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1. voda 2 juli 2014 17:02

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   Iron core suits Rio Tinto - Mr Chris Lynch
   
   The Australian reported that Mr Chris Lynch CFO of RIO Tinto has used the occasion of his first anniversary in the position to defend the group’s dependence on its iron ore division for earnings.
   
   Mr Lynch a former CFO of BHP said that Rio was very happy with its iron ore exposure, as it was a world class business delivering world class returns.
   
   The Broken Hill raised Mr Lynch ruled out any prospect of Rio making an acquisition purely to rebalance the portfolio: “Any investment we make will always be based on value. If there happened to be a diversification benefit from it, then that’s great. But we’ll never target diversification as a primary objective.”
   
   Iron ore contributed 96% of Rio’s underlying earnings of USD 10.2 billion last year, due mainly to rising output and a bumper average price of USD 135 per tonne for the steelmaking raw material.
   
   Poor showings by the aluminium and energy divisions were also a factor in the high iron ore count. Iron ore will continue to dominate earnings for the foreseeable future, even though prices have plunged to USD 94 per tonne so far this year. Still, improved earnings from the laggards in the portfolio would serve to reduce the dominance of iron ore.
   
   Mr Lynch said that “We are working on improving the performance of businesses where we need to see better returns through reducing cost and liberating working capital for instance. Progress is under way; our assets are strong and we’ve got good growth coming through.”
   
   He confirmed that the company was pulling back from the once hectic pace of its asset disposal program, which has funded debt reduction. On the retreat in iron ore prices, fears of the China slowdown and its impact on prices were overdone.
   
   He said that “If you go to China and you see what’s happening on the ground, you come away with a totally different perspective. It’s all still happening.”
   
   Source – The Australian
   
2. voda 3 juli 2014 16:50

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   BHP ships billionth tonne of Pilbara iron ore to Japan
   
   BHP Billiton celebrated the shipment of its one billionth tonne of iron ore to Japan with customers, joint venture participants and employees in Port Hedland, Western Australia
   
   Mr Jimmy Wilson president iron ore at BHP Billiton and Mr Mike Henry president HSE marketing and technology at BHP Billiton were joined by joint venture participants ITOCHU Corp and Mitsui to mark the milestone in front of the Saiko ship bound for Japan.
   
   Mr Henry commented: “In the late 1960s and through the 1970s, Japan grew to become an economic powerhouse through its expertise in steel manufacturing, heavy industry, technology and electronics. As Japan’s economy grew, the iron ore we exported came back to Australia as high-quality manufactured products like motor vehicles and the rolling stock and rail equipment we rely on in the resources industry. Today the high-quality iron ore we export from the Pilbara is an essential ingredient for Japan’s high-tech steel industry which leads the world in technology and efficiency.”
   
   Mr Wilson recognised Japan’s contribution to the development of the Pilbara. He said: “BHP Billiton shipped its first tonne of iron ore to Japan in 1966 and we are proud of the nation-building role we have helped play since that time. We also owe much to Japan for their role in growing the iron ore industry in the Pilbara. Our joint venture participants ITOCHU and Mitsui contributed capital, and as trading companies they were a key link into Japanese markets.
   
   He added “Over the past decade, we have invested USD 24 billion in Western Australia’s mines, rail and port infrastructure and continue to adopt new technology to ensure our operations remain world-class. As we enter our next phase of growth, we are continuing to improve our productivity, optimising our installed capacity and working our assets harder and smarter to deliver on our customers’ expectations.”
   
   Source – Strategic Research Institute
3. voda 3 juli 2014 16:56

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   Vale may leave ICMM over Rio Tinto lawsuit
   
   Mining reported that Vale is threatening to leave the International Council on Mining and Metals because Rio Tinto is suing the Brazilian miner.
   
   The Wall Street Journal, relying on unnamed sources who are familiar with the situation, reports that Vale wrote a letter to the ICMM regarding its membership in the body.
   
   Formed in 2001 the ICMM aims to to maximize the contribution of mining, minerals and metals to sustainable development. Top mining executives use ICMM to meet. In April Rio Tinto launched a lawsuit against Vale over control of Guinea's Simandou, a rich iron ore deposit.
   
   The London based miner claims Vale used that highly confidential and proprietary information in its favour.
   
   Simandou mine is one of the world's largest with estimated reserves of 2.4 billion tonnes of ore grading 65% iron metal.
   
   Source - Mining
   
4. voda 4 juli 2014 17:16

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   BHP ramps up iron ore supplies to shut out high cost Chinese competition
   
   SMH reported that BHP Billiton’s efforts to push high cost Chinese iron ore producers out of the market by increasing its own supply are showing first signs of success, with a number of domestic Chinese producers closing in the last few weeks.
   
   Mr Mike Henry BHP’s president of marketing said that “High cost suppliers have been slow to react to the ramp up by the lower cost majors, including BHP, Rio Tinto, Fortescue Metals and Brazil’s Vale. It was important they shut in a reasonably efficient manner to avoid a compounding of supply.”
   
   Mr Mike said that “As a lot of low cost supply came to market over six to 12 months, (the) response from high cost suppliers was slower than it has been historically. But over the past few weeks, you’re starting to see some of that high cost supply shut in. That’s one of the things that has helped buoy iron ore prices over the past week or so.”
   
   
   Mr Henry tipped demand for iron ore will grow by 30 million tonne to 50 million tonnes this calendar year, well short of the 130 million tonne to 150 million tonnes of new low cost supply forecast to come onto market.
   
   Mr Henry said that “China produces about 350 million tonnes of iron ore each year. High cost supply is anywhere between 100 and 150 million tonnes of that. There is quite a significant overhang of low-cost supply coming to market in the face of a slow but steady increase in demand.”
   
   He said that “So it’s really important for the high cost suppliers to shut in a reasonably efficient manner in the face of that otherwise you just see a compounding of supply in the market. However, it was hard to put a figure on how much production was shutting in China.”
   
   He added that “While the brunt of the impact of the ramp up will be felt by China, high cost producers in other regions, including Indonesia and the Philippines, would also be affected. The bulk of that compression in supply we believe is going to come out of China.”
   
   Source - SMH
   
5. voda 4 juli 2014 17:22

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   Guelb el Aouj iron ore project has mine life of 200 year - Sphere Minerals
   
   Australia based Sphere Minerals has revealed the results of a pre feasibility study carried out on its Guelb el Aouj iron ore project in Mauritania which found that the project has a mine life of 200 years.
   
   The Guelb el Aouj project is a 50-50 JV between Sphere Minerals and Mauritanian State mining company, Societe Nationale Industrielle et Miniere. It is located near the iron ore mining town of Zouerate, 26 kilometers from the mainline railway which is owned by SNIM.
   
   According to the study the project's lifetime could reach 200 years at a production capacity of 9.5 million tonnes of iron ore a year and could run for more than 40 years, if the company boosts its annual production to 45 MT. The project's life time could reach 200 years at a production capacity of 9.5 MT of iron ore a year.
   
   The report has stated that the company would require an investment of around USD 866 million to implement its earlier plan of producing 15 MT a year towards the end of the second year of mining, when operating costs are expected to reach USD 5.48 per tonne.
   
   The project site contains coarse grained magnetite-quartzite ore that can produce a 66% iron concentrate and it has an ore reserve of approximately 760 MT grading at 35% iron.
   
   Source - Mining Technology
   
   
6. voda 4 juli 2014 17:22

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   Rio Tinto to approve Queensland bauxite mine
   
   Financial Review cited Mr Glyn Lawcock analyst of UBS as saying that Rio Tinto expects its South of Embley bauxite project near Weipa in Queensland to deliver returns comparable to its lucrative Pilbara iron ore operations and is likely to approve its development this year.
   
   Mr Lawcock tips South of Embley which is critical to extending the life of bauxite mining at Weipa will deliver an internal rate of return of about 29 %.
   
   Mr Lawcock said that “Rio Tinto Alcan is particularly bullish on the outlook for bauxite with material demand growth and the Indonesian ban impacting the market. Rio is well positioned to benefit from this. Rio’s aluminum division under new chief Alfredo Barrios, is likely to approve the South of Embley project this year.”
   
   Mr Jason Steed analyst of JP Morgan, who has also been on the Rio North American site tour said that the focus for growth at Alcan is clearly weighted towards bauxite over aluminum and alumina with the South of Embley project well advanced at the planning stage.”
   
   Mr Steed noted that “The cost reductions across Rio Tinto Alcan have been some of the most impressive achieved across the broader company. About USD 231 million was cut in 2013 and sustaining capital expenditure fell to USD 847 million from USD 955 million in 2012. Importantly, management believes these reductions can be maintained.”
   
   Source - Financial Review
   
7. voda 7 juli 2014 16:55

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   BHP cuts 163 coalmining jobs in NSW
   
   BHP Billiton announced that it will cut 163 jobs from its Mt Arthur coalmine in NSW. AAP BHP Billiton has announced it will cut 163 jobs from its Mt Arthur coalmine in NSW.
   
   BHP Billiton continues to cut jobs on both sides of Australia, announcing it will axe 163 coalmining jobs in NSW.
   
   The affected workers are employed at its Mt Arthur thermal coalmine in the Hunter Valley and represent nearly nine% of its NSW energy coal business workforce.
   
   The news follows an internal review which it said was part of continual efforts to ensure the long-term sustainability of its coalmining.
   
   Mr Peter Sharpe, president of the NSW coal business, said that "The coal industry continues to experience difficult market conditions, including continuing low coal prices and a high Australian dollar and in order to remain globally competitive, the cost base of our Mt Arthur Coal operations must be reset."
   
   Source - Strategic Research Institute
8. voda 7 juli 2014 16:56

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   Can mining companies survive USD 90 per tonne iron ore prices?
   
   Standard & Poor’s Ratings Services observed that if iron ore prices stagnate at USD 90 per tonne through 2015, some miners key credit metrics might worsen significantly, based on scenario analysis on 10 major iron ore producers.
   
   S&P Credit Analysts Mr May Zhong, Mr Diego H. Ocampo, Mr Andrey Nikolaev, Ms Amanda Buckland, Mr Elad Jelasko, and Mr Xavier Jean said that “In particular, miners with large iron ore exposure, but are unable to cut costs and are saddled with debt, will face a severe deterioration in earnings and credit metrics.”
   
   They said that “Whether this deterioration triggers a downgrade depends critically on a mining company’s financial flexibility. If a miner can defer its capital expenditure and conserve cash, its credit quality should be able to withstand sliding iron ore prices. In addition, diversified mining companies are well placed, as they can rely on commodities with more resilient prices, such as oil.”
   
   The credit ratings agency said that another important factor is the movement of mining companies’ local currencies, which could affect their costs and revenues. We observed that major players Australia’s BHP Billiton Ltd. and Rio Tinto, PLC, and Brazil’s Vale S.A, can accommodate declining earnings should iron ore prices stay at USD 90 per ton through to the end of 2015.
   
   Other iron ore mines, Australia’s Fortescue Metals Group Ltd. and Brazil’s Samarco Mineracoa, S.A., too, should have sufficient buffer in their credit metrics to absorb the lower iron ore prices, notwithstanding the moderate impact on their earnings.
   
   On the other hand, downward rating pressures could arise for Australia’s Atlas Iron Ltd., US based Cliffs Natural Resources Inc and South America’s CAP SA.”
   
   Cliffs’ high cost structure and leverage profile following its acquisition of Consolidated Thompson Iron Mines in 2011 reduced its ability to absorb earnings deterioration at its current ratings.
   
   On the other hand, Anglo American PLC is well diversified by commodity type; the impact of the US$90 per ton price will be low relative to pure iron ore miners. However, as its metrics are already under pressure because of its plans for large capital expenditure in 2014 and 2015, we believe that lower iron ore prices could further contribute to rating downside.
   
   Among the global miners, we consider BHP Billiton, Rio Tinto, and Vale as being the most financially flexible to respond to weakening iron ore prices. They can defer their capital expenditure or sell their noncore assets. Nonetheless, we see that BHP Billiton and Rio Tinto have limited flexibility to adjust dividends amid weaker commodity prices due to their commitment to a progressive dividend policy.
   
   Meanwhile, Vale’s leverage is increasing due to the additional debt associated with a tax settlement with the Brazilian government. Nonetheless, we believe that Vale will manage its investments in line with market conditions. Should iron ore prices fall to less than US$100 per ton for a prolonged period, the company has some financial flexibility to revise and postpone some projects.
   
   Source – Mineweb
   
9. voda 9 juli 2014 13:28

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   BHP Billiton happy to trail Rio in driverless road and rail
   
   SMH reported that when it comes to breaking new ground on technology in the mining industry, BHP Billiton is happy to be first to be second..
   
   Mr Mr Jimmy Wilson president of BHP iron ore said that “Rio Tinto is ahead of BHP on autonomous trucks and rail in the Pilbara, but that for any technology, the second generation is always better than the first.”
   
   Mr Wilson said that “We don't have a deep desire to be first. We do have the need, however, to exploit the value that technology brings quickly and we would hate to see a competitor have that advantage for an extended period of time. We don't foresee that in either autonomous trucks or rail.”
   
   He said that BHP can take some of the lessons that others have learnt globally from employing autonomous technology, citing work by Rio Tinto and Chinalco. The approach that I've taken throughout my career with technology is, quite simply, that it is great to be first to be second. So, BHP is interested in technological innovation when it is demonstrable it will benefit it.
   
   Technology is important in the mining industry, particularly as a means of managing costs. In Western Australia, labour shortages and high equipment costs have put pressure on the industry and automation is a means of alleviating that.
   
   BHP has 12 trucks running at its newest Pilbara operation, Jimblebar but Mr Wilson said that while the project is going well, BHP is not in a position that we can roll it out in the organisation just yet.
   
   Rio has 53 autonomous trucks at three mine sites and may trial its first autonomous train later this year. It is spending USD 520 million on the introduction of autonomous trains on its Pilbara rail network to be rolled out next year.
   
   Mr Wilson said that BHP is looking at automating trains but cautions that given the scale and value of the cargo, complete automation is unlikely. We are always going to want to have a person in a train so if things do go wrong, we can react very quickly; the economics drive us to make those decisions.
   
   Source – SMH
   
10. voda 9 juli 2014 13:29

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    Brazil's iron ore exports in June 2014 increased 13.2pct YoY
    
    Scrap Monster reported that in accordance with the latest data released by the Brazilian Ministry of Development, Industry and Foreign Trade, the country's iron ore exports in June 2014 rose significantly YoY.
    
    The country exported 29.55 million tonnes of iron ore during the month. This is 3.7% lower when compared with the exports during a month before. Brazil had exported 30.69 million tonnes of iron ore during May this year. However, the exports during June '14 were 13.2% higher when compared with the exports during the same month a year before. Brazil's iron ore exports had totaled 26.10 million tonnes during June 2013.
    
    The revenues generated by exports of iron ore totaled USD 2.30 billion during June this year. The export revenues witnessed sharp fall of 11.0% from the previous month. However, the revenues jumped by nearly 8% when compared with those during June 2013.
    
    The country's iron ore export price averaged at USD 78.2 per tonne during the month of June this year. The country's iron ore exports during the initial six month period of the year totaled 156.74 million tonnes.
    
    Source - Scrap Monster
    
11. voda 14 juli 2014 16:28

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    BHP Billiton likely to smash iron ore export targets
    
    SMH reported that BHP Billiton looks set to easily beat its iron ore export target for the 2014 financial year, after data published by its Port Hedland neighbours indirectly shed light on BHP's performance.
    
    Australia's biggest company needed to export about 54 million tonnes of iron ore during the June quarter including tonnes owned by JV partners to meet its full year target of exporting 217 million tonnes.
    
    The miner appears to have easily achieved that, after Fortescue Metals Group and Atlas Iron illuminated Port Hedland data by both publishing their export numbers earlier than expected last week.
    
    Just less than 105 million tonnes of iron ore were shipped through Port Hedland in the June quarter and, after subtracting the contributions of Fortescue and Atlas, BHP appears to have shipped just over 62 million tonnes.
    
    Such a performance would put BHP on track to export well over 220 million tonnes in the 2014 financial year, smashing its guidance and proving that expansions to its Pilbara export system towards 220 million tonnes per year has arrived.
    
    The vow to export 217 million tonnes in the financial year was itself an improvement, after BHP began the year promising to export 207 million tonnes.
    
    Beating the full-year export target would be a boost for the miner, given iron ore remains its biggest money spinner. But it would not be a surprise to analysts, many of whom have been tipping a guidance beat for months.
    
    As far back as April, Adrian Wood analyst of Macquarie was expecting BHP to exceed its iron ore export guidance by 3 million tonnes. The increases have been achieved on the back of an efficiency campaign within the inner harbour of Port Hedland, and BHP iron ore boss Jimmy Wilson recently indicated that campaign would continue for some time yet.
    
    Source - SMH
    
12. voda 15 juli 2014 16:05

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    Vale bond buyers tempted by rebound in iron ore - Brazil Credit
    
    Bloomberg reported that investors are scooping up bonds sold by Vale SA, the world’s largest iron ore producer, on speculation that a rebound in the steel making ingredient from a two year low will reverse a slump in profits.
    
    Yields on the Rio de Janeiro based company’s USD 2.25 billion of notes due 2022 have dropped 0.34 percentage point to a 13 month low of 3.91% since June 16, when ore prices bottomed.
    
    Vale’s notes have returned 2.4% in that period, eclipsing gains in the debt of rivals BHP Billiton Limited and Rio Tinto Group, the world’s two largest mining companies by market value.
    
    Sanford C Bernstein & Company said that bond traders are betting rising iron ore prices will help Vale rebound from a bigger than forecast drop in Q1 profit that was fueled by plunging demand for the metal. Ore has climbed 8.9% since falling to USD 89 per tonne on June 16 and is now set for a dramatic recovery in the H2 as China’s economy improves and high cost producers curb output.
    
    Mr Fabiano Santin, a fixed income analyst at XP Investimentos CCTVM SA, said that “People look at the credit of Vale and they are very comfortable buying the yield that it was showing and holding on to it. For the short term, it will probably reflect what the economic indicators of China have been showing.”
    
    Source - Bloomberg
    
13. voda 16 juli 2014 11:02

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    Productie ijzererts Rio Tinto omhoog
    
    WOENSDAG 16 JULI 2014, 10:11 uur | 154 keer gelezen
    
    LONDEN (AFN/BLOOMBERG) - Rio Tinto heeft zijn productie van ijzererts in het tweede kwartaal met 11 procent verhoogd in vergelijking met een jaar eerder, tot 57,5 miljoen ton. Dat liet het op één na grootste mijnbouwconcern ter wereld woensdag weten.
    Om de productie van de grondstof voor staal te vergroten, breidde Rio Tinto zijn capaciteit in het westen van Australië uit. Met de hogere productie wil het bedrijf voldoen aan de sterke Chinese vraag naar ijzererts.
    
    
14. voda 17 juli 2014 16:04

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    BHPB and FMG sees more Chinese iron ore mines closing
    
    World’s largest mining company BHP Billiton Ltd and Australia's third-biggest iron ore producer Fortescue Metals Group Ltd said that expects China to cut more higher-cost domestic iron ore output as the biggest global producers flood the market with low-cost supply.
    
    FMG said that the closure of more Chinese domestic iron ore production is inevitable, helping the market to rebalance. Fortescue also said increases in the quality of its iron ore and improving market conditions will bring its sales closer in line with benchmark prices.
    
    BHP Billiton Ltd said “As Australia expands its ability to export more and more high-quality iron ore, the Chinese are producing less and less domestically.”
    
    As prices dropped on increased supply, between 20 percent and 30 percent of the iron ore mines in China have closed down, according to the China Metallurgical Mining Enterprise Association. The Chinese market is becoming saturated with lower-cost imports from Australia and Brazil, Morgan Stanley said last month in a report, forecasting lower prices even as Chinese mines shut down.
    
    Iron ore, which has slipped 27 percent this year, may trade between $90 a metric ton and $110 a ton this half on declining Chinese production, a pause in expansion export capacity and improving Chinese steel demand, according to Citigroup Inc. Prices probably will fall again in 2015, Citigroup said.
    
    Miners including BHP, Rio Tinto Group and Vale SA are raising output and spurring a global glut of the steelmaking ingredient, which slumped into a bear market in March.
    
    Source - Reuters & Bloomberg
    
15. voda 17 juli 2014 16:06

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    Rio Tinto delivers very strong first half production
    
    Highlights (Rio Tinto share unless stated otherwise);
    1. Record H1 iron ore shipments, production and rail volumes. Shipments from the Pilbara exceeded production as stocks built ahead of the delivery of the expanded infrastructure were drawn down, while existing mines continue to be expanded to utilise increased rail and port capacity.
    
    2. In May, Rio Tinto announced that its Pilbara iron ore system of mines, rail and ports reached a run rate of 290 million tonnes a year two months ahead of schedule.
    
    3. The rail duplication and trackwork required for the 360 million tonnes a year expansion is now complete. Critical 360 million tonnes a year port infrastructure remains on track for completion by the end of the first half of 2015.
    
    4. Full year production guidance for copper has been increased following strong production during the first half, driven by higher grades and concentrator recoveries at Kennecott Utah Copper and the ramp up at Oyu Tolgoi. These led to a 23% increase on a like for like basis in the half, and more than offset the impact of divestments in 2013. Sales exceeded production at Oyu Tolgoi in the half as logistics commissioning issues were resolved enabling a strong acceleration in shipments.
    
    5. Gove has been operating as a bauxite export business since the curtailment of the refinery in May and is expected to ramp up from current export capacity of 6 million tonnes a year to 8 million tonnes a year by the end of 2015. First half global bauxite production was lower than 2013 as the Gove mine adjusted production to reflect the staged curtailment of the alumina refinery during the first half.
    
    6. First half aluminium production was in line with last year, with productivity gains across the smelter portfolio offsetting the loss of production from the closure of Shawinigan in November 2013.
    
    7. Production of hard coking coal improved in the first half of 2014 following completion of the extension project at the Kestrel mine in the second half of 2013. Thermal coal production set a new first half record, up 6% on last year.
    
    8. Titanium dioxide production was down in the first half as the business continues to match production volumes to underlying demand.
    
    9. Exploration and evaluation expenditure was USD 340 million in the first half of 2014, sustaining the savings achieved in 2013 whilst continuing to progress the highest priority projects.
    
    10. The sale of Rio Tinto’s interest in the Clermont thermal coal mine completed on 29 May for cash consideration of USD 1.015 billion, before adjustments for working capital and net debt.
    
    All currency figures in this report are US dollars, and comments refer to Rio Tinto’s share of production, unless otherwise stated. To allow production numbers to be compared on a like for like basis, production from asset divestments completed in 2013 have been excluded.
    
    Mr Sam Walsh CEO of Rio Tinto said that we achieved another half of very strong operating performance, powered by productivity gains across our business. Our iron ore expansion continues to deliver high margin growth reinforcing our position as a low cost producer. It has allowed us to increase shipments of our Pilbara Blend products, providing our customers with reliable, long term supply of stable quality.
    
    He said that “Healthy copper volumes reflect higher grades and recoveries at Kennecott Utah Copper, as well as the ramp up at Oyu Tolgoi. With a relentless focus on achieving sustainable cost savings while delivering the highest quality growth, we continue to transform Rio Tinto into a stronger, more disciplined business that will consistently deliver strong cash flows and shareholder value.”
    
    Source - Strategic Research Institute
16. voda 18 juli 2014 15:41

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    Rio Tinto updates on iron ore production
    
    Global iron ore production of 139.5 million tonnes (Rio Tinto share 109.9 million tonnes) and global shipments of 142.4 million tonnes set new first half records. Rio Tinto’s share of production in the half was 10 % higher than in the same period of 2013.
    
    Pilbara operations;
    First half production of 132.4 million tonnes (Rio Tinto share 105.7 million tonnes) was 11% higher than the same period in 2013 and set a new first half record, driven by productivity improvements and the ramp up to the 290 milion tonne per annum run rate achieved in May, two months ahead of schedule. Production in the second quarter was 69.1 million tonnes (Rio Tinto share 55.2 million tonnes) which is 11% higher than in the same period last year. A significant proportion of the additional tonnes have gone directly into Pilbara Blends, the largest traded iron ore products by volume and the industry reference iron ores in Asian steel markets.
    
    Pilbara sales;
    Record first half sales of 136.1 million tonnes (100% basis) were 22% higher than the same period of 2013. Sales in the H1 continued to exceed production due to the drawdown of stockpiled iron ore inventory built at Pilbara mine sites in previous years to facilitate a ramp up of the expanded port and rail facilities to 290 million tonne per annum.
    
    The growth of our Pilbara iron ore business has enabled us to deliver additional Pilbara Blend iron ore volumes to Asian steel markets, providing our customers with reliable, long term supply of stable quality. Our Yandicoogina and Robe Valley products remained in high demand from major steel mills in Asia. Approximately 25% of sales in the H1 of 2014 were priced with reference to the prior quarter’s average index lagged by one month. The remainder was sold either on the current quarter average, current month average or on the spot market. Q2 sales set a new quarterly record of 71.8 million tonnes (100% basis), 27% higher than the same period of 2013.
    
    Pilbara expansion;
    The rail duplication and trackwork required for the 360 million tonne per annum expansion is now complete. Critical 360 million tonne per annum port infrastructure remains on track for completion by the end of the H1 of 2015.
    
    In November 2013, Rio Tinto set out its breakthrough pathway to optimise the growth of mine capacity towards 360 million tonne per annum at a target all in capital intensity of between AUD 120 to AUD 130 per tonne (100% basis or low USD 100s a tonne Rio Tinto share), significantly lower than originally planned. A series of low cost brownfield expansions will bring on additional tonnes to feed the expanded infrastructure. From a base run rate of 290 million tonne per annum in May 2014, annual mine production capacity is planned to increase by more than 60 million tonnes between 2014 and 2017. The majority of the low cost growth will be delivered in the next two years, with mine production of more than 330 million tonnes (100% basis) expected from the Pilbara in 2015.
    
    Iron Ore Company of Canada (IOC);
    Second quarter production was slightly higher than the same period of 2013 as operations recovered from an unusually cold winter. Sales continued to be constrained by frozen material during the Q2. As a result, pellet sales were 25% lower and concentrate sales were 15% lower than in the Q2 of 2013.
    
    2014 shipping and production guidance;
    Rio Tinto expects 2014 global shipments of approximately 300 million tonnes (100% basis). 2014 global production guidance is unchanged at 295 million tonnes (100% basis), subject to weather constraints. Around 5 million tonnes of iron ore inventory is expected to be drawn down at the Pilbara mines during the year.
    
    Source - Strategic Research Institute
17. voda 21 juli 2014 14:04

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    Platinamijnen in etalage door staking
    
    MAANDAG 21 JULI 2014, 09:24 uur | 185 keer gelezen
    
    JOHANNESBURG (AFN) - 's Werelds grootste platinaproducent, het Zuid-Afrikaanse Anglo American Platinum (Amplats), stoot meerdere mijnen af als gevolg van de gekelderde winst na een maandenlange staking van mijnwerkers. Dat meldde Amplats maandag bij de presentatie van de halfjaarcijfers. Het concern zet vier mijnen en mogelijk ook twee mijnen die onderdeel zijn van een joint venture in de etalage.
    Onder druk van een maandenlange staking kelderde de winst in het eerste half jaar met 88 procent naar 157 miljoen rand (10,9 miljoen euro). In het eerste half jaar van 2013 was dit nog 1,3 miljard rand.
    
    In juni eindigde een 5 maanden durende staking van tienduizenden kompels in Zuid-Afrika. Die staking heeft ook de Zuid-Afrikaanse economie hard geraakt.
    
    
18. voda 21 juli 2014 14:26

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    Rio Tinto banks on Mr Modi to revive India projects
    
    Business Line reported that Rio Tinto, the world’s largest merchant miner with more than two third share of the globe’s iron ore business, and having a significant presence in other minerals and commodities, is banking on Prime Minister Mr Narendra Modi’s business friendly approach to help revive its stalled projects in India.
    
    Mr Sam Walsh CEO of Rio Tinto said that “We and I think the whole world is impressed with the promise the Mr Modi regime brings. The world and India is hoping that this will flow through into change.'.
    
    In response to a specific query, Mr Walsh said that “He hoped the regime change will help the project get restarted. As you know, I have made many visits to India and have had many discussions with governments and others to get that process moving forward.”
    
    He said that “It is rather bizarre that we are starting to export iron ore from India. That doesn’t make sense. There should be enough iron ore in India to supply its needs. Quite frankly, I’d much rather see this (Odisha) project come to fruition and that we didn’t have to supply iron ore from Australia.”
    
    Mr Walsh stressed that infrastructure development and the consequent creation of jobs was a better cure to poverty than foreign aid.
    
    Mr Walsh is also hoping that with the BJP coming to power in the Centre, the company’s project to mine diamonds at Banda in Madhya Pradesh will get kickstarted. The company has already built up a substantial presence in the diamond cutting business in Surat.
    
    He said that “There are over 250,000 diamond cutters in India who are not directly, but as a result of our diamond business cutting our diamonds. It was important to get the diamond mining process started as there had been no major discoveries of diamond made anywhere in the world in quite some time. The world will need more diamonds. The project will add value and jobs to the (Indian) economy.
    
    Rio Tinto’s plan to mine iron ore in Odisha, for which it has a joint venture agreement with the Odisha Mining Corporation, has been in limbo for quite some time now with OMC reportedly not interested in pursuing that project.
    
    Source - Business Line
    
19. voda 23 juli 2014 15:56

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    BHP Billiton operational review for year ended on June 30 2014
    
    Highlights
    
    1. Strong operating performance delivered a 9% increase in Group production with annual records achieved across 12 operations and four commodities.
    
    2. Western Australia Iron Ore achieved a fourteenth consecutive annual production record as volumes increased to 225 Mt (100% basis), significantly exceeding initial full-year guidance. We now expect production of 245 Mt (100% basis) from the Pilbara in the 2015 financial year.
    
    3. Metallurgical coal production of 45 Mt exceeded full-year guidance as Queensland Coal achieved record production and sales volumes.
    
    4. Copper production increased to 1.7 Mt as an improvement in mill throughput and concentrator utilisation offset grade decline at a number of operations.
    
    5. Petroleum production increased by 4% to a record 246 MMboe with an 18% increase in liquids volumes underpinned by significant growth at Onshore US and Atlantis.
    
    6. Six major projects were completed and another two projects achieved first production, including the Caval Ridge coal mine which was completed ahead of schedule and under budget in the June 2014 quarter.
    
    Mr Andrew Mackenzie CEO of BHP Billiton said “Our focus on productivity has resulted in a significant improvement in operating performance at each of our major businesses this year, with a nine per cent1 increase in Group production and record output at 12 operations. Western Australia Iron Ore and Queensland Coal annual production exceeded guidance, with both rising by more than 20 per cent as we delivered more tonnes from existing infrastructure and growth projects ahead of schedule. At Escondida, an increase in mill throughput and concentrator utilisation offset copper grade decline, while our Onshore US business delivered a 73 per cent increase in petroleum liquids production.”
    
    He added “We expect to maintain strong momentum and remain on track to generate Group production growth of 16 per cent1 over the two years to the end of the 2015 financial year. In Petroleum, we are investing in our highest-return acreage while a broader improvement in productivity is expected to underpin stronger iron ore, copper and metallurgical coal volumes. We will remain focused on value over volume as we prioritise our brownfield
    development options and consider the next phase of portfolio simplification.”
    
    
    Strong operating performance in the 2014 financial year delivered a nine per cent1 increase in Group production as records were achieved across 12 operations and four commodities. Group production growth of 16 per cent1 is expected over the two years to the end of the 2015 financial year.
    
    Western Australia Iron Ore (WAIO) significantly exceeded initial full-year production guidance as the early commissioning of Jimblebar and our productivity agenda raised the capacity of our integrated supply chain. The ramp-up of Jimblebar to 35 Mtpa (100 per cent basis) is now expected before the end of the 2014 calendar year and will support a further 20 Mt increase in WAIO production to approximately 245 Mt (100 per cent basis) in the
    2015 financial year. A low-cost option to expand Jimblebar to 55 Mtpa (100 per cent basis) and broader debottlenecking of the supply chain are expected to underpin further growth in capacity towards 270 Mtpa (100 per cent basis).
    
    Metallurgical coal production exceeded full-year guidance as Queensland Coal achieved record production and sales volumes. This included first production from Caval Ridge, the successful ramp-up of Daunia and record production at Peak Downs, Saraji, South Walker Creek and Poitrel. Metallurgical coal production is forecast to increase by four per cent in the 2015 financial year to 47 Mt as the ramp-up of Caval Ridge is completed.
    
    Escondida copper production increased by two per cent as an improvement in mill throughput and concentrator utilisation offset declining ore grades. With further improvements in productivity anticipated, Escondida is on track to produce approximately 1.27 Mt of copper in the 2015 financial year, while Group copper production is forecast to increase by five per cent2 to 1.8 Mt.
    
    Energy coal volumes were broadly unchanged in the 2014 financial year as a fifth consecutive production record at New South Wales Energy Coal and record volumes at Cerrejón were offset by lower production at South Africa Energy Coal and Navajo Coal. Energy coal production for the 2015 financial year is expected to remain broadly unchanged at 73 Mt.
    
    Petroleum production of 246 MMboe marginally exceeded revised full-year guidance as liquids volumes in our Onshore US business increased by 23 per cent in the June 2014 quarter. Petroleum production is forecast to increase by five per cent2 in the 2015 financial year to 255 MMboe with high-margin liquids volumes expected to increase by 16 MMboe. We remain confident that Onshore US will be strongly EBIT positive in the 2015 financial year as the liquids contribution is forecast to rise to approximately 40 per cent of total shale production.
    
    Source – Strategic research Institute
20. voda 24 juli 2014 12:02

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    Rio Tinto wants biggest mine in Pilbara
    
    The West Australian reported that Rio Tinto is working on plans to build the biggest single pit iron ore mine in the Pilbara, filing environmental applications for a 70 million tonne a year monster at its Yandicoogina operation.
    
    In environmental approval documents released for comment this week, Rio says it is conducting pre feasibility studies on a new pit at Yandicoogina to replace tonnes from other mining areas at the project as they are depleted.
    
    The documents suggest the Pocket and Billiard South pit would be about 7.5 kilometers long and nearly a kilometre wide. Its output would eclipse that of the Pilbara's current title holder, BHP Billiton's Mt Whaleback mine. At 5.5 kilometers long and 2 kilometers wide, Mt Whaleback produces about 55 million tonnes a year.
    
    Rio Tinto told the Environmental Protection Authority it wanted to begin production at the new pit in 2017, at an initial rate of 28 million tonne per annum. That would take total production at Yandicoogina to 70 million tonne per annum, with expansion of the pit likely as other areas of the mining hub wind down.
    
    Yandicoogina currently ships ore at a rate of about 54 million tonne per annum and Rio said last year it planned to up that by about 8 million tonne per annum as part of its push to export 330 million tonne per annum by the middle of next year. It is unclear whether additional tonnes from Pocket and Billiard South could be used to help Rio hit a 360mtpa rate in 2017, as planned.
    
    Source - The West Australian