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Home  /  Forum  /  Koffiekamer  /  Mijnen,Rio...bhp

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Mijnen,Rio...bhp

2.098 Posts
Pagina: «« 1 ... 28 29 30 31 32 ... 105 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 31 juli 2013 16:52
    Teck to bid for Rio stake in Iron Ore Company of Canada

    Teck Resources Limited, Canada’s second biggest mining company is among the remaining bidders for Rio Tinto Group’s controlling stake in Iron Ore Company of Canada.

    The person said that Rio Tinto may decide to keep its Iron Ore Company stake after being disappointed with the bids it’s received so far. While London based Rio has considered selling the unit’s mining and infrastructure assets separately, it decided against the plan.

    Credit Suisse Group AG analysts said recently that buying Canada’s largest iron ore producer would enable Vancouver based Teck to diversify its production which mostly comprises coal, copper and zinc. Rio’s 59% stake in Iron Ore Company may fetch as much as USD 3.5 billion.

    An acquisition that size would be Teck’s largest since its CAD 10.4 billion purchase of Fording Canadian Coal Trust in 2008 a deal completed just as commodity prices were beginning to plunge during the financial crisis. In 2009, Teck’s credit rating was cut to junk by Standard & Poor’s and the company sold a 17% stake to China Investment Corporation.

    Mr Don Lindsay CEO of Teck said that the company now has a very strong balance sheet and would like to keep it that way. We do look at opportunities in the market. If Teck found a potential acquisition we’d look at how to finance it at that stage but always with the key criteria that we are staying investment grade.

    Source - Bloomberg
  2. forum rang 10 voda 3 augustus 2013 17:03
    Rio Tinto may abandon Canadian iron ore assets sale news

    Anglo Australian mining giant Rio Tinto Plc may hold on to its majority stake in Iron Ore Company of Canada after receiving bids that it finds low from interested suitors including India's Aditya Birla Group.

    The move comes two months after Rio Tinto also abandoned plans of divesting its diamonds business worth AUD 2.5 billion since selling commodity assets has become tough in a depressed global economy.

    In March, the London based miner had hired investment banks Credit Suisse and Canadian Imperial Bank of Commerce to sell its 59.7% stake in IOC, Canada's largest iron ore producer.

    Early last month, Vedanta Resources pulled out of the race, but companies that reportedly tabled bids included Aditya Birla Group, private equity firm Blackstone Group, Canada's second largest miner Tech Resources and Canadian pension funds CPP Investment Board and Caisse de depot et placement du Quebec.

    Rio Tinto, like other mining giants BHP Billiton and Anglo American, has cut capital expenditure plans due to a slump in commodity prices and mounting debt.

    Mr Sam Wash CEO of Rio Tinto has been trying to reduce the company's debt burden through various measures including selling non core assets and focusing on more profitable ones like its iron ore mines in Australia's Pilbara region.

    Last month it sold its two struggling aluminium plants in France to Germany's largest aluminium producer, Trimet Aluminium SE and French state run utility EDF for an undisclosed sum, and reached an agreement to sell its majority stake in the Northparkes copper mine in Australia to China Molybdenum Company for AUD 820 million.

    Source - Domain-b.com

  3. forum rang 10 voda 5 augustus 2013 17:15
    Rio Tinto and BHP profits expected to fall sharply

    Massive profits from iron ore will be a feature of the earnings reports. But the resource's price strength is also seen by most in equity markets as the Achilles heel of the two biggest diversified miners, given the broad expectations that strong supply growth will eventually undercut prices.

    Rio is most exposed to that scenario and starts the ball rolling for profit season for the big end of town with its June half interim report, to be released on Thursday. One group of analysts expect underlying earnings of USD 4.23 billion down 18.6% from USD 5.2 billion in the previous corresponding period.

    Rio's reliance on iron ore will come under new focus in the result, given the expectation by Deutsche that the division's contribution to net profit after tax at USD 4.87 billion (consensus is USD 4.51 billion) will actually be more than the expected underlying profit. Losses in aluminium and energy (uranium and thermal coal) provide the explanation. JPMorgan is also expecting underlying earnings of USD 4.3 billion.

    It said that the key focus for investors in Rio's results would be commentary about the timing of its USD 5 billion commitment to build supporting mine capacity to take Pilbara iron ore production to an annual rate of 360 million tonnes and progress on Rio's plan to extract USD 3 billion in cost savings on a sustainable basis from 2015.

    Despite the expected 18.6 per cent profit fall, interim dividend is expected to increase from USD 72.5c a share in the previously corresponding period to USD 83.5c a share. That would be in keeping with Rio's normal practice of endeavouring to pay an interim dividend that is half of the previous year's annual payout.

    BHP follows Rio with its full June year profit report on August 20th 2013. There are mixed feelings about the likely result but the broad expectation is that profit will be down by 26% from USD 17.1 billion to about USD 12.5 billion.

    Under BHP's progressive dividend policy, annual dividend is nevertheless expected to increase from USD 1.12 a share to as much as USD 1.17 a share. Losses in aluminium and nickel, and lower earnings in petroleum, coal and iron ore (because, unlike Rio, the result captures the short lived collapse in iron ore prices in September last year) are behind the fall. Investors will be looking for an update on BHP's intentions towards the Jansen potash project in Canada.

    Source - The Australian
  4. forum rang 10 voda 6 augustus 2013 16:42
    Rio Tinto relies on iron ore for good numbers

    AAP reported that Rio Tinto is expected to post a half year profit of over USD 4 billion this week, with strong iron ore sales to overcome predicted losses in other commodities.

    Analysts are predicting a massive USD 4.5 billion in earnings from iron ore in the six months to June 30 which will be bigger than its overall profit for the same period.

    Losses in its coal and aluminium segments are set to push overall underlying profit down 18% from a year ago to USD 4.2 billion. Rio also faces an unknown amount of one off writedowns that will reduce its bottom line.

    Mr Sam Walsh CEO of Rio Tinto took over from Mr Tom Albanese in February on the same day Rio announced USD 14 billion in writedowns on its aluminium and African coal assets, which caused a USD 3 billion annual loss.

    The market is not expecting writedowns to be as large this time, but the company must still account for adverse events such as a collapsed wall that damaged a US copper mine a higher tax rate and the loss of a legal dispute with Gina Rinehart over royalties.

    Fortunately for Rio, the iron ore spot price was better than expected during the H1 of 2013, averaging above USD 133 per tonne. Rio also shipped a record 119 million tonnes of iron ore during that time. But analysts have forecast losses in the company's coal and aluminium divisions of USD 27 million and USD 44 million respectively.

    Source - AAP
  5. forum rang 10 voda 7 augustus 2013 16:40
    Iron ore Rio Tinto big earner

    Rio Tinto, majority owner of the Tiwai Point aluminium smelter near Bluff is expected to post a half year profit of more than USD 4 billion this week.

    Analysts are predicting a massive USD 4.5 billion in interim earnings from iron ore in the 6 months ended June overcoming predicted losses in other commodities.

    Fortunately for Rio, the iron ore spot price was better than expected during the H1 of 2013 averaging above USD 133 per tonne. Rio also shipped a record 119 million tonnes of iron ore during that time.

    Mr Paul Young analyst at Deutsche Bank said that the investment community would focus on Rio's ability to cut costs and capital expenditure guidance. He predicts about 50% of its USD 2 billion cost cutting target for 2013 would have been achieved.

    Source - Stuff.co.nz
  6. forum rang 10 voda 8 augustus 2013 16:48
    Rio Tinto faces lacklustre Canadian sale as three bidders now out of running

    Reuters reported that three big name bidders for Rio Tinto’s majority stake in Canada’s largest iron ore producer are now out of the running after offers came in well below the mining group’s targets.

    The sources said that private equity firm Apollo which had been working with Canadian pension fund CPPIB, rival Blackstone and commodity trader and miner Glencore were no longer in the race after a second round of bids last month.

    The low offers, at a time when dozens of mining assets are for sale and demand for steelmaking commodities is uncertain, raise questions over the future of a sale that could still take months to tie up should Rio decide to push ahead.

    Rio Tinto has a handful of assets on the block as it battles to cut SUD 19 billion debt burden and meet cost cutting targets. Like other miners seeking to divest unwanted activities however, it has found buyers unwilling to pay up and in June was forced to scrap the sale of its USD 1.3 billion diamond business, 15 months after it was first announced.

    Rio appointed banks to sell its 59% stake in Iron Ore Company of Canada earlier this year after deciding to focus its iron ore efforts on assets in Australia’s Pilbara region where the world’s second-largest iron ore producer has lower costs and higher grades. But the Canadian sale process has been complex, slow and so far disappointing.

    Rio surprised investors late last month with the sale of its majority stake in Australia’s Northparkes copper mine for USD 820 million to China Molybdenum an unexpected buyer at a price in line with what Rio was said to be seeking, despite a process which did not attract a raft of firm bids.

    Source - Reuters
  7. forum rang 10 voda 9 augustus 2013 16:17
    Rio Tinto to hang on to loss making Pacific Aluminium

    Reuters reported that global miner Rio Tinto has abandoned an attempt to hive off its loss making Pacific Aluminium business as it reported an 18% drop in H1 underlying earnings, hit by weaker iron ore, copper and coal prices.

    Rio put Pacific Aluminium which houses five aluminium smelters, a bauxite mine and alumina refinery in Australia and New Zealand on the block in 2011, but failed to find a buyer and decided not to pursue a spin off to shareholders.

    Mr Sam Walsh CEO of Rio Tinto said that "Following a comprehensive review we have also determined that the divestment of Pacific Aluminium for value is not possible in the current environment and it will be reintegrated into the Rio Tinto Alcan group."

    Rio has been punished for its AUD 38 billion takeover of Alcan ever since the ill timed deal in 2007, racking up AUD 30 billion in writedowns and booking losses in aluminium as demand slumped and Chinese output soared.

    To help stem the bleeding, it put Pacific Aluminium in 2011 into a separate business, which analysts at Credit Suisse had valued at AUD 2 billion to AUD 3 billion. Rio Tinto had considered selling, closing or spinning off the business to shareholders. Instead it will now bring Pacific Aluminium back into the fold of Rio Tinto Alcan.

    Source –Reuters
  8. forum rang 10 voda 9 augustus 2013 16:19
    Rio Tinto Alcan to immediately curtail 50000 tonnes of aluminium production

    Rio Tinto Alcan will immediately curtail 50,000 tonnes of production at its Shawinigan smelter in Quebec and will progressively curtail the remaining 50,000 tonnes of capacity by the end of November 2013.

    Mr Arnaud Soirat CEO of Rio Tinto Alcan Primary Metal said that "This decision follows a strategic review that explored every option for continuing smelting operations; due to dated technology and continued weakness in aluminium prices, Shawinigan's primary aluminium capacity is not currently sustainable. We will work closely with our valued customers to limit the impact of this decision."

    Mr Étienne Jacques COO of Rio Tinto Alcan Primary Metal North America said that "Rio Tinto Alcan understands that the Shawinigan aluminium smelter is an important part of the Canada's industrial history and we will work with our key stakeholders to ensure that we manage any impact caused by this curtailment has in the most sensitive and respectful way."

    Source – Strategic Research Institute
  9. forum rang 10 voda 10 augustus 2013 16:21
    New Zealand Meridian agrees cheaper power deal for Rio owned smelter

    Reuters reported that New Zealand's state owned power Meridian Energy Limited is cutting prices for its biggest customer, Rio Tinto's loss making aluminium smelter, with the government making a one off payment to secure the smelter's immediate future.

    Meridian, which is set to be partially privatized in the next few months, said a new contract, effective from July 1 this year and running to 2030 would reduce current power prices and allow for price increases should the New Zealand dollar value of aluminium rise above agreed levels. It would be inflation indexed.

    Mr Mark Binns CEO of Meridian said that "After a year of robust negotiations, we have reached an agreement that is commercially acceptable to both parties and provides a greater level of certainty for Meridian."

    New Zealand Aluminium Smelters owned by Rio Tinto and Sumitomo Chemical Limited had guaranteed the smelter, which is New Zealand's biggest power user, would operate at least until 2017 and give at least 15 months notice of any closure after that.

    The deal allows the Tiwai Point smelter, at the bottom of New Zealand's South Island, to reduce its contracted volume from 572 MW to 400 MW from 2015. The New Zealand government will pay NZD 30 million to the smelter to secure its medium term future.

    Mr Bill English finance minister of New Zealand said that "This is a one-off incentive payment to help secure agreement on the revised contract because of the importance of the smelter to the stability of the New Zealand electricity market."

    Source - Reuters
  10. forum rang 10 voda 10 augustus 2013 16:24
    Rio Tinto still eying Simandou iron ore deposits in Guinea

    Business Spectators reported that mining titan Rio Tinto PLC would be interested in blocks one and two of Guinea's giant Simandou iron ore deposit if they came up for sale.

    Mr Sam Walsh CEO of Rio Tinto said that "We know that there is iron ore there and clearly that could be attractive to us depending on how it was offered to us."

    Rio Tinto secured a concession to develop the entire Simandou deposit in 2006 from Guinea's government but half of the concession was stripped from the company two years later by the Guinean government, leaving Rio with two remaining blocks. The other two blocks one and two went to privately owned BSG Resources Limited which then partnered in 2010 with Vale to develop them.

    The Guinean and US governments have launched criminal investigations related to the purchase of the two blocks while the Guinean mining ministry also launched in 2011 a technical review of BSG Resources' rights over blocks one and two to determine how they were granted and whether the licenses should be maintained, amended or revoked.

    BSG Resources, the mining arm of Israel based billionaire Mr Beny Steinmetz has denied any wrongdoing and said it is prepared to take the Guinean government to international arbitration if needed to defend its rights.

    Mr Asher Avidan president of BSG Resources said that "Simandou blocks one and two were legally retroceded from Rio by the government of Guinea because Rio failed to make any progress in developing these assets besides drilling 6 holes in blocks one and two over a period of 13 years. Rio is not interested in developing these assets they want to prevent others from doing so in order to maintain a competitive advantage."

    Mr Walsh said that if the blocks were to become available, the Guinean government would most likely offer them via a tender process. If it were attractive, we would be interested."

    Rio Tinto and the government are in talks about how to transform a settlement agreement signed in 2011 into an investment framework that would then need to be ratified by Guinea's parliament. Rio Tinto wants the investment framework ratified into law to ensure the terms of its further investment in the project. Rio Tinto paid AUD 700 million in 2011 to the Guinean government when it signed the settlement agreement, which gave the government the right to a 35% stake in Rio's Simandou mine and a 51% stake in the port and rail infrastructure.

    Mr Walsh said that “The equity terms of the mining project remain intact but the government is now considering a third party owner and operator model to supplant the existing joint venture model. The new model would fit well with the government's desire to make the port and rail infrastructure open to third party use. The government should be in a position to have [the investment framework] resolved by the end of September for it to go to parliament by the end of the year.”

    Source - Business Spectator.com
  11. forum rang 10 voda 10 augustus 2013 16:29
    Rio Tinto agrees to provide financing package to Turquoise Hill

    Rio Tinto and Turquoise Hill Resources have signed an agreement under which Rio Tinto will provide Turquoise Hill with a financing package to enable it to fund the continuing development of the Oyu Tolgoi mine in Mongolia and, if necessary, to refinance its existing indebtedness to Rio Tinto by the end of the year.

    Rio Tinto has agreed to provide a USD 600 million bridge funding facility to Turquoise Hill, maturing December 31st 2013, subject to certain conditions being satisfied. The facility will be used initially to refinance all amounts outstanding under an existing USD 225 million short term funding facility provided by Rio Tinto in June 2013, and thereafter for the continued ramp up of phase one of the Oyu Tolgoi mine development.

    Rio Tinto has agreed to extend the short term funding facility until August 28th 2013 and to permit funds repaid by Turquoise Hill from the proceeds of the sale of its 50% interest in Altynalmas Gold Limited to be redrawn. Rio Tinto has also agreed to waive its option to convert all or part of any amounts outstanding under the short term funding facility into TRQ common shares.

    In addition, in the event Turquoise Hill is required to raise equity to repay this new bridge facility and the existing USD 1.8 billion interim funding facility provided by Rio Tinto, which also matures on December 31st 2013, Rio Tinto has also agreed, subject to certain conditions being satisfied, to provide a firm stand by commitment for a fully underwritten rights offering by Turquoise Hill.

    Rio Tinto remains committed to putting in place a significant project financing package to fund the development of the Oyu Tolgoi underground mine.

    Source - Strategic Research Institute
  12. forum rang 10 voda 11 augustus 2013 16:40
    Rio Tinto chief avoids talk of aluminium spin off

    The Australian reported that RIO Tinto's abandoned sale of its Pacific Aluminium unit has led to widespread speculation the company is stepping up moves to carve out its whole aluminium business which was mostly acquired in the disastrous USD 40 billion Alcan takeover in 2007.

    Mr Sam Walsh CEO of Rio Tinto declared the attempted divestment of Australian and New Zealand bauxite, alumina and aluminium assets, grouped together for sale as Pacific Aluminium nearly 2 years ago by his predecessor Mr Tom Albanese had been abandoned due to lack of buyer interest. They will now be brought back into the broader aluminium unit.

    Source - The Australian.com
  13. forum rang 10 voda 11 augustus 2013 16:42
    Mongolia studying IPO of stake in USD 7 billion Rio Copper Mine

    Mongolia is studying converting its shares in the Oyu Tolgoi mine into a public company, giving citizens a stake in one of the world’s largest copper deposits.

    Mr Chuluuntseren Otgochuluu DG of Strategic Policy and Planning at the Mines Ministry said that “A proposed new company would hold the state’s 34% interest. 10% of the company would be made available to the Mongolian public and 10% to 20% more may be sold on the domestic market.”

    The potential initial public offering may aid a planned expansion of the mine, which has been held up by disagreements over costs and revenues. By giving a stake to Mongolian citizens who have complained that the project only benefits foreign investors, the government will find it easier to negotiate with partner Rio Tinto Group.

    Mr Nick Cousyn COO of BDSec said that “Citizens would be able to think like shareholders. It would change the adversarial opinion of the OT project to one that is focused on the success of the project. It would align the interests of average Mongolians with the interests of all the shareholders.”

    Rio, which controls the rest of Oyu Tolgoi through its majority stake in Turquoise Hill Resources Limited started shipments from the mine last month following delays as Mongolia sought to ensure revenue from the USD 6.6 billion project passed through domestic banks. The country earlier pushed for a bigger stake and new royalty rates, which the company rebuffed.

    Rio’s planned extension of Oyu Tolgoi would include an underground mine. It was delaying work on the expansion pending financing approval.

    Mr Sam Walsh CEO of Rio Tinto said that “We want to see the project move forward. We continue to discuss a range of matters with the government of Mongolia, but progress has been made on several fronts.”

    Mr Otgochuluu said that Mongolia is also considering an IPO of its 51% stake in the Erdenet copper mine. The sales of both project stakes would echo a similar government plan for state owned coal company Erdenes Tavan Tolgoi LLC in which more than 1,000 shares will be issued free of charge to every Mongolian citizen.

    He said that “Something like that can also happen at Erdenet and Erdenes Oyu Tolgoi. By setting up a public company, the government would be able to issue bonds and shares and accrue funds. The proposed new company may be called Mongol Copper.”

    An international IPO may follow a domestic offering, according to the ministry official, who said the location and size of such a sale were yet to be determined. The government’s initial goal is to put state assets in the hands of the public.

    He said that “If we gradually change from state ownership to public ownership we can improve the efficiency and governance. State owned enterprises can be controlled by government officials for their benefit.”

    Source - Bloomberg

  14. forum rang 10 voda 12 augustus 2013 16:52
    Rio Tinto could be interested in larger Guinea presence

    Reuters quoted Rio Tinto which is developing the southern half of the Simandou iron ore deposit in Guinea as saying that the company could be interested in a larger footprint including additional blocks held by rivals.

    Rio had initially held the whole of the Simandou, one of the world's largest iron ore deposits. But in 2008 it was accused of moving too slowly and was stripped of the northern half by the then president Mr Lansana Conte who died months later.

    The northern half blocks 1 and 2 is held by the mining arm of Israeli billionaire Beny Steinmetz's conglomerate, BSG Resources, and Brazilian partner Vale. But that licence is being reviewed by the Guinean government and all work on those blocks has stopped.

    Mr Sam Walsh CEO of Rio Tinto said that "It could be attractive, depending on how it was offered. These could be offered via a tender process, should they become available. Rio, the world's second largest producer of iron ore, had worked on the northern half before its licence was revoked and had told the government it would like to get a return on this work. But a review of the ownership of the northern half was in the hands of the Guinean bureaucracy, specifically a technical committee.”

    Source - Reuters
  15. forum rang 10 voda 13 augustus 2013 16:50
    Rio Tinto signs MoU for bauxite mine in northeast Arnhem Land

    As Aboriginal leaders call for their communities to become economically independent, the people of northeast Arnhem Land may soon own their own mine.

    At the Garma Festival held over the weekend on a Yolngu site 14 kilometers outside of Nhulunbuy, the Gumatj Aboriginal Corporation and Rio Tinto owned Gove Operations have signed a memorandum of understanding to carry out a feasibility study for bauxite mining on Gumatj lands in northeast Arnhem Land.

    Should the mine prove to be commercially feasible it would be owned and operated by the Gumatj Aboriginal Corporation, something welcomed by community leader Mr Galarrwuy Yunupingu as giving substance to a desire for self sufficiency by allowing Aboriginal people to commercially develop their land.

    He said that Aboriginal people wanted to have the same opportunities to earn income from their land the way non-indigenous people do. You're earning money, banking money, and you see your money it grows, it grows. That's the way of living Aboriginal people want, too. My word, we would like to try that.

    Mr Ryan Cavanagh GM of Gove Operations said that “Collaborating to foster economic independence for the Yolngu people is a key commitment in the Gove traditional owners agreement signed in 2011. The company will support the Gumatj in their efforts to create a viable and sustainable bauxite mining operation by developing an exploration program to prove up the quantity and quality of potential bauxite reserves on Gumatj land. This is an important step for the Gumatj, to own and operate a bauxite mine on their country."

    Source - News.ninemsn.com

  16. forum rang 10 voda 13 augustus 2013 16:51
    Rio Tinto will not sell its aluminium asset

    Mining giant Rio Tinto will not sell its underperforming Pacific Aluminium, its Australasian aluminium assets amid the mining slowdown.

    Rio tried to sell Pacific Aluminium and other assets in a bid to decrease net debt of AUD 22 billion and maintain its single A credit rating. Shareholders are insisting mining companies sell assets and cut costs as commodity prices fall and growth prospects in China remain unclear.

    Mr Sam Walsh CEO of Rio Tinto said that it could not manage a value drive sale of its aluminium subsidiary. The market was aware PacAl wasn’t going to sell. I am a realist. Let’s get on with life. Running two aluminium businesses within one organization that’s not all that productive. The company would not sell assets at any price simply to tick boxes.

    According to Rio, the company will incorporate Pacific Aluminium back under its larger aluminium umbrella. Walsh said the assets have to show improvement if it is to stay on in the company.

    Mr Walsh said that “I think the market was aware that Pacific Aluminium was not going to sell. Recently two thirds of the company’s asset cuts would be in its aluminium and energy businesses.”

    Rio sold AUD 1.9 billion worth of assets this year and is looking to slash operating costs by AUD 2 billion this year and AUD 1 billion in 2014. Its underlying earnings have slipped by 18% to AUD 4.2 billion in the 6 months to June.

    An analyst at financial holding company Nomura said that while the numbers were broadly in line, the market will be less pleased with the news that the PacAl business is now no longer for sale. The possible sale of PacAl would not have been in anyone’s forecasts but was a potential surprise positive catalyst for cash flow.

    Rio made AUD 1.3 billion less than last year from product sales. It made AUD 1.5 billion in cost savings and reduced exploration costs. The company is forecasting AUD 14 billion in capital expenditure in 2013 which is 20% lower than last year’s peak.

    Rio had hinted it will boost shareholder value by selling underperforming assets like its aluminium and diamond businesses. But it decided to retain its diamond assets earlier this year.

    Mr Alan Davies diamonds and minerals chief of Rio said that “The medium to long-term market fundamentals for diamonds remain robust, fuelled by growing demand for luxury goods, in Asia and continuing strong demand in North America.”

    Source - Mining Australia
  17. forum rang 10 voda 16 augustus 2013 15:41
    BHP and Rio Tinto face stirke in Chile

    Business Spectator reported that employees at a Chile copper mine owned by BHP Billiton Limited and Rio Tinto Limited have gone on strike for improved working conditions and pay.

    According to the publication, around 2,500 workers downed tools for a planned 24 hour protest which their union has not ruled out extending.

    The action began after managers refused to pay an annual bonus not covered in workers' contracts while staff also want a system to track overtime and the removal of surveillance cameras from mining trucks.

    BHP Billiton owns 57.5% of Escondida, while Rio Tinto owns 30% and the miners recently committed over USD 1 billion each to sustain operations at the project through constructing a new desalination facility.

    Source - Business Spectator.com
  18. forum rang 10 voda 16 augustus 2013 15:42
    Job cuts ahead as Rio puts Mongolian expansion on hold

    Reuters reported that Rio Tinto would have to cut up to 1,700 jobs in its Mongolian operation after a more than USD 5 billion underground expansion of the giant Oyu Tolgoi copper mine was suspended.

    The expansion was put on ice last month as the global miner said the Mongolian government wanted parliament, currently in recess to approve financing for the project.

    Mr Norov Altankhuyag PM of Mongolia said last week that Rio did not need to seek parliamentary approval for the development's package. The delay marked the latest bump in the road for Rio at one of its biggest projects and one of the world's largest untapped copper deposits which started exporting from an open pit mine in July after two last minute hiccups in securing government approval.

    Mongolia has raised concerns about the costs of the Oyu Tolgoi expansion and the potential that rising expenditure will delay when it starts receiving its share of profits. The government has also complained that locals are not well represented in the management of the project.

    A Rio spokesman said that the delay was now being implemented. There will be up to 1,700 redundancies for our employees and contractors. Oyu Tolgoi is still an operating business, exporting concentrate to our international customers and infrastructure projects outside of the underground mine such as the road construction to Tsagaankhad will continue.

    Source - Reuters
  19. forum rang 10 voda 16 augustus 2013 15:43
    Rio Tinto to decide on Bauxite expansion within year - Mr Cote

    Bloomberg reported that Rio Tinto Group will decide within the next year on whether to expand its Weipa bauxite mining operation in Australia to help capture rising demand from China.

    Mr Jacynthe Cote CEO of the company’s aluminum unit said that “Bauxite is the healthiest of the three products sold by Rio Tinto Alcan. In addition to mining bauxite, Rio Tinto Alcan refines alumina and produces aluminum.”

    Australia’s federal government conditionally approved in May plans to expand mining and extend the life of the 50 year old project. The Queensland facility last year produced 23.7 million tonnes of metal grade bauxite, a source of aluminum. Rio began studies on the development in 2008, a year after the company acquired bauxite, aluminum and alumina assets as part of its AUD 38 billion takeover of Canada’s Alcan Inc.

    Mr Cote said that “China imports a great deal of bauxite and output is constrained. When we think about the next project we could seriously take a look at, it’s definitely the expansion of our Weipa bauxite mine.”

    Source - Bloomberg
  20. forum rang 10 voda 20 augustus 2013 15:59
    BHP Billiton ziet winstdaling van 30% over gehele boekjaar


    MELBOURNE (Dow Jones)--BHP Billiton Ltd. (BHP) heeft voor de tweede achtereenvolgende keer een jaarlijkse nettowinstdaling geleden als gevolg van de voortdurende daling van de grondstofprijzen. De pogingen om de kosten terug te dringen konden dit niet compenseren.

    BHP verwacht dat het toenemende aanbod van grondstoffen op de wereldwijde markten voor een langere tijd druk zal blijven zetten op de prijzen. Het concern voegt toe dat minder investeringen uiteindelijk kunnen zorgen voor een balans tussen vraag en aanbod.

    De uitspraken van BHP Billiton weerspiegelen de voorzichtigheid die onder de meeste grote mijnbouwconcerns wordt gevoeld doordat de grondstoffenopleving die aangevoerd werd door de Aziatische vraag naar grondstoffen afkoelt.

    Het in Melbourne gevestigde bedrijf rapporteert een nettowinstdaling van 30%, waarmee de winst in het boekjaar dat eindigde op 30 juni uitkomt op $10,88 miljard, terwijl de omzet met 8,7% daalde tot $65,97 miljard.

    Lagere grondstoffenprijzen zorgden voor een $8,9 miljard lagere winst en BHP meldt een eenmalige last van $922 miljoen opgenomen te hebben, waaronder een impairment op zijn Nickel West activa in Australie en bij velden in Texas, waar geboord wordt naar olie en gas.


    Door Robb M. Stewart. Vertaald en bewerkt door Ellen Proper; Dow Jones Nieuwsdienst: +31-20-5715200; ellen.proper@wsj.com

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