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Mijnen,Rio...bhp

2.088 Posts
Pagina: «« 1 ... 74 75 76 77 78 ... 105 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 4 maart 2019 19:46
    Vale announces temporary removal of its executives

    Vale informed that, at the end of Friday, March 1st 2019, its Board of Directors received from the Federal Public Prosecution Office (Ministério Público Federal), the Public Prosecution Office of the State of Minas Gerais (Ministério Público do Estado de Minas Gerais), the Federal Police and the Civil Police of Minas Gerais the Recommendation Nº 11/2019 with considerations and recommendations on the dismissal of some executives and employees at various levels of the company.

    Vale's Board of Directors held meetings during Friday night, March 1st, 2019 and Saturday morning, March 2nd, 2019, including interactions with the company's executives. During these discussions, the Board received from the executives Fábio Schvartsman (CEO), Gerd Peter Poppinga (Executive Director of Ferrous and Coal), Lucio Flavio Gallon Cavalli (Head of Planning and Development of Ferrous and Coal) and Silmar Magalhães Silva (Head of Operations of the Southeast Corridor), requests for temporary removal from office, which were immediately accepted.

    The Board of Directors then initiated the interim succession plan previously discussed: to appoint Eduardo de Salles Bartolomeo (currently Executive Director of Base Metals) as the interim CEO of Vale as of this date. Claudio de Oliveira Alves (current Head of Pellet and Manganese) will hold the interim position of Executive Director of Ferrous and Coal and Mark Travers (Head of Legal, Institutional Relations and Sustainability of Base Metals), will hold the interim position of Executive Director of Base Metals.

    Vale also informs that its Board of Directors remains in readiness to seek a transparent and productive relationship with the Brazilian authorities in order to clarify the facts, to properly remediate the damages and to maintain the company's integrity, and that will keep society and markets informed about any new fact.

    Source : Strategic Research Institute
  2. forum rang 10 voda 10 april 2019 16:13
    BHP celebrates its 50 years in Bass Strait, Australia

    This month BHP celebrates its 50th year as a petroleum producer, when first gas was received from Barracouta field in the Bass Strait, Australia. The field was discovered in 1965 by BHP, who forged the exploration and development of Australia’s first world-class hydrocarbon province, together with operator Esso – a partnership that endures to this day. The Bass Strait discovery was a watershed moment for BHP – transforming our company from a miner and steel maker into a serious player in the offshore oil and gas industry. This discovery also underpinned the industrialisation of Australia and enabled energy self-sufficiency at a time of global supply shortage.

    Petroleum President Geraldine Slattery, said that “This is a milestone that flags the diversification and globalisation of our company. BHP remains the only major resources company with both mining and oil and gas in its portfolio – providing our company with a competitive advantage over our peers.”

    Geraldine said that “The edge we have is more than our resources – it's the technologies we have developed; the intellectual capital and wealth of experience in our team; the partnerships we have around the world; and the impacts we have had in our communities.”

    Source : Strategic Research Institute
  3. forum rang 10 voda 10 april 2019 16:51
    BHP to cut more than 700 jobs, including some in Singapore - Report

    The world's biggest miner BHP Group is poised to cut over 700 white-collar jobs, The Australian newspaper reported, adding that the process could start as early as next week. Last week, BHP chief financial officer Mr Peter Beaven revealed plans of cuts of up to 20 per cent to his 900-strong finance team at an internal town hall meeting.

    According to the report, BHP's technology group will also face cuts in workforce as part of a restructuring that could see up to 30 per cent of its 2000 Australian and Singaporean workforce leave the group. The cuts are not targeted at the workforce operating BHP's global mines but will be part of its restructuring of "functional" sections in an attempt to streamline their operations.

    A person familiar with the matter said that BHP will cut jobs in a continuing effort to reduce bureaucracy under a previously foreshadowed streamlining strategy.

    A spokesman for BHP declined to comment on The Australian report, but said the process of simplifying the business and support facilities has been underway for about a year.

    The spokeswoman said in an emailed statement "This work began about 12 months ago and is across functions including finance, human resources, technology and external affairs."

    Source : Bloomberg, Reuters
  4. forum rang 10 voda 11 april 2019 15:30
    Rio Tinto admits to fire damage at Dampier

    FreightWaves reported that Australian mining giant Rio Tinto has admitted that there was a fire that damaged some of its iron ore export facilities at the port of Dampier last weekend. Rio issued the following statement to FreightWaves. “Rio Tinto confirms that a fire broke out on Saturday night in a screen house at our East Intercourse Island port operation in the Pilbara. Emergency services responded to the incident and the fire was brought safely under control. Importantly, no one was injured. Operations at part of the facility have restarted while impacted areas remain closed. An investigation to establish the cause of the fire has commenced.”

    FreightWaves sought further details but the company declined to discuss the matter.

    The owner of Dampier port, the Pilbara Ports Authority, was contacted for information. A spokesman said that no-one had reported to the Authority that there had even been a fire. We understand that shipping operators from around the globe have been seeking information but sources claim that information is not being provided. He said that our previous reporting, based comments from informed sources, said that two screen houses had affected whereas Rio indicates that only one screen house has been fire damaged, so there is a disparity between the two sets of reports.

    A screen house is used to separate lumps of iron ore from iron ore fines (powdered iron ore). A lump of iron ore will melt more easily in a steel making blast furnace as heated air can flow around it. Fines may smother the air flow in the furnace and so need to be made into briquettes first. Fines can be cheaper than lumps though, and can be more precisely mixed into a given blend as specified by customers.

    Industry sources say that if screen houses are damaged then dry bulkers cannot load.

    Accordingly, it follows, that if some screen houses are damaged and are out of action, then supply will be disrupted. Industry executives have previously indicated that further disruption to the north west Australian ore production could adversely affect international iron ore prices and dry bulk shipping.

    Sources told FreightWaves, of late there have been several iron-ore supply shocks. There was an appallingly tragic mining-related tragedy at Brumadinho, Brazil when a dam collapsed with loss of life. That tragedy has removed 40 million metric tons of iron ore from the market. A metric ton is equivalent to 2,204.6 US pounds. Removal of that supply increased the iron ore price but depressed the capesize dry bulk rates.

    Source : Freight Waves
  5. forum rang 10 voda 11 april 2019 15:35
    Vale receive arbitration award related to Simandou in London

    Vale announced that it received an award from an arbitral tribunal in London in the amount of USD 1.246 billion plus costs and interest against BSG Resources Limited (BSGR), for fraud and breaches of warranty by BSGR in inducing Vale to enter into a joint venture to develop a concession for mining iron ore in the Simandou region of the Republic of Guinea.

    In 2014, the Republic of Guinea revoked that concession after a finding that BSGR had obtained it through bribery of Guinean government officials, while finding that Vale did not participate in any way in that bribery.

    Vale intends to pursue collection of this award by all legally available means, but there can be no assurance as to the timing and amount of any collections.

    Source : Strategic Research Institute
  6. forum rang 10 voda 11 april 2019 15:35
    Rio Tinto approves USD 463 million investment in Zulti South

    Rio Tinto has approved the next stage in the development of Richards Bay Minerals in South Africa through the construction of the Zulti South project. The USD 463 million investment will sustain RBM’s current capacity and extend mine life.

    Currently, RBM operates four mines in the Zulti North lease area, a mineral separation plant and smelting facility. The Zulti North orebody grade is declining, hence the Zulti South mine is required to maintain the output of high-margin zircon and rutile, and provide sufficient ore to support TiO2 sales.

    The Zulti South mine (Phase 1) will underpin RBM’s supply of zircon and ilmenite over the life of mine. Construction is scheduled to start in mid-2019, subject to the granting of all necessary permits, with first commercial production expected in late 2021. The investment will be fully self-funded from RBM’s cash flows, with no additional debt or recourse to Rio Tinto. The project is expected to deliver an internal rate of return of 24 per cent.

    Rio Tinto chief executive J-S Jacques said “Rio Tinto has a long history in South Africa, and today’s investment underscores our commitment for the coming decades and beyond. Zulti South is one of the best undeveloped minerals sand deposits in the industry, and will significantly extend RBM’s position as a world-class, first-quartile asset. The long-term fundamentals of the market remain strong, and production from Zulti South will commence in time to fill a widening supply gap, ensuring RBM’s position as a leader in the sector, and delivering strong returns to our shareholders.”

    Rio Tinto Energy & Minerals chief executive Bold Baatar said “RBM is an outstanding business, South Africa’s largest mineral sands producer and, equally importantly, a fully beneficiated metallurgical complex. We not only mine, but produce value-added products for customers around the world. We are proud of the value we create, and retain, in South Africa. This is underscored by our position as KwaZulu Natal’s leading taxpayer, paying USD 79 million in taxes and royalties in 2018 alone.”

    Source : Strategic Research Institute
  7. forum rang 10 voda 15 april 2019 16:09
    Rio Tinto approves additional investment in Resolution copper project in US

    Rio Tinto has committed $ 302 million of additional capital to advance its Resolution Copper project in the US state of Arizona. The investment will fund additional drilling, ore-body studies, infrastructure improvements and permitting activities as Rio Tinto looks to progress the project to the final stage of the project’s permitting phase. When fully operational, Resolution has the potential to supply nearly 25% of the United States copper demand and will create several thousand direct and indirect jobs in the Pioneer Mining District of Arizona. The project is currently in its seventh year of a comprehensive environmental review and approval process, conducted by the US Forest Service under the National Environmental Policy Act. This process has involved numerous public meetings, hundreds of government to government consultations between the Forest Service and Native American tribes and the participation of individuals, environmental groups, nearby municipalities and local businesses.

    Upon this investment, project partners will have invested over $2 billion to develop and permit Resolution since 2004. This includes sinking a new shaft to mining depth, rehabilitating an existing shaft, extensive drilling and ore body testing, and the permitting and public engagement process.

    Rio Tinto chief executive JS Jacques said “Resolution is one of the most significant undeveloped copper deposits in the world and this additional funding demonstrates Rio Tinto’s commitment to bring the mine into production. The comprehensive permitting process is well underway with the Environmental Impact Study on track to be completed next year according to the regulators schedule. The rise of electric vehicles, battery storage, new transmission technology and other green energy innovations are highly copper intensive. We need to prepare now to meet this future demand. Resolution will be well positioned to provide North American manufacturers the copper that is essential to their products.”

    Resolution Copper Mining is a limited liability company owned 55% by Resolution Copper Company, a Rio Tinto PLC subsidiary and 45% by BHP Copper Inc, a BHP Billiton PLC subsidiary. Funding is proportional among the project partners.

    Source : Strategic Research Institute
  8. forum rang 10 voda 16 april 2019 16:43
    Rio Tinto cuts iron ore shipment guidance

    Rio Tinto released first quarter production results. Rio Tinto chief executive J-S Jacques said “Our iron ore business faced several challenges at the start of this year, particularly from tropical cyclones. As a result, and following the continuing assessment of damage at the port resulting from the cyclones and other minor disruptions, 2019 guidance for Pilbara shipments is reduced to between 333 and 343 million tonnes. The quarterly operational performance in our other products was solid, generally higher than last year. Our focus remains on safety, delivering our ‘value over volume’ strategy and allocating capital with discipline, to continue delivering superior returns to our shareholders in the short, medium and long term.”

    Operational update

    Pilbara iron ore shipments of 69.1 million tonnes (100 per cent basis) in the first quarter were 14 per cent lower than the first quarter of 2018. Production was significantly impacted by the weather disruptions in March and a fire at Cape Lambert A in January. These events will have an impact on second quarter performance.

    2019 guidance for Pilbara shipments has been revised to between 333 and 343 million tonnes (previously between 338 and 350 million tonnes, 100 per cent basis). The reduction reflects a slower ramp up and ongoing disruption to shipments caused by weather and other disruptions.

    Commissioning of the Amrun bauxite mine was completed in March 2019, with the project delivered under budget and ahead of schedule. Bauxite production of 12.8 million tonnes in the quarter was one per cent higher than the same period of 2018, despite several weather events throughout the quarter significantly impacting production at the Amrun, Weipa and Gove mines.

    Aluminium production of 0.8 million tonnes was in line with the first quarter of 2018. Excluding the non-managed Becancour smelter, which was impacted by a lock-out, production was one per cent higher, reflecting continued productivity creep.

    First quarter mined copper production of 144 thousand tonnes was three per cent higher than the first quarter of 2018, with strong contributions from Oyu Tolgoi and Rio Tinto Kennecott.

    Titanium dioxide slag production of 296 thousand tonnes was one per cent higher than the first quarter of 2018.

    First quarter production at Iron Ore Company of Canada was five per cent higher than the corresponding quarter of 2018, despite adverse weather conditions impacting production in February.

    At the Oyu Tolgoi Underground Project the review of the mine design and the development schedule is continuing. The commissioning of the main production shaft (Shaft 2) is now expected to complete in October 2019.

    On 27 February 2019, Rio Tinto announced it had discovered copper-gold mineralisation in the Paterson Province in the far east Pilbara region of Western Australia.

    On 8 April 2019, Rio Tinto announced the approval of the construction of the Zulti South project at Richards Bay Minerals (RBM) in South Africa for $463 million (Rio Tinto share $343 million).

    On 15 April 2019, Rio Tinto announced it had committed $302 million ($166 million Rio Tinto share) of additional expenditure to advance its Resolution Copper project in the US state of Arizona.

    Source : Strategic Research Institute
    Bijlage:
  9. forum rang 10 voda 17 april 2019 16:08
    Rio Tinto awards EPCM contract to WorleyParsons in Western Australia

    WorleyParsons has been awarded a contract to perform engineering, procurement and construction management services for RioTinto's Koodaideri iron ore mine in the Pilbara region of Western Australia. The award of the EPCM contract follows the completion of the detailed engineering study for the Koodaideri project. The project will be executed over a three-year period from the Perth project office with additional support teams on the mine and rail locations. WorleyParsons will use data centric engineering processes to also produce a digital asset for Rio Tinto.

    Andrew Wood, Chief Executive Officer of WorleyParsons, said that "We are pleased to expand our relationship with Rio Tinto on this important project."

    Source : Strategic Research Institute
  10. forum rang 10 voda 17 april 2019 16:30
    Court allows Vale to resume Brucutu iron ore mine operations – Report

    Reuters reported that a Brazilian state court has authorized iron ore miner Vale SA to resume operations at the Brucutu mine, its largest in Minas Gerais state, according to a court document. Vale had been authorized by the state in early March to resume operations, but an injunction blocked the resumption. Now the state court of Minas Gerais gave the final nod to resume production at Brucutu.

    Officials in the city of Sao Gonçalo do Rio Abaixo, where Brucutu is located, said earlier on Tuesday that Vale had been authorized to resume operations.

    Brucutu was shuttered in early February by request of Minas Gerais state prosecutors after a tailings dam burst in the town of Brumadinho, killing hundreds of people.

    Source : Reuters
  11. forum rang 10 voda 18 april 2019 16:29
    BHPB announced copper production update

    BHPB announced that its total copper production decreased by three per cent to 1,245 kilo tonne. Guidance for the 2019 financial year remains unchanged at between 1,645 and 1,740 kilo tonne.

    Escondida copper production decreased by six per cent to 848 kilo tonne as expected lower copper grades were partly offset by record concentrator throughput. Production guidance remains unchanged at between 1,120 and 1,180 kilo tonne for the 2019 financial year, with volumes expected to be towards the lower end of the range.

    Pampa Norte copper production decreased by 11 per cent to 172 kilo tonne and reflects planned maintenance and a production outage at Spence following a fire at the electro-winning plant in September 2018, and the impact of heavy rainfall in northern Chile in February 2019 at both Spence and Cerro Colorado. This was partially offset by record ore milled at both operations after implementing maintenance improvement initiatives. Production guidance at Spence and Cerro Colorado remains unchanged for the 2019 financial year, at between 160 and 175 kilo tonne and 60 and 70 kt respectively.

    Olympic Dam copper production increased by 22 per cent to 115 kilo tonne as a result of the major smelter maintenance campaign in the prior period, which was partially offset by an unplanned acid plant outage in August 2018. Following completion of the acid plant remediation works, surface operations ramped up between October 2018 and February 2019. Production guidance remains unchanged at between 170 and 180 kilo tonne for the 2019 financial year, with volumes expected to be towards the lower end of the guidance range.

    Antamina copper production increased by five per cent to 110 kilo tonne due to higher head grades. Production guidance for the 2019 financial year remains unchanged at approximately 135 kilo tonne for copper and approximately 85 kilo tonne for zinc.

    Source : Strategic Research Institute
  12. forum rang 10 voda 24 april 2019 15:17
    Vale's outlook aligns to Fitch Scenario, credit still intact – Fitch Ratings

    Fitch Ratings said that Vale's lower sales and production outlook for 2019 is consistent with our previously published scenario analysis and should not adversely affect the company's investment-grade credit profile. Robust cash flow, enhanced by higher iron ore prices and a strong balance sheet, should enable Vale to absorb substantial potential fines and reparation costs without breaching Fitch's negative financial triggers. However, identifying and quantifying all unknown contingent liabilities remains difficult due to continued elevated legal and regulatory risks.

    Vale outlined financial and operational implications resulting from the accident in late March. The company lowered iron ore sales guidance to between 307 million tons to 332Mt in 2019, compared to 366Mt in 2018, following production stoppages across several of its operations, with volumes totaling around 93Mt per year. Vale was later denied stability certifications for 18 dams and dikes after licenses expired but indicated it would not alter these forecasts. The company has faced the judicial freezing of BRL17.60 billion of funds to cover environmental and socioeconomic costs, evacuations and fines, and suspended its shareholder remuneration policy in response to the disaster.

    However, we published three scenarios to illustrate the effect of potential lost volumes, increased capex, and high fines and reparation costs on Vales credit metrics in February. The complete loss of the company's southern system, as outlined in scenario two, approximates Vale's March guidance. This scenario assumed a net reduction of 80Mt in 2019 and 70Mt in 2020. Based on this assumption and an $80/ton average iron ore price, this scenario estimated FCF, before fines, reparation costs and additional capex, would be around $10 billion in both 2019 and 2020.

    Under scenario two, net debt/EBITDA for 2020 would increase by as much as 1.0x to 1.7x, if as much as USD 10 billion and USD 15 billion of additional capex and cumulative fines and repatriation payments, respectively, is incurred. Current iron ore prices above $90/ton further cement Fitch's expectations of Vale's ability to deliver strong cash flow generation and credit metrics, despite the legal headwinds and subsequent potentially significant cash outflows the company could face. Vale has ample headroom under Fitch's negative rating actions triggers of net debt/EBITDA above 3.0x and total debt/EBITDA above 3.5x on a sustained basis to support its investment-grade rating.

    Source : Strategic Research Institute
  13. forum rang 10 voda 24 april 2019 15:20
    Rio Tinto announces production results for Q1 2019

    Pilbara operations: Pilbara operations produced 76.0 million tonnes (Rio Tinto share 64.1 million tonnes) in the Q1, nine per cent lower than the same period in 2018. Production was impacted by a fire at Cape Lambert A in January, which affected Robe Valley Lump and Fines production, and significant disruptions caused primarily by Tropical Cyclone Veronica in March.

    Q1 sales of 69.1 million tonnes (Rio Tinto share 58.2 million tonnes) were 14 per cent lower than the same period of last year due to the lower production and damage to the port facilities caused by the cyclone.

    Approximately 16 per cent of sales in the first quarter were priced by reference to the prior quarter’s average index lagged by one month. The remainder was sold either on current quarter average, current month average or on the spot market.

    Approximately 33 per cent of sales in the quarter were made free on board (FOB), with the remainder sold including freight.

    Pilbara projects
    Following approval of the $2.6 billion investment in the Koodaideri replacement mine in November 2018, the project is now progressing to plan with engineering and procurement activities on schedule and site construction works commenced.

    The two Robe River Joint Venture projects (West Angelas and Robe Valley), which will sustain production capacity, are progressing. The projects are currently in the process of seeking environmental approvals. Engineering and procurement activities are on schedule and establishment activities at both locations have commenced.

    2019 guidance
    On 1 April 2019, Rio Tinto announced that the impact of the disruption caused by Tropical Cyclone
    Veronica in March, combined with the impact of the fire at Cape Lambert A in January, was expected to result in a loss of approximately 14 million tonnes of production in 2019.

    Following further assessment, the damage to the port from Tropical Cyclone Veronica is expected to result in ongoing disruption to shipments, with recovery work further hindered by Tropical Cyclone Wallace. As a result, Rio Tinto’s Pilbara shipments in 2019 are now expected to be between 333 and 343 million tonnes (previously at the lower end of the guidance range of between 338 and 350 million tonnes, 100 per cent basis). The recovery in the second quarter will remain subject to weather.

    On 6 April 2019, a minor fire occurred in a screen house at the East Intercourse Island port. Operations at the facility have restarted.

    Rio Tinto’s Pilbara unit cost guidance in 2019 remains at USD 13 – USD 14 per tonne.

    Voor cijfers, zie pdf.

    Source : Strategic Research Institute
    Bijlage:
  14. forum rang 10 voda 24 april 2019 15:44
    Rio Tinto Q1 copper production update

    Rio Tinto Kennecott - First quarter mined copper production was 48 per cent higher than the same period of 2018 as mining activity continued in a higher grade area of the pit, coupled with productivity improvements and increased plant throughput. Refined copper was 16 per cent lower than the first quarter of 2018 and significantly lower than the previous quarter due to a planned anode furnace shutdown at the smelter in February. Rio Tinto Kennecott continues to toll and purchase third party concentrate to optimise smelter utilisation, with 5.6 thousand tonnes of concentrate received for processing in the first quarter of 2019, compared with 51.8 thousand tonnes in the first quarter of 2018. Purchased and tolled copper concentrate are excluded from reported production figures. As previously guided, the production profile will see increased variability in grade in 2019 as operations mine in lower levels of the pit, together with waste stripping related to the south wall pushback expansion. Anticipated south wall pushback grades begin to increase in late-2020 and are expected to offset this variability over the longer term. Grades were also higher in the first quarter for molybdenum, with concentrate production 29 per cent higher than the same quarter in 2018. Molybdenum concentrate production is expected to increase in the second quarter of 2019.

    Escondida - Mined copper production at Escondida in the first quarter of 2019 was 16 per cent lower than the same period of 2018 due to lower grades.

    Oyu Tolgoi - Mined copper production from the open pit in the first quarter of 2019 was 18 per cent higher than the same period in 2018, with higher copper grades and recovery partly offset by lower plant throughput due to the processing of harder ore.

    Oyu Tolgoi Underground Project - Work is underway at the Oyu Tolgoi Underground Project to understand the overall cost and schedule impacts resulting from the review of the mine design and delays with the fit-out and commissioning work on Shaft 2, as announced in February 2019. Work continues on critical Shaft 2 equipping activities, central heating plant, mine infrastructure, underground materials handling systems and on priority underground development. Pre sinking works for Shaft 3 and Shaft 4 have commenced. The mine design work, announced in February, to adjust to more detailed geotechnical information and difficult ground conditions continues. Also as announced in February, there have been further delays in the technically complex fit-out and commissioning work on the main production and services shaft (Shaft 2). It is now anticipated that the commissioning of Shaft 2 will be completed by the end of October 2019. This further delay in Shaft 2 will impact on the timeline for other activities in the underground development, and the impact of this and of the mine design work referred to above on the overall project schedule and costs will be announced once the necessary work has been completed.

    Resolution Copper - On 15 April 2019, Rio Tinto announced it had committed USD 302 million ($166 million Rio Tinto share) of additional expenditure to advance its Resolution Copper project in the US state of Arizona. The investment will fund additional drilling, ore-body studies, infrastructure improvements and permitting activities as Rio Tinto looks to progress the project to the final stage of the project’s permitting phase.

    Source : Strategic Research Institute
  15. forum rang 10 voda 1 mei 2019 17:44
    Glencore announces Q1 2019 Production Report

    Glencore announced its Q1 2019 Production result

    Q1 Production Highlights

    1. Own sourced copper production of 320,700 tonnes was 24,700 tonnes (7%) lower than Q1 2018, mainly reflecting: (i) reduced integrated metal production in Australia due to severe flooding in Queensland; (ii) impact of safety-related stoppages and smelter outages at Mopani; and (iii) Alumbrera open-cut depletion and sale of Punitaqui in H2 2018.

    2. Own sourced cobalt production of 10,900 tonnes was 3,900 tonnes (56%) higher than Q1 2018, noting that this includes 3,500 tonnes from Katanga, which is managing through a period of generally excess uranium content in its cobalt material, thereby constraining exports. Katanga made no cobalt sales in Q1 2019. From April 2019, the export and sale of a limited quantity of cobalt, complying with appropriate regulations, was allowed to resume. Such resumption of exports remains subject to the relevant DRC export procedures, which include continued monitoring by the relevant authorities.

    3. Own sourced zinc production of 262,300 tonnes was 19,600 tonnes (8%) higher than Q1 2018, mainly reflecting the restart of the Lady Loretta mine in Australia, partly offset by lower own sourced production at Kazzinc, reflecting the impact of a safety-related investigation at one mine.

    4. Own sourced nickel production of 27,100 tonnes was 3,000 tonnes (10%) lower than Q1 2018, reflecting severe weather in Canada, which impacted the timing of deliveries to the Nikkelverk refinery, and maintenance at Koniambo.

    5. Attributable ferrochrome production of 402,000 tonnes was in line with Q1 2018.

    6. Coal production of 33.2 million tonnes was 2.5 million tonnes (8%) higher than Q1 2018, reflecting the contribution of the HVO and Hail Creek acquisitions and a recovery from Prodeco, following mine plan optimisation and development undertaken last year, partly offset by the sale of Tahmoor in April 2018.

    7. Entitlement interest oil production of 1.1 million barrels was in line with Q1 2018, reflecting the offsetting effects of natural field decline in Equatorial Guinea and the drilling campaign in Chad.

    Source : Strategic Research Institute
  16. forum rang 10 voda 1 mei 2019 17:47
    RUSAL announced Q1 2019 operating results

    RUSAL announced its operating results for the first quarter 2019.

    Aluminium
    1. Aluminium production2 in 1Q19 totaled 928 thousand tonnes (-1.6% QoQ), with Siberian smelters representing 93% of total aluminium output;

    2. In 1Q19, aluminium sales amounted to 896 thousand tonnes. In 1Q19 sales of value added products (VAP3) decreased to 259 thousand tonnes (-22.2% QoQ). This period was significantly challenged by short OFAC4 General License extensions, as the Sanctions5 were lifted only on 27 January 2019;

    3. In 1Q19, the average aluminium realised price6 decreased by 7.8% QoQ to USD1,949/t. The decrease was driven both by the London Metal Exchange QP7 component (-7.9% QoQ to USD1,849/t) and average realised premium component (-7.4% QoQ to USD100/t). The decline in premiums during 1Q19 is primarily attributed to decrease of VAP share in product sales mix due to external market drivers related to the Sanctions.

    Alumina
    1. In 1Q19, total alumina production decreased by 1.3% QoQ, to 1,932 thousand tonnes. The Company’s Russian operations accounted for 35% of the total output.

    Bauxite and nepheline ore
    1. In 1Q19, bauxite production increased by 3.0% QoQ, to 3,831 thousand tonnes. Nepheline production increased by 23.5% QoQ, to 1,009 thousand tonnes following completion of maintenance works carried out at the mine in 4Q18.

    Market overview8
    1. During 1Q19, the aluminium price came under continued pressure. This was due mainly to a seasonally weak period and the negative impact resulting from trade wars and US-China tensions, which significantly influenced the growth prospects in key aluminium consuming regions and sectors, particularly the automotive industry. We believe these trends will continue to negatively impact the aluminium price in 2Q19, despite the prospect of a potential agreement between China and the US and certain stabilization of economic indicators demonstrated by both the US and Chinese economies in March;

    2. 1Q19 aluminium consumption outside of China was up 1.5% YoY to 7.38 million tonnes. At the same time, demand in Europe remained weak and grew by only 0.9% YoY to 2.36 million tonnes. Consumption in North America grew by 1.5% to 1.73 million tonnes. In China, demand is slowly recovering and grew by 1.5% to 8.48 million tonnes. We expect total demand growth in 2019 to be around 3% YoY;

    3. Aluminium production in 1Q 19 outside of China decreased by 1.3% QoQ to 6.86 million tonnes. Based on the current aluminium price and premiums, approximately 50% of the aluminium production facilities outside of China and 20% in China are estimated to be lossmaking. Despite these circumstances, capacity restarts in the US continue and, coupled with an increase of aluminium capacity in the Middle East and Russia, it is possible that the production volumes outside of China may grow in 2Q19;

    4. Production of primary aluminium in China in 1Q19 amounted to 8.63 million tonnes, down by 1.2% YoY. Capacity cuts exceeded 800 thousand tonnes per year during 1Q19 and a sluggish market slowed the commissioning of new capacity as well as the recovery of idle capacity. At the same time, there is still approximately 2.5 million tonnes of new capacity ready to enter the market and up to 1 million tonnes of idled capacity that can be restarted. Coupled with a decline in overall costs specifically in terms of alumina and carbon materials prices, this indicates that the recent price spike in China is unsustainable and that there exists a certain level of downside risk;

    5. In the first quarter of 2019 aluminium inventories at LME warehouses dropped by 200 thousand tonnes to 1,074 thousand tonnes. LME live warrants remain at the level of 723 thousand tonnes. Following a spike in mid 1Q19, Chinese regional stocks renewed their decline in March 2019 and fell 3.8% by the end of the month, to 1.69 million tonnes;

    6. Chinese unwrought aluminium and semis exports grew by 14% YoY in 1Q19 and remain unusually strong as a result of weak Chinese domestic consumption. This trend may continue in 2Q19 as domestic demand remains subdued and the aluminium deficit outside of China continues;

    7. The alumina price in most regions is set to continue on its downward trend although there remains the potential for a correction owing to the persisting high cost of alumina production, particularly in China.

    Source : Strategic Research Institute
  17. forum rang 10 voda 1 mei 2019 17:56
    Rio Tinto chooses FLSmidth for major new Koodaideri iron ore mining project in WA

    Rio Tinto has chosen FLSmidth to supply key minerals handling equipment for the company's Koodaideri mine in Western Australia. The contract is a turn-key contract for the design, supply, installation and commissioning for Rio Tinto's new greenfield iron ore mine, Koodaideri. FLSmidth will provide the products and know-how that will be instrumental in developing the Koodaideri mine to be Rio Tinto's most technologically advanced mine to date. Rio Tinto will for the first time apply smart technology to interconnect all components in the mining value chain. FLSmidth will design the equipment to the latest Australian standards and incorporate smart 3D design and a variety of advanced engineering solutions, such as BulkExpert.

    Construction at the Koodaideri mine will commence this year with the first ore expected to be fully functional by late 2021 with a production capacity of 43 Mt of iron ore per year.

    The exact total contract value for the supply of the equipment won't be disclosed but is exceeding AUD 80 million (approximately USD 56 million) and will be booked in Q2 2019.

    Source : Strategic Research Institute
    Bijlage:
  18. forum rang 10 voda 3 mei 2019 15:20
    Rio Tinto moves to renewable electricity at Kennecott copper

    Rio Tinto will reduce the annual carbon footprint associated with its Kennecott Utah Copper operation by as much as 65 per cent through purchasing renewable energy certificates and permanently shutting its coal power plant. Kennecott’s electricity needs will now be paired with 1.5 million megawatt hours of renewable energy certificates supplied by Rocky Mountain Power, primarily sourced from its Utah allocated portfolio including wind power from Wyoming. The change will reduce the annual carbon footprint associated with the operation by over one million tonnes CO2.

    Rio Tinto chief executive J-S Jacques said “Rio Tinto is committed to playing a part in the transition to a low-carbon economy. This move will significantly reduce emissions associated with our operations in Kennecott and allow us to offer customers copper, gold and silver with a reduced carbon footprint. The materials we produce, from infinitely recyclable aluminium and copper used in electrification to borates used in energy-efficient building materials and our higher grade iron ore product, all play a part in this transition to a low-carbon economy. Rio Tinto will continue to work with partners and customers to develop new sustainable solutions”.

    The move to support renewable power is the result of collaboration with the Utah government, local communities and Rocky Mountain Power to improve air quality and deliver an alternative power solution.

    Source : Strategic Research Institute
  19. forum rang 10 voda 3 mei 2019 15:21
    Rio Tinto & Anglo American support World Bank launch of Climate-Smart Mining Facility

    The World Bank has launched its new Climate-Smart Mining Facility, aimed at building partnerships to manage the role mining will play in supplying the minerals needed for clean energy technologies to help address climate change. The initiative will bring together governments, private sector companies, academic and research institutions to promote sustainable mining practices in resource rich developing countries, with initial support from Rio Tinto, Anglo American and the German government. Climate-Smart Mining has been developed in concert with the broader UN Sustainable Development Goals to ensure that the benefits from the transition to low-carbon technologies are shared.

    It will innovate and deploy financing to scale up technical assistance and support for projects such as
    The integration of renewable energy into mining operations
    The strategic use of geological data for a better understanding of “strategic mineral” endowments
    Forest-smart mining: preventing deforestation, supporting sustainable land-use practices and repurposing mine sites
    Recycling of minerals: supporting developing countries to take a circular economy approach and reuse minerals in a way that respects the environment
    The Facility will also assist governments to build a robust policy, regulatory and legal framework that promotes climate-smart mining and creates an enabling environment for private capital.

    Source : Strategic Research Institute
  20. forum rang 10 voda 3 mei 2019 16:15
    Glencore update on zinc production in Q1

    Glencore announced that its own sourced zinc production of 262,300 tonnes was 19,600 tonnes (8%) higher than Q1 2018, mainly reflecting the restart of the Lady Loretta mine in Australia, partly offset by lower own sourced production at Kazzinc, where opportunities to process additional third party feeds were prioritised, with Kazzinc’s own sourced material being stockpiled for processing later in the year.

    Kazzinc
    Own sourced metal production was generally lower than Q1 2018. As regards zinc, this primarily reflected the impact of a safety-related investigation at one mine, while lower own-sourced lead production reflected the opportunistic treatment of certain third party concentrates, with own sourced mined material being maintained for future processing. Own sourced gold production was up 17,000 ounces (13%) reflecting stronger contributions from the Ridder-Sokolny and Dolinnoye mines.

    Australia
    Zinc production of 150,900 tonnes was 40,700 tonnes (37%) higher than Q1 2018, mainly relating to the restart of operations at Lady Loretta (Mount Isa). Lead production of 55,100 tonnes was 22,500 tonnes (69%) higher than Q1 2018, also reflecting the production from Lady Loretta.

    North America
    Zinc production of 24,800 tonnes was 1,300 tonnes (5%) lower than Q1 2018, reflecting the expected reduction at Kidd, partly offset by higher grade stopes mined at Matagami.

    South America
    Zinc production of 21,600 tonnes was 4,700 tonnes (18%) lower than Q1 2018, reflecting temporary shutdown of the Aguilar concentrator in Argentina with mined material being stockpiled for future processing, and rain-affected weather delays in Bolivia. The Palpala lead smelter in Argentina was decommissioned in December 2018. European custom metallurgical assets Zinc metal production of 203,300 tonnes was up 7% on Q1 2018, mainly reflecting various optimisation projects. Lead metal production of 45,700 tonnes was 7,000 tonnes (13%) lower than Q1 2018, reflecting timing of maintenance.

    Source : Strategic Research Institute
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