Eurobench.com

voda 14 maart 2017 12:56

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Jan du Plessis to retire as Rio Tinto chairman after planned leadership transition

Rio Tinto chairman Jan du Plessis has informed the board that he intends to retire as chairman after the completion of an orderly succession process. Planning for chair succession by the Rio Tinto board commenced in June 2016 after the announcement of the appointment of J-S Jacques as chief executive. Rio Tinto senior independent director John Varley is leading the process to appoint a new chairman. A successor is expected to be announced before the end of 2017, with Mr du Plessis retiring as chairman by no later than the 2018 annual general meeting in Australia.

Mr du Plessis said “When we announced the appointment of J-S as chief executive a year ago, I committed to the board to serve as chairman for another two years, as part of a planned leadership transition. Today’s announcement is the next step in that plan. I remain committed to leading the board until I stand down, supporting the management team and ensuring an orderly handover to my successor.

He added that “It has been a great privilege to chair Rio Tinto over the past eight years, during which time I have worked with some outstanding people across the business. The company has withstood the challenges of a cyclical industry and performed well. We have a robust balance sheet and a strong management team, led by an impressive chief executive in J-S Jacques.”

BT Group plc announced that Mr du Plessis will join their board as a non-executive director on 1 June 2017 and become chairman of BT with effect from 1 November 2017.

Source : Strategic Research Institute

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voda 16 maart 2017 20:34

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Trevali Mining ink agreement to purchase Glencore

Trevali Mining Corporation announced that it has entered into definitive agreements with Glencore PLC and certain of its subsidiaries whereby Trevali will acquire (the "Transaction") a portfolio of zinc assets from Glencore, including an 80% interest in the Rosh Pinah mine in Namibia ("Rosh Pinah"), a 90% interest in the Perkoa mine in Burkina Faso ("Perkoa"), an effective 39% interest in the Gergarub project in Namibia, an option to acquire 100% interest in the Heath Steele property in Canada and certain related exploration properties and assets (together, the "Assets") for an aggregate purchase price of approximately US$400 million (the "Consideration").

Transformative and Strategic Acquisition Opportunity

Trevali expects that, upon completion of the Transaction, the Assets would deliver high-quality, long-life zinc production to Trevali's existing portfolio, improving asset and geographic diversification, and would create a premier TSX-listed global zinc producing company.

1. Creates the only publicly-traded, pure-play intermediate zinc producer

2. More than doubles Trevali's current production scale to approximately 410 million payable lbs of annual zinc production, to position the Company as a top-10 global zinc producer

3. Maintains an attractive cash-cost profile with increased leverage to zinc

4. Refinanced balance sheet significantly reduces cost of capital and increases covenant flexibility to pursue M&A opportunities

5. Further builds on Trevali's long-standing strategic relationship with Glencore, which will become a cornerstone investor (25%) in Trevali

6. Diversifies the portfolio and creates a global platform to enable future growth

7. Addition of Glencore's industry-leading operating and management teams

Dr Mark Cruise President and Chief Executive Officer of Trevali stated that"The acquisition of Rosh Pinah and Perkoa is a historic event and unique opportunity for Trevali shareholders, and sets the stage for a multi-asset, low-cost global zinc producer. The Assets provide strong upside to shareholders in the current strengthening macro-zinc environment through scale of production as well as an attractive package of exploration ground."

Daniel Maté, Glencore's Head of Zinc Marketing, added that "We are pleased to strengthen our partnership with Trevali as they embark on the development of the premier zinc company in the market. Trevali has a proven track record in the sector demonstrated by the success in opening up the Santander mine in Peru and the Caribou mine in Canada. We have been working together as partners since their first mine was built and we share the same vision for the future growth of the business through value-creating organic and inorganic growth opportunities. We are excited to form part of this unique global zinc vehicle, providing pure zinc exposure across a wide geographic footprint."

Source : Strategic Research Institute

voda 23 maart 2017 17:13

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Final Results of BHP Billiton Bond Repurchase Plan

BHP Billiton announced the final results of its bond repurchase plan that was launched on 21 February 2017. BHP Billiton has used its strong cash position to fund its USD 2.5 billion bond repurchase plan, including the previously announced planned redemption of its USD 500,000,000 2.050% senior notes due 2018. Early repayment of these bonds has extended BHP Billiton’s average debt maturity profile and enhanced BHP Billiton’s capital structure.

Maximum Tender Offers
BHP Billiton Finance (USA) Limited (Company), a wholly-owned subsidiary of BHP Billiton Limited, today announced the expiration of its previously announced tender offers for its US$1,250,000,000 3.250% senior notes due 2021 (2021 Notes), its US$1,000,000,000 2.875% senior notes due 2022 (2022 Notes) and its US$1,500,000,000 3.850% senior notes due 2023 (2023 Notes, and together with the 2021 Notes and the 2022 Notes, the Notes) (Maximum Tender Offers).

The Maximum Tender Offers were made pursuant to the terms and conditions set forth in the offer to purchase, dated 21 February 2017 (Offer to Purchase), and the related letter of transmittal and notice of guaranteed delivery (Tender Offer Documents). Terms not defined in this announcement have the meanings given to them in the Tender Offer Documents.

The Maximum Tender Offers expired at 11:59 p.m., New York City time, on 20 March 2017 (Expiration Date). As announced on 7 March 2017, the Maximum Tender Offer Cap of US$893,918,713.32 had been reached as of the Early Tender Date of 6 March 2017.

Redemption
The Company also announced the redemption price that the Company will pay to redeem in full the USD 500 million principal amount outstanding of its 2.050% senior notes due 2018 (2018 Notes) in accordance with the terms of the 2018 Notes and the Indenture, between (among others) the Company and The Bank of New York Mellon, as trustee, under which the 2018 Notes were issued.

The 2018 Notes will be redeemed on 23 March 2017 (Redemption Date) at a “make-whole” redemption price equal to USD 1,020.28 per USD 1,000 principal amount of 2018 Notes, which includes accrued and unpaid interest of USD 9.85.

On and after the Redemption Date, the 2018 Notes will no longer be deemed outstanding, interest on the 2018 Notes will cease to accrue, and all rights of the holders of the 2018 Notes will terminate, except for the right to receive such redemption payment upon surrender of the 2018 Notes.

The 2018 Notes have the following CUSIP/ISIN designations: CUSIP No. 055451AT5, ISIN No. US055451AT54.

Source : Strategic Research Institute

voda 5 april 2017 16:44

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Bumpy ride for aluminium as China poses puzzle - Rio Tinto

Bloomberg reported that Rio Tinto Group’s aluminum boss sees prices for the lightweight metal heading for an “extremely” volatile period, with uncertainty over when China will curb production helping to keep investors on edge.

Mr Alfredo Barrios said in an interview at Bloomberg’s Toronto office that “That’s really where the uncertainty is at the moment. There’s no doubt that if you look at the supply side, if you look at the environmental issues, sooner or later that will change. But when is a question mark.”

While Rio Tinto doesn’t speculate on prices, Mr Barrios said concerns about overcapacity and high inventory levels may put a lid on gains in the near term. He said that “There’s a number of factors which will dampen any price increase if it goes too far. If you look at what are the fundamental reasons behind why prices are where they are, and how different they are from a year ago, it’s sometimes very difficult to see what has made aluminum be higher at all. What’s changed so radically in the last year?”

Mr Barrios said that “We’re very optimistic on the demand side for North America, and I think everybody continues seeing demand growth, be it in China, be it other markets as well.”

China has ordered curbs on steel and aluminum output in as many as 28 northern cities during the winter heating season as it steps up its fight against pollution, people with knowledge of the matter said early in March.

Despite those reports, inventories on the Shanghai Futures Exchange continue to rise, touching the highest in more than a year. The increase is due to seasonal factors and production in the country currently rising at double-digit rates to take advantage of strengthening global aluminum prices, Jorge Vazquez, the managing director at Harbor Intelligence in Austin, Texas, said in a telephone interview.

Aluminum for delivery in three months has gained 28 percent in the past year on the London Metal Exchange to $1,959.50 a metric ton. The price was up 16 percent in the first three months of 2017, the fifth straight quarter of gains, marking the longest streak since 1994.

The climb comes amid a recovery in global commodity prices in 2016 that continued this year amid the reports that China may cut capacity.

Source : Bloomberg

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voda 5 april 2017 16:47

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Vale makes final offer to office staff (update)

Sudbury Star Staff reported that more than 200 office and clerical staff at Vale could hit the picket line last week after the company put forth its "final offer of settlement" to USW Local 2020-05.

Stuart Harshaw, vice-president of Vale's Ontario operations, informed staff in a letter that the union's bargaining committee would present the settlement proposal at a meeting Wednesday evening and voting would take place that night and Thursday morning.
The collective agreement between Local 2020-05 and Vale is set to expire at midnight on Friday.

The final offer of settlement typically means the union's leadership is not recommending its members accept the company's offer. That occurs only when the two sides reach a tentative agreement.

In his letter to employees, Harshaw said it's now up to members to decide.

Harshaw wrote that "The negotiations process has been productive and respectful, and we believe the offer that the company has put forth appropriately balances the needs of both the company and our employees. In the spirit of the collective bargaining process, it is now up to our employees represented by USW Local 2020-05 to decide if they agree."

Attempts to reach the Local 2020 executive for comment have been unsuccessful.

However, union members have told The Star they are concerned about Vale's desire to introduce a new benefits package, and are prepared to strike over it.

The current round of negotiations is in contrast to 2013, when the two sides reached a new collective agreement three days before that contract expired.

Local 2020 is a large union that represents about 2,000 employees in all, at more than 60 companies in the city, most of them smaller businesses. More than 200 of those members work for Vale in Sudbury, where they perform clerical, surveying, engineering and technical services.

Angie Robson, Vale Canada Limited Ontario Operations spokeswoman in Greater Sudbury, said the mine had become uneconomical due to several factors, the biggest being falling world nickel prices. She said that "There's very low grades (of nickel) left there. We've got low volumes and also low grades ... At current prices, it's uneconomical to mine there. Should nickel prices improve substantially and it becomes economical again, it wouldn't be (re-opening) out of the realm of possibility."

Source : The Sudbury Star

voda 6 april 2017 16:41

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BHP looks to interim solution in Hedland dust up

The West Australian reported that BHP Billiton has rejigged its approach to winning approval for its Port Hedland expansion plans in the face of community concern about dust levels in the Pilbara city. The mining giant has applied for a small increase to its export capacity at the port as the Department of Environmental Regulation mulls applications for an eventual move to bigger export capacity.

Earlier this year, the DER threw a shadow over BHP’s plans to eventually export as much as 290 million tonnes of Pilbara ore a year, putting a hold on assessing permits for BHP to expand beyond its current 270mtpa allowed rate.

Its temporary hold, announced in February, was the result of a long-running brawl in Port Hedland over dust levels generated by iron ore exporters, including BHP, Fortescue Metals Group, Atlas Iron and Mineral Resources.

The full application is on hold while the Environmental Protection Authority conducts an inquiry into who holds responsibility for regulating dust emissions at the company’s Nelson Point and Finucane Island facilities.

In the interim, BHP has made an application for its existing permits, last updated in 2015, to be increased to 275 million tonne per annum run-rate.

The move, if approved, will help ease concerns that BHP could be forced to wind back its exports in June, given it was exporting at a rate of 272million tonne per annum in the second half of 2016 and risks exceeding its existing permits in June if the approval is not granted.

The Pilbara Ports Authority is also seeking increased export permits from the DER, applying for an amendment to its Utah Point licences to allow the export of 24.1 million tonnes of iron ore a year through the bulk handling facility, up from 21.35million tonne per annum previously.

A spokeswoman for BHP confirmed the company had made the application as an interim measure while the DER assessed its earlier proposals. She said that “We are in the process of pursuing a licence for 290million tonne per annum and as part of this process have sought near-term approval for 275million tonne per annum.”

Source : The West Australian

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voda 7 april 2017 16:56

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Rio Tinto to fight $360m Australian tax bill

FT reported that world’s second-biggest miner by market value Rio Tinto criticised an amended income tax assessment issued by the Australian Taxation Office on Wednesday as “double taxation” and promised to challenge the demand, which covers a period between 2009 and 2013. The company said in a statement that “Rio Tinto considers that its pricing is in accordance with the internationally recognised OECD guidelines and Australian domestic law, in which it also revealed plans to pay half the disputed amount later this month.”

Rio and its rival Anglo-Australian miner BHP Billiton have drawn scrutiny from the ATO and politicians in Canberra for their use of sales hubs in Singapore.

These units purchase iron ore, a key steelmaking ingredient, and other commodities mined in Australia and sell them elsewhere to customers in Asia for a higher price. Rio has more than 350 staff in Singapore.

BHP revealed in September that it was in dispute over a AUD 775m bill from Australian tax authorities related to its hub in Singapore. The Singapore government has granted BHP a zero per cent tax rate under an incentive deal for its marketing activities. Rio has a similar arrangement.

Rio said it approached the ATO more than a decade ago seeking to confirm its deal. Like BHP it said the amended income tax assessment was an evaluation issue not a tax avoidance issue. The company said that “Rio will seek double taxation relief in accordance with the Australia-Singapore double tax treaty.”

Source : Financial Times

voda 10 april 2017 17:18

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Rio Tinto projects expected to create more than 1000 WA construction jobs

WA Today reported that as WA's new Premier Mark McGowan declared Western Australia's financial situation "the worst since the Great Depression" on Thursday morning, Rio Tinto Iron Ore released a statement promoting its job creation efforts in the state.

The company statement said that development projects underway at Rio Tinto's new Silvergrass mine and its pre existing West Angelas and Yandicoogina mines were expected to create more than 1000 construction jobs in the state.

Construction at Rio's 16th Pilbara iron ore mine, Silvergrass, had been ramping up since the start of 2017 and was forecast to provide about 500 jobs during construction.

Development of a new deposit at the West Angelas mine was now nearing completion, with an estimated peak workforce of 120.

Development of new deposits at the Yandicoogina mine were forecast to create 470 new jobs during construction.

Chief executive Chris Salisbury said the company was continuing to invest in the Pilbara.

At Silvergrass more than $180 million was invested in construction contracts, including a $40 million contract to WA company Decmil and $120 million contract to Perth-headquartered RCR Resources.

Mr Salisbury said other WA suppliers were benefiting from Decmil's local purchasing of major items such as structural steel, modular buildings, gantry cranes and a wastewater treatment plant.

RCR had engaged more than 40 WA suppliers and contractors to support the fabrication of a new primary crushing plant, and construction of nine kilometres of overland conveyors and associated power distribution.

Mr Salisbury said Rio Tinto remained committed to partnering with Pilbara traditional owners and had awarded a $3 million contract to local contractor Eastern Guruma, to complete earthworks, light vehicle road construction, overland conveyor overpass construction, and associated drainage for Silvergrass.

The mining sector has shed thousands of jobs and just entered its second consecutive period of contraction, WAtoday reported in the lead-up to the election.

WA's mining industry shed more than three thousand jobs in the period 2015-16.

Perth's CBD had gone from hosting the head offices of 45 iron ore mining companies in 2012 to just 18 in 2017, and CBD office vacancy rates are at 25.2 per cent a 25 year peak.

WA's unemployment rate was the worst in the nation at 6.5% and the resource royalties hitting the state's coffers totalled $4.6 billion in 2015–16, a decline of 21% on 2014–15 brought about by falling commodity prices.

Source : WA Today

voda 11 april 2017 16:58

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Rio defends tax shifting, calls for lower tax

The Sunday Morning Herald reported that as the base for global miner Rio Tinto's most profitable mines, Australia received the bulk of the group's tax and royalty payments over the past year, even as the miner remains locked in dispute with the local tax office over tax shifting abroad.

Across the group, Rio paid $US4 billion ($5.3 billion) in taxes and royalties in 2016, of which $US2.9 billion was paid in Australia, with Canberra and the West Australia government the largest beneficiaries.

The federal government received $US1.4 billion, with Western Australia pocketing $US1.1 billion in royalties and taxes, followed by Queensland, which received $US184 million.

Overall, the tax bill declined 12 per cent in 2016 from the year before, it said.

Group-wide, the effective tax rate of 22% "is reflective of the statutory corporate income tax rates in the countries in which we operate", it said in a report the miner releases annually detailing tax, royalty and other payments globally.

It said in the report that "We pay the vast majority of our Group taxes in the countries in which we have mining and processing operations, with the effective tax rate on underlying earnings in Australia running at 30 per cent.”

However, it warned maintaining corporate income tax at this level will make the country uncompetitive.

The group's chief financial officer, Chris Lynch, said that "We support the Australian government's policy to reduce the corporate tax rate. If Australia remains with a 30 per cent corporate tax rate, this will come at a cost to investment and jobs, as other nations leave Australia behind."

Earlier this month, Rio was hit with a tax bill for an additional $379 million plus interest of $68 million, a total of $447 million as part of a long-running tax dispute with the Australian Tax Office over income routed through Singapore.

It said that "Rio Tinto intends to challenge the full amount of the amended assessments. In the meantime, Rio Tinto is required to pay 50% of the total amount assessed."

The miner continued to defend routing some revenue through Singapore, where it has 350 employees carrying out marketing, shipping, procurement and other services.

It said that "Rio Tinto entities based in Singapore generate income from activities carried out by the centralised marketing, shipping and procurement functions.”

Source : The Sunday Morning Herald

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voda 11 april 2017 17:00

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Rio Tinto publishes details of its $4 billion in taxes paid in 2016

Rio Tinto unveiled details of the USD 4 billion paid in taxes and royalties and the more than USD 35 billion direct economic contribution delivered to host communities in 2016.

Rio Tinto chief financial officer Chris Lynch said that “Rio Tinto is a major contributor to society and we are proud of the economic activity and wealth we generate through taxes, royalties, employee wages, payments to suppliers and investment in communities. From both a global and local perspective, our Taxes paid report helps inform our stakeholders about the role we play and the impact we have in the community. While many people know we produce materials that are essential to products they use every day from telecommunications to transport this report also helps the public better understand our total contribution to society.”

Rio Tinto has pioneered the practice of corporate tax transparency, publishing its first Taxes paid report in 2010. The report has consistently been recognised as best-practice in tax reporting among multinational companies and the 2016 report, the seventh edition, underlines Rio Tinto’s commitment to transparency.

The USD 4 billion paid to governments in taxes and royalties last year takes our total direct tax contributions past USD 50 billion since we first started publishing the report in 2010.

Rio Tinto continues to be a major contributor to the economies of its host nations, with a direct economic contribution of more than USD 35 billion in 2016 through wages, tax, royalties, dividends and payments to suppliers and contractors.

The majority of Rio Tinto’s taxes were paid in Australia (USD 2.9 billion), Canada (USD 249 million), Mongolia (USD 215 million), Chile (USD 205 million), the United States (USD 102 million) and South Africa (USD 100 million).

Corporate income tax remained the largest component of Rio Tinto’s tax payments around the world in 2016, followed by government royalties, employer payroll taxes and other taxes.

Source : Strategic Research Institute

voda 12 april 2017 17:01

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Shares rise in mining giant BHP Billiton after call for structural reform

belfasttelegraph.co.uk reported that shares in mining giant BHP Billiton rose sharply on Monday after it emerged activist investor Elliott Advisors is calling for an overhaul of the company's structure. Elliott's proposals, outlined in a letter to directors of the firm, include unifying BHP's dual-listed structure into a single Australian-headquartered and tax resident entity.

BHP is currently listed in both London and Australia, with Elliott pushing for a de-listing in the capital.

Elliott, which owns 4.1% of BHP, is also demanding that the group demerge its US oil business and return more money to shareholders through shaking up its tax structure.

Elliott said in the letter that "The goal is to provide details of the BHP shareholder value unlock plan to all of BHP's shareholders, so that BHP can engage openly with all parties on the plan to unlock shareholder value.”

The activist, which has a reputation for intervention in companies, said its proposals could help boost shareholder returns by circa 50%.

For its part, BHP rejected Elliott's plans, saying that "After reviewing the elements of Elliott's proposal, we have concluded that the costs and associated risks of Elliott's proposal would significantly outweigh any potential benefits. We have laid the foundations for the group to substantially grow the base value of its operations. Elliott's proposal would put this at risk."

It argued that, since 2001, BHP has returned around 23 billion US dollars to shareholders in buybacks and approximately 56 billion US dollars in cash dividends.

Helal Miah, investment research analyst at The Share Centre, said that "We have seen a modest recovery in a broad range of commodities since the lows at the start of 2016. With all these dynamics coming together, interested investors may want to note that BHP has reported encouraging numbers in recent trading updates. The ongoing restructuring is taking BHP Billiton back in the right direction and we believe that the worst may be over for the commodities sector. We are therefore continuing with our Buy recommendation on the stock for investors seeking a balanced return and willing to accept a medium to high level of risk."

Source : belfasttelegraph.co.uk

voda 12 april 2017 17:04

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BHP Billiton notes Elliott proposal

BHP Billiton notes the publication of a letter from Elliott Associates, L.P. and Elliott International, L.P. (Elliott), which outlines a proposal for changes to the Group’s Dual Listed Company structure, asset portfolio and capital management.

BHP Billiton regularly reviews opportunities to create value. Those reviews have included the key elements of Elliott’s proposal. We have had dialogue with Elliott over many months, consistent with our commitment to shareholder engagement.

After reviewing the elements of Elliott’s proposal, we have concluded that the costs and associated risks of Elliott’s proposal would significantly outweigh any potential benefits.

Elliott proposes that the Group replace the DLC with a single United Kingdom domiciled company, with a primary listing in London and with Chess Depository Instruments quoted in Australia on the Australian Securities Exchange. Although we keep the DLC structure under review, we have not yet identified sufficient benefits to outweigh the significant costs which would be incurred in unifying the DLC.

Unification of the DLC in the manner proposed by Elliott would require approval by the Australian Foreign Investment Review Board.

Elliott’s proposal includes BHP Billiton demerging its US Petroleum assets into an entity to be listed on the New York Stock Exchange. Elliott’s demerger proposal is based on a view that investors would ascribe a higher value for these assets in a separately listed entity.

There is no obvious discount in BHP Billiton’s trading multiples relative to the weighted average of relevant mining and oil and gas peers. BHP Billiton has disclosed the information the market needs to fully value the Petroleum business.

BHP Billiton’s approach is to optimise the long term value of the Petroleum business through operating excellence.

Elliott’s proposal also includes BHP Billiton buying back shares according to a formulaic approach without regard for the cyclical nature of the resources industry or the returns available from other uses of cash. Consistent with its capital allocation framework, BHP Billiton assesses the value buybacks could create compared to the competing objectives of strengthening the balance sheet, investing in growth or making additional dividend payments.

Since the formation of the DLC in 2001, we have returned to shareholders approximately US$23 billion in buybacks of BHP Billiton Limited and BHP Billiton Plc
shares, and approximately US$56 billion in cash dividends.

Since 2013, BHP Billiton has reduced the number of assets in the portfolio by more than one third, through the demerger of South32 and the sale of over US$7 billion of assets. We have reduced unit costs by more than 40 per cent. Under BHP Billiton’s updated dividend policy, shareholders now receive a minimum 50 per cent of underlying earnings as a dividend each period. We have introduced a rigorous capital allocation framework, which balances value creation, cash returns to shareholders and through the cycle balance sheet strength in a transparent and consistent manner.

In doing so, we have laid the foundations for the Group to substantially grow the base value of its operations. Elliott’s proposal would put this at risk.

The Board of BHP Billiton will consider further its detailed response to the proposal and will make a further announcement in due course.

Source : Strategic Research Institute

hirshi 16 april 2017 10:04

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De grafieken van industriële metalen laten aan duidelijkheid niets te wensen over.
Koopkansen bij een consolidatie gevolgd door een turn around die overtuigt.

stockcharts.com/articles/chartwatcher...

voda 18 april 2017 17:10

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Rio’s Tom Albanese and Sam Walsh knew of Guinea bribe - Soros suit

The Australian reported that mining magnate Beny Steinmetz has told a US court a $US10.5 million “bribe” Rio Tinto allegedly paid to secure a vast mining concession in Guinea occurred “under the watch and knowledge” of two of the company’s most senior executives, Tom Albanese and Sam Walsh.

The claims by the Israeli diamond tycoon were made as part of a legal action where Mr Steinmetz is suing George Soros for USD 10 billion ($13.2bn), alleging that the hedge fund billionaire orchestrated a global campaign of defamation and fraud to strip him of mining rights in Guinea, west Africa.

Mr Steinmetz’s suit, filed in a New York federal court on Friday night by his company BSG Resources, is the latest twist in a decade-long power struggle over the giant Simandou iron ore project a development that has embroiled Rio Tinto in bribery allegations.

In the filing, obtained by The Australian, Mr Steinmetz claims a Soros-funded network of lawyers, officials and pressure groups mounted a campaign to strip his company of the asset after it refused to pay bribes to Guinea’s government which had been publicly backed by the Hungarian-American financier.

Mr Soros is also accused of instigating an international criminal investigation into Steinmetz who was placed under house arrest in Israel in December, BSG claims, but later released without charge.

The suit labels Mr Soros as a “racketeer billionaire”.

Source : The Australian

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voda 18 april 2017 17:11

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Mr Anil Agarwal to procure 11.44% stake in Anglo American

DNA India reported that London based Indian mining maverick Anil Agarwal has acquires 11.44% stake in British mining company Anglo American. According to a London Stock Exchange notice, Indian metals-to-mining magnate Mr Anil Agarwal has acquired an over 11% stake in British mining company Anglo American. With an 11.44% stake, the London-based Indian billionaire's family-owned Volcan Holdings investment firm becomes the second largest shareholder with voting rights in the company.

The London Stock Exchange notice said that the transaction for a total of 160,685,162 shares took place on Tuesday.

Last month, Volcan Investments Ltd , the majority shareholder of Vedanta Resources Plc, had announced that it intends to make an investment in Anglo American Plc shares of up to 2 billion pounds, according to an LSE notice dated March 15. This is an attractive investment for our family trust.

Source : DNA India

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voda 18 april 2017 17:14

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1000 construction jobs likely to be generated at Rio Tinto’s Pilbara mines

The West reported that more than 1000 construction jobs are expected to be generated as Rio Tinto’s Pilbara mines begin to ramp up. Development projects at Rio Tinto’s new Silvergrass mine, West Angelas and Yandicoogina mines are expected to support and create hundreds of jobs each throughout WA.

Rio Tinto Iron Ore chief executive Mr Chris Salisbury said the mining giant continued to invest in its Pilbara iron ore business, which was helping to sustain local businesses and jobs. He said that “To date, we have awarded more than $180 million in construction contracts to develop our Silvergrass mine. This includes a $40 million contract to WA company Decmil and $120 million contract to Perth-headquartered company RCR Resources.”

He further said that “Other WA suppliers are benefiting from Decmil’s local purchasing of major items such as structural steel, modular buildings, gantry cranes and waste water treatment plant. RCR Resources has engaged more than 40 WA suppliers and contractors to support the fabrication of a new primary crushing plant, and construction of 9km of overland conveyors and associated power distribution.”

Since the start of the year, construction of Rio Tinto’s 16th iron ore mine in the Pilbara, Silvergrass, has been steadily increasing and is forecasting to create about 500 jobs during the construction phase.

The satellite deposit located next to Rio Tinto’s Nammuldi mine 70km north-west of Tom Price is expected to also add 10 million tonnes of capacity.

Development of a new iron ore deposit at its West Angeles mine is now nearing completion, with an estimated peak workforce of 120 people.

Mine development projects to sustain production at Yandi-coogina mine are expected to create a further 470 jobs during construction.

Mr Salisbury said Rio Tinto remained committed to partnering with Pilbara traditional owners. He said that “This is demonstrated by the awarding of a $3 million contract to a local indigenous contractor, Eastern Guruma, to complete earthworks, light-vehicle road construction, overland conveyor overpass construction and associated drainage for the Silvergrass mine.”

Eastern Guruma is an Aboriginal group whose traditional land surrounds Tom Price in the Pilbara region of WA and was created with a vision to provide employment and career opportunities for Eastern Guruma members and other Aboriginal people.

Source : The West

voda 20 april 2017 17:01

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Rio Tinto releases first quarter production results

Pilbara iron ore shipments were 76.7 million tonnes in the first quarter (100 per cent basis). Ship loading was impacted by cyclone activity during the period, and sections of the rail network were affected by significant rainfall. Despite these disruptions, shipments were in line with the first quarter of 2016 and guidance for 2017 remains at 330 to 340 million tonnes.

First quarter bauxite production of 11.3 million tonnes and aluminium production of 889 thousand tonnes were both two per cent higher than the corresponding quarter of 2016.

Mined copper production was 37 per cent lower than the first quarter of 2016 due to a 43 day labour strike at Escondida. This strike, combined with the curtailment of production at Grasberg, has led to revised 2017 mined copper guidance of 500 to 550 thousand tonnes.

Titanium dioxide slag production increased by 35 per cent compared to the first quarter of 2016, reflecting higher market demand. 2017 production guidance has slightly increased to between 1.2 and 1.3 million tonnes.

On 24 January 2017, Rio Tinto announced that it had reached a binding agreement for the sale of Coal & Allied to Yancoal Australia for up to $2.45 billion. The sale is subject to certain conditions being satisfied, and is expected to complete in the second half of 2017. Yancoal announced receipt of Foreign Investment Review Board (FIRB) approval on 13 April 2017.

Rio Tinto chief executive J-S Jacques said “Despite challenging weather conditions at our West Australian and Queensland operations, we delivered solid production in the first quarter of 2017. Our strategy is unchanged. Our number one priority is safety. We maintain our disciplined approach to capital management and maximising cash flow, with a focus on managing costs and enhancing productivity across the business. These actions support the delivery of strong cash returns to shareholders in the short, medium and long term.”

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Source : Strategic Research Institute

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voda 27 april 2017 16:25

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BHP BILLITON announces 9 months operational review

For the nine months ended 31 March 2017

1. Record production for the nine month period achieved at Western Australia Iron Ore (WAIO) and five Queensland Coal mines.

2. Following 44 days of industrial action at Escondida, copper production guidance reduced to between 1.33 and 1.36 Mt. The commissioning of the Escondida Water Supply project and the planned ramp-up of the Los Colorados Extension project are now expected in the September 2017 quarter.

3. As a result of damage to third party rail infrastructure caused by Cyclone Debbie, metallurgical coal production guidance reduced to between 39 and 41 Mt.

4. Full year production guidance maintained for petroleum and energy coal. WAIO production guidance narrowed to between 268 and 272 Mt (100% basis).

5. At Queensland Coal, the high-return Caval Ridge Southern Circuit latent capacity project was approved and will enable full utilisation of the 10 Mtpa wash-plant with ramp-up early in the 2019 financial year.

6. In Onshore US, development activity is increasing with the approval of two additional rigs in the Haynesville, with gas prices hedged to deliver attractive rates of return.

7. Divestment of non-core Onshore US acreage is progressing, with the sales process well advanced for up to 50,000 acres of the southern Hawkville. Our Fayetteville field is currently under review and we are considering all options including divestment.
8. The Mad Dog Phase 2 Conventional oil development project was approved and a contract was executed with PEMEX Exploration and Production Mexico (Pemex) following the winning bid to acquire a 60% participating interest in, and operatorship of, Trion in Mexico.

9. Commercial evaluation of the LeClerc gas discovery in Trinidad and Tobago is ongoing. Drilling of the Wildling appraisal well in the Gulf of Mexico is continuing, which will assist with establishing the scale of the Caicos oil discovery.

Operational Review for the nine months ended 31 March 2017

Mr Andrew Mackenzie CEO of BHP Billiton said that “Everything we do at BHP Billiton is designed to create value for all of our shareholders, today and for the long term. We have fundamentally restructured BHP Billiton to increase returns. The demerger of South32 and US$7 billion of divestments has reduced the number of assets in the portfolio by over a third and our new organisational structure has removed layers of management. Our more focused portfolio has enabled us to lower unit costs by over 40 per cent. And we have improved our approach to capital management which has strengthened the balance sheet and increased the discipline with which we invest and return cash to our shareholders.”

He added that “But we have more to do and we are not standing still. A simpler portfolio allows us to improve safety and operational performance more quickly with maintenance, project and geoscience centres of excellence spreading petroleum and minerals expertise across the group. We have significantly reduced the capital intensity of our growth options and changed our approach in shale to improve returns and lower risks on new investments. Our more focused approach in exploration is delivering results with three discoveries over the last 12 months and our new technology function will unlock further value.”

“This quarter we have added value to the portfolio across each of our six focus areas. We continued our targeted high-return investment in shale with the approval of two more rigs in the Haynesville supported by our hedging strategy. Plans to monetise a portion of our non-core acreage for value, such as parts of the southern Hawkville, are underway. In the Eagle Ford, we are increasing recoveries by testing staggered wells and larger frac jobs. In the Permian, we are exploring opportunities to consolidate and optimise our acreage position so that we can drill longer lateral wells to lower costs. We have approved the Mad Dog Phase 2 project and investment in Caval Ridge
to enable full utilisation of its 10 Mtpa wash-plant.”

Source : Strategic Research Institute

voda 27 april 2017 16:27

0

BHP Billiton iron ore production update

Total iron ore production for the nine months ended March 2017 increased by three per cent to a record 171 Mt, or 199 Mt on a 100 per cent basis. Guidance for the 2017 financial year has been narrowed to between 231 and 234 Mt, or between 268 and 272 Mt on a 100 per cent basis.

WAIO production for the nine months ended March 2017 increased as a result of the successful completion of commissioning of a new primary crusher and additional conveying capacity at Jimblebar, ongoing progress on the rail renewal and maintenance program and productivity improvements. This was partially offset by wet weather impacts in the March 2017 quarter. The rail renewal and maintenance program is expected to be completed in the June 2017 quarter, in line with the earlier completion date highlighted previously.

On 10 March 2017, BHP Billiton lodged a submission with the Department of Environment Regulation to increase its export licence from 270 Mtpa to 275 Mtpa. BHP Billiton will continue to work with the authorities in relation to the necessary permits to enable an increase in system capacity to 290 Mtpa in the 2019 financial year.

Our Yandi mine is currently operating at 80 Mtpa but will be depleted over the next five to 10 years. We are looking at options to replace this production and the low-capital intensive development of South Flank is the preferred long- term solution, subject to Board approval being obtained. The investment case for using this high-grade deposit for replacement tonnes is strong, given our ability to leverage existing infrastructure at the Mining Area C operation.

Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015. During the March 2017 quarter, 35 kt of pellet feed sales were finalised.

Source : Strategic Research Institute

Bijlage:

voda 4 mei 2017 17:20

0

Rio Tinto strikes partnership with Minmetals

Australian Financial Review reported that Rio Tinto has struck a partnership with Chinese state-owned entity Minmetals, in a move that deepens the company’s relationship with one of the largest and most powerful mining organisations in the world.

While still in its early stages, the partnership was confirmed by a Rio spokesman who said the two companies had “agreed to look for potential areas of future co-operation”.

Minmetals has previously made bids for Rio’s Canadian iron ore business, and, like most Chinese SOEs, has shown a strong thirst for copper in recent years.

In a statement published in China, Minmetals said Rio Tinto would share its experiences in the fields of “community management, the social operating licence and the enterprise soft power”.

Minmetals said in the statement that “In future, the two groups will continue the communication and cooperation in the field of metal mines to establish a cooperation mechanism and realise the win-win situation in a long run.”

Minmetals, the major shareholder in Melbourne based miner MMG Limited, has recently been merged with fellow Chinese SOE China Metallurgical Group as part of Beijing’s attempts to reform its economy.

Minmetals said Rio was keen to understand the Chinese reforms.

Minmetals said that “Rio Tinto is very concerned about the state-owned enterprises reform and is willing to deepen the mutual trust and promote more cooperation with China Minmetals adhering to the principles of free and fair trade globalisation, inclusive growth and balanced development.”

Minmetals specialises in metals like copper, zinc, lead, nickel and gold.

MMG, with the funding support of Minmetals, acquired the Las Bambas copper project in Peru from Glencore in 2014, and some believe Minmetals is keen to get a slice of Rio’s Oyu Tolgoi copper project in Mongolia.

Rio currently owns 34% of Oyu Tolgoi through its 50.79% in Canadian miner Turquoise Hill Resources. It has long been expected to acquire a larger stake in Oyu Tolgoi.

The partnership comes just months after the end of a long-running exploration joint venture between Rio and its major shareholder Chinalco.

Source : Australian Financial Review

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