Eurobench.com

voda 8 augustus 2014 15:57

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Australia Port Hedland iron ore exports to China up by 4.8pct in July

Reuters reported that Australian exports of iron ore to China from Port Hedland, which handles a quarter of the world's seaborne steelmaking material, rebounded in July to hit a record high in a sign of still robust demand.

According to the Port Hedland Port Authority, shipments to China over July rose 4.8% MoM to 30.57 million tonnes from 29.18 million tonnes in June. That was up no less than 50% on July last year.

Rising output and shipments to China, the main destination for sea-traded iron ore, comes amid a market correction that has seen the price of the ingredient drop by nearly a third so far this year.

According to Steel Index, Benchmark iron ore for immediate delivery to China .IO62-CNI=SI stands at USD 95.90 per tonne.

BHP Billiton, with the ability to mine more than 220 million tonnes of iron ore a year, is Port Hedland's main user. Future expansion work could see BHP's iron ore capacity climb to 270 million tonnes.

Fortescue Metals Group also uses the port to ship up to 155 million tonnes annually. Overall shipments of iron ore from Port Hedland climbed to a record 36.08 million tonnes in July from 33.6 million tonnes in June with sales to Japan up by almost a million tonnes.

Source – Reuters

voda 9 augustus 2014 16:05

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Rio Tinto will hang back from north Simandou iron tender

Reuters reported that Rio Tinto indicated it would not take part in a tender for the mining rights for the northern half of the disputed Guinea iron ore deposit Simandou saying the government would prefer other companies to invest.

The global miner already owns a stake in the southern part of the project, the biggest and highest quality untapped iron ore deposit known.

Mining concessions for the northern half are now up for grabs after the government took them from the previous holders: Brazilian miner Vale and BSG Resources, the mining branch of Israeli billionaire Mr Beny Steinmetz's group.

Potential investors may be deterred, however, by falling iron ore prices and by a threat from BSGR that it will sue any investor in its former license.

Mr Sam Walsh CEO of Rio Tinto said that "I don't think that the government actually wants us to participate. I think the government is looking to have a bit of diversity in terms of who would build that project. And that's fine, we understand that."

Source - Reuters

voda 9 augustus 2014 16:07

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Rio Tinto delivers bumper profit

AAP reported that Rio Tinto has shrugged off worries about an over-supplied iron ore market, more than doubling its half year profit to USD 4.4 billion.

The massive growth was achieved despite falls in the prices of its main commodities, which sliced nearly USD 1.4 billion from its bottom line. That was more than offset with extra production, plus larger than expected cost cutting.

Mr Sam Walsh CEO of Rio Tinto rejected the suggestion that Rio and other iron ore majors Vale, BHP Billiton and Fortescue had made a crucial mistake in ramping up their production, forcing prices down.

Mr Walsh said that Rio would benefit from China's determination to reduce pollution and smog something Chinese premier Li Keqiang personally relayed to him this year because of Rio's higher quality and less energy and waste intensive ore. From where we sit we're the lowest cost producer of quality benchmark iron ore with the highest (earnings) margin of 66%.

He said that the disputed but long predicted demise of lower grade iron ore miners was already occurring, with 85 million tonnes of production disappearing in China alone. China depends on iron ore imports for 50% of its needs, and its economy was still growing at a healthy 7.5% this year, while global GDP growth is expected to exceed 3%.

Rio's underlying earnings, which strips out USD 843 million in one off impairment charges, was up 21% to USD 5.1 billion, beating analyst expectations. Iron ore dominated the results, despite a 20% fall in Rio's realised price for the commodity. But Rio's biggest profit growth came in aluminium and copper, with 74% and 71% rises respectively.

Mr Evan Lucas analyst of IG market said that indicated a nice diversification of earnings, as Rio is often criticised for relying too heavily on iron ore. Analysts were also impressed with USD 3.2 billion in cost cutting, made six months ahead of schedule.

Source - AAP

voda 13 augustus 2014 17:03

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BHPB price of manganese ore unchanged for China Sept shipment

TEX reported that BHP Billiton Limited has recently submitted its offer price of manganese ore as September 2014 shipment meant for China to respective customers individually.

According to whom it may concern, the price per 1% of Mn for Mn 46% Lump ore (GEMCO grade) is USD 4.50, the one for Metallurgical Fine ore (Mn 48%) is USD 4.37 and the one for South African low grade ore (Mn 38% to 40%) is USD 3.80 which remain unchanged from the prices as August shipment.

The above means there has been no change in the price meant for China for 5 months since May shipment.

Source - The TEX Report

voda 15 augustus 2014 11:53

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Winst Impala Platinum verdampt door staking

VRIJDAG 15 AUGUSTUS 2014, 10:39 uur | 72 keer gelezen

JOHANNESBURG (AFN) - Als gevolg van een maandenlange staking van mijnwerkers zal de winst van het Zuid-Afrikaanse Impala Platinum over het afgelopen gebroken boekjaar tot 75 procent lager uitvallen. Dat meldde de platinaproducent vrijdag, vooruitlopend op de presentatie van de jaarcijfers eind augustus.
Impala verwacht dat de winst per aandeel exclusief bijzondere posten over het in juni beëindigde boekjaar zal uitkomen tussen 0,82 rand (6 eurocent) en 0,98 rand. Een jaar eerder was dat nog 3,30 rand.

In juni eindigde een 5 maanden durende staking van tienduizenden kompels in Zuid-Afrika. Die staking heeft ook de Zuid-Afrikaanse economie hard geraakt.

Impala is na Anglo American Platinum (Amplats), dat vorige maand al de boeken opende, de grootste producent van platina ter wereld. Ook Amplats kampte met de gevolgen van de staking. Het concern zag de winst in het eerste halfjaar met 88 procent kelderen.

voda 15 augustus 2014 11:53

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BHP Billiton wil veel activiteiten afstoten

VRIJDAG 15 AUGUSTUS 2014, 09:40 uur | 163 keer gelezen

MELBOURNE (AFN) - Het internationale mijnbouwconcern BHP Billiton gaat waarschijnlijk voor miljarden aan bezittingen afstoten om zich beter te kunnen focussen op de productie van ijzererts, steenkool, koper en aardolie. Dat maakte het bedrijf vrijdag bekend.
Volgens BHP zullen topbestuurders volgende week bijeenkomen om de nieuwe structuur van het bedrijf te bespreken en kan snel een besluit bekend worden gemaakt. Analisten denken dat tot wel 12 miljard dollar (9 miljard euro) aan bezittingen kunnen worden afgestoten, waaronder de activiteiten op het gebied van nikkel, mangaan en aluminium. Die activiteiten waren in de 12 maanden tot en met juni 2013 goed voor ongeveer 14 procent van de omzet van het bedrijf.

Sinds begin 2012 heeft het grootste mijnbouwbedrijf ter wereld al voor 5,2 miljard dollar aan bezittingen verkocht om de organisatie te stroomlijnen.

voda 17 augustus 2014 15:48

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Mining giant BHP flags demerger plans

Global mining giant BHP Billiton said that it could spin off unwanted assets to focus on top tier commodities such as iron ore, copper, coal and petroleum.

The world's biggest mining company did not said that which businesses could be demerged, but reports this year said its aluminium, bauxite and nickel assets could be spun off into a single entity worth about AUD 20 billion.

BHP Billiton has been simplifying its portfolio for over a decade and is pursuing options to make the company simpler and more productive. It signalled in April it may sell some assets but did not said that how this would be achieved.

It said that since then, the board has continued to study various structural alternatives including at its meeting this week. A demerger of a selection of assets is our preferred option.The board expects to consider this, and other matters, when it reconvenes next week.

BHP said that we believe that a portfolio focused on our major iron ore, copper, coal and petroleum assets would retain the benefits of diversification, generate stronger growth in cash flow and a superior return on investment

It said that by increasing our focus on these four pillars, with potash as a potential 5th, we will be able to more quickly improve the productivity and performance of our largest businesses.

Source - Channel NewsAsia

voda 18 augustus 2014 17:09

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Mining industry scrambling to cope with Ebola crisis in West Africa

The Guardian reported that rich in raw materials, the major countries that have been hit by the outbreak, Liberia, Guinea, Sierra Leone and Nigeria are all heavily dependent on mining. Globally recognized firms Rio Tinto and Vale, as well as smaller companies such as Sierra Rutile and London Mining, have been forced to act since the outbreak, which has killed more than 1,000 people since it began in March.

The responses of these international companies have varied. Some are attempting to help contain the crisis, others have withdrawn their international employees from the region. The majority are providing financial donations and have increased sanitation to workers to help tackle the disease.

Rio Tinto, the world’s third largest mining company, who owns a share of the Simandou project in eastern Guinea, has donated USD 100,000 to the World Health Organization’s work in the area and is making additional sanitation supplies and equipment available to the communities in which staff live and work.

Vale, who was involved in the Simandou project until late April, is reported to have evacuated six international members of staff and put the rest of its workforce in the area on leave. There has been no information released on whether the company helped to contain the virus. Vale declined requests from the Guardian to confirm reports or explain their response to the outbreak.

Smaller firms, however, such as London Mining and Sierra Rutile, who operate in Sierra Leone, have also donated money in efforts to tackle the spread of the disease, much of which will be used to educate local communities about the virus.

Mr Gregory Hartl spokesperson of WHO said that “This is the biggest challenge in the fight against the outbreak. Because of this, more companies operating in affected countries are being called on to educate local communities and their workforces. Any company or organization who can help spread proper education about Ebola and how one can protect themselves and others, that we need.”

Source – The Guardian

voda 19 augustus 2014 16:15

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BHP Billiton boekt 23% hogere nettowinst 2013 - 2014

SYDNEY (Dow Jones)--BHP Billiton ltd (BHP) heeft in zijn gebroken boekjaar 2013 - 2014 een 23% hogere nettowinst geboekt, meldt het concern dinsdag tijdens de presentatie van zijn jaarresultaten.

Daarnaast presenteerde 's werelds grootste mijnbouwer zijn plannen voor de oprichting van een nieuw concern waarin het onder andere zijn nikkelmijnen en aluminiumsmelterijen zal onderbrengen. Het nieuw op te richten bedrijf zal een notering krijgen aan de Australische beurs.

BHP rapporteerde over het afgelopen boekjaar een 23% hogere nettowinst van $13,83 miljard, vanwege een hogere ijzerertsproductie in het westen van Australie en kostenbesparingen. Vooraf door Dow Jones Nieuwsdienst geraadpleegde analisten rekenden op een nettowinst van $13,86 miljard.

Het concern herziet zijn strategie om zich te concentreren op de productie van ijzererts, koper, cokeskolen en aardolie. Daarbij hoort de spin-off van een verzameling van activa die tot voor kort de winst drukten.

Het concern meldde dinsdag een bedrijf te creeren om zijn aluminium en mangaan activiteiten in onder te brengen, plus eventuele mijnbouwactiva, waaronder zijn Cerro Matoso nikkelmijnen in Colombia en de Cannington mijnschacht in Australie, waar zilver, lood en zink worden geproduceerd. In het nieuwe bedrijf zullen ook de thermische koolactiviteiten van het bedrijf in Zuid-Afrika en de cokeskool activiteiten in de Illawarra ten zuiden van Sydney ondergebracht worden.

BHP kreeg veel van de activa in handen na de overname van het Britse Billiton plc in 2001. De spin-off-plannen weerspiegelen de nieuwste verschuiving binnen de mijnbouwsector in zijn geheel naar een minder gediversifieerde portefeuille, vanwege een scherpe terugval van de prijzen van veel grondstoffen.

BHP meldt de spin-off naar verwachting in de eerste helft van 2015 af te ronden.

BHP meldde dat de nettowinst werd versterkt door een hogere ijzerertsproductie, ter compensatie van de dalende inkomsten uit koper, aardolie en steenkool. Het management van het bedrijf verwacht de productie van ijzererts in het huidig boekjaar opnieuw te verhogen, met name in Australie, ondanks de zorgen onder sommige beleggers dat de vraag zal achter blijven bij het wereldwijde aanbod.

Het concern verhoogde zijn slotdividend met 5% tot $0,62 per aandeel.

Door Rhiannon Hoyle; Vertaald en bewerkt door Patrick Buis; Dow Jones Nieuwsdienst +31-20-571-52-01; patrick.buis@dowjones.com

voda 19 augustus 2014 16:44

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BHP Billiton update on Portfolio Simplification

BHP Billiton has been simplifying its portfolio for over a decade and is pursuing options to make the Company simpler and more productive.

As we announced on April 1st 2014, we are actively studying the next phase of simplification, including structural options. We believe that a portfolio focused on our major iron ore, copper, coal and petroleum assets would retain the benefits of diversification, generate stronger growth in cash flow and a superior return on investment.

By increasing our focus on these four pillars, with potash as a potential fifth, we will be able to more quickly improve the productivity and performance of our largest businesses.

Since then, the Board has continued to study various structural alternatives including at its meeting this week. A demerger of a selection of assets is our preferred option.

The Board expects to consider this, and other matters, when it reconvenes next week. If any material decisions are made, they will be announced immediately.

Source – Strategic Research Institute

voda 19 augustus 2014 16:46

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Rio Tinto and BHP tighten grip on world iron ore

SMH reported that Mexican drug cartels have been diversifying into the iron ore business, smuggling ore worth about USD 1 billion a year into China. But it’s the emergence of a more legitimate cartel one run largely by Australians that should worry China more.

Rio’s latest result shows how powerful the big three global producers have become. The company’s results for the six months to June 30, with underlying earnings rising 21% to USD 5.1 billion are remarkable given that iron ore prices actually fell 20% over the period.

After slashing costs, capital expenditure and debt, management hinted at higher dividends and more buybacks. If the mining boom is supposed to be over, no one told Rio Tinto.

The really interesting element to the result concerned production increases. Although lower iron ore and coal prices stripped USD 1.4 billion from underlying earnings, volume increases, particularly in iron ore, offset that fall by more than USD 900 million. All up, iron ore contributed more than 90% of total profit.

With China slowing and the country’s government frantically shifting spending away from capital expenditure towards consumption, which dampens demand for ore, Rio Tinto and BHP are expanding output.

It sounds counter-intuitive but the move contains a deadly logic. Rio, BHP and Brazilian owned Vale enjoy major cost advantages over almost every other producer. The greater their output, the more pain they inflict on the competition. If the big three can push the price of ore low enough, they can induce a global shakeout in the industry by forcing higher cost producers into bankruptcy.

After that, the Chinese become price takers a prospect that must terrify them and the big three will recover all the money and more they’re prepared to lose to control global output and prices.

Source – SMH

voda 19 augustus 2014 16:53

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Rio Tinto to review options in Bougainville Copper Limited

In light of recent developments in Papua New Guinea, including the new mining legislation passed earlier this month by the Autonomous Bougainville Government, Rio Tinto has decided now is an appropriate time to review all options for its 53.83% stake in Bougainville Copper Limited.

For some time, BCL has been involved in discussions with the Government of Papua New Guinea, the ABG and landowners about whether it would participate in a future potential return to mining at Panguna.

Source – Strategic research Institute

voda 20 augustus 2014 19:44

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BHP Billiton announces net profit of USD 13.8 billion for year ended June 30th 2104

Global mining giant BHP Billiton posted a 23.2 percent jump in annual net profit to USD 13.83 billion on Tuesday, as spending cuts and productivity gains offset weaker commodity prices.

Highlights

1. BHP Billiton reported a record low Total Recordable Injury Frequency of 4.2 per million hours worked and we suffered no fatalities during the period.

2. A significant improvement in productivity underpinned strong financial performance as underlying attributable profit increased by 10% to USD 13.4 billion.

3. Productivity led volume and cost efficiencies of USD 2.9 billion, exceeding target by 61% or USD 1.1 billion

4. Further improvement in productivity and reduction in capital and exploration expenditure by 32% to USD 15.2 billion, delivered a substantial USD 8.1 billion increase in free cash flow, despite weaker commodity prices

BHP Billiton CEO Mr Andrew Mackenzie, said: “In the last 12 months we have delivered on our commitments. Our operational performance continued to improve, enabling us to exceed production guidance for a number of our core commodities including iron ore, metallurgical coal and petroleum liquids. Productivity-led volume and cost efficiencies of USD 2.9 billion were USD 1.1 billion ahead of plan, meaning we have now embedded more than USD 6.6 billion of sustainable, annualised productivity-led gains over the last two years.”

He added: “BHP Billiton is becoming a simpler, more productive company and the demerger proposal we have announced today is an important step forward. We plan to create an independent global metals and mining company based on a selection of high-quality aluminium, coal, manganese, nickel and silver assets. Separating these businesses via a demerger has the potential to unlock shareholder value by allowing BHP Billiton to improve the productivity of its largest businesses more quickly and by creating a new company specifically designed to enhance the performance of its assets. With a simpler portfolio, we are targeting at least another USD 3.5 billion of productivity-related gains by the end of the 2017 financial year.”

He said “Our Iron Ore business clearly illustrates this opportunity. At Western Australia Iron Ore, we now expect the debottlenecking of our mines and inner harbour infrastructure to increase our supply-chain capacity to 290 Mtpa (100 per cent basis). The additional 65 Mtpa of capacity is likely to have a capital intensity below USD 50 per annual tonne with the improvement in productivity and economies of scale also expected to significantly reduce unit costs.

Source – Strategic Research Institute

voda 20 augustus 2014 19:45

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BHPB announces a new global metal and mining company in spin off

BHP Billiton announced plans to create an independent global metals and mining company based on a selection of its high quality aluminium, coal, manganese, nickel and silver assets.

It said “Separating these businesses via a demerger has the potential to unlock shareholder value by significantly simplifying the BHP Billiton Group and creating two portfolios of complementary assets.”

Once simplified, BHP Billiton will be almost exclusively focused on its exceptionally large, long-life iron ore, copper, coal, petroleum and potash basins. With fewer assets and a greater upstream focus, the Group will be able to reduce costs and improve the productivity of its largest businesses more quickly.

BHP Billiton Limited and Plc shareholders would be entitled to 100 per cent of the shares in NewCo through a pro-rata in-specie distribution. It is intended that NewCo would be listed on the Australian Securities Exchange and would have an inward secondary listing on the Johannesburg Stock Exchange.

BHP Billiton Chairman Mr Jac Nasser, said: “For over a century, BHP Billiton has progressively reshaped its business to maintain its industry leadership. We believe the proposed demerger, if implemented, will accelerate the simplification of the Group’s portfolio, provide investors with choice and unlock value in both companies. Our shareholders will have the opportunity to vote on this proposal once the necessary approvals are in place.

He added: “The new company would be established with strong leadership. Its Chairman would be David Crawford who will retire from the BHP Billiton Board in November 2014. David is one of Australia’s most respected company directors and chairmen. He has a deep understanding of the resources industry and nearly 20 years on the Board of BHP Billiton. The Board believes David’s experience and skills make him the right person to guide the new company through its entry into the global resources sector.

He added “In addition, we are pleased to announce that Graham Kerr, our Chief Financial Officer, would assume the role of Chief Executive Officer and Brendan Harris, Head of Investor Relations, would be Chief Financial Officer, both based in Perth, Australia.”

BHP Billiton’s minerals portfolio will ultimately be focused on six major operated assets: Western Australia Iron Ore, Queensland Coal2, New South Wales Energy Coal and Olympic Dam copper in Australia; and the Escondida and Pampa Norte copper mines in Chile. It is currently investing in a seventh asset in the Saskatchewan potash basin, Canada. The Group also retains its non-operated interests in the world class Antamina copper (Peru), Cerrejón energy coal (Colombia) and Samarco iron ore (Brazil) joint ventures.

Petroleum will concentrate on its high-quality assets in the United States and Australia which include: operated facilities such as Pyrenees and Macedon in Western Australia, Shenzi in the deep water Gulf of Mexico and Angostura offshore Trinidad, as well as shale resources in the United States. BHP Billiton also retains its non-operated interests in Atlantis and Mad Dog in the Gulf of Mexico, and Bass Strait and the North West Shelf offshore Australia, while pursuing other high-value exploration and development opportunities.

The assets selected for NewCo include some of the most attractive operations in their industries. Cannington (Australia) is the world’s largest producer of silver. The Manganese business is the world’s largest producer of manganese ore with mines at GEMCO (Australia) and Hotazel (South Africa) and a top global producer of alloy through its TEMCO (Australia) and Metalloys (South Africa) assets. The Aluminium business includes one of the largest and lowest cost global alumina refineries in Worsley (Australia), competitive smelters in Hillside (South Africa) and Mozal (Mozambique) and a non-operated interest in bauxite, alumina and aluminium assets in Brazil. Illawarra Coal (Australia) is a significant exporter of metallurgical coal into the Pacific Basin and Energy Coal South Africa is the third largest South African exporter of thermal coal. Cerro Matoso (Colombia) is a high-quality ferro-nickel operation.

Source – Strategic Research Institute

voda 21 augustus 2014 16:56

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BHP Billiton announces a series of changes to senior management of the Company

Mr Graham Kerr currently CFO of BHP Billiton is appointed CEO designate of the new company that BHP Billiton plans to form in a demerger. Mr Graham will retire from the Group Management Committee on October 1st 2014 and will be replaced as CFO by Mr Peter Beaven, currently President, Copper. Mr Brendan Harris, currently Head of Group Investor Relations, has been appointed CFO designate of the new company.

Mr Graham first joined the BHP Billiton Group in 1994 as a graduate and held various positions, including President of the Diamonds and Specialty Products business, before being appointed CFO in November 2011. Mr Brendan joined BHP Billiton in 2010 and has led the Company’s global investor relations team from London and Melbourne since 2011. He was previously Executive Director, Metals and Mining Research, at Macquarie Bank.

Mr Peter joined BHP Billiton in 2003 and has held various positions in the Company including President Manganese and Vice President Business Development and Chief Development Officer for the Carbon Steel Materials business. He joined BHP Billiton following a previous career with UBS where he headed the Australian advisory team for resources. Peter is a registered Chartered Accountant. He will relocate to Melbourne from Santiago.

An announcement relating to Mr Peter’s replacement as President Copper will be made in due course. In the interim Mr Edgar Basto, currently Asset President Escondida, will act in the capacity of President, Copper and, following the appointment of a permanent replacement, will take up a new role within BHP Billiton.

Mr Andrew Mackenzie CEO of BHP Billiton said that “Mr Graham has made a significant contribution to BHP Billiton including overseeing the development of the proposed demerger announced today. He has experience across commodities and in recent years has led the finance function and businesses in Canada and South Africa with distinction. Graham is the right person to lead the new company and I am pleased that shareholders will continue to benefit from his skills and experience in his new role.”

Mr Mackenzie added that “MrPeter has delivered very strong results in leading our Copper business through a period of significant gains in safety, productivity and performance. He brings very strong financial experience and expertise to his new role as CFO of BHP Billiton.”

BHP Billiton also announced that Ms Karen Wood will retire from the Group Management Committee effective. Mr Karen joined BHP Limited as Company Secretary in June 2001 shortly before the BHP and Billiton merger. Over her 13 years with the Group she has held a variety of roles including leading the global Human Resources and Corporate Affairs functions. She joined the Office of Chief Executive (later the Group Management Committee) in 2006.

In announcing Ms Karen’s retirement, Mr Mackenzie acknowledged the significant and enduring contribution that Karen has made to BHP Billiton. In her time with the Company, Ms Karen has supported each chief executive, worked on all leadership transitions and been intimately involved in every corporate transaction and significant development within the organisation. She has provided invaluable counsel to all of us and to the Board throughout and has given me personally insightful and helpful guidance as I moved into the role of CEO.

He said that “Ms Karen leaves having put in place world class Human Resources and Corporate Affairs processes and teams. She also led the headquarters of the Company back to its original home in Collins Street in Melbourne and to a wonderful building that both recognises our heritage and promotes our modern culture. Karen’s professionalism and commitment to the organisation and its people will be sorely missed. While Karen is retiring from her executive role she will continue to support me and the Board for some time on several matters including the demerger announced earlier today.”

Source – Strategic Research Institute

voda 22 augustus 2014 14:21

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BHPB update on global economic outlook

The global economy grew at a moderate rate in the 2014 financial year. Momentum in the United States, Japan and the United Kingdom was underpinned by central bank monetary policy. Europe’s economy improved marginally, although the recovery was constrained by high levels of unemployment. Emerging markets, including China, experienced a moderate slowdown.

In a relative sense, the Chinese economy continues to grow strongly with signs that it is rebalancing. Consumption continued to be supported by higher household incomes while fixed asset investment softened, led by the property sector, as the central bank restricted access to credit. Rapid credit growth in the non bank financial sector remained an important concern for policymakers.

We remain confident in the short to medium-term outlook for the Chinese economy. Measured stimulus recently introduced by the government demonstrates their commitment to maintain economic growth above 7%. We believe consumption and services will continue to increase in importance, while the market’s role in allocating capital will be enhanced. Greater transparency within the fiscal system is also expected to reshape the relationship between central and local government.

The underlying performance of the United States economy continued to improve despite the significant disruption caused by severe weather in the March 2014 quarter. The curtailment of quantitative easing appears to have had a limited impact on sentiment as a solid increase in demand reflects a stronger labour market, rising disposable incomes, and higher equities and housing prices.

Business investment has been a weak link in the recovery so far as companies have responded slowly to better economic conditions, despite higher levels of profitability. An increase in capital spending will be required to sustain the recovery in the medium term.

The Japanese economy has responded strongly to expansionary monetary and fiscal policy over the past year. Investment spending and wages increased as corporate profits benefited from the depreciation of the yen, while an increase in the national sales tax in April had a limited impact on consumption. These factors have increased the potential for faster growth in the short term, although a longer term, sustainable recovery will be contingent on the scale and speed of structural reform.

With regard to the global economy, stronger United States growth and an associated tightening of monetary policy could result in the rapid outflow of capital from emerging economies. However, developing nations with sound macroeconomic fundamentals would be less likely to experience a severe impact from this transition.

Source – Strategic Research Institute

voda 22 oktober 2014 16:38

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BHP Billiton voert ijzerertsproductie op

WOENSDAG 22 OKTOBER 2014, 07:25 uur | 719 keer gelezen

MELBOURNE (AFN/BLOOMBERG) - BHP Billiton heeft de productie van ijzererts in het eerste kwartaal van zijn gebroken boekjaar met 17 procent opgevoerd. Dat meldde 's werelds grootste mijnbouwbedrijf woensdag.
BHP Billiton produceerde in de periode van juli tot en met september 57,1 miljoen ton ijzererts, tegen 49 miljoen ton een jaar eerder. Het concern hield vast aan de verwachting dat zijn mijnen in West-Australië dit jaar 245 miljoen ton van de grondstof voor staal zullen voortbrengen.

De prijs van ijzererts is het afgelopen jaar stevig gedaald, doordat grote producenten als BHP, Rio Tinto en Vale de productie hebben opgevoerd. Zij profiteren van lage productiekosten, maar hebben inmiddels ook gezorgd voor een internationaal overaanbod aan ijzererts.

voda 23 oktober 2014 14:30

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Topman Rio Tinto mag blijven

DONDERDAG 23 OKTOBER 2014, 11:47 uur | 304 keer gelezen

LONDEN (AFN) - Topman Sam Walsh van mijnbouwgigant Rio Tinto blijft langer aan het concern verbonden. Rio Tinto verlengde donderdag het contract van de bestuursvoorzitter, dat eind 2015 afliep, voor onbepaalde tijd. Ook financieel topman Chris Lynch kreeg een contractverlening voor onbepaalde tijd.
Walsh zwaait sinds begin vorig jaar de scepter bij de op een na grootste producent van ijzererts ter wereld. Hij meldde eerder al langer aan te willen blijven bij het concern.

De contractverlengingen moeten nog wel door de aandeelhouders worden goedgekeurd.

voda 23 oktober 2014 15:21

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BHP Billiton operational review for quarter ended Sept 2014

Highlights
1. Group production increased by 9% during the period with records achieved for eight operations and four commodities.

2. Production guidance remains unchanged and we are on track to deliver Group production growth of 16% over the two years to the end of the 2015 financial year.

3. Metallurgical coal production increased by 25% to 13 MT as Queensland Coal achieved record quarterly production and sales volumes.

4. Western Australia Iron Ore production increased by 15% to a quarterly record of 62 MT (100% basis) as the ramp-up of Jimblebar continued ahead of schedule and we improved the availability, utilisation and rate of our integrated supply chain.

5. Petroleum production increased by 7% to 67.4 MMboe as Onshore US liquids volumes rose by 49% to a record 11.5 MMboe.

6. Total copper production decreased by 1% to 389 kilo tonne as lower ore grades, a power outage throughout Northern Chile and industrial action offset strong underlying operating performance at Escondida.

Robust operating performance across our diversified portfolio in the September 2014 quarter delivered a nine per cent increase in production with records achieved across eight operations and four commodities. Group production2 growth of 16% is expected over the two years to the end of the 2015 financial year.

Metallurgical coal production increased by 25% in the September 2014 quarter to 13 Mt as Queensland Coal achieved record production and sales volumes. The new Caval Ridge mine operated at capacity during the period while the Daunia and South Walker Creek mines also produced at a record rate. Total metallurgical coal production is forecast to increase by four per cent in the 2015 financial year to 47 Mt, consistent with prior guidance.

Western Australia Iron Oreachieved record production of 62 Mt (100% basis) as the ramp up of Jimblebar continued ahead of schedule and we improved the availability, utilisation and rate of our integrated supply chain. WAIO production guidance for the 2015 financial year remains unchanged at 245 Mt (100% basis) while Samarco production is expected to grow by 29% to 28 Mt (100% basis).

Escondida copper production decreased by three per cent in the September 2014 quarter to 269 kilotonne as strong operating performance was offset by a 12% decline in ore grades, industrial activity and a power outage throughout Northern Chile. The temporary reduction in ore grades was anticipated, ensuring production guidance for Escondida remains unchanged at 1.27 Mt of copper for the 2015 financial year. Total copper production is forecast to increase by 5% to 1.8 MT, consistent with prior guidance. A USD 361 million increase in the budget of Escondida Organic Growth Project to USD 4.2 billion was approved during the period. The project remains on schedule for completion in the first half of the 2015 calendar year.

Mr Andrew Mackenzie CEO of BHP Billiton said that “Robust operating performance across our diversified portfolio in the September 2014 quarter delivered 9% increase in production with records achieved for eight operations and four commodities. With production guidance maintained across all operations and businesses, we remain on track to generate Group production growth of 16% over the two years to the end of the 2015 financial year.

Mr Mackenzie said that “Our relentless focus on productivity continues to yield strong results. At Western Australia Iron Ore, we have completed our major supply chain investments and, for the first time in a decade, we have no major projects in execution. With our focus now on maximising the value of existing infrastructure, we plan to reduce costs and invest judiciously in very low capital cost debottlenecking initiatives. These plans are expected to increase total
supply chain capacity to 290 million tonne per annum by the end of the 2017 financial year and reduce unit costs4 by at least 25% to less than USD 20 per tonne. When combined with other initiatives across our portfolio we are very well positioned to reduce cash costs by more than USD 2.3 billion and deliver volume related productivity gains of at least USD 1.2 billion by the end of the 2017 financial year.”

Source – Strategic Research Institute

voda 29 oktober 2014 16:46

0

BHP Billiton update maximizing value and shareholder returns

BHP Billiton explained how with a simpler portfolio it will maximise value and shareholder returns by reducing operating costs and improving capital efficiency.

Mr Andrew Mackenzie CEO of BHP Billiton, said that “We are confident that our productivity drive will be accelerated by the demerger proposal we announced in August. A simpler portfolio, focused on our 19 core assets, will retain an optimal level of diversification while generating even stronger growth and margins.”

Production from the core portfolio is expected to grow by 23% over the two years to the end of the 2015 financial year as the Company completes high return, brownfield projects and embeds productivity led volume gains. BHP Billiton remains on track to meet all 2015 financial year production guidance.

The Group has cut unit costs across all its mineral businesses and expects further reductions across the core portfolio. Unit costs at Western Australia Iron Ore fell 12% in the second half of the 2014 financial year and a 25% reduction is expected in the medium term.

Production costs in the Copper business have also fallen despite grade decline. Escondida unit costs declined by 22% in the last two years and we forecast another 5% reduction in the 2015 financial year.

At Queensland Coal, a 24% reduction in operating costs has re-established the business as a leader in its industry. We expect to reduce unit costs by a further 10% to below USD 90 per tonne, in the 2015 financial year as we continue to increase throughput from our installed infrastructure.

In Petroleum, forensic benchmarking of every component of our Onshore US drilling program has significantly improved capital productivity. Drilling costs in the Black Hawk fell 16% in the 2014 financial year. Onshore US operating costs6 are also expected to improve with a 10% reduction forecast in the 2015 financial year.

BHP Billiton expects to embed a minimum of USD 3.5 billion in annualised productivity gains by the end of the 2017 financial year with more than USD 2.3 billion to come from cash cost savings.

Our longstanding capital management framework defines four priorities for cash flow: to retain a solid A credit rating to maintain a strong balance sheet through the cycle; to at least maintain or grow our progressive base dividend in every reporting period; to invest selectively in high return opportunities through the cycle; and to return excess capital to shareholders in the most efficient way.

Mr Mackenzie said that “We see our capital management strategy as a precondition to maximising shareholder value. It has allowed us to invest through the cycle and grow our dividend at an average annual rate of 17% over the last decade without interruption.”

He said that “Our core portfolio includes a suite of development options that are expected to generate an average rate of return8 of over 20 per cent. As our capital efficiency improves we will be able to create more value for less investment. We believe we can significantly reduce annual capital expenditure relative to our current plans while maintaining our growth trajectory.”

Mr Mackenzie said that “In the Eagle Ford and Permian we are forecasting liquids production of approximately 200 thousand barrels per day by the 2017 financial year. This is expected to generate significant value as investments in our liquids rich Onshore US wells typically generate returns9 of over 50%.

He said that “In time, we expect to fully develop our Haynesville gas field given the quality of our acreage. As we look to improve the balance of liquids and gas across our Petroleum portfolio we have initiated the marketing of our Fayetteville acreage. However, we will only divest the field if it maximises value for shareholders.”

Source – Strategic Research Institute

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