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  1. forum rang 10 voda 26 augustus 2020 16:46
    BHP Commentary & Forecast for Thermal Coal

    Australian mining giant BHP said that energy coal prices were weak in the second half of financial year 2020. The gCNewc 6000 kcal/kg FOB Newcastle index (hereafter 6000kcal) averaged around $61/t over the half, down from around $68/t in the first half of financial 2020. Prices ranged from a high of around $74/t to a low of around $50/t. That is below the 2015/16 trough in real terms. Based on the Wood Mackenzie operating cost curve, more than half of seaborne supply (comprising all grades of energy coal) was likely experiencing negative margins with 6000kcal prices in the low $50s. The 5500kcal index averaged around $49/t over the same period, with a high of around $58/t and a low of around $38/t, which was where it closed out the half year. The spread between the spot indexes for gCNewc 6000kcal and 5500kcal reverted to historical average of close to 20 per cent in the second half of financial year 2020, down from around 30 per cent in the 2019 calendar year.

    While not directly relevant to our business, there was a compression of spreads between the lower grades of energy coal (the 5000, 4200 and 3400 gross–as–received29 kcal brackets) as prices traded deep into the cost curve. Supply has been “sticky” in most export jurisdictions, with the exception of Indonesia, where output has been materially lower. Indonesian supply is prominent in these lower quality brackets. Developed Asian markets, who are the largest buyers of >5500kcal product, have been weak under the shadow of COVID19. Japanese imports contracted by 3 per cent YoY in the first half of the 2020 calendar year, while power demand was down 4 per cent YoY, South Korean imports contracted by 11% per cent.

    Chinese demand for seaborne energy coal rebounded as lockdowns were lifted, with consumption of coal at coastal power plants back in the normal seasonal range by April 2020. Hydro generation has been inconsistent, along with the weather, with dry conditions early in the year then giving way to floods. The market consensus has been that the 271-281 Mt import inflow registered in calendar years 2017 and 2018 would serve as an informal objective for total coal imports (including metallurgical and lignite) in calendar 2020, rather than assuming that the jump to around 300Mt in 2019 was the new norm. Enforcement of quotas by month and by port, including clamping down on the practice of trading firms clearing customs at one port but discharging at another, have been somewhat effective. Even so, with so much product being forced to clear to China under the Great Lockdown, some provinces and individual ports had already exhausted full year quotas by May.

    India saw a sharp decline in energy coal imports in January-June 2020 (Minus 27 per cent YoY). Power demand declined by 7 per cent YoY in the same period, while domestic coal output was quite resilient, at 3 per cent YoY.

    Demand from the Atlantic and Mediterranean regions was weak in advance of COVID19 and lockdowns have deepened the malaise. In calendar 2019, the weakness reflected commercially driven coal to gas switching in parts of Europe, where relatively cheap pipeline gas and LNG imports, plus a steep rise in the price of European Carbon Allowances (ECAs)30, have driven generator behaviour. In calendar 2020 to date, all of these factors have remained in place and in some instances they have been amplified by COVID19: and demand for power itself has now fallen sharply. Renewables have been able to take a larger share of that shrinking pie.

    Longer term, we expect total primary energy derived from coal (power and non power) to expand at a compound rate slower than that of global population growth.

    Coal power is expected to progressively lose competitiveness to renewables on a new build basis in the developed world and in China. On a conservative estimate, the cross over point should have occurred in these major markets by the end of this decade. However, coal power is expected to retain competitiveness in India, (where the coal fleet is only around 10 years old on average: one quarter of a normal lifetime), and other populous, low income emerging markets, for a much longer time.

    Source : STRATEGIC RESEARCH INSTITUTE
  2. forum rang 10 voda 2 september 2020 15:53
    BHP's Queensland Coal Mines to Reduce Emissions from Electricity Use by 50%

    BHP has signed a firm renewable power purchasing agreement to meet half of its electricity needs across its Queensland Coal mines from low emissions sources, including solar and wind. The agreement will help BHP reduce emissions from electricity use in its Queensland operations by 50 per cent by 2025, based on FY2020 levels. The agreement, with Queensland’s state-owned clean energy generator and retailer CleanCo, will run for five years from 1 January 2021. This will effectively displace an estimated 1.7 million tonnes of CO2e between 2021 and 2025, equivalent to the annual emissions of around 400,000 combustion engine cars.

    The agreement is the first of its kind signed by BHP in Australia and follows the company’s shift to 100 per cent renewables in its Chilean operations at Escondida and Spence from the mid-2020s. It will also support the development of new solar and wind farms in Queensland – the Western Downs Green Power Hub due for completion in late 2022, and Karara Wind Farm due for completion in early 2023.

    Over the five-year agreement, power will be provided via the grid, and predominantly contracted from a combination of solar, wind, hydro and gas generation. For the first two years, power will be contracted from CleanCo’s low emissions portfolio which includes hydro and gas generation assets. From late 2022, the newly operational solar and wind farms are expected to progressively contribute up to half the electricity requirements, with the remainder supported by CleanCo’s low emissions portfolio. Combined with large-scale generation certificates, this will enable BHP to reduce Scope 2 emissions from its Queensland operations by 50 per cent by 2025, based on FY2020 levels.

    Source : STRATEGIC RESEARCH INSTITUTE
  3. forum rang 10 voda 11 september 2020 14:58
    Top mijnbouwer Rio Tinto weg na vernieling erfgoed Aboriginals

    De bestuursvoorzitter van mijnbedrijf Rio Tinto, Jean-Sébastien Jacques, is opgestapt. Hij moet het veld ruimen vanwege de verwoesting van een 46.000 jaar oud Aboriginal-heiligdom, maar vooral vanwege het enorme falen in de nasleep daarvan.

    Jacques bungelde maandenlang boven de afgrond, maar vrijdag bleek de druk van grote aandeelhouders, Aboriginal-leiders, governance-experts, de media en Australische politici te groot: de Fransman gooit de handdoek in de ring. Ook twee mededirecteuren van de Brits-Australische conglomeratie, met een omzet van $43 mrd het op een na grootste mijnbedrijf ter wereld, moeten vertrekken.

    Archeologisch wonder
    Directe aanleiding voor het vertrek is de knal die begin mei klinkt in de verlaten woestijn van West-Australië. Daar blazen explosievenexperts van Rio Tinto RIO£p4.885,50+1,86% met 382 springladingen de Juukan-kloof aan gruzelementen om een ijzerertsader te ontginnen.

    De grot is al millennia een heiligdom voor de lokale Aboriginalbewoners, die er al voor de laatste ijstijd rituelen uitvoerden. Het archeologische wonder, een venster op het leven van de allereerste mensen, is verwoest.

    In de nasleep doet Rio Tinto zo’n beetje alles fout. Het bedrijf is blind voor de ernst van het incident en tracht het onder het tapijt te vegen. Te laat begrijpt de top van het bedrijf dat moderne aandeelhouders hoge eisen stellen aan het ethisch besef van bestuurders.

    Schuld afschuiven
    Eerst geeft Rio Tinto nauwelijks verholen de schuld van de vernieling aan de oorspronkelijke bewoners, die onduidelijk zouden hebben gecommuniceerd. Maar zij probeerden juist wanhopig de explosies te voorkomen. Archeologen schreven rapporten waarin zij Rio Tinto attendeerden op de waarde van de grot. Pas als ontkennen geen zin meer heeft, volgen excuses. Kort daarop lekt uit dat de top intern zegt dat de spijtbetuigingen voor de bühne waren.

    Explosievenexperts van Rio Tinto ?bliezen in mei met 382 springladingen de Juukan-kloof aan gruzelementen om een ijzerertsader te ontginnen.Foto: PKKP Aboriginal Corporation

    Jacques (48), sinds 2016 de ceo, is al die tijd onzichtbaar. Hij houdt kantoor in Londen en voelt te laat aan dat het borrelt in Australië. Tijdens zijn bewind is weliswaar voor miljarden uitgekeerd aan aandeelhouders en tijdig afscheid genomen van steenkool, maar onder zijn leiding is ook de afdeling die contacten onderhoudt met Aboriginals fors verkleind.

    Bovendien is onder zijn leiding een cultuur ontstaan waarin werknemers huiverig zijn hun mond open te doen. Hij spreekt zijn personeel toe met de tekst: Fit in or fuck off – aanpassen of oprotten. Rio Tinto schrijft in augustus dat Jacques weliswaar 'heeft verzuimd', maar dat hij geen fouten heeft begaan. Als straf moeten Jacques en zijn collega’s enkele miljoenen bonus inleveren, maar hij mag aanblijven.

    Enorme woede
    Daarover is de woede enorm. Een Australische krant becijfert dat Rio Tinto de boetes nog voor de lunch heeft terugverdiend. Australiërs trekken naar het hoofdkantoor op om te protesteren tegen de gang van zaken. De politiek start een parlementaire enquête. Twee vooraanstaande Aboriginal-leiders maken een onderzoeksrapport van Rio Tinto met de grond gelijk. 'Wie deze bureaucratische nonsens gelooft, denkt zeker ook dat Poetin-criticus Navalny slechts last kreeg van een flauwte na het drinken van een kopje thee.'

    De affaire toont de spagaat waarin Rio Tinto verkeert. Het hoofdkantoor staat in Londen, maar driekwart van de omzet komt uit Australië. Terwijl de Britse aandeelhouders zich op de vlakte houden, zijn Australische aandeelhouders woedend. Het grootste pensioenfonds van Australië eist 'echte rekenschap'. Er moeten koppen rollen.

    Ze krijgen hun zijn Vrijdag stappen Jacques en twee mededirecteuren op. Bij andere mijnbedrijven zullen de deuren niet direct openzwaaien voor Jacques. De affaire raakt elk mijnbedrijf in Australië. Er is een wetswijziging in de maak die Aboriginals veel meer mogelijkheden geeft om nieuwe mijnen tegen te houden.

    fd.nl/ondernemen/1356881/top-mijnbouw...
  4. forum rang 10 voda 16 september 2020 15:58
    Rio Tinto Update on Entrée Resources

    Rio Tinto announced an update in respect of its beneficial ownership of common shares of Entrée Resources Ltd held by its wholly owned subsidiary Rio Tinto International Holdings Limited. As a result of its greater than 50% shareholding in Turquoise Hill Resources Ltd, Rio Tinto is deemed to beneficially own the common shares of Entrée owned by TRQ under applicable Canadian securities law.

    Under a non-brokered private placement previously announced by Entrée, on 14 September 2020, (i) RTIH acquired 875,000 units, at a price of C$0.43 per unit, comprising 870,000 common shares of Entree and warrants to acquire an additional 437,500 common share of Entrée and (ii) TRQ acquired 740,000 units, at a price of C$0.43 per unit, comprising 740,000 common shares of Entrée and warrants to acquire an additional 370,000 common share of Entrée. The warrants are exercisable at a price of C$0.60 per common share of Entrée for a period of three years.

    Immediately prior to the private placement, Rio Tinto beneficially owned 30,366,129 common shares of Entrée (16,566,796 common shares held by RTIH and 13,799,333 common shares held by TRQ), representing approximately 17.3% of the issued and outstanding common shares of Entrée. Since the date of Rio Tinto’s last early warning report in 2012 in respect of the common shares of Entrée, Rio Tinto’s security holding percentage in the common shares of Entrée decreased by approximately 6.3% from approximately 23.6% to approximately 17.3% as a result of common share issuances by Entrée.

    Immediately following the private placement, Rio Tinto beneficially owned 31,981,129 common shares of Entree, representing approximately 17.2% of the issued and outstanding common shares of Entree(based on there being 185,748,074 common shares of Entree issued and outstanding) and a decrease of approximately 0.1%. If Rio Tinto were to exercise all of the warrants acquired by it, Rio Tinto could beneficially own approximately up to 17.6% of the issued and outstanding common shares of Entree.

    Rio Tinto’s participation in the private placement was made for investment purposes and is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions – based on the fact that neither the fair market value of the units subscribed for by insiders of Entree, nor the consideration paid by insiders of Entree for the units, would exceed 25% of Entree market capitalization.

    Rio Tinto has no present intention of acquiring additional securities of Entree. Depending upon its evaluation of the business, prospects and financial condition of Entree, the market for Entree securities, general economic and tax conditions and other factors, Rio Tinto may directly or indirectly acquire or sell some or all of the securities of Entree.

    Source : STRATEGIC RESEARCH INSTITUTE
  5. forum rang 10 voda 25 september 2020 05:36
    Rio Tinto Starts Blending Iron Ore at Dalian Port

    Rio Tinto has signed a Memorandum of Understanding with Dalian Port Co Ltd to jointly develop its first bonded area operations to blend iron ore in China's port of Dalian, to help better serve steel mills in North China & widen offerings for customers across Asia. The first batch of iron ore fines were blended from high-grade IOC concentrate from Canada and Rio Tinto’s SP10 from Western Australia

    Many of China’s steel producing capacities lie in the northern area, with top producer Hebei province along with Liaoning province together accounting for more than 30% of the national crude steel output.

    Dalian port has blended over 46 million tonnes of iron ore within its bonded area since 2016 when it first started the operation, the most among Chinese ports.

    Source : STRATEGIC RESEARCH INSTITUTE
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