Eurobench.com

voda 23 februari 2015 16:50

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US alloy producer targets BHP unit for anti dumping duties

Law360 reported that a West Virginia manufacturer lodged petitions with U.S. trade authorities that could lead to hefty tariffs on a BHP Billiton Ltd. subsidiary's shipments of a critical alloy additive used in steel production, alleging that the foreign company has sold its product in the US at unfairly low prices.

Filing concurrent petitions with the US Department of Commerce and the US International Trade Commission was Felman Production LLC, which said the dumped imports of silicomanganese from Australia's Tasmanian Electro Metallurgical Company have ravaged the US.

Source - Law360

voda 24 februari 2015 17:02

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Low iron ore price not our fault - BHP Billiton

Mining Australia cited Mr Andrew Mackenzie CEO of BHP Billiton as saying that calls to reduce iron ore production in the light of falling prices would only work to harm the Australian economy.

Mr Mackenzie blasted recent suggestions that the company had employed a flawed strategy in its ramp up of iron ore production as BHP has spent around AUD 32 billion in the past ten years more than doubling its production out of the Pilbara.

Mr Mackenzie said that “I strongly believe that the world will be best served by a sustainable supply of commodities at a fair price, and that capital resources should be directed towards the most efficient sources of that production in a manner that the world gets them as cheaply as possible, in terms of cost and with the greatest environmental performance and the smallest environmental footprint. The only certain effect of stalling production will be to reduce Australian exports.”

He said that “Any growth you see from us is predominantly by completing investments and making the investments that we have made even more productive. Anything less than that would mean giving up revenue, giving up royalties, giving up the stimulation to employment and innovation that are so important for this country's future.”

Last year Mr Barnett slammed both BHP and Rio Tinto for plans to increase production. He said that "This seeming strategy of the two major producers to flood the market (with supply) and force the price down, I mean, remember who your landlord is that's hurting Western Australia. I will just make the point, you can have your corporate strategy, but there's also a sense of corporate social responsibility."

Mr Nev Power CEO of Fortescue Metals Group said that “As we know in the iron ore business there has been plenty of talk about what projects will come on but they have been delayed and not come on as forecast, but this apprehension of excess supply is influencing the price.”

By 2017 the miner's annual iron ore output will increase to 275 million tonnes. But with price of iron ore dropping by close to 50% last year, the company has come under attack from West Australian Premier Mr Colin Barnett over how it runs its business.

Source - Mining Australia

voda 24 februari 2015 17:18

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Former Rio exec slams ore market

Business Spectator reported that a former executive at Rio Tinto has lambasted the move from long term iron ore contracts to spot market pricing, saying the shift has been a disaster.

Mr Mal Randall, who spent over two decades with the mining giant, criticised former BHP Billiton chief executive Mr Marius Kloppers for green lighting the change in 2010.

Mr Randall said that "Iron ore pricing now is, to a large extent, in the hands of the traders who can wheel and deal. Sometimes it bears no relation to the actual iron ore price it's just deals and deals within deals. If they want to push the price up or down somewhere out of Qingdao they will and they'll do it on one or two ships. It's a bit of a mess."

The comments come as the iron ore price sits at lows not seen since 2009, before the shift away from annual contracts.

Benchmark iron ore ended last week at USD 63.40 per tonne, just 3.6% above the five and a half year low reached earlier in the month.

Source - Business Spectator

voda 25 februari 2015 16:27

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BHPB reports results for half year ended 31 December 2014

Underlying EBIT of USD 9.2 billion and an Underlying EBIT margin of 32% for the December 2014 half year demonstrate the strength of BHP Billiton’s strategy and the resilience of our portfolio in weaker markets.

Improved productivity and reduced capital expenditure allowed us to generate USD 4.1 billion of free cash flow and strengthen the balance sheet despite lower prices.

We are extending our productivity gains faster than initially anticipated with USD 2.4 billion achieved in the period. We expect over USD 4.0 billion of productivity gains by the end of the 2017 financial year.

Our cost competitiveness continues to improve in all our major businesses, with unit cash costs reduced by 29% at Western Australia Iron Ore, 15% at Queensland Coal, 13% at Escondida and 8% at Onshore US.

We reduced capital and exploration expenditure by 23% to USD 6.4 billion in the half year and plan to invest a total of USD 12.6 billion in the 2015 financial year and USD 10.8 billion in the 2016 financial year.

BHP Billiton CEO Mr Andrew Mackenzie, said: “These results demonstrate the effectiveness of our strategy and the quality of our people, assets and processes. Despite significant falls in the prices of our main commodities over the last six months, Group margins remain healthy, free cash flow has increased and we have strengthened our balance sheet. We are confident that we can maintain our progressive dividend policy and continue to selectively invest in projects that offer compelling returns. We started to prepare for a sustained period of lower prices almost three years ago by increasing our focus on efficiency and lowering our investment. Since then, we have achieved annualised productivity gains approaching USD10 billion and reduced capital spending by almost 40 per cent. We have seen rapid improvement across all of our major businesses. For example, in the last six months alone we have cut unit costs at Western Australia Iron Ore by 29 per cent to nearly USD 20 per tonne, achieving an Underlying EBIT margin of 49 per cent despite the structural shift in prices.”

He said “This push for productivity must continue and our proposed demerger will be a catalyst for further progress. Simplification will ensure BHP Billiton’s organisation, systems and processes are dedicated to its core assets, allowing us to further improve their productivity. Meanwhile, South32 will benefit from a dedicated management team who can tailor their strategy to suit their own distinct portfolio. Following the proposed demerger, BHP Billiton will maintain its progressive dividend policy and any dividends from South32 will represent additional cash returns to shareholders.”

He added “We remain confident about the outlook for our Company. We have the best quality assets and operating capability, a deep understanding of global markets, a portfolio of very high-return growth projects, a strong balance sheet and offer outstanding cash returns to shareholders. The demerger will allow us to continue the process of building an organisation that is truly unique.”

Source - Strategic Research Institute

voda 25 februari 2015 16:34

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Vale 52pct dividend cut appeasing bondholders

Mr Murilo Ferreira CEO of Vale SA is finally putting bondholders of the world’s biggest iron ore producer first.

After showering stock investors with some of the most generous dividends among major miners, distributing USD 23.6 billion since Mr Murilo took over in 2011 Vale will cut the payout by 52% in 2015. The reduction will save the Rio de Janeiro based company USD 2.2 billion this year.

With iron ore prices down by about 60% since 2011, Vale was hard pressed to continue the payouts as it lost support from bondholders and had its ratings cut by Standard & Poor’s last month for the first time in more than eight years. After trailing industry peers in the three months prior to the dividend change, Vale’s USD 2.25 billion of notes due 2022 have now gained 1.6% more than the average for mining company debt.

Mr Caio Lombardi, a fixed income analyst at Bradesco BBI SA said that “The dividend cut was wonderful news for bondholders. This is money coming out from the stockholders to the debtholders.”

The dividend cut preserves a sound capital structure as it completes projects at a time of lower prices. At the same time, we are intensifying the cost and capex reduction targets announced last December and developing partnerships and divestments to reinforce our free cash flow generation.

Vale’s 2022 bonds had lost 5% in the three months before the January 30 announcement, pushing yields up by 1.63 percentage point to a record 5.78% in December.

Mr Michael Roche, a strategist at Seaport Group LLC said that “Vale bond prices were falling hard and the management had to respond to that risk.”

Source - Bloomberg

voda 26 februari 2015 16:56

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BHPB update on economic and commodity outlook

Economic outlook;
Global economic growth slowed slightly over the December 2014 half year with variable performance across the major economies. Chinese growth experienced a moderate slowdown while some other large emerging economies, notably Brazil and Russia, saw periods of contraction.

Among developed economies, both the United States and the United Kingdom saw solid growth supported by expansionary monetary policies. In contrast, Europe lost momentum as deflationary pressures increased and Japan saw a pause in its recovery.

The Chinese economy was healthy with slightly slower growth over the period consistent with government targets. Household incomes and consumer spending were resilient and both monetary and fiscal policies remain focused on rebalancing the economy. Consumption will become increasingly important over the medium term as economic reforms promote slower but more sustainable growth.

The United States economy continued to improve with strong employment growth boosting both consumer confidence and spending. Business investment, which had been a soft spot in the recovery, also rose moderately. The economic recovery is expected to continue, supported by lower energy prices and growth in consumer spending, bolstering expectations that the Federal Reserve will raise interest rates in the next 12 months.

Although the Japanese economy was weak over the December 2014 half year, leading indicators such as industrial production and business confidence have begun to show signs of improvement. We expect the recovery to continue at a modest pace, supported by lower energy prices and the weaker yen.

Commodities outlook;
Demand for our products remained solid, despite growth moderating as anticipated. However, strong supply growth, most notably in iron ore and petroleum, contributed to weaker prices in the December 2014 half year.

In China, domestic steel demand was subdued due to weakness in the property sector, resulting in record exports to overseas markets where demand saw steady growth. In the 2015 calendar year Chinese demand is expected to recover moderately, supplemented by healthy demand growth in the rest of the world.

While overall Chinese demand for iron ore was flat over the period, imports nonetheless increased as high cost domestic mine supply was displaced by lower cost seaborne supply. As the marginal cost of supply fell, the iron ore spot price also declined to levels which are now more reflective of the medium-term fundamentals.

Source – Strategic research Institute

voda 26 februari 2015 16:58

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Glencore merger not going to happen - Rio Tinto CEO

SMH cited Mr Sam Walsh boss of Rio Tinto as saying that investors are not taking Glencore's ambitious advances on a merger with the iron ore giant seriously because anti trust authorities are simply not going to let it happen.

Mr Walsh's comments, made at a Chatham House event on the weekend, are much more frank than those he made at Rio's full year results earlier this month. He has largely held the line we will not be distracted when asked about Glencore.

Mr Walsh said on the weekend that while the media is infatuated with the prospects of a Glencore Rio tie up, investors are devoting little energy to it. Part of the reason is value, part of the reason is anti-trust, the people who collect tax and what have you, they are simply not going to let it happen.

Mr Walsh pointed to BHP's failed takeover tilt for Rio six years ago, saying it fell over primarily because of value, but it fell over because the anti-trust authorities said 'We are not going to let this happen.

Rio rebuffed Glencore's AUD 190 billion merger in August and outed the attempt two months later. Under British law Glencore must wait until April to make another attempt.

But Rio Tinto is looking increasingly expensive for Glencore, which has suffered a huge share price fall since the bid was outed on the back of routs in its key commodities.

Source – SMH

voda 27 februari 2015 17:08

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BHP blinks as casualties mount in iron ore war

Bloomberg reported that the first fractures are appearing in an escalating iron ore price war that is putting more producers out of business.

The biggest mining companies led by Rio Tinto, BHP Billiton and Vale have persisted with multibillion dollar expansion plans, citing still healthy earnings even in the wake of a price collapse. Now, for the first time, one of the big three has voiced concern they may have gone too far.

Mr Andrew Mackenzie CEO of BHP said that “I do fear that other competitors have an awful lot more capital waiting in the wings to invest in expanding. We do look to the future and see a degree of pressure downwards on iron ore prices.”

BHP, Rio and Vale have been squeezing smaller rivals in their quest for market share, while demand growth in China, the biggest consumer, slows. From Sierra Leone's jungle to Sweden's Lapland, abandoned mines are beginning to dot the global landscape.

Mr Seth Rosenfeld, an analyst at Jefferies International in London, said that “They wanted to make sure no one else entered the market and to maximise their own market share. They've now done that as they're expanding and no one else is.”

Having embarked on AUD 120 billion of spending on new projects since 2011, the biggest producers have so far refused to blink in the face of a worsening outlook.

Plans to expand giant rail, port and mine projects in Australia and Brazil are largely undisturbed, the producers content to see higher cost rivals go out of business before they rein back investment in their most profitable divisions.

Source - Bloomberg

voda 27 februari 2015 17:08

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BHP Billiton update results for half year ended Dec 2014

In metallurgical coal, China's seaborne demand declined following a rise in domestic supply. Although several producers outside China have announced production cuts, the volume removed from the market has been less than anticipated and surplus supply is expected to persist in the short term. The thermal coal market also continued to be well supplied by Indonesian and Australian exports while strong import demand growth from India, driven by seasonal restocking, partially compensated for moderating Chinese demand.

Crude oil prices fell in the H1 of the 2015 financial year as a result of growing supply, a lower demand outlook and OPEC's decision to maintain production levels. With prices at approximately half the average of the previous three years, the supply response required for a cyclical rebalancing of the market is under way. While a near term recovery in price depends on the rate that production growth slows, the medium term outlook appears positive as higher prices will be required to induce the new supply needed to offset natural field decline.

In the United States, domestic gas prices came under pressure as continued supply growth allowed storage inventories to rebuild despite relatively normal seasonal demand. In the longer term, industrial demand growth, rising gas-fired power generation and LNG exports are expected to support prices. In the LNG market, mild winter temperatures across North Asia and high storage levels have limited spot demand while the ramp up of new export projects and lower crude oil prices are expected to temper the market in the second half of the financial year.

Copper prices trended lower during the period reflecting concerns over Chinese demand and a stronger US dollar. While prices are expected to remain volatile, market fundamentals are compelling over the medium term with robust demand growth expected and supply constrained by declining ore grades and a lack of quality development options. The current low prices are expected to intensify the looming supply deficit, as projects are deferred or delayed.

The nickel price declined following a sharp rise in the second half of the 2014 financial year, as the market remained well supplied despite the ban on ore exports from Indonesia. Aluminium demand growth remained strong but new supply, mostly from China, continues to offset the curtailment of high cost capacity. Strong aluminium demand flowed through to higher alumina prices during the period. The alumina price was also supported by the Indonesian ore ban, which removed low-cost bauxite supply for Chinese alumina refineries.

Wealth creation and urbanisation will remain the primary drivers of commodities demand while the ongoing development of emerging economies provides particular support for industrial metals, energy and fertilisers. Our iron ore, copper, coal, petroleum and potash businesses provide exposure to this long-term development cycle and will allow us to target high-return investments as markets continue to evolve.

In summary, we expect sustained growth in China, stronger consumer spending in the US and lower energy prices to support an improvement in global economic activity over the course of the 2015 calendar year. However some commodity prices will remain relatively volatile and oversupply in many of our markets will continue to moderate prices.

In the medium term, the structural requirement to induce new supply to meet demand should be supportive for prices in some of our core commodities, most notably in copper and oil. Our diversification, competitive cost position, strong balance sheet and the success of our ongoing productivity initiatives are competitive advantages and provide us with unrivalled flexibility in the face of ever increasing volatility.

Source - Strategic research Institute

voda 27 februari 2015 17:12

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Vale's performance in 2014

2014 was a year of sound performance despite the challenges brought by declining commodity prices

In 2014 Vale SA achieved several production records, further reduced expenses by USD 1.218 billion, completed eight capital projects, reduced capital expenditures by another USD 2.254 billion, negotiated a key partnership for our coal operation in Mozambique and still paid USD 4.2 billion in dividends while preserving a healthy capital structure.

2014 was a year of sound performance despite the challenges brought by declining commodity prices

1. Annual production records in iron ore, copper and gold and the highest annual production in nickel since 2008:
-Iron ore supply of 331.6 million tonnes, including Vale sourced production record of 319.2 million tonnes, mainly due to the record production in Carajás of 119.7 million tonnes
- Nickel production of 275,000 tonnes, the highest annual production since 2008.
- Copper production record of 379,700 tonnes, with ramp-up in Salobo to 98,000 tonnes of production.
- Gold production record of 321,000 oz.

2. Record sales volumes of iron ore and pellets (313.6 million tonnes) and gold (351,000 oz), and the highest sales volume of nickel (272,000 tonnes) since 2008.

3. Reduction of USD 1.218 billion in expenses across all businesses in 2014.
- SG&A decreased by USD 234 million (21.1%).
- Pre-operating and stoppage expenses5 decreased significantly by USD 747 million (45.9% reduction) from USD 1.628 billion in 2013 down to USD 881 million in 2014

4. Adjusted EBITDA of USD 13.353 billion in 2014, a decrease of 40.8% from the USD 22.560 billion in 2013, mainly due to lower commodity prices which negatively impacted adjusted EBITDA by USD 10.580 billion in 2014.
- Base metals adjusted EBITDA totaled USD 2.521 billion in 2014, an increase of 53.8% when compared to 2013 with higher nickel prices and volumes of both copper and nickel more than offsetting the weaker price scenario for copper in 2014.
- Fertilizers adjusted EBITDA improved from -US$ 54 million in 2013 to US$ 278 million in 2014, despite lower sales volumes and prices.

5. Underlying earnings of USD 4.419 billion in 2014 excluding one-time effects of (i) foreign exchange and monetary losses (-US$ 2.200 billion), (ii) impairment of assets (-USD 1.152 billion), (iii) currency and interest rate swap losses (-USD 683 million), (iv) mark-to-market of shareholder debentures (-USD 315 million) and (v) relinquishment of land associated with the renewal of PTVI´s contract of work (CoW) in Indonesia (-USD 167 million), among others.

6. Reduction of US$ 2.254 billion in capex from USD 14.233 billion in 2013 to USD 11.979 billion in 2014, marking the fourth consecutive year of capex reductions.

7. Improvement in Health and Safety indicators with Total Recordable Injury Frequency Rate (TRIFR) falling from 2.6 to 2.3

4Q14 was a quarter marked by production records, low prices and non-recurring effects on EBITDA and earnings

Quarterly production records in:
- Iron ore output in Carajás of 34.9 million tonnes
- Total iron ore production of 83.0 million tonnes, a record for a fourth quarter.
- Pellet production of 11.6 million tonnes, a record for a fourth quarter.
- Nickel production of 73,600 tonnes.
- Copper production of 105,400 tonnes, with ramp-up in Salobo to 31,600 tonnes
- Gold production of 93,600 oz.

Source - Strategic Research Institute

voda 27 februari 2015 17:13

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Rio Tinto streamlines organisational structure to drive greater value

Rio Tinto is streamlining its product groups and corporate functions as part of the continued focus on efficiency and costs.

Under the new arrangements, Rio Tinto's world-class portfolio of assets will be condensed into four product groups: Aluminium, Copper and Coal, Diamonds and Minerals, and Iron Ore.

The new Copper and Coal product group will bring Rio Tinto's coal operations alongside the existing Copper portfolio. Copper chief executive Jean-Sébastien Jacques will lead the combined product group.

Uranium will be added to the Diamonds and Minerals product group, under the leadership of product group chief executive Alan Davies.

As a consequence of the restructuring, Energy chief executive Harry Kenyon-Slaney will leave the business.

The Aluminium and Iron Ore product groups remain unchanged.

A number of key corporate functions will also be reshaped to further reduce costs and improve effectiveness as part of an ongoing optimisation programme.

Rio Tinto chief executive Sam Walsh said “These changes are part of our continuing business transformation to reduce costs, simplify and strengthen our company and deliver sustainable value for shareholders. Our coal and uranium assets remain a part of our world-class portfolio. We will work hard to ensure there is a smooth transition for our colleagues in the Energy product group and continue to maximise efficiencies in our coal and uranium operations. I would like to thank Harry for the important contribution he has made during almost 25 years with the Group, including as a colleague on the Executive Committee for the past five years. Harry has my best wishes for the future and my full appreciation for the significant role he has played in his time at Rio Tinto.”

The new arrangements come into effect immediately.

Source - Strategic Research Institute

voda 1 maart 2015 17:31

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Rio Tinto workers fear more job cuts

The Australian reported that workers fear more jobs are to be cut by mining giant Rio Tinto as it begins a new round of cost cutting by merging its copper and coal divisions.

Under the new arrangements, Rio Tinto's operations will be condensed into four groups iron ore, aluminium, copper and coal and diamonds and minerals. But workers in the Pilbara are worried the axe will soon fall on hundreds of iron ore jobs, and are calling for the company to release details of any layoffs.

There was fresh speculation on Friday that several hundred jobs will go from its iron ore division in Western Australia, as plunging commodity prices increase the urgency of cuts cutting.

The Western Mineworkers Alliance said that Rio employees were hearing conflicting reports of proposed job cuts at sites across the Pilbara, involving between 100 and 800 employees. The multinational mining giant has sent a vague letter to employee representatives announcing mass lay offs were imminent.

Alliance representative Mr Stephen Price said that Rio was treating Pilbara workers with disrespect, and has called on the company to specify whether voluntary redundancies will be offered. Workers in the Pilbara have played an instrumental role in generating multi billion dollar profits for Rio Tinto. To be rewarded with mass sackings is a slap in the face."

Source - The Australian

voda 1 maart 2015 17:32

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BHP pins hopes on spin off South32

Mining reported that BHP pins hopes on spin off South32South32, the firm BHP Billiton will finish branching out by midyear, is set to get off on its right foot as the assets included in its portfolio are among the mining giant's best performing in the past six months.

According to figures unveiled, the businesses bound for South32 generated USD 5.04 billion worth of revenue and USD 887 million of earnings before interest and tax over the six months to December 31.

The aluminum and manganese divisions are shining particularly bright, as they are expected to contribute USD 551 million, or just under 7% of BHP's first half earnings before interest and tax compared with roughly 2.5% a year earlier.

Those businesses, alongside some of world's top miners' coal, manganese, nickel and silver assets, will be part of the new company's key portfolio, which CEO Mr Andrew Mackenzie expects to generate more value.

Mr Mackenzie said that "The benefits exceed the costs of doing this transaction as you would expect, but equally, both companies will be able to generate more productivity than they would together. The proposed demerger would allow BHP to further improve its underlying payout ratio.”

Source - Mining

voda 2 maart 2015 21:12

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Rio's Turquoise Hill gets rid of remaining stake in SouthGobi

Mining reported that Rio Tinto's Turquoise Hill is getting rid of its remaining stake in SouthGobi Resources Limited a troubled Mongolia focused coal miner.

The Vancouver, Canada based firm said that a private Chinese company, Novel Sunrise Investments, has agreed to buy 48.7 million shares in SouthGobi which was once worth over USD 2.4 billion for 35 cents per share in cash.

In July last year Turquoise agreed to sell the majority of its stake in the company to Hong Kong-listed National United Resources Holdings for CAD 12.8 million.

Both deals, expected to close by year-end, will leave Turquoise Hill walking away with CAD 21.3 million, or less than 1% of the CAD 2.3 billion that the stake was once worth.

Earlier this month three SouthGobi ex employees were found guilty of tax evasion by a Mongolian court. Under the country’s law, tax and other disputes are pursued in courts under the criminal code.

US citizen Mr Justin Kapla and two Philippine nationals, Mr Hilarion Cajucom Jr and Mr Cristobal David, each received jail sentences of between five and six years, while the company was fined USD 18 million for tax evasion. Money laundering charges of some 200 billion tugrik were dropped.

Source - Mining

voda 2 maart 2015 21:16

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Rio Tinto restructure to protect profits amid tight iron ore market

ABC reported that resource giant Rio Tinto will merge its copper and coal business as part of a new range of cost cutting measures.

Under the new arrangements, the miner's portfolio of assets will be condensed into four divisions aluminium, copper and coal, diamonds and minerals and iron ore. Uranium will be added to the diamonds and minerals business.

The restructure comes amid tumultuous market conditions with commodity prices under increasing pressure. The price of iron ore, Rio's biggest income earner in Australia, had more than halved over the past 12 months to a little over USD 60 per tonne.

Mr Sam Walsh CEO of Rio Tinto said that the restructure would help the miner further reduce costs and simplify the company's business structure. These changes are part of our continuing business transformation to reduce costs, simplify and strengthen our company and deliver sustainable value for shareholders. Our coal and uranium assets remain a part of our world-class portfolio. We will work hard to ensure there is a smooth transition for our colleagues in the Energy product group and continue to maximise efficiencies in our coal and uranium operations."

Source - ABC

voda 3 maart 2015 16:18

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Glencore kampt met prijsdaling grondstoffen

DINSDAG 3 MAART 2015, 09:46 uur | 207 keer gelezen

BAAR (AFN/BLOOMBERG) - Grondstoffenproducent en -handelaar Glencore kampt met de forse daling van grondstoffenprijzen. Dat bleek dinsdag uit de jaarcijfers van het concern. De nettowinst van het Brits-Zwitserse bedrijf daalde in 2014 met 7 procent ten opzichte van een jaar eerder.

Het resultaat kwam uit op 4,3 miljard dollar (3,8 miljard euro) op een omzet van 221 miljard dollar. Dat was meer dan waar analisten op rekenden. Met de winstdaling houdt Glencore gelijke tred met branchegenoten als Rio Tinto en BHP Billiton die om soortgelijke redenen hun resultaten zagen afnemen.

Eerder meldde Glencore dat het gaat snijden in zijn investeringen, als gevolg van de dalende prijzen en onzekere marktomstandigheden. Afgelopen jaar schreef de onderneming 1,1 miljard dollar af op zijn bezittingen.

voda 3 maart 2015 16:48

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Rio Tinto job cuts to hit office staff

Mining Australia reported that Rio Tinto are set to reduce staff numbers from iron ore operations in Western Australia, with numbers estimated by media outlets to be anywhere between 700 to 800 employees.

Union representatives said that rumours within the company point to a 10% reduction of office based staff.

A source within Rio Tinto said that redundancies were expected to be handed out sometime before March 9.

Last week the Sydney Morning Herald reported 700 jobs would be cut from the iron ore operations, while the West Australian said as many as 800 were on the chopping block according to the Western Mine Worker’s Alliance organiser Mr Stephen Price.

Mr Price said that Rio had sent a letter to employee representatives last Thursday which warned that significant layoffs were imminent.

Rio Tinto emphasised that the focus of Rio Tinto’s management of iron ore operations was cost cutting and that operations staff.

Source – Mining Australia

voda 3 maart 2015 16:51

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BHP's Nickel West cuts 3 year nickel supply deal with Sirius

Reuters reported that Australian nickel explorer Sirius Resources will supply BHP Billiton's Nickel West division in Australia with much needed nickel in concentrate under a three year supply agreement.

Sirius said that the agreement calls for Sirius to ship half its forecast nickel in concentrate production from its Nova mine under construction to BHP's Nickel West smelting division, most likely starting in late 2016.

Sirius ignited interest in the Australian nickel sector three years ago when it made a major discovery, which it named Nova because it was found by a prospector looking for debris from NASA's Skylab space station.

Financial terms of the contract were confidential and discussions were under way with other buyers for the remaining 50% of Sirius' projected 26,000 tonnes-per-year production rate.

The Nickel West smelter lost out on a potential key supply source of nickel last year when rival Jinchuan Group of China signed a purchase agreement with another Australian miner, Western Areas.

That agreement narrowed the number of supply sources available to BHP as it strives to run the 43 year old smelter at its maximum capacity of just over 100,000 tonnes per year.

Source – Reuters

voda 4 maart 2015 16:45

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Glencore paints weak outlook for global commodity prices in 2015

Bloomberg reported that Glencore, the world’s largest publicly traded commodities house, painted a weak outlook for raw materials prices this year, saying supply of iron ore, oil and food commodities is likely to run above demand.

Mr Ivan Glasenberg CEO of Glencore said that global economic growth traditionally the main driver of commodities consumption remains lackluster. The gradual process of normalization following the financial crisis has continued, but at a slower pace than many expected. Some of the most important legacies of the crisis continue to drag on, including those relating to Europe.”

The Baar, Switzerland based company was particularly bearish about iron ore, saying the market for the steelmaking raw material was set to remain subdued in 2015. Iron ore is key for the profitability of some of Glencore’s top rivals, including Rio Tinto Group, BHP Billiton Ltd and Anglo American Plc. Iron ore prices fell last week to USD 64.60 per tonne down 46% over the last year.

Glencore said that it was expecting the period of low oil prices to continue, calling the adjustment after the Organization of Petroleum Exporting Countries decided to fight the rise of US shale production a work in progress.

Glasenberg said the industrial metals markets where the company is a miner as well as trader such as copper, zinc and lead looked relatively strong. We still believe that in the commodities in which we operate they are in deficit or transitioning into deficit zinc, copper, coal, nickel.

The views of Glencore are closely watched in the commodities market as the company operates one of the largest trading operations in the world, spanning raw materials from copper to soybeans, oil and sugar.

Source – Bloomberg

voda 4 maart 2015 16:53

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Rio Tinto launches big data AEC to drive productivity improvements

Rio Tinto will begin mining big data at its world first Analytics Excellence Centre to significantly enhance equipment productivity across its global operations.

The Centre will assess massive volumes of data captured by the array of sensors attached to Rio Tinto’s fixed and mobile equipment and enable experts to predict and prevent engine breakdowns and other downtime events, significantly boosting productivity and safety.

Using predictive mathematics, machine learning and advanced modelling, data scientists in the Analytics Excellence Centre in Pune, India will be working to identify a range of problems before they occur. This analysis will reduce maintenance costs and production losses from unplanned breakdowns.

Mr Greg Lilleyman, Rio Tinto group executive technology and innovation said that “The Analytics Excellence Centre will allow us to extract maximum value from the data we are capturing around the performance of our equipment, making our operations more predictable, efficient and safer. This is a world-first for the mining industry and is all part of Rio Tinto’s relentless pursuit of productivity gains across our businesses.”

Mr Lilleyman said that “The Centre will help us predict the future through the use of advanced data analytic techniques to pinpoint with incredible accuracy the operating performance of our equipment. Our aim is to run more efficient, smarter and safer mining operations and provide greater shareholder returns. This is bringing the world of tomorrow to today. We’re combining human experience with machine intelligence and providing more support to our operations.”

Source – Strategic Research Institute

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