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Mijnen,Rio...bhp

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Pagina: «« 1 ... 59 60 61 62 63 ... 105 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 20 juli 2017 17:21
    BHP operational review for year ended June 2017

    BHPB announced its operational review for the year ended June 30 2017. 1. Achieved full year production guidance for petroleum and iron ore, with annual production records at Western Australia Iron Ore, Spence and two Queensland Coal mines.

    2. Lower copper production reflected the impact of industrial action at Escondida and the power outage and unplanned maintenance at Olympic Dam. Lower metallurgical coal volumes as a result of damage to third party rail infrastructure caused by Cyclone Debbie.

    3. We expect to achieve full year unit cost guidance at WAIO and Conventional petroleum, however industrial action and Cyclone Debbie have impacted unit costs at Escondida and Queensland Coal respectively.

    4. Group copper equivalent production expected to increase by 7% in the 2018 financial year.

    5. In Onshore US, development activity is increasing with up to 10 rigs operating in the 2018 financial year.

    6. Divestment of non-core Onshore US acreage is progressing, with the sale of a portion of the southern Hawkville anticipated in the September 2017 quarter.

    7. In Petroleum exploration, drilling of the Wildling-2 appraisal well in the Gulf of Mexico is continuing, with results expected in the September 2017 quarter.

    8. All major projects under development are tracking to plan.

    Mr Andrew Mackenzie CEO of BHP said that “Our people have stepped up to unlock low-cost latent capacity and achieve strong productivity gains across our tier one assets. Improved productivity led to record annual production at Western Australia Iron Ore, Spence and two Queensland Coal mines while production guidance was achieved by Petroleum and Western Australia Iron Ore. Copper production is expected to rebound strongly in the 2018 financial year with the commissioning of the Escondida Water Supply project and ramp-up of the Los Colorados Extension project during the September 2017 quarter to enable utilisation of Escondida’s three concentrators.”

    He added that “In Petroleum, the recently approved Mad Dog phase 2 project will extend low-risk oil volumes as supply tightens while in the near-term, Onshore US development activity is to increase with up to 10 rigs planned for the 2018 financial year. Our relentless focus on safety, productivity and capital discipline will support strong growth in shareholder value.”

    Source : Strategic Research Institute
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  2. forum rang 10 voda 20 juli 2017 17:22
    BHPB update on iron ore production for the 2017 financial year

    BHPB announced that its total iron ore production for the 2017 financial year increased by four per cent to 231 million tonne, or 268 million tonne on a 100 per cent basis. WAIO production is expected to increase to between 239 and 243 million tonne, or between 275 and 280 million tonne on a 100 per cent basis, in the 2018 financial year. BHP will continue to work with the relevant authorities to obtain the necessary approvals to increase system capacity to 290 million tonne per annum (100% basis).

    Record annual production of 268 million tonne (100 per cent basis) at WAIO reflects strong productivity improvements across the supply chain as well as the commissioning of a new primary crusher and additional conveying capacity at Jimblebar. Following recovery from the wet season, WAIO produced at a record annualised rate of 280 million tonne (100% basis) in the June 2017 quarter. The rail renewal and maintenance program was completed in May 2017.

    In June 2017, BHP approved initial funding of USD 184 million (BHP share) for the South Flank sustaining mine project. The initial funding will be used primarily for the expansion of accommodation facilities to support construction and future operational workforce requirements. The South Flank project, which will leverage and expand the existing Mining Area C hub, is BHP’s preferred option to replace production from the 80 million tonne per annum (100% basis) Yandi mine when it reaches the end of its economic life in the early to mid 2020s. The project is expected to be submitted for Board approval in the middle of the 2018 calendar year and, if approved, first ore is targeted in the 2021 calendar year with ramp up timed to coincide with the ramp down of Yandi. The capital cost for South Flank is expected to be in the range of USD 30 to USD 40 per tonne, with expenditure fitting within WAIO’s previously indicated average annual sustaining capital expenditure of US$4 per tonne over the next five years.

    Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.

    Source : Strategic Research Institute
  3. forum rang 10 voda 20 juli 2017 17:24
    Rio Tinto cuts 2017 iron ore guidance as rail work hits shipments

    Reuters reported that global miner Rio Tinto lowered its forecast for shipments of iron ore in calendar 2017 by up to 10 million tonnes due to bad weather and ongoing work to modernize its rail haulage lines. Iron ore shipments were expected at 330 million tonnes, down from an earlier range of 330 million to 340 million tonnes, the world's number two producer of the steel making raw material said in its second-quarter production report.

    Mr Jean-Sebastien Jacques CEO said that "Iron ore shipments were impacted by an acceleration in our rail maintenance programme following poor weather in the first quarter.”

    Second-quarter iron ore shipments from Australia fell 6% from a year ago to 77.7 million tonnes, slightly below analysts' forecasts as Rio Tinto transitions to a driverless train network.

    First-half shipments totaled 154.3 million tonnes, indicating the company expects to pick up shipments in the remaining two quarters.

    Second-quarter production from its Australian mines dipped 1% to 79.8 million tonnes against the year ago period, Rio Tinto said.

    In other minerals, Rio Tinto cut its full year production target for hard coking coal to 7.2-7.8 million tonnes following a 14% fall in second-quarter production after a cyclone that swept across its collieries earlier this year.

    Source : Reuters
  4. forum rang 10 voda 20 juli 2017 17:25
    Vale seen posting record iron ore output

    Vale is coming off its biggest-ever production year, churning out 348.8 million tonnes in 2016. It's projecting 360 million to 380 million tonnes this year for an even bigger share of the market. The record-setting pace has been fuelled by the development of low-cost reserves in northern Brazil, including ramping up the industry's biggest project, S11D.

    How much iron ore Vale produces this quarter may not tell the whole earnings story. Besides often locking prices in several weeks in advance, the company sells about 40 per cent of its ore at a premium price due to its high quality. Additionally, the miner has been building up offshore blending inventories to properly take advantage of the company's product.

    So far this year, Vale's new $US14 billion Amazon mining project S11D appears have produced about six million tons, based on data from Brazil's trade ministry. By 2020 Vale expects to have the mine operating at 90 million tonnes a year, which it believes could help it further lower costs and narrow the geographic advantage enjoyed by Rio and BHP.

    Source : Brisbane Times
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  5. forum rang 10 voda 20 juli 2017 17:26
    Glencore plans spinning off mining royalties into new company

    Mining.com reported that Swiss miner and commodities trader Glencore is considering to spin-off its portfolio of mining royalties into a standalone company, the latest sign of the firm’s move from cost-cutting to pursuing growth.

    Glencore, which owns and operates nickel, zinc, copper and coal mines around the world, also has a global portfolio of royalty assets, which will be grouped in the new company, the Global Mining Observer reported.

    It said that "The spin-off business would help Glencore secure additional supplies of copper, cobalt, nickel and zinc producers for its vast trading division."

    The spin-off business would go after royalty agreements in copper, zinc, nickel and cobalt, worth more than USD 300 million, while looking to attract a strategic partner to fund further deals.

    The plan, the article said, is to emulate the model of companies such as Canada’s Franco-Nevada which does not own any mines but instead makes money by reselling a percentage of other firms’ output.

    Glencore’s royalty assets includes Antamina copper-zinc mine in Peru, which makes up the bulk of the value of the package. The portfolio also includes Horne gold project in Quebec, the Red Chris copper mine in British Columbia, the El Pilar copper deposit in Mexico and the Komarovskoye gold mine in Kazakhstan, sold last year but in which Glencore still holds royalty rights.

    The Swiss firm had been looking to sell its portfolio of royalty assets to raise cash and hired Scotiabank earlier this year to find a buyer.

    Streaming firms typically provide a chunk of cash upfront to mining companies to secure a “stream” of precious metals down the road. These kinds of deals have become increasingly popular between 2014 and 2016, as miners faced greater difficulty raising cash on stock and bond markets amid a global slump in commodity prices that dragged their value.

    Source : Mining.com
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  6. forum rang 10 voda 20 juli 2017 17:28
    BHP to double potash demand by 2040

    Mining.com reported that world's largest mining company by market capitalization restated Monday its intentions to entering the crop nutrient market by accelerating its almost USD 13 billion Jansen project in Canada’s Saskatchewan.

    BHP's Paul Burnside said that "Potash demand sits at the intersection of inexorable mega trends ranging across demographics, economics, diet and the environment. For the producer of any commodity, such an intersection is exactly where you want to be."

    BHP believes demand for potash could double by the late 2040s, by which point it would be a AUD 50 billion market. Mr Paul Burnside said that That’s one of the reasons why we’re investing counter-cyclically to give ourselves the option to add it to our diversified portfolio of commodities.”

    The Melbourne, Australia-based miner had already said in May it could seek board approval for the Jansen mine as early as June next year, which would allow it to begin a AUD 4.7 billion first phase of production as early as 2023.

    To date, BHP has committed a total investment of AUD 3.8 billion to move Jansen into production. From that total, AUD 2.6 billion have been set aside for surface construction and the sinking of shafts, though analysts predict the total cost will be close to AUD 14 billion.

    Besides, BHP’s iron ore business brings in about AUD 9 billion a year, which doesn’t look like an easy target to match by any other division, particularly by potash, given current prices.

    But the company is looking long-term and has repeatedly stated it believes rising demand for fertilizer in growing nations, particularly China and India, will lead to a long-term price increase for the commodity.

    Mr Burnside said that “The basic rationale for rising potash consumption is quite simple. Not only is the total population continuing to grow, but at least three billion people are expected to join the global middle class by 2030.”

    More than 90% of the global demand for potash comes from agriculture and around 55 million tonnes of potassium chloride is applied as fertilizer annually. That is equivalent to 6kg per tonne of crop production, 40kg per hectare of harvested land or 7kg for each person on the planet.

    Source : Mining.com
  7. forum rang 10 voda 20 juli 2017 17:50
    Rio Tinto releases second quarter production results

    Pilbara iron ore shipments were 77.7 million tonnes in the second quarter (100 per cent basis). Shipments were impacted by accelerated rail track maintenance.

    Iron ore shipments guidance for 2017 is around 330 million tonnes (previously 330 to 340 million tonnes). This takes into consideration first half production and further rail maintenance in the second half to improve track conditions.

    Record quarterly bauxite production of 12.9 million tonnes was seven per cent higher than the corresponding quarter of 2016, driven by strong production at Weipa and Gove. Third party shipments of 8.0 million tonnes were achieved in the second quarter.

    Mined copper production recovered compared to the previous quarter, however was six per cent lower than the second quarter of 2016 as Escondida continued to ramp up following a labour strike.

    Titanium dioxide slag production increased by 34 per cent compared to the second quarter of 2016, reflecting higher market demand.

    On 26 June 2017, Rio Tinto confirmed Yancoal Australia as its preferred buyer of Coal & Allied, after an improved offer from Yancoal of $2.69 billion. Rio Tinto shareholders have since approved the sale. The sale is expected to complete in the third quarter of 2017.

    Rio Tinto chief executive J-S Jacques said “This was a solid quarter for production, including record output at our bauxite operations. Iron ore production was in line with last year, although iron ore shipments were impacted by an acceleration in our rail maintenance programme following poor weather in the first quarter. We believe our focus on capital discipline, maximising cash flow from operations, driving productivity and portfolio shaping will continue to support the delivery of strong cash generation and shareholder returns.”

    Zie pdf:

    Source : Strategic Research Institute
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  8. forum rang 10 voda 24 juli 2017 15:03
    BHP to modernise Olympic Dam copper smelter

    Business Times reported that BHP will spend AUD 350 million to boost capacity by about 6% at its under performing Olympic Dam copper smelter, cutting production during the upgrade. The smelter, one of the largest in the Southern Hemisphere, has been hampered by insufficient power supplies and maintenance work since a major power outage last year shut operations for two weeks.

    BHP said that copper production in fiscal 2017 fell 18% to 166,000 tonnes from 203,000 the year before and will slip to 150,000 tonnes this year as work is carried out between August and November.

    The refit will boost production capacity to 215,000 tonnes per year in fiscal 2019 and to up to 280,000 tonnes in fiscal 2022.

    Mr Jacqui McGill, Olympic Dam president said in a statement that "There will be 1,300 contractors at Olympic Dam during the peak of construction as teams work around the clock to dismantle, rebuild and upgrade integral components of the facility.”

    The work involves demolishing old furnaces used in the refining process for the metal and installing new ones.

    The Olympic Dam smelter was brought to a halt when a storm destroyed power transmission lines and blacked out the entire state of South Australia on Sept 28.

    The decision to allocate the funds comes amid a dismal year for BHP's copper operations, due largely to a 44 day strike at the Escondida mine in Chile, resulting in expected writedowns exceeding USD 500 million.

    Source : Business Times
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  9. forum rang 10 voda 24 juli 2017 15:05
    Rio Tinto likely to sale aluminium assets in Gladstone - Report

    Gladstone Observer reported that speculation is rising over a possible sale of Rio Tinto's aluminium assets in Gladstone. It's believed a portfolio of Rio Tinto's Gladstone assets, including Queensland Alumina Limited, Boyne Smelter Limited and Rio Tinto Yarwun, is gaining interest from potential buyers.

    The Australian reported this week that "several interested parties" are believed to be looking closely at the assets.

    The interest was sparked by the aluminium price rally earlier this year, which averaged around USD 1870 per tonne.

    The concept behind the sales would be to sell off "non-core assets" to allow Rio Tinto to focus on their tier-one iron ore businesses.

    But Rio Tinto refused to comment , adding the company "does not comment on market speculation".

    Meanwhile a Rio Tinto second quarter report confirmed production at the three sites has dropped this year.

    Production from Queensland Alumina Limited and Rio Tinto Yarwun dropped because of weather impacts caused by Cyclone Debbie.

    Rio Tinto Yarwun's alumina production dropped to 778,000 tonnes in the second quarter of this year, in comparison to 823,000 in the same period last year.

    Quarterly aluminium production was one per cent lower than the same time last year, mainly because of the job and cell cuts at Boyne Island Smelter as a result of high power prices.

    The site made an 8% cut to production and more than 100 jobs were lost.

    Source : Gladstone Observer
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  10. forum rang 10 voda 24 juli 2017 15:14
    Autonomous trains now driving 20% of pit to port kilometres in Australia – Rio Tinto

    Computing.co.uk reported that mining giant Rio Tinto claims that 20% of its pit-to-port train movements in its iron ore mining network in Western Australia are now done by autonomous trains. The technology is being use for one-fifth of the kilometres piloted by the trains, with drivers standing by to take over in event of an incident and to drive the train in more complex environments.

    The autonomous train project is being used in the company's network of 15 iron ore mines in Pilbara, a province of Western Australia, in a railway network of 1,700km.

    The company in a statement released this week said that "The automation of the Pilbara train system [called Autohaul] is continuing to progress well, with around 20 per cent of all train kilometres now completed in autonomous mode, but with drivers on-board managing the remaining safety and reliability systems.”

    It added that "Improvements to system performance continue and the project is on schedule to be completed by the end of 2018.”

    It's not the company's first automation project. Indeed, Rio Tinto has arguably been a bigger pioneer of self-driving technology than Google, Volvo or any of the other names more commonly associated with autonomous vehicle technology.

    And in 2015, it opened the world's first automated mine, which also included self-driving haulage trucks.

    The company claims that "[Rio Tinto's] Yandicoogina, Hope Downs 4 and Nammuldi mines are the first in the world to move all of their iron ore using fully automated, driverless haulage trucks.”

    It continued that "Rio Tinto first introduced the Autonomous Haulage System (AHS) at its iron ore operations eight years ago as part of its 'Mine of the Future' programme and is now the world's largest owner and operator of autonomous trucks. The group has 71 AHS trucks across three Pilbara iron ore mines, moving about 20 per cent of the operations' material."

    In addition to autonomous trucks, the company also operates seven "fully autonomous drill systems" to drill production blast holes, and also made use of drones to, for example, measure stock pile long before drones started to be adopted elsewhere in industry.

    Source : Computing .co.uk
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  11. forum rang 10 voda 26 juli 2017 17:25
    Rio Tinto rails against market power of east coast electricity generators

    The Australian reported that Rio Tinto east coast electricity generators have too much market power, which they are exercising to deliberately drive up prices, and that limits on ownership or stricter regulation are needed.

    In a submission to the Australian Competition and Consumer Commission, Rio’s local head of aluminium, Mr Bruce Cox, said that the National Electricity Market is not as competitive as it should be and has suggested greater powers for the Australian Energy Regulator to let it intervene if generator behaviour threatens the integrity of the market.

    Mr Cox said in the submission that “The current regulatory framework of the NEM appears unable to curb the clear exercises of market power which have become increasingly apparent with shifts in ownership, asset closure and in some cases, consolidation of generators whose behaviour is unconstrained by considerations of affordability of electricity.”

    He said that “Generation companies are using their scale to engage in behaviours that seek to work to the boundaries and limits of the National Electricity Rules to maximise returns.”

    The call follows from Rio’s subsidiary Tomago Aluminium (which operates in the Hunter Valley and is the biggest electricity user in NSW) push for policies that would promote more coal-fired power, partly blaming generators for deliberately pushing up power prices to levels where it would have to cut production and, possibly, jobs.

    In May, Rio chief Jean-Sebastien Jacques hit out at what he called the “absolutely wrong” behaviour of the Queensland’s state-owned power industry and called on the Federal Government to intervene after the Rio-controlled Boyne Island smelter at Gladstone cut production and 100 workers because of soaring power prices.

    Rio says growing concentration of generators has left power wholesalers in a position to actively push prices higher by limiting generation at certain times, rebidding late and offering large amounts of coal-fired power for extended periods at or near the market cap “effectively withholding low cost capacity”, to drive up electricity prices.

    Federal Energy Minister Josh Frydenberg last week drew attention to the behaviour of Queensland’s state-owned generators, accusing the state Labor government of using dividends from the power companies to plug budget holes at the expense of power consumers.

    Source : The Australian
  12. forum rang 10 voda 26 juli 2017 17:25
    Rio Tinto's Guinea operations hit by Britain's Serious Fraud Office

    The Sydney Morning Herald reported that Rio Tinto Group faces a probe by Britain's Serious Fraud Office over its business dealings in Guinea, just months after Australia's federal police started an investigation into payments relating to the USD 20 billion (AUD 25 billion) Simandou iron ore project in the African nation.

    The prosecutor said in a statement on Monday it was investigating the conduct of the miner, its employees and third parties.

    The SFO announcement comes after Rio alerted authorities, including the SFO and the US Justice Department, in November to a USD 10.5 million payment to an external consultant in 2011 for assisting with negotiations with Guinea's President Alpha Conde.

    The company later terminated contracts of two senior executives, saying they'd failed to maintain standards of the company's code of conduct.

    A spokesman said in an emailed statement that "Rio Tinto will fully cooperate with the Serious Fraud Office and any other relevant authorities, as it has done since it self-reported in November 2016.”

    Shares in the miner fell as much as 2.3% in US trading after the news, and then pared most of the loss. The stock was down 0.8% at USD 43.81 as of 12.58pm in New York.

    Rio exited the Simandou project in October, selling its stake to partner Aluminum Corp of China, referred to as Chinalco, after failing to attract the funding needed to develop it.

    The investigation, which could stretch on for years, comes as Rio looks to appoint a new chairman after Jan Du Plessis stepped down in April. The company is planning to appoint his replacement by the end of the year.

    Source : The Sydney Morning Herald
  13. forum rang 10 voda 26 juli 2017 21:03
    Rio Tinto looks for an expansion

    The West reported that after tightening its belt for the past few years, Rio Tinto is laying the groundwork for an expansion of its apprenticeship program. Rio Tinto Iron Ore chief executive Mr Chris Salisbury said 2018 would see a bigger intake of apprentices, graduates and trainees. He said that “Rio Tinto is dedicated to providing exciting new work opportunities, we want to help cultivate skills and work prospects for our next generation of employees and we’re investing to help them prepare for their job futures.”

    He added that “We’re now well advanced on our Mine of the Future program, and to building capability in our workforce for the new jobs we’ll require over the next decade. I am proud to announce over 200 new graduates, vacation students, apprentices and trainees will be recruited in 2018 across WA. They will join our already strong 300 employees participating in these training pathways.

    He said that “The number of apprenticeships would jump by 50%.”

    Rio last week opened its vacation employment campaign, which facilitates industry placements for undergraduates so they can complete their degrees.

    Applications for the 2018 apprenticeship program are open, canvassing heavy mobile equipment, light vehicles, fixed plant and electrical.
    Source : The West
  14. forum rang 10 voda 27 juli 2017 20:43
    BHP confirms copper production decrease

    The Monitor reported that statewide unplanned power outage late last year contributed to a decrease in total copper production for the last financial year. BHP has confirmed that its operational review for the 2017 financial year, in which it confirmed total copper production fell by 16% on the previous year.

    The Statewide power outage in September and October contributed to Olympic Dam’s total copper production decreasing by 18%, to 166,000 tonnes, as did unplanned maintenance at the site’s refinery in December and January.

    Industrial action at the Escondida operation in South America also contributed to the overall decline in copper produced.

    BHP said copper production of 150,000 tonnes was expected in the 2018 financial year as a major smelter maintenance campaign is phased through August to November this year, including a rebuild of the electric slag furnace, the flash furnace and the electro static precipitator.

    BHP said that “This is the largest maintenance program undertaken by BHP at Olympic Dam and on completion, the improved operational performance will underpin an expected increase in copper production to approximately 215,000 tonnes in the 2019 financial year. This will provide a stable base for the potential to increase capacity to 280kt in the 2022 financial year.”

    Source : The Monitor
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  15. forum rang 10 voda 27 juli 2017 20:55
    Rio Tinto Jadar lithium mine likely to start in 2023

    Financial Review reported that Rio Tinto massive Jadar lithium-borate project could start supplying the growing lithium market in 2023, as it inked a memorandum of understanding with the Serbian government hoped to "speed up" the project's approvals process.

    The large deposit of jadarite, a new mineral unique to Serbia that contains lithium, was discovered by Rio Tinto in 2004 when it was exploring for borates.

    It has since spent about USD 90 million slowly advancing the Jadar project towards a final investment decision, expected in 2020 with construction slated to commence the same year.

    Under the timeline Rio mapped out for the first time overnight Monday, the project would commence operations in 2023, "assuming that feasibility studies confirm viability and all necessary approvals are obtained".

    The timing would see production from Jadar enter the market after a wave of new supply from Australian lithium miners. But analysts generally forecast demand for lithium-ion batteries to meet or exceed supply early next decade due to the growth of the electric vehicles market and increased adoption of energy storage.

    UBS analysts said in June high spot prices for lithium chemicals would ease over the next few years but prices of USD 10,000 to USD 12,000 a tonne would be needed from early next decade to incentivise new investment to meet demand.

    A pre feasibility study on Jadar is expected to be completed before the end of the year.

    Jadar sits behind other projects in Rio's development que, including the Oyu Tolgoi copper and gold project in Mongolio and the South Flank iron ore project in Western Australia, but it has been touted by the miner as an attractive development option due to its scale and anticipated position in the first quartile of the operating cost curve.

    Jadar is also being keenly pursued by the Serbian government. Under the memorandum of understanding signed on Monday, Rio and the government will form joint working groups to progress the project through the study and permitting phases.

    Rio Tinto has said Jadar could supply at least 10 per cent of global lithium demand.

    The project has a 136-million-tonne resource grading 1.86 per cent lithium oxide, slightly larger but lower grade than the largest operating hard rock lithium mine, the Greenbushes operation in Western Australia, according to UBS.

    Deutsche Bank and UBS analysts had forecast Jadar would start production in 2023, with UBS noting the "massive" project made Serbia a "major" country to keep an eye on as it entered the lithium market.

    Source : Financial Review
  16. forum rang 10 voda 31 juli 2017 17:11
    Rio Tinto unveils its largest red diamond

    Mining.com reported that Rio Tinto’s Argyle mine, located in the remote East Kimberley region of Western Australia, produces enough gems to allow the company to host annual showcases of its rarest diamonds.

    This year, the first exhibition took place at a Chelsea skyscraper in New York in front of a selected group of collectors and connoisseurs. The star of the night? The Argyle Everglow, a 2.11 carat polished radiant cut diamond that was assessed by the Gemological Institute of America as a notable diamond with a grade of Fancy Red VS2.

    According to a press release, in the 33-year history of the Argyle Pink Diamonds Tender -as the show is called there have been less than 20 carats of Fancy Red certified diamonds sold.

    The price of the Everglow, however, was not disclosed. Still, The New York Times reports that the record auction price for a fancy red diamond is USD 5 million, paid three years ago in Hong Kong.

    In total, there were 58 diamonds in the 2017 Tender weighing a total of 49.39 carats. Among them, there were four Fancy Red diamonds, four Purplish Red diamonds, two Violet diamonds, and one Blue diamond.

    Source : Mining.com
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  17. forum rang 10 voda 1 augustus 2017 17:14
    Vale to focus on copper and nix nickel expansion

    Sudbury.com Staff reported that Vale plan for the near future is to look for new copper mining options and to stop expanding nickel production capacity in the wake of abysmal second-quarter net income, rising costs and tanking iron prices. The report from Reuters points out Vale’s second-quarter net income was down 99% over last year, falling to just USD 16 million from USD 1.1 billion the year before, and well below the average estimate of USD 421 million.

    When it comes to debt, the Brazilian firm’s net debt fell three per cent to USD 22.12 billion in the three months leading up to June, a long way from the target of USD 15 billion to USD 17 billion in 2018 Vale is shooting for.

    To reduce costs, Vale CEO Mr Fabio Schvartsman said the company would stop investing new money into its Caledonia nickel mine. Vale also aims to narrow its iron ore output forecast and continue capital spending cuts, which were down 31 per cent in the second quarter.

    The company’s EBITDA (earnings before interest, taxes, depreciation and amortization) rose 16% to USD 2.73 billion.

    Source : Sudbury.com
  18. forum rang 10 voda 2 augustus 2017 19:46
    Luxembourg's space mining mission begins – Mr Schneider

    Reuters reported that Luxembourg's new law governing space mining comes into force on Tuesday, the country will already be working to make the science-fiction-sounding mission a reality. The legislation will make Luxembourg the first country in Europe to offer a legal framework to ensure that private operators can be confident about their rights over resources they extract in space.

    The law is based on the premise that space resources are capable of being owned by individuals and private companies and establishes the procedures for authorising and supervising space exploration missions.

    Mr Etienne Schneider deputy prime minister told the Thomson Reuters Foundation that "When I launched the initiative a year ago, people thought I was mad. But for us, we see it as a business that has return on investment in the short-term, the medium-term, and the long-term.”

    Luxembourg in June 2016 set aside 200 million euros (USD 229 million) to fund initiatives aimed at bringing back rare minerals from space.

    Mr Schneider said that While that goal is at least 15 years off, new technologies are already creating markets that space mining could supply.

    He said firms could soon make carrying materials to refuel or repair satellites economically feasible or supply raw materials to the 3D printers now being tested on the International Space Station.

    Lifting each kilogram of mass from Earth to orbit costs between 10,000 and 15,000 euros (USD 11,000 to USD 18,000), according to Schneider, but firms could could cut these costs by recycling the debris of old satellites and rocket parts floating in space.

    Mr Schneider said that The small European country, best known for its fund management and private banking sector, will on Tuesday begin the work of making such deals, with the security of a legal framework in place.

    Luxembourg has already managed to attract significant interest from pioneers in the field such as US operators Planetary Resources and Deep Space Industries and aims to attract research and development projects to set up there.

    Source : Reuters
  19. forum rang 10 voda 2 augustus 2017 19:50
    South African miners preparing settlement for lung disease claims

    Mining NE reported that South African mining firms including Anglo American are preparing a multimillion dollar settlement with as many as 100 000 former workers who suffer from debilitating and deadly lung diseases caused by exposure to dust from working underground.

    Anglo has set aside USD 101 million in preparation for a potential settlement, while Gold Fields expects to pay about USD 30 million to end a class action lawsuit, the companies said in separate statements Thursday. AngloGold Ashanti, Sibanye Gold and Harmony Gold Mining are among 32 respondents named in the suit, which would be the country’s biggest class action.

    Mr Richard Spoor, a lawyer representing claimants, said in a phone interview that “Significant progress has been made towards a settlement, such that companies are feeling comfortable enough to quantify their liabilities. It’s still a process but I’m fairly optimistic we will be able to conclude something within the course of this year.”

    A settlement would bring an end to almost a decade-long fight by Spoor to compensate the hundreds of thousands of mine workers who contracted silicosis, a lung disease caused by silica dust, while working in South Africa’s gold mines as far back as the 1950s. Under the apartheid government, there was little protection for workers who say they were often left in mines while blasting took place and were frequently coated in the deadly dust.

    Spoor, who runs his own law firm, is financially backed by Motley Rice LLC, a legal powerhouse based in Charleston, South Carolina and which won a USD 246 billion settlement from the tobacco industry in 1998. Spoor has won a settlement to compensate asbestosis sufferers who incurred the disease while mining the mineral in South Africa decades ago.

    South Africa’s High Court last year ruled that there was enough evidence of unsafe working practices to allow a class action case to proceed and that as many as 500 000 former workers could be included. Given the difficulty in tracking down claimants and proving their employment history, the eventual figure is likely to be less than 100 000, Spoor said.

    Under white minority rule, which ended in 1994, most gold mines operated a migrant labor system, with workers coming from remote rural areas and neighboring African countries such as Mozambique and Lesotho.

    Mr Spoor said that any settlement would include family members of those deceased, as long as they can prove damages.

    Source : Miningne.ws
  20. forum rang 10 voda 2 augustus 2017 19:51
    Ban on Philippine open pit mining stays – Mr Roy Cimatu

    Phil Star reported that the order banning all prospective open-pit mines in the country will remain in effect and will be taken up at the interagency Mining Industry Coordinating Council. Philippine Environment Secretary Roy Cimatu said that “It stays. This is a policy and we at the DENR implement policies. I brought this up during the MICC meeting and we will be meeting again several weeks from now.”

    Before she got rejected by the Commission on Appointments, former environment chief Gina Lopez banned the open-pit method of mining for copper, gold, silver and complex ores all over the country.

    Since the appointment of Cimatu, mining stakeholders have been hopeful Cimatu will reverse the orders of Lopez.

    Sought for comment, the Chamber of Mines of the Philippines (COMP) maintained that it understands Cimatu’s recent decision, saying the open pit ban is a serious policy decision that needs to be studied carefully, with due consideration of all impacts and the interests of all stakeholders.

    COMP legal and policy vice president Ronald Recidoro told The STAR that “We only hope that the matter will be resolved soon to address the uncertainty currently pervading in the industry.”

    He said that “We hope it will be an evidence-based decision that considers current technology. Open pit mining is an accepted practice worldwide that is safer than underground mining. Open pit mines can be fully rehabilitated and transformed for other land uses.”

    Among the biggest prospective open-pit mines are the over USD 2 billion Pangilinan led Silangan mine in Surigao del Norte and the USD 5.9 billion Tampakan project in South Cotabato, dubbed as potentially the country’s biggest foreign investment and believed to be one of the largest gold prospects in the world.

    The ban came after Lopez cited several reasons for the ban including its financial and environmental liability, deprivation of economic use of the area, continuing adverse impact on the environment, and its high risk to host communities.

    Source : Phil Star
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