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Mijnen,Rio...bhp

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Pagina: «« 1 ... 29 30 31 32 33 ... 105 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 20 augustus 2013 15:59
    Impairment leidt tot miljardenverlies voor Glencore Xstrata


    LONDEN (Dow Jones)--Glencore Xstrata plc (XTA.LN) heeft in de eerste zes maanden van het jaar een miljardenverlies geleden, te wijten aan een flinke impairmentlast, meldt het concern dinsdag bij het openen van de boeken.

    In mei fuseerde mijnbouwer Glencore International met Xstrata en zo werd het grootste grondstoffenconcern ter wereld gecreeerd.

    In het eerste halfjaar van 2013 werd een nettoverlies van $8,92 miljard geleden, tegen een winst van $2,28 miljard een jaar eerder. De vergelijking is gemaakt met de cijfers van Glencore in dezelfde periode in 2012.

    Het verlies kwam met name voort uit een bijzondere waardevermindering van $8,47 miljard. Onderdeel van dit bedrag is een goodwill-impairment van $7,66 miljard die Glencore moest nemen om Xstrata over te kunnen nemen.

    De aangepaste winst voor rente en belastingen, de EBIT, daalde met 28% op jaarbasis tot $3,18 miljard, boven de verwachting van $2,97 miljard van de markt.

    Met name de industriele tak van Glencore Xstrata presteerde in de eerste zes maanden van het jaar minder sterk. Hier ging het aangepaste bedrijfsresultaat op jaarbasis met 39% omlaag, te wijten aan lagere grondstofprijzen. Verbeterde volumes konden geen compensatie bieden.

    Glencore Xstrata kondigde dinsdag verder een interim dividend van $0,054 per aandeel aan, in lijn met het interim dividend in 2012. Een outlook gaf het concern niet, maar tijdens een beleggersdag op 10 september zal men wel meer informatie geven over een integratieplan, waarmee het ondermeer zijn bedrijfsstructuur wil centraliseren en zijn project-pijplijn wil stroomlijnen.

    Verder streeft het bedrijf naar een bedrag van meer dan $500 miljoen aan jaarlijkse synergieen.

    Het aandeel daalt rond 10.15 uur ruim 3% in Londen.


    Door Alex MacDonald; vertaald en bewerkt door Marleen Groen; Dow Jones Nieuwsdienst; +31 20 5715 200; marleen.groen@wsj.com

  2. forum rang 10 voda 20 augustus 2013 16:32
    BHP Billiton faces contamination bill - Report

    BS reported that BHP Billiton Limited is facing AUD 100 million clean up bill at its old Mount Goldsworthy iron ore project in the Pilbara after acid contamination was discovered at the site.

    As per report, the discovery could threaten BHP's sale of the site to Nimbus Mines who are seeking to reopen it as an underground mine.

    Documents showed that confidential talks took place between the parties last year and under the proposed agreement BHP would retain the magnetite resources at Mount Goldsworthy while Nimbus would mine its high grade hematite ore.

    The documents also outlined BHP's request to be fully released from its potential environmental liability at the site with the approval of Mr Colin Barnett premier of WA.

    Source - Business Spectator.com
  3. forum rang 10 voda 21 augustus 2013 14:35
    Why is BHP being accused of bribery and price manipulation?

    According to a report from Mining Journal historically, as much as 80% of iron ore was traded directly between miners and users. For a long time, this trade was focused around the United States and Europe but beginning in the late 1980s, demand for iron ore from Japanese steelmakers became so great that the locus of control for the market shifted to Asia.

    Negotiations between the world’s three major producers of iron ore Australian based BHP Billiton, British Australian Rio Tinto Group and Brazilian multinational Vale SA and companies like Nippon Steel Corporation began to set the tone for prices around the world.

    But come the 2000s, the Japanese economy was generally stagnating and China with seemingly insatiable demand and limitless economic growth potential became the new magnate for iron ore producers. The emergence of Shanghai Baosteel Group Corporation a state owned steelmaker and one of the largest in the world helped make China’s voice in price negotiations not just heard but dominant.

    Up until this point, iron ore prices were fairly slow to change with prices shifting only after long negotiations. However, in 2008, there were two major developments that helped define the current iron ore prices and the way iron ore is priced.

    The first is that diverging shipping costs for iron ore being consumed by China emerged between BHP Billiton and Vale. In 2008, the two companies arrived at a different settlement based on a freight differential of about AUD 55 per tonne based primarily on the cost of shipping. This fueled a movement to include the cost of shipping in pricing contracts but this premise curated through the centralized negotiation process.

    The Chinese government eventually decided to allow iron ore users to negotiate prices directly with mining companies, removing the bottleneck. This led to what was effectively a revolution in the iron ore pricing mechanism. Instead of long term contracts dictating the movements of the market, companies like BHP Billiton were able to push for shorter term quarterly and even monthly contracts.

    This helped pave the way for the creation of a swaps and options market, and the rest is history. Market signals based on supply and demand instead of tedious and often closed door negotiations now set the price of iron ore. Financial institutions like Credit Suisse and Deutsche Bank opened over the counter swaps markets in 2008 and now a number of clearing houses and financial exchanges handle iron ore derivatives.

    Earlier this year, iron ore producers were accused by China of market manipulation and driving up prices as much as 80% over a 6 month period. As part of the manipulation accusation, China’s national planning agency stated that the world’s three largest mining companies have delayed shipments and, along with the help of some traders held back stocks in order to send a fake market signal that there was a supply shortage.

    Given that iron ore index prices are set by spot market trades, producers and steel mills use the index as a benchmark for pricing monthly and quarterly supply contracts. Since the spot iron ore price hit three year lows in September, it has almost doubled in value by February, reaching a 16 month high of AUD 158.90 per tonne.

    Source - Wallstcheatsheet.com
  4. forum rang 10 voda 22 augustus 2013 14:59
    BHP Billiton updates on copper production

    Copper production increased by 10% in the 2013 financial year to 1.2 million tonnes (BHP Billiton share). Escondida copper production increased by 28% to 1.1 million tonnes (100% basis) as the average copper grade mined rose to 1.4% and milling rates improved. Record annual copper production at Antamina (Peru) also contributed to the strong result having benefited from a full year contribution from the recently expanded concentrator.

    Underlying EBIT for the 2013 financial year declined by USD 343 million to USD 3.6 billion. Increased sales volumes and controllable cash cost savings associated with productivity gains and broader economies of scale increased Underlying EBIT by USD 966 million. In this context, strong production growth and a material reduction in controllable cash costs contributed to 15% reduction in unit cash costs at Escondida.

    In contrast, the external influences of lower prices, inflation and foreign exchange variations reduced Underlying EBIT by USD 682 million. Payments associated with the finalization of multi year collective labour agreements at each of our South American assets and major planned maintenance programs at Escondida and Olympic Dam (Australia) reduced Underlying EBIT by a further USD 321 million.

    The average realized price of copper for the period declined by five per cent to USD 3.41 per pound. At 30 June 2013 the Group had 283,753 tonnes of outstanding copper sales that were revalued at a weighted average price of USD 3.08 per pound. The final price of these sales will be determined in the 2014 financial year. In addition, 278,547 tonnes of copper sales from the 2012 financial year were subject to a finalization adjustment in 2013.

    Provisional pricing and finalization adjustments decreased Underlying EBIT by USD 224 million in the 2013 financial year (2012 financial year: USD 265 million loss).

    During the period, BHP Billiton signed a definitive agreement to sell its Pinto Valley mining operation and the associated San Manuel Arizona Railroad Company to Capstone Mining Corporation for an aggregate cash consideration of USD 650 million. The transaction is subject to regulatory approval and other customary conditions and is expected to be completed in the H2 of the 2013 calendar year.

    Escondida production is forecast to remain steady at approximately 1.1 million tonnes (100% basis) in the 2014 financial year before increasing to approximately 1.3 million tonnes (100% basis) in the 2015 financial year. Escondida Organic Growth Project 1 and Oxide Leach Area Project are expected to maintain Escondida's copper production at an elevated level for the remainder of this decade. The recently announced USD 2.0 billion (BHP Billiton share) investment in a desalination facility will deliver sustainable water supply to Escondida over the long term.

    Copper production for the 2014 financial year is forecast to remain largely unchanged at approximately 1.2 million tonnes19' (BHP Billiton share). Production atSpence (Chile) is expected to be weighted towards the second half of the 2014 financial year as lower recoveries reduce output in the September 2013 quarter. At Antamina, mining will transition from a copper to zinc rich ore zone in the H2 of the 2014 financial year, consistent with the mine plan.

    Source - Strategic Research Institute
  5. forum rang 10 voda 22 augustus 2013 15:12
    BHP Billiton announces the results for June 2013 quarter

    Highlight

    1. Robust financial results reflect record production and substantial productivity gains offset by lower commodity prices.

    2. Underlying EBITDA decreased by 16% to USD 28.4 billion. The Group's Underlying EBIT margin 2 of 33% was supported by a USD 2.7 billion reduction in controllable cash costs 3. This was offset by weaker commodity prices, which reduced Underlying EBIT by USD 8.9 billion.

    3. Attributable profit (excluding exceptional items/2 of USD 11.8 billion was negatively affected by a temporary increase in the Group's effective tax rate and financing charges incurred managing interest rate exposure on recently issued debt securities.
    4. Exceptional items of USD 922 million (after tax) contributed to the 29% decrease in Attributable profit to USD 10.9 billion.

    5. A targeted divestment program continues to realize significant value for shareholders with major transactions totalling USD 6.5 billion announced or completed during the period.

    6. Net operating cash flow14' of USD 18.3 billion and gearing of 29% demonstrates the strong financial position of the Company.
    7. Our progressive base dividend increased by 4% to 116 US cents per share.

    BHP Billiton delivered robust financial results in the 2013 financial year, a period characterized by slowing global growth and volatile commodity markets. Underlying EBIT declined by 22% or USD 6.1 billion to USD 21.1 billion. A substantial reduction in commodity prices reduced Underlying EBIT by USD 8.9 billion which more than offset the significant USD 2.7 billion reduction in controllable cash costs achieved during the period. Consistently strong operating performance across the business contributed to a USD 1.8 billion volume related increase in Underlying EBIT.

    Source - Strategic Research Institute
  6. forum rang 10 voda 22 augustus 2013 15:13
    Glencore Xstrata updates half yearly for June 2013

    Highlights;
    1. Solid results with particularly pleasing overall performance in Marketing.
    2. A May Xstrata transaction close meant little synergy benefits recognized in H1 2013 but now flowing strongly.
    3. Adjusted pro forma EBITDA of USD 6.0 billion compared to USD 6.6 billion in H1 2012, down 9%.
    4. Industrial pro forma EBITDA of USD 4.7 billion down 14% driven by weaker prices in core commodities, cushioned by volume improvements.
    5. Adjusted pro forma EBIT of USD 3.2 billion versus USD 4.4 billion in H1 2012 down 28%.
    6. Marketing EBIT of USD 1.2 billion up 6% period on period with strong metals and energy more than offsetting a slow start in agriculture.
    7. Highly attractive positions envisaged on the industry cost curves as current development programs near completion within the next 12 to 18 months.
    8. Strong 6 months’ pro forma cash flow generation despite the weaker commodity pricing backdrop with FFO of USD 4.3 billion and rolling 12 months’ FFO and Net debt of 28.2%.
    9. As expected, net debt has increased while the Group executes the final stages of its large growth pipeline however pro forma net funding is only up USD 1.4 billion due to a substantial (primarily inventories) working capital release.
    10. Flexibility of the balance sheet has once more been demonstrated.
    11. Over USD 13.6 billion of committed available liquidity.
    12. Board has declared an interim dividend of USD 0.054 per share, in line with 2012, reflecting our continued confidence in the prospects for the group and the strength and flexibility of our balance sheet.
    13. Board reconstruction process commenced with the appointment of three new directors Mr John Mack, Mr Peter Grauer and Mr Peter Coates.
    14. Progress made in integrating Xstrata has exceeded our expectations, enabled by timely preparation and decisive action. Achievable synergies or cost savings will be materially in excess of previous guidance of USD 500 million pa.
    15. Fundamental portfolio review process launched and in progress.
    16. Focus on defining core assets.
    17. Las Bambas sale process underway.
    18. Sale of Australian malt business agreed on 5 August.
    19. Statutory Day One goodwill impairment of USD 7.6 billion was recorded in relation to the Xstrata acquisition, reflecting the broader negative mining industry environment / sentiment which prevailed during H1 2013 and the heightened risks associated with greenfield and large scale expansion projects.
    20. 10 September Investor Day to provide a comprehensive update on expected synergies and portfolio review.

    During the first 6 months of 2013, the global economy continued its slow but steady progress towards a sustained recovery, following the 2008 financial crisis. In the US, consumer confidence improved, underpinned by improving job and housing markets. Japanese policy changes instituted by the new regime in 2012 began to bear fruit and justify some of the faith placed in them by investors. China's new government also set out in detail their ambitious priorities in respect of the level and nature of future economic growth. The level of Chinese growth remains healthy by any standard. Although Europe continues to lag the rest of the world and still managed to negatively surprise with the events surrounding Cyprus, its ability to dominate the global financial agenda appears to have receded further. Areas of Europe outside of the periphery such as the UK are also now beginning to show tentative signs of improvement.

    Financial market reaction to two key inflection points in economic fundamentals has been somewhat predictable. The timing of the slowdown end of Quantitative Easing and the trajectory and composition and sustainability of future Chinese economic growth has dominated all areas of financial markets during H1 2013. This resulted in major disparities in price performances between asset classes and between sectors within the equity space. Commodity metal prices fell on average 15% during H1 2013 compared to the 13% rise in the S&P 500. Within our business, we continue to see solid end user demand growth in our major commodities and in turn the physical availability of many commodities remains limited or within historical norms. These attractive fundamentals were reflected in the performance of our Marketing operations during H1 2013 which contributed USD 1.2 billion of EBIT, a 6% increase compared to the prior year period.

    The performance of coal for example during H1 2013 highlights the strength of Glencore's business model, based on scale product expertise, global coverage and long established and diverse relationships. These allow us to benefit from quality and destination arbitrages, while providing an essential commodity to our customers on competitive terms. Metals once more enjoyed a solid performance across all key areas and commodities. Coal and metals are also beginning to deliver on the marketing synergies which were forecast as part of the Xstrata acquisition which completed 2 May. Whilst our agriculture business has had a slow start to the year, much of the underlying performance was encouraging and the benefits of the Viterra acquisition are starting to materialize.

    Our H1 2013 Industrial results inevitably reflect some of the impact which financial market pessimism has had on commodity prices with pro forma Adjusted EBIT of $2.0 billion, a 39% decline versus H1 2012, although Adjusted EBITDA was a more respectable 14% lower. However, we are encouraged by the solid progression of our development projects. Once complete, in the next 12 to 18 months, Glencore will have a very competitive position on the cost curves within each of its core commodities. The head office and business unit streamlining/cost reduction phases of integration are almost complete, with detailed cost reviews now being extended to the operations themselves. In addition, we continue to see ample scope for further operational efficiencies within the enlarged Group, particularly in the former Xstrata businesses. We will provide a comprehensive update on the rapid progress that has been made in respect of such cost savings at our investor day on 10 September.

    Source - Strategic Research Institute
  7. forum rang 10 voda 22 augustus 2013 15:13
    BHP Billiton delays AUD 14 billion Canada potash push as profit drops

    Reuters reported that BHP Billiton's new chief has put his stamp on the top global miner, mapping out a cautious approach to expanding into the potash market which it sees as its next big growth business beyond 2020.

    Mr Andrew Mackenzie CEO of BHP outlined the low risk course as he handed down his first results, reporting a 15% drop in half year profit before one offs which missed forecasts largely due to Australian mining tax adjustments and other non operational items.

    BHP and Glencore Xstrata wrapped up the results season for the world's big 5 miners with BHP holding up slightly better than its peers as it stepped up output of iron ore, copper, coal and oil and slashed AUD 2.7 billion in costs in the face of sliding commodity prices. Major miners have come under pressure to rein in spending, sell off underperforming assets and tackle debt after years of rampant spending on new mines and acquisitions as commodity prices soared.

    Reflecting the austerity drive, BHP plans to invest AUD 2.6 billion over the next 4 years digging shafts at the Jansen potash project delaying production at least until 2020 from its original 2015 target, while inviting offers for stakes in the mine.

    Mr Mackenzie said that "The whole basis of the strategy that we're being clear about is that we want to retain complete flexibility to enter the market at a timing which we think is right to maximize returns for our sharheolders. BHP put more than AUD 40 billion worth of new projects on ice a year ago to combat costs that had grown out of control over the previous decade as miners raced to feed booming Chinese demand.

    Mr Mackenzie reiterated that BHP remains confident in China's long term growth prospects, as 250 million people move into cities and the country rebalances its economy toward consumption led growth. In the short to medium term, I think the signs are reasonably positive that they'll hold to their forecast for 7% to 8% annual growth.

    Source - Reuters
  8. forum rang 10 voda 22 augustus 2013 17:10
    ‘Mijnbouwaandelen zullen als eerst profiteren van afbouw Fed’

    DONDERDAG 22 AUGUSTUS 2013, 09:00 uur | 2996 keer gelezen

    AMSTERDAM (Belegger.nl) – Hoewel er onder beleggers veel onzekerheid heerst over wanneer en in welke mate de Fed haar stimuleringsbeleid zal afbouwen, kan de afbouw voor bepaalde sectoren voordelig uitpakken. ‘Mijnbouwaandelen zullen de eerste zijn die kunnen profiteren van de stijgende rente op obligatie dankzij tapering van de Fed.’

    Dat stelt Henry Dixon, fondsmanager bij Matterley Asset Management, tegenover CNBC.

    Hoewel mijnbouwaandelen momenteel, in vergelijking met de markt, het goedkoopst zijn sinds 30 jaar, zullen ze volgens analisten weer stijgende koersen laten zien wanneer de rentes zullen stijgen. ‘De aandelen in de mijnsector staan laag dankzij de vertraagde Chinese economie en door malaise op de grondstoffenmarkt. Maar de winsten van de bedrijven zijn niet op dezelfde manier geraakt als de aandelenkoersen. Dit maakt dat de aandelen nu aantrekkelijk geprijsd zijn’, zo zegt Dixon.

    ‘Mijnbouwaandelen hebben een slecht halfjaar achter de rug. De mijnbouwsector was de slechtst presterende sector dit jaar. Maar dit maakt de sector nu relatief goedkoop in tegenstelling tot de rest van de markt. Ik verwacht dat mijnbouwaandelen als eerst zullen profiteren van een rentestijging als gevolg van de afbouw van het stimuleringsprogramma van de Fed’, aldus Dixon die zegt zijn blootstelling aan mijnbouwaandelen in de afgelopen weken te hebben verhoogd.

    Sector profiteerde eerder van stijgende rente

    ‘Als we kijken naar het verleden, zien we dat een stijgende rente ervoor zorgt dat de mijnbouwsector het best presteert.’ Daarbij is het volgens Dixon wel belangrijk dat er sprake is van wat meer groei in het systeem. Specifiek wijst Dixon multinational Rio Tinto aan als top pick uit de sector doordat het van plan is voor 5 miljard dollar te snijden in de investeringsuitgaven, na een decennium van ‘chronische’ overbesteding.

    Ook Neil Dwane, hoofd vermogensbeheer bij Allianz Global, stelt dat mijnbouwaandelen goed zullen presteren wanneer de Fed start met de afbouw van het kwantitatieve verruimingsprogramma. Dwane voorspelt dat beleggers de grotere, duurdere, industriële aandelen zullen verkopen, ten gunste van mijnbouwaandelen zoals Rio Tinto. Een aandeel dat ook volgens hem goedkoop is en gericht is op een verbetering van de economie.

  9. forum rang 10 voda 23 augustus 2013 13:55
    BHP Billiton updates on production of aluminium manganese and nickel

    Alumina production increased by 18% in the 2013 financial year to a record 4.9 million tonnes (BHP Billiton share), underpinned by the ramp up of the Efficiency and Growth project at Worsley. Aluminium production increased by 2% to 1.2 million tonnes (BHP Billiton share) with improved performance at our Southern African smelters.

    Total manganese ore production increased by 7% in the 2013 financial year to a record 8.5 million tonnes (100% basis) and reflected a substantial improvement in plant availability at GEMCO (Australia). Total manganese alloy volumes were largely unchanged from the 2012 financial year. The recovery in TEMCO (Australia) production that followed the temporary suspension of operations in the prior period was offset by the permanent closure of energy intensive silicomanganese production at Metalloys (South Africa) in January 2012.

    Nickel production in the 2013 financial year was largely unchanged from the prior period. Strong operating performance at Cerro Matoso (Colombia) was offset by planned maintenance at the Nickel West Kalgoorlie smelter and Kwinana refinery.

    Underlying EBIT for the 2013 financial year increased by USD 188 million to USD 164 million. The response of our teams to the persistent challenges faced by our Aluminium, Manganese and Nickel business has delivered tangible results. With productivity improvements already well advanced, substantial cost savings of USD 480 million were achieved during the period, while a stronger US dollar increased Underlying EBIT by a further USD 243 million. In contrast, weaker markets continued to challenge the business as lower average realised prices contributed to a USD 474 million reduction in Underlying EBIT, net of price linked costs.

    In this context, lower average realised prices for aluminium (down 6% to USD 2,191 per tonne), alumina (down 9% to USD 302 per tonne), nickel (down 15% to USD 16319 per tonne) and manganese alloy (down 10% to USD 1,051 per tonne) were only partially offset by an increase in the average realized price of manganese ore (up 9% to USD 4.83 per dry metric tonne unit).

    The USD 167 million (BHP Billiton share) GEEP2 expansion at GEMCO delivered first production during the period ahead of schedule. The project has increased processing capacity from 4.2 to 4.8 million tonnes per annum (100% basis) and the ramp up of the operation is largely complete.

    Source - Strategic Research Institute
  10. forum rang 10 voda 23 augustus 2013 13:56
    BHP Billiton updates on iron ore production

    Iron ore production increased by 7% in the 2013 financial year to 170 million tonnes (BHP Billiton share). WAIO production of 187 million tonnes (100% basis) represented a thirteenth consecutive annual production record. The delivery of WAIO's capital efficient growth program and continued strong operating performance across the supply chain contributed to this record result. Samarco's three pellet plants continued to operate at capacity during the period.

    Underlying EBIT for the 2013 financial year declined by USD 3.1 billion to USD 11.1 billion. Record sales volumes at WAIO increased Underlying EBIT by USD 1.4 billion. However, this was more than offset by a 17% fall in the average realized price of iron ore to USD 110 per tonne which reduced Underlying EBIT by USD 3.9 billion, net of price linked costs.

    WAIO's export volumes for the 2013 financial year were sold on the basis of shorter term, market based prices. Revenue for the period reflected the average index price one month prior to the month of shipment, adjusted for product characteristics such as iron and moisture content. Approximately 65% of shipments were delivered on a Cost and Freight (CFR) basis.

    Increased labour and contractor costs reduced Underlying EBIT by USD 151 million during the period. This largely reflected our decision to invest in operating capability prior to the full commissioning and ramp up of expanded capacity at WAIO. WAIO unit cash costs including freight and royalty charges of USD 856 million and USD 1.2 billion, respectively remained largely unchanged during the 2013 financial year.

    Increased depreciation and amortization charges reduced Underlying EBIT by USD 239 million and reflected the recent completion of several major projects and a USD 86 million impairment of project costs associated with the WAIO Tug Harbour project.

    On June 20th 2013, BHP Billiton announced an extension of its long term WAIO JV relationship with ITOCHU Corporation and Mitsui & Company Limited. This transaction was completed in July 2013 and has aligned interests across the WAIO supply chain. Under the terms of the agreement, ITOCHU and Mitsui invested approximately USD 0.8 billion and USD 0.7 billion, respectively, in shares and loans of BHP Iron Ore (Jimblebar) Private Limited representing an 8% and 7% interest in the Jimblebar mining hub and resource. The consideration included a share of capital costs associated with the Jimblebar Mine Expansion project.

    Several major milestones were achieved at our WAIO business during the 2013 financial year including an increase in port capacity to 220 million tonnes per annum (100% basis) following the successful installation of all major infrastructure associated with the Port Hedland Inner Harbour Expansion project.

    First production from BHP Billiton Financial Results for the year ended 30 June 2013 the Jimblebar Mine Expansion, which will increase mine capacity to 220 million tonnes per annum (100% basis), is expected in the December 2013 quarter, ahead of schedule. Longer term, the progressive debottle necking of the supply chain is expected to underpin substantial low cost growth in ourWAJO business.

    WAIO production is expected to increase by 10% to approximately 207 million tonnes (100% basis) in the 2014 financial year. The associated productivity gains will benefit unit costs in the 2014 financial year however, this is expected to be more than offset by a temporary increase in strip ratios as the Jimblebar Mine Expansion ramps up production. Total iron ore production for the 2014 financial year which includes Samarco production, is forecast to increase by 11% to 188 million tonnes.

    Source - Strategic Research Institute
  11. forum rang 10 voda 23 augustus 2013 13:57
    BHP Billiton updates on coking coal production

    Metallurgical coal production increased by 13% in the 2013 financial year to 38 million tonnes (BHP Billiton share). A 19% (100% basis) increase in production at Queensland Coal was underpinned by record annual performance at both Peak Downs and South Walker Creek and this was achieved despite the indefinite closure of Norwich Park and Gregory. In addition, lllawarra Coal (Australia) achieved record annual production in the period.

    Source - Strategic Research Institute

  12. forum rang 10 voda 24 augustus 2013 16:04
    BHP Billiton cuts bonuses as CEO forgoes AUD 2 million in shares

    Business Times reported that BHP Billiton Limited has cut bonus payouts to its top executives as total returns to shareholders fell over 5 years even though the top global miner beat its target for outperforming its peers over that period.

    Mr Andrew Mackenzie new CEO of BHP, who was first poached from rival Rio Tinto in 2008, also gave up shares worth GBP 941,000 million at Thursday's close that were due to him from his sign on bonus.

    In total, Mr Mackenzie was awarded shares worth GBP 4.6 million after the company decided to pay out only 65 per cent of long term share bonuses. That left him GMP 3.9 million short of the total he could have earned.

    BHP cut bonus payouts largely because total returns to shareholders were negative rather than positive over the 5 years to June 2013 although at negative 9.4%, BHP's return looked far better than the negative 44% return suffered by its peers.

    Source - Business Times.com
  13. forum rang 10 voda 27 augustus 2013 15:52
    BHP Billiton names Mr Mike Fraser as president of Human Resources

    BHP Billiton Limited announced that Mr Mike Fraser would join the Group Management Committee as President, Human Resources, which is part of the role currently held by Mr Karen Wood who is President People and Public Affairs.

    Mr Fraser is currently Head, Group Human Resources based at the company's head office in Melbourne. He joined BHP in 2000 and has served in several human resources roles including as Human Resources Vice President for the Aluminium and Energy Coal businesses and for South Africa.

    Prior to his appointment to Group Human Resources in January, he was Asset President, Mozal in the Aluminium business based in Mozambique.

    Mr Karen Wood will remain a member of the Group Management Committee as President, Public Affairs. As the transition activities associated with the appointment of Ms Andrew Mackenzie as Chief Executive have been completed, she will continue to assist Mackenzie on a range of specific corporate and Board issues including development and succession and executive remuneration.

    Mr Fraser will continue to be based in Melbourne. His appointment to the Group Management Committee is effective August 27th 2013.

    Mr Marcus Randolph former Chief Executive Ferrous and Coal who retired from the Group Management Committee on May 10 has returned from sick leave and will retire from the company on September 2nd 2013.

    Source – Strategic Research Institute
  14. forum rang 10 voda 27 augustus 2013 15:53
    BHP updates 2008 LTIP vesting and CEO awards outcome

    BHP BiNiton announced the vesting outcomes for the 5 year Long Term Incentive Plan awards granted in 2008. The LTIP applies to members of the Group Management Committee.

    For awards to vest in full, BHP Bi Niton must deliver a US dollar total shareholder return that exceeds the TSR of a group of peer companies by an average of 5.5% per year for 5 years or 30.7% in total compounded over the 5 year performance period. The performance period ended on June 30th 2013.

    The weighted average TSR for peer companies was negative 44.0% which compared to BHP Bi Niton's TSR of negative 9.4%. As a result, BHP Billiton outperformed its peer companies by 34.6% and therefore met the requisite performance hurdle for full vesting.

    The rules of the LTIP give the Remuneration Corrmittee of the Board discretion to reduce the number of awards that will vest notwithstanding the fact that the performance hurdle for full vesting has been met.

    This year the Committee with the support of the Board, exercised that discretion and reduced vesting by 35%for all current and former participating GMC members. Accordingly, 35% of awards will not vest and will instead lapse.

    In doing so, the Committee took into account a range of factors, including the negative TSR over the five year performance period which shareholders have experienced. While the Committee recognized that the TSR performance was delivered in a difficult business environment, it also felt that more closely aligning the experience of shareholders and executives was important. As always, the Committee also looked at the total remuneration for executives.

    The approach adopted by the Committee is consistent with the downwards rebasing of executive remuneration that was undertaken when Mr Andrew Mackenzie was appointed Chief Executive Officer earlier this year, the outcome of which was reported at that time.

    CEO Awards Outcome;
    When Mr Andrew joined BHP Billiton in 2008 he was granted 450,964 awards based on the 2008 LTIP terms.
    1. 225,000 of the LTIP awards were granted in the ordinary course in connection with his role as Chief Executive Non Ferrous and reflected the grant sizes to the other business Chief Executives f Regular Awards).
    2. A further 225,964 awards (comprising 100,839 LTIP awards and 125,125 phantom LTIP awards) were granted in order to compensate him for equity awards forgone when he left his former employer (Sign on Awards). The value and quantum of the Sign-on Awards was determined on the recommendation of the Committee's independent adviser, Kepler Associates and disclosed at the time.

    As all of the 450,964 awards were granted on terms that mirrored the 2008 LTIP, they have now been tested against the TSR performance hurdle and are all subject to the 35% reduction. In addition, Andrew has concluded and the Committee agrees, that despite the outperformance of BHP Billiton compared to its peer group, the value delivered through vesting of the Sign on Awards would be excessive. Accordingly, Mr Andrew has elected to voluntarily relinquish a further 50,000 of the Sign on Awards, on top of the 35% reduction.

    This means 243,126 of the 450,964 awards originally granted to Mr Andrew have vested. The 243,126 vested awards are delivered to Andrew via 211,795 ordinary shares and a cash payment representing 31,331 phantom LTIP awards. All of the outcomes described above reflect a remuneration structure that the Committee and the Board believe has contributed to the substantial financial outperformance of BHP Billiton over many years, but also reflect a more modest approach to remuneration befitting the times.

    Source – Strategic Research Institute
  15. forum rang 10 voda 27 augustus 2013 15:54
    BHP Billiton net profit plunges to AUD 11 billion

    Business Recorder reported that Anglo Australian mining giant BHP Billiton on August 20 reported a 29.5% slump in net profit to US 10.88 billion dollars in the year to June due to slowing global growth and commodity price volatility. The world's biggest miner said lower prices for its key resources, including a 17% dive in iron ore, wiped AUD 8.9 billion from underlying earnings of AUD 28.4 billion.

    The miner said that "BHP Billiton delivered robust financial results in the 2013 financial year, a period characterized by slowing global growth and volatile commodity markets. Economic conditions over the H2 of the 2013 financial year were affected by lower than expected growth in emerging economies.”

    Mr Chris Weston from IG Markets said that "Weaker trade and soft manufacturing activity pulled growth rates slightly below expectations in China. The results fell short of market expectations of AUD 12.9 billion profit. BHP looks in-line but underwhelming versus consensus on headline numbers."

    BHP had managed to cut costs by AUD 2.7 billion in the year ended June 30 but that was more than offset by the significant fall in commodity prices. It saw a seven percent increase in total production across its businesses including a 13th consecutive annual output record at its flagship Pilbara iron ore operation in Western Australia. But the company said the value of its products was substantially down over the year.

    Iron ore prices were 17% lower, costing BHP AUD 4.1 billion and steelmaking and energy coal both declined, wiping a further AUD 3.7 billion off the bottom line. Oversupply in the nickel and aluminium markets and concerns of a near term rebalancing in the copper sector had weighed on metals prices, reducing earnings by around AUD 1.0 billion.

    BHP said that it expected increased supply across the commodities market to continue pushing down prices in the short term, but the balance should right itself in time. The growth rates for steel demand in Asia are expected to moderate as the Chinese economy gradually rebalances. This rebalancing should support growth in demand for other industrial metals, energy and agricultural products.

    It said that we expect the rebalancing of the Chinese economy to be significant in terms of the nature of domestic demand as well as the types of goods and services the economy will produce. We also see India and Southeast Asia as significant sources of economic growth in the long term.

    Source – Business Recorder
  16. forum rang 10 voda 28 augustus 2013 13:50
    Rio Tinto invests in French aluminium plant to cut power costs

    Business Recorder reported that Rio Tinto has invested nearly EUR 80 million in its Dunkirk aluminium plant in the past 18 months and plans to invest at least that much again over the next 5 years on energy saving and efficiency improvements.

    The largest aluminium plant in the European Union with 2012 production of 260,000 tonnes seaside Dunkirk is the biggest single point user of electricity in France consuming 485 MW per hour or half the output of one nuclear reactor at the nearby Gravelines site.

    As Rio Tinto's 25 year contract with French utility EDF expires at the end of 2016, its electricity bill which adds up to 23% of production costs could rise as much as 80% from 2017 as contract prices catch up. But Rio Tinto is investing heavily to improve efficiency.

    Mr Colin McGibbon plant director of Rio Tinto said that the firm's main challenge is to avoid this increase but we confident about reaching a deal with EDF. We need an energy agreement that gives us sufficient visibility and value so that we can keep investing here. We think that is achievable. Rio Tinto has already covered half of its post 2017 electricity needs through Exeltium, a consortium of companies that buys power in bulk via long term contracts with EDF.

    He said that talks with EDF about the rest could include a contractual adjustment for uranium price swings and the provision of demand-response facilities allowing EDF to briefly shut down the plant to balance its network during periods of peak demand.

    An energy agreement for Rio Tinto's other French plant, the 135,000 tonne Saint Jean de Maurienne plant in the French Alps was not so easily achieved and Rio Tinto is negotiating with Germany's Trimet Aluminium AG about a sale of the plant.

    A Rio Tinto official said that Trimet has made a firm offer but if no deal is reached by the end of June, the option to close the plant remains on the table. Rio Tinto's two French plants together consume nearly 6 terawatt hours of electricity per year, compared with 6.5 TWH per year for all France's steel plants combined and about 9 TWH per year for the entire French railway system.

    Source - Reuters
  17. forum rang 10 voda 28 augustus 2013 13:51
    BHP former coal and iron ore divisions head retires in Sept

    Marcus Randolph the American Mr Andrew Mackenzie beat to become BHP Billiton CEO will leave the company at the end of this week, after a brief return to work following extended sick leave.

    The executive, who retired from the Group Management Committee on May 10, was one of 4 executives believed earlier to become the likely successor to Mr Marius Kloppers until Mr Mackenzie's appointment was announced in February.

    His departure was not the only change announced by BHP. As the No 1 mining company in the world continues to reshape its executive ranks, it also said that BHP's human relations boss Mr Mike Fraser has been elevated to the GMC.

    The executive has been with the company since 2000, and was running BHP's Mozal aluminum business in Mozambique until taking up his current position in January.

    Source - Mining.com
  18. forum rang 10 voda 31 augustus 2013 16:19
    Rio Tinto in Simandou delay - Report

    The Australian reported that Rio Tinto has pushed back targeted production from the USD 20 billion Simandou iron ore project in Guinea by three years as African development plans made during the boom years continue to unwind.

    The Simandou partners Rio, China's Chalco and the World Bank have signed a draft agreement with the Guinea government that says first exports are now not expected until the end of 2018.

    The draft focuses on terms and conditions around funding and construction of the 650 kilometers railway through Guinea to a port south of the capital, Conakry.

    Source - The Australian
  19. forum rang 10 voda 2 september 2013 16:30
    Outotec to supply latest technology for upgrade of Kennecott flash smelter in US

    Outotec will supply the latest flash smelting technology improvements to the upgrade of Rio Tinto's Kennecott Utah Copper smelter in the US. The contract value is approximately EUR 14 million and will be booked in Outotec's third quarter order intake.
    Kennecott has operated the Utah copper smelter since 1995 utilizing a combination of Outotec Flash Smelting technology and Kennecott Outotec Flash Converting technology which has been jointly developed by the two companies. Outotec's scope of work includes equipment deliveries such as proprietary feeding system concentrate burner, process control, furnace cooling and anode casting upgrade.

    Once completed the upgraded flash furnace will ensure highly efficient production combined with a long campaign life. Flash Smelting combined with Flash Converting is the world's cleanest technology for primary copper smelting. Since it makes use of the reaction heat of the feed, copper sulfide concentrate, minimum amount of external fuel is needed in the process. Owing to low volume of process gas and compact and sealed equipment, sulfur capture exceeds 99.9 %. Thanks to its environmental performance the Kennecott Utah Copper smelter has been the world's benchmark smelter and the upgrade will further improve its position.

    Mr Jari Rosendal head of Outotec's Americas region said that "During our long relationship with Rio Tinto Kennecott Utah Copper since 1984 we jointly developed the Flash Converting technology built a world class smelter in Utah and now continue cooperation in upgrading it with the latest Outotec technologies. We believe that these types of smelter renovations aiming at highly efficient operations and meeting the strictest environmental standards will bring both parties considerable benefits and strengthen cooperation."

    Source – Strategic Research Institute
  20. forum rang 10 voda 3 september 2013 16:41
    Rio Tinto makes first iron ore shipment from expanded operations

    Rio Tinto has achieved the significant milestone of loading the first shipment of iron ore from its expanded port, rail and mine operations in Australia. This marks the commencement of commissioning of the expansion program, which will see overall capacity for Rio Tinto's iron ore operations in Western Australia increase to 290 million tonnes a year.

    The Tai Shan, a Rio Tinto Marine-chartered Cape-size class vessel, has embarked from the new Cape Lambert B wharf carrying the first shipment, a cargo of 165,000 tonnes of Pilbara Blend fines. The shipment is bound for Nippon Steel & Sumitomo Metal Corporation's Kimitsu works in Tokyo.

    Rio Tinto Iron Ore chief executive Mr Andrew Harding said "The 290 project is the largest integrated mining project in Australia. The delivery of 290 ahead of its original schedule and within budget is a testament to our focus on value-driven growth of our low cost operations. Given the demanding operating environment in Western Australia over the recent period, this stands as a noteworthy achievement. I pay credit to the efforts and commitment of our employees, contractors and partners in the Robe River Joint Venture for what has been a genuine team effort. Our focus will now be to ensure the ramp up to full run rate is achieved safely and efficiently. As always, we will continue to seek further productivity improvements from our fully-integrated Pilbara system, including our industry leading Mine of the Future™ technology program, in order to maximize the return on our investment."

    The phase two expansion of the port, rail and power infrastructure to 360 million tonnes per annum is underway. A number of options for mine capacity growth are under evaluation including incremental tonnes from further low-cost productivity improvements, expansion of existing mines and the potential development of new mines.

    Source – Strategic Research Institute
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