190,000 tonnes per year Point Henry aluminium smelter.

Rio Tinto is negotiating a new power supply contract with Hydro Tasmania for Bell Bay from May 1st 2012 that would be key to helping cut costs at the plant which produced 181,000 tonnes of aluminium last year.

The plant has been the focus of a loud campaign over the past year by the Australian Workers Union, which claims Bell Bay workers are paid less than workers at other aluminium smelters in Australia. The company has said the smelter pays competitive rates.
Source - Reuters)

voda 6 maart 2012 20:05

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Rio Tinto eying iron ore opportunities in India

The West Australian reported that mining giant Rio Tinto plans to invest USD 2 billion in an iron ore project in eastern India in what it says will be Australia's largest investment in the South Asian nation.

Mr Sam Walsh chief of iron ore operations said that the project in the mineral rich eastern state of Orissa would supply clients in India and abroad.

Mr Walsh told reporters after a meeting of Australian and Indian business leaders in New Delhi that “This would be Australia's largest investment in India.”

Mr Walsh said he was unfazed by huge difficulties encountered by other metals companies in getting approval for projects in India that have rattled foreign investors eyeing the country.

He told “I am a very patient man. We will go through all the (legal) processes. We are already working with the local community.”

He said “We would bring our environment and safety systems and obviously we would use local people.”

Rio Tinto owns 51% of the project that seeks to produce 15 million tonnes annually in the eastern state of Odisha, according to the website of partner Odisha Mining Corp., which holds 44%. The remaining 5% is owned by NMDC Ltd.

A separate venture between Rio Tinto and NMDC was stalled in 2010 after the companies failed to make “headway because of a lack of synergy.

Source - The West Australian

voda 9 maart 2012 16:14

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Australia sees BHP moving ahead on huge project

Reuters reported that the state of South Australia is confident BHP Billiton will push forward with developing the huge Olympic Dam open pit mine, containing the world's largest known deposit of uranium, even though the project will cost billions of dollars.

The Anglo Australia mining giant which already operates an underground mine at the site has yet to sign off on the budget for the open pit. In addition to its uranium resources, Olympic Dam contains vast quantities of gold and copper, but BHP may opt to delay taking on the heavy financial burden that could easily be in the USD 10 billion to USD 20 billion range.

Mr Tom Koutsantonis minister for mineral resources and energy for the state of South Australia said that "BHP have got some of the brightest people in the world working on this project. My view is we will get a decision from BHP around July or August."

Last month the company reported a profit decline and it struck a cautious tone on its expectations for growth in China one of its biggest markets. That has led some to speculate that the miner may delay spending on capital intensive projects such as Olympic Dam and the Jansen potash project in the Canadian province of Saskatchewan.

In late 2011, BHP finalized state approvals to begin construction work on the open-pit phase of the Olympic Dam project but the agreement would lapse around December if BHP delays its decision on proceeding.

Mr Koutsantonis said that "We want to see a board decision before the end of the year about substantial works beginning. If not, the approvals run out and BHP know this. I'm not in the business, and no government should be in the business of allowing anyone to have massive tenements that they don't develop not that their tenements are at risk just their approvals."

Source - Reuters

voda 9 maart 2012 16:20

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Rio sees iron ore output approaching 450 million tonnes -Mr Davies

Mr Alan Davies, Rio Tinto's president of international operations in iron ore, said that Rio Tinto Group sees its global iron ore production approaching 450 million tonnes a year in the next five years.

Mr Davies made the comments in a presentation to a steel conference in Dusseldorf.

Source - Bloomberg

voda 9 maart 2012 16:21

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Rio Tinto targets Africa as emerging iron ore market

Rio Tinto Australia chief executive Mr Sam Walsh said that Africa might become a buyer of Australian iron ore when Asian markets start to dry up in the next 15 years.

He told a conference in Perth that West Africa had become the focus of heated iron ore exploration but its potential as a demand market should also be considered.

Mr Walsh said that ''Our analysis shows that when you get into the period 2020 to 2030, China will start to flatten off. 'In that sort of time frame, we'll see India, Indonesia, Vietnam and even Africa itself take off.''

Mr Walsh said Africa already had large populations across 55 nations, which would need to develop. He said that ''Africa will industrialize and urbanize as we've seen elsewhere and they'll need steel domestically to build the high-rises. 'I believe the tonnes we've won we will always supply.''

Source - www.watoday.com.au

voda 13 maart 2012 15:40

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Rio Tinto ignores Chinese pessimism on growth

RIO Tinto is putting little credence in China's proclamations that annual economic growth will slow to 7.5% this year.

The Anglo Australian miner which has Chinese aluminium giant Chinalco as its biggest shareholder said that it still expects Chinese growth to be higher than 8%.

Mr Bret Clayton Rio's head of business support and operations said that China's easing of its annual growth target for the first time in a decade has not affected Rio's publicly buoyant view on the world's biggest commodities buyer.

Premier Wen Jiabao said last week the Chinese economy would grow by only 7.5% down from 9.2% last year. China was encountering new problems and there was downward pressure on economic growth and prices remain high.

Mr Clayton said that while the global outlook was volatile and eurozone risks remained high, Chinese gross domestic product to grow by more than 8% in 2012. Rio's assumption is not a surprising one as China consistently overshoots growth forecasts. Its target last year was 8%.

HSBC analysts have said that the lower 2012 growth target has been set to align with 7% average set in China's latest 5 year plan which started last year.

Mr Sun Junwei HSBC economist said that "We think Beijing has sufficient policy flexibility to support a growth rate above 8% for this year and 2013."

Source - The Australian.com.au

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