Eurobench.com

voda 20 januari 2012 15:45

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BHP Billiton signs up with Boom Logis

It is reported that Boom Logistics has secured a three year contract to supply cranes and associated services to BHP Billiton Iron Ore Operations in northwest Australia.

The contract with a two year extension option will include services for all shutdown and maintenance works at BHP Billiton Nelson Point and Finucane Island operations in Port Hedland, Western Australia.

Mr Brenden Mitchell Boom Logistics Ltd CEO said "This consolidates our position in the northwest of WA and reinforces Boom as a major provider to industry leaders in the region. Revenue from this contract is expected to be around AUD 35 million over the next three years."

Boom has signed two further three year contracts an AUD 6 million contract to supply cranes and associated services to Anglo American Metallurgical Coal Operations in central Queensland and a re-signed AUD 9 million contract with BP Refinery in Western Australia.

(Sourced from www.khl.com)

voda 24 januari 2012 17:11

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BHPB gets conditional approval for iron ore port expansion

Bloomberg reported that BHP Billiton Ltd received conditional approval for a AUD 14 billion expansion of its iron ore export harbor in Western Australia to boost supply to steel mills.

The Western Australian Environmental Protection Authority said that the spending on Port Hedland harbor, which includes rail, ore stockpiles and a four kilometer (2.5 mile) jetty will add capacity of 240 million metric tonnes a year. The cost estimate comes from a report last year by the state’s Department of Mines and Petroleum.

The enlarged port will help Melbourne-based BHP, which trails Vale SA and Rio Tinto Group in iron ore production, increase supply to China, the world’s biggest steelmaker. Over the next eight years, global supply of iron ore needs to rise by at least 100 million tonnes annually to meet demand and replace high cost mines, according to Rio Tinto.

Ms Kelly Quirke a spokeswoman for BHP said that “We look forward to this next stage in the assessment process which involves a two week public comment period followed by the Western Australian Appeals Convenor’s consideration of any appeals.”

(Sourced from Bloomberg)

voda 25 januari 2012 16:44

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Rio Tinto moves to a majority stake in Ivanhoe Mines

Rio Tinto has taken a majority stake in Ivanhoe Mines Ltd, having purchased shares that take its interest to 51%

Mr Copper Andrew Harding CEO of Rio Tinto said that "Rio Tinto's move to a majority stake in Ivanhoe further demonstrates our commitment to the safe and successful development of the Oyu Tolgoi mine for the benefit of all stakeholders. We are approaching a very important phase in the development of the Oyu Tolgoi mine, with 70 per cent of the construction now complete. The lead up to first ore in the second half of 2012 will mark an important milestone in the path towards commercial production of copper concentrate, slated for the first half of 2013."

Rio Tinto purchased an additional 15.1 million common shares of Ivanhoe, representing 2 per cent of Ivanhoe's outstanding common shares, from two sellers in a privately negotiated share purchase transaction. The shares were purchased for an aggregate of CAD 302 million at a price per share of CAD 20.00. After the completion of the share purchase, Rio Tinto will own 377,397,658 common shares of Ivanhoe representing 51% of Ivanhoe's outstanding common shares.

Rio Tinto has anti dilution rights that permit it to acquire additional Ivanhoe securities so as to maintain its proportional equity interest in Ivanhoe. Rio Tinto also has the right to acquire additional Ivanhoe securities under its equity financing right of first offer.

Rio Tinto has no current intention to purchase additional securities of Ivanhoe. However, Rio Tinto reserves its right to seek opportunities to purchase additional securities of Ivanhoe depending upon its assessment of Ivanhoe's business, prospects and financial condition, the market for Ivanhoe's securities, general economic and tax conditions and other factors. Rio Tinto also reserves its right to take any permitted action as the majority shareholder of Ivanhoe.

voda 31 januari 2012 17:17

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Bursting gas bubble takes wind out of BHP assets
Copyright 2012. Fairfax Media Management Pty Limited.

With United States domestic natural gas prices falling this week to their lowest levels since the dark days of the global financial crisis, talk about a massive gas glut is all the rage in global investment circles.
BHP Billiton in particular is in the firing line after spending nearly $US20 billion ($19 billion) betting on shale gas assets in the US last year.
At the time, it appeared the deals had been savvily executed at the bottom of the market. When BHP bought Chesapeake Energy's Fayetteville shale assets in Arkansas last February, the spot price of benchmark Henry Hub gas was $US3.89 per million British thermal units (MMBtu).
By July, when it launched a takeover of Petrohawk Energy, which had assets in multiple shale gas basins, the price had risen to $US4.49 per MMBtu.
But by this week, the price had halved to a low of just $US2.25 per MMBtu due to a production glut and a relatively warm winter in the US. For "dry" fields that only contain gas and not liquids, these pricing levels are simply uneconomic. Chesapeake, the second-largest American gas producer, admitted as much on Tuesday when it said it would slash production by 8 per cent and cut drilling in dry gas areas to focus on fields that contained more liquids.
The market reaction? A 7 per cent jump in the spot gas price. The expectation is that after Chesapeake blinked, others will follow suit to enhance their profitability.
But whether BHP itself will do so is questionable. It typically only seeks to cut production at a particular operation if it is making cash losses.
BHP estimates cash costs of production of $US1.90 per thousand cubic feet (Mcf) across its shale operations plus a non-cash depreciation and amortisation charge of $US2.60 per Mcf for the next two years. (An Mcf is slightly larger than a MMBtu)
Therefore, BHP is more likely to bank on those with smaller balance sheets like Chesapeake to put supply and demand more in balance rather than relying on itself.
Whether that will actually occur, however, is an open question.
Due to industry consolidation in recent years, many US shale gas operations are now run by global majors with balance sheets as strong as BHP's.
For its part, BHP owns operating fields in three basins and undeveloped ground in a fourth. Of those, the Fayetteville and Haynesville basins in production contain dry gas, which would produce rates of return of 15 to 17 per cent based on a forward curve BHP presented in November.
But that curve assumed that by now, the gas price would be around $US4 per MMBtu, meaning the actual returns are likely to be far lower in the near term.
At the Eagle Ford basin, the returns will no doubt be higher than in the other fields due to the presence of liquids. There is a massive disconnect between the gas price and the oil price at present, with West Texas Intermediate trading at around $US100 a barrel amid Iran's ongoing threats to the global market.
And for now, BHP is actually partially insulated from lower gas prices due to hedging contracts that were put in place by Petrohawk, which mostly roll off by the end of this year.
BHP is vigorously opposed to hedging and has no plans to add new contracts but if it keeps pointing to the forward curve as an indicator of higher future returns, it will no doubt face questions from investors about why it isn't locking in those prices.
At its interim results briefing on February 8, BHP can be expected to provide an update on its shale gas strategy. One possibility is that it will start shifting some of its drilling rigs from dry gas regions to those with more liquid content, such as Chesapeake has done.
Another is that BHP will double down on its shale gas bet. There was speculation in the US this week that it could look at buying Chesapeake, which has a market value of $US15 billion.
But with BHP's foray into shale gas still unproven and its plans to invest $US20 billion in growth projects this year already limiting its ability to return additional cash to shareholders, it is unlikely there would be widespread investor support for such a deal. Instead, after being pro-active last year, BHP's best bet for now could be to take a wait-and-see attitude and hope the price improves.
jfreed@afr.com.au
Fairfax Media Management Pty Limited

voda 1 februari 2012 17:15

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BHP close to Winning Belinga iron ore deposit rights

Bloomberg reported that Gabon is close to removing control of its largest iron ore project from China Machinery Engineering Corp and awarding it to BHP Billiton Ltd.

As per report Gabonese officials including Mines and Oil Minister Alexandre Barro Chambrier will meet executives of Melbourne based BHP in Cape Town early next month to complete the deal, Mr Michel Edzang an official at the Mining Department and adviser to the minister in an interview said in Libreville.

The West African nation started a review in 2010 of Belinga after a consultant to the government said progress developing the mine had been slow.

China Machinery, which had estimated Belinga could produce 30 million tonnes of the steel making raw material a year at a cost of about USD 3.5 billion, said it remained in talks on the venture.

Mr Cai Ning manager of China Machinery’s engineering department said that “We’re still discussing with the Gabon government on how to solve the problems. We’re waiting for their reply. We didn’t say we’re withdrawing and the project is still ongoing.”

China has strengthened ties with Africa as it seeks to secure access to the continent’s raw materials. Export-Import Bank of China loaned about USD 67.2 billion to sub-Saharan African nations in the past decade, according to a Fitch Ratings report in December.

A move into Gabon would mark a shift by BHP toward diversifying its production of iron ore, which is dominated by output from mines in Western Australia. Iron ore contributed 29% of BHP’s USD 71 billion in sales for the 2011 fiscal year.

(Sourced from Bloomberg

voda 1 februari 2012 17:15

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Goldman Sachs upgrades Rio Tinto rating

Rio Tinto plc was upgraded by investment analysts at Goldman Sachs to a “buy” rating in a note issued to investors on Monday.

Rio Tinto plc is engaged in minerals exploration, development, production and processing. The Company’s product groups include aluminum, copper, diamonds and minerals, energy, and iron ore. Its major products are aluminum, copper, diamonds, coal, iron ore, uranium, molybdenum, gold, borates, titanium dioxide, salt and talc.

(Sourced from localizedusa.com)

voda 2 februari 2012 17:05

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BHPB approves new funding for Hedland port expansion

BHP Billiton has announced approval of USD 917 million (BHP Billiton share USD 779 million) in pre commitment funding for the construction of a 100 million tonne per year outer harbour facility associated with its Western Australia Iron Ore operations.

The project, which is expected to be reviewed for full approval in the fourth quarter of calendar year 2012, has an embedded option to expand by a further 100 million tonnes per year.

The funds approved will enable the company to progress feasibility studies and the procurement of long lead time items. It will also allow for dredging to begin, subject to the necessary regulatory approvals. In parallel with this work, engineering studies are underway to match mine and rail expansions to the expanded port capacity.

The first phase of the Outer Harbour Development would include the proposed construction of a 4 kilometre jetty, a four berth wharf, 32 kilometres of dredged departure channel and landside infrastructure, including stockyards and a rail spur. Start up would be in the first half
of calendar year 2016.

Mr Ian Ashby President Iron Ore of BHP Billiton said “This investment is an important first step in providing the infrastructure to allow us to fully develop our world class resource base in the Pilbara. The development of the outer harbour is pivotal for our longer term growth objectives and this initial funding is rapidly turning those plans into a reality.”

BHP Billiton’s partners in its Pilbara iron ore operations are: Itochu Minerals & Energy of Australia Pty Ltd, Mitsui- Itochu Iron Pty Ltd and Mitsui Iron Ore Corporation Pty Ltd.

voda 2 februari 2012 17:05

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BHPB announces divestment of interest in Richards Bay Minerals

BHP Billiton has exercised an option to sell its 37% non-operated interest in Richards Bay Minerals to Rio Tinto and will exit the titanium minerals industry.

RBM is a South African mineral sands mining and smelting operation and the leading producer of chloride titanium feedstock. BHP Billiton holds a 37% equity stake in RBM with equity partners Rio Tinto (37%), Black Economic Empowerment parties (24%) and employees (2%). Rio Tinto manages the operation and is responsible for the marketing of RBM’s products.

As part of the restructuring of RBM in 2009, BHP Billiton and Rio Tinto concluded a put option agreement that made provision for BHP Billiton to sell its interest in RBM to Rio Tinto pursuant to an agreed valuation process. The parties will work together to facilitate a smooth transfer of BHP Billiton’s stake.

Completion of the sale is conditional upon the fulfilment of customary regulatory approvals with the final consideration to be determined according to the agreed valuation process.

BHP Billiton Southern Africa Chairman, Dr Xolani Mkhwanazi, said: “BHP Billiton’s position in RBM is a non-operated shareholding in an industry in which it holds no other interests. BHP Billiton will continue operating its Southern African energy coal, aluminium and manganese businesses in a sustainable manner.”

voda 2 februari 2012 17:07

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BHPB to cut jobs and slow nickel mining at WA operations

BHP Billiton Limited will cut jobs and slow nickel mining at its Western Australia operations to tackle depressed prices for the metal and an earnings drag from the strong Australian dollar.

Ms Kelly Quirke spokeswoman of BHP Billiton Limited said that about 155 workers and contractors may be laid off, though BHP will seek to place people at its other businesses. The cuts will primarily be in Perth.

Ms Quirke said that it remains committed to nickel and will continue to produce it at its Nickel West operation. The unit will temporarily reduce mining at its Mt Keith operation in the Northern Goldfields region. She added that a recent redesign enabling talc bearing ore processing will allow Nickel West to maintain production of concentrate from stockpiled ore in the short term.

BHP flagged weaknesses at Nickel West last month with the release a quarterly production report that said the unit's operating margins remained sensitive to persistent weakness in nickel prices and the strength of the local currency.

At that time, it warned its aluminum business faced cost pressures and weaker prices, though production of iron ore and petroleum key earnings drivers were growing strongly.

Analysts have recently trimmed earnings forecasts for miners to reflect weaker commodities' prices and concerns that demand will remain weak in Europe and may falter in China, where economic growth is cooling.

BHP is unlikely to repeat the record profit it posted in the past financial year. The consensus forecast of almost 25 analysts pointed to an attributable profit of AUD 10 billion for the financial first half through December compared with AUD 10.52 billion in the same period a year earlier. However, revenue is expected to rise to AUD 37.41 billion from AUD 34.17 billion.

BHP's Nickel West operations include the Mt Keith open cut mine and concentrator, the Leinster underground mines and concentrator, as well as the Kalgoorlie smelter. Its Cerro Matosa operation is one of the world's largest producers of ferronickel.

The company produced 38,400 tonnes of nickel in the December 2011 quarter, including 30,600 tonnes at Nickel West.

(Sourced from www.dowjones.com)

voda 3 februari 2012 16:47

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BHP keeps on spending to secure growth plans
Peter Ker
346 words
3 February 2012
The Sydney Morning Herald
SMHH
First
3
English
© 2012 Copyright John Fairfax Holdings Limited. www.smh.com.au
RESOURCES
BHP BILLITON'S early bet on its Australian growth projects now stands above $US2 billion ($1.86 billion), after the resources giant parted with another massive tranche of "pre-commitment" spending.
The decision to outlay $US917 million on the Port Hedland outer harbour project follows the $US1.2 billion spent recently on "pre-commitment" works at the Olympic Dam expansion site.
Both projects are yet to be approved by the board, meaning the company is putting an expensive wager on market conditions, external approvals and feasibility studies going to plan. The projects make up two of BHP's four "mega" growth projects, which are set to soak up an estimated $US120 billion over the next 15 years.
In an analysis of BHP's four growth projects - the other two being the Jansen potash project in Canada and the shale gas expansion in the US - analysts at Deutsche Bank said it could be 2023 before they start significantly improving returns.
"Current shareholders will undoubtedly lament that they have to suffer ongoing lower returns in order to benefit future shareholders," the report said.
Deutsche said BHP could free up $US6 billion to tackle debt or return to shareholders by delaying work at Olympic Dam and slowing drilling at the Haynesville shale. But it said shareholders should not expect any delays, with all projects likely to be approved this year.
The outer harbour project is designed to allow BHP to increase its export rate of iron ore from about 240 million tonnes to 350 million tonnes per year by 2022.
By building a 4 kilometre jetty beyond the existing Port Hedland harbour, it will give BHP a virtual greenfields site for its most lucrative commodity. The project can be further expanded to about 450 million tonnes of capacity and will help the company keep pace with Rio Tinto's iron ore division.
BHP's iron ore president, Ian Ashby, said the "precommitment" spending was the first step in fully developing its Pilbara riches.
Fairfax Media Management Pty Limited

voda 5 februari 2012 16:10

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BHP seals Gabon iron ore deal

A government official from the Central African nation's government told Reuters that Gabon and mining firm BHP Billiton have reached a deal over the Belinga iron ore concession in Gabon.

Mr Sosthene Nguema Nguema a member of Gabonese government delegation in charge of overseeing the Belinga project, said the concession had been removed from China's CMEC as the company, which was awarded the license in 2007, did not have sufficient expertise to mine the resource.

BHP Billiton declined to comment but Mr Nguema said an official agreement would be signed soon, without giving any further details.

(Sourced from Reuters)

voda 7 februari 2012 16:50

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Xstrata en Glencore fuseren voor 90 miljard

Gepubliceerd op 7 feb 2012 om 08:56 | Views: 363

ZURICH (AFN) - De Brits-Zwitserse mijnbouwer Xstrata en de Zwitserse grondstoffenhandelaar Glencore bereikten dinsdag overeenstemming over een fusie ter waarde van 90 miljard dollar (68,4 miljard euro). Het is de grootste transactie ooit in de grondstoffensector.

Glencore geeft 2,8 nieuwe aandelen uit per aandeel Xstrata. Dat biedt de aandeelhouders van Xstrata een premie van ruim 15 procent ten opzichte van de slotkoers vorige week woensdag, toen geruchten over een op handen zijnde samensmelting voor het eerst uitlekten. De aandeelhouders van de mijnbouwer krijgen samen een belang van 45 procent in het nieuwe bedrijf. In dat aandeel is Glencore, dat al 34 procent van Xstrata'saandelen bezat, buiten beschouwing gelaten.

Bestuursvoorzitter Mick Davis van Xstrata wordt de hoogste baas van het fusiebedrijf, terwijl zijn collega Ivan Glencore, Ivan Glasenberg, vice-bestuursvoorzitter wordt. Davis zei in een toelichting er absoluut niet aan te twijfelen dat de aandeelhouders instemming met de fusie.

Toppositie

Xstrata is de op drie na grootste mijnbouwer ter wereld, Glencore is 's werelds grootste grondstoffenhandelaar. Het gefuseerde bedrijf zal de toppositie krijgen in de levering van kolen aan energiecentrales en in de productie van koper. Ook zal de nieuwe onderneming de strijd aan kunnen gaan met de grotere mijnbouwers BHP Billiton, Vale en Rio Tinto.

Xstrata maakte dinsdag ook de voorlopige resultaten over 2011 bekend. De nettowinst steeg met 12 procent tot 5,78 miljard dollar, de omzet nam met 11 procent toe tot 33,87 miljard dollar. Bestuursvoorzitter Davis sprak van een robuuste prestatie ,,tegen een achtergrond van extreme uitdagingen voor de wereldeconomie.'' Hij wees naar een ,,scherpe daling van het vertrouwen'' veroorzaakt door de aardbeving en tsunami in Japan, de Arabische lente en de Europese schuldencrisis.

In de eigen sector kampte Xstrata met overstromingen in Australië, slecht weer in Zuid-Afrika en Colombia. Daarnaast daalden de verkoopprijzen flink in de tweede helft van 2011, terwijl ingekochte goederen steeds duurder werden.

voda 8 februari 2012 17:00

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BHP houdt zich aan strategie, nettowinst H1 daalt

MELBOURNE (Dow Jones)--Mijnbouwer BHP Billiton Ltd. (BHP) boekte over de eerste helft van het financiele boekjaar een nettowinstdaling van 5,5%, de eerste dip in twee jaar voor het wereldwijd grootste mijnbouwbedrijf aangezien het getroffen werd door stijgende kosten, productie-interrupties en dalende grondstofprijzen.

De nettowinst daalde tot $9,94 miljard in de zes maanden tot december van $10,52 miljard in dezelfde periode een jaar eerder. De omzet steeg met 9,7% naar $37,48 miljard van $34,17 miljard. BHP heeft verklaard een interimdividend van $0,55 per aandeel uit te keren van $0,46 in dezelfde periode een jaar eerder.

Het Brits-Australische concern blijft bij het standpunt dat de vraag naar zijn producten robuust zal blijven, maar stelt dat de prijsvolatiliteit mogelijk blijft aanhouden aangezien de schuldencrisis in de eurozone en algemene zwaktes in de industrie en de bouw in belangrijke markten op het sentiment blijven wegen.

BHP rapporteerde in het voorgaande financiele jaar een recordwinst van $23,65 miljard, het hoogste winstresultaat dat een Australisch concern ooit behaalde, gedreven door stijgende prijzen voor ijzererts en overige grondstoffen. De prijzen voor ijzererts, gas en overige producten daalden echter in de laatste maanden van 2011.

"We hebben een robuust resultaat geleverd..ondanks de aanzienlijke volatiliteit", meldt Marius Kloppers, chief executive van het in Melbourne gevestigde bedrijf. "Het sentiment veranderde van de ene op de andere maand tijdens die periode [van de eerste helft van het financiele boekjaar]".

Kloppers stelt dat BHP een stijging in de productievolumes verwacht op de korte- tot middellange termijn als de verstoringen die de productie van olie, kolen en koper tegenhielden, overwonnen zijn. Het bedrijf gaat al uit van een nieuw recordjaar in de productie van ijzererts nu het de activiteiten in de afgelegen westerse Pibara regio van Australie blijft uitbreiden.

Door Robb M. Stewart. Vertaald en bewerkt door Ellen Proper; Dow Jones Nieuwsdienst: +31-20-5715200; ellen.proper@dowjones.com

voda 8 februari 2012 17:03

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Rio Tinto to invest USD 3.4 billion in expansion of iron ore operations in Western Australia

Rio Tinto has committed a further USD 3.4 billion (Rio Tinto share USD 2.9 billion) to the major expansion of its Pilbara iron ore operations in Western Australia.

The investment comprises of

1. USD 2.2 billion (Rio Tinto 100%) to extend the life of the Nammuldi iron ore mine. With this funding, the project to increase production capacity in the Pilbara to 283 million tonnes a year is now fully approved.

2. USD 1.2 billion (Rio Tinto share USD 700 million) for Cape Lambert port and rail early works needed for the proposed capacity expansion to 353 million tonnes a year. The 353 million tonnes a year expansion is in final feasibility study, with a final investment decision expected later this year.

Rio Tinto expects capital intensity of expansion from 220 million tonnes a year to 353 million tonnes a year to be around mid USD 150s per tonne, on a 100 per cent basis (Rio Tinto share around mid-USD 130s per tonne).

Mr Sam Walsh Rio Tinto Iron Ore and Australia chief executive said "We believe we have the best quality iron ore expansion projects anywhere in the world. They are high return, low risk investments that are highly value adding for shareholders. Today we are announcing another significant milestone in our drive towards a more than 50 per cent increase in the size of iron ore operations in Western Australia. The program remains on track and we are bringing new iron ore production on stream at a time when demand from Asian markets is forecast to grow strongly, while industry supply growth remains constrained.”

Production capacity of 283 million tonne per year in the Pilbara will be reached in the second half of 2013. The Nammuldi expansion will deliver first ore in the third quarter of 2014, and there will be a transitional period until then in which ore will come from other mines to reach 283 million tonne per year.

The Nammuldi project will extend existing mining below the water table, increasing the mine's life by 14 years, at a production rate of approximately 16 million tonnes a year.

The Cape Lambert funding follows other early works investments already underway. Plans to increase capacity at the port have been enhanced by further plans to replace an ageing car dumper with a new dual car dumper, contributing an additional 20 Mt/a to take Cape Lambert capacity to 203 M/ta in 2015.

The works and plans remain subject to a number of joint venture and regulatory approvals, including environmental clearances, which are expected later this year.

Rio Tinto's schedule for expanding its integrated Pilbara operations is as follows
1. 225 million tonne per year - Current operating capacity
2. 230 million tonne per year by end of Q1 2012 - Dampier port incremental (in implementation)
3. 283 million tonne per year by end of H2 2013 - Cape Lambert 53 million tonne per year increment (in implementation)
4. 353 million tonne per year by end of H1 2015 - Cape Lambert 70 million tonne per year increment (in feasibility study)

voda 9 februari 2012 16:09

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Winst Rio Tinto daalt door impairment

MELBOURNE (Dow Jones)--Rio Tinto plc (RIO) meldt donderdag dat zijn chief executive en chief finance officer zullen afzien van hun jaarlijkse bonus nadat de winst van het bedrijf over 2011 ernstig werd geraakt door een impairment van $9,29 miljard op met name de waarde van zijn aluminiumactiviteiten.

CEO Tom Albanese stelt dat de Brits-Australische mijnbouwer een hoge prijs moet betalen voor de overname van het Canadese aluminiumbedrijf Alcan voor $38 miljard in 2007, op de top van de markt. Deze acquisitie dreef de schuld op en dwong Rio Tinto onderdelen te verkopen en in de kosten te snijden toen de markt onder druk kwam als gevolg van de financiele crisis.

"Ik geef een duidelijk signaal af (door af te zien van een bonus) dat dit onder mijn leiderschap gebeurde, ook al was het vroeg in mijn termijn", zegt de topman.

De winst over het gehele jaar daalde tot $5,83 miljard van $14,24 miljard in 2010. De omzet liet wel een stijging zien van 9,7% tot $60,54 miljard. De onderliggende winst, exclusief eenmalige items, was 11% hoger op een recordniveau van $15,55 miljard.

Rio Tinto waardeerde $8,86 miljard af op de aluminiumonderdelen. Daarnaast was er een kleinere impairment op de diamantactiviteiten.

"Het huidige klimaat voor de aluminiumindustrie is zwaar", zegt Albanese, wijzend op de lagere prijzen en stijgende kosten. De vraag naar het metaal blijft evenwel sterk, stelt hij.

Net als concurrent BHP Billiton, dat woensdag een winstdaling van 5,5% over het eerste halfjaar rapporteerde, zei de CEO dat hij verwacht dat de Chinese economie afgaat op een 'zachte landing'. China geldt als de grootste afnemer van grondstoffen, waaronder ijzererts, wat een belangrijke winstdrijver is voor zowel Rio als BHP.

Rio Tinto is na het Braziliaanse Vale de grootste producent van ijzererts ter wereld. De divisie zag de winst vorig jaar toenemen naar $12,85 miljard, van $10,19 miljard een jaar eerder.

Verder maakt het concern bekend het dividend te verhogen met 34% tot 145 cent, een signaal dat het bedrijf vertrouwen heeft in de lange termijn. Het aandeleninkoopprogramma van $7 miljard wordt naar verwachting eind maart afgerond.

Door Robb M. Stewart, vertaald en bewerkt door Ben Zwirs; Dow Jones Nieuwsdienst; +31-20-5715200; ben.zwirs@dowjones.com

voda 9 februari 2012 16:56

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BHP says iron ore fundamentals remain strong

BHP Billiton the world's no 3 iron ore miner said that fundamentals for iron ore demand remain strong, with Chinese steel making expected to pick up following the lunar new year and with Indian iron ore supplies lagging expectations.

Mr Mike Henry chief marketing officer of BHP told analysts at a briefing that "Going forward, the fundamentals remain strong in the short to mid term for iron ore demand.”

(Sourced from Reuters)

voda 9 februari 2012 16:57

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BHPB announces half year report for Stainless Steel Materials

Nickel production was lower during the December 2011 half year reflecting restricted hydrogen supply and maintenance at the Nickel West (Australia) smelter and refinery operations. Cerro Matoso (Colombia) returned to full capacity during the December 2011 half year following the successful replacement of the Line 1 furnace.

Underlying EBIT for the December 2011 half year decreased by USD 356 million to USD 1 million. Lower volumes and weaker prices (net of price linked costs) reduced Underlying EBIT by USD 133 million and USD 106 million respectively. Higher maintenance charges at Nickel West and an increase to the electricity tariff at Cerro Matoso contributed to broader cost pressure which reduced Underlying EBIT by USD 96 million.

The commissioning of the Nickel West Mt Keith Talc Redesign Project and construction of the new hydrogen plant at Nickel West Kwinana form part of a targeted program of business improvement.

voda 10 februari 2012 16:01

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Rio Tinto announces underlying earnings of USD15 billion

1. Record underlying earnings of USD 15.5 billion, 11% above 2010.

2. Net earnings1 of USD 5.8 billion, 59% below 2010, primarily as a result of an impairment charge of USD 8.9 billion related to the Group's aluminium businesses.

3. Record underlying EBITDA1 of USD 28.5 billion, 10% above 2010.

4. Record cash flows from operations up 16 per cent to USD 27.4 billion.

5. Capital expenditure of USD 12.3 billion in 2011, compared with USD 4.6 billion in 2010. Total capital expenditure for 2012 on approved projects and sustaining capital is expected to be USD 16 billion. Further project approvals, mainly in the Pilbara, are likely to increase this level of investment as the growth program continues.
A. Pilbara iron ore expansion to 283 million tonnes per annum now fully approved and on track to be in operation by end of 2013: second planned phase expansion of Pilbara capacity enhanced to 353 million tonnes per annum and completion brought forward by six months to first half of 2015.
B. Growth options enhanced in Mongolia, Mozambique and South Africa: Rio Tinto moves to majority stake in Ivanhoe, completes Riversdale acquisition providing entry to an emerging major coking coal resource and announces doubling of stake in Richards Bay Minerals.

6. 34% increase to full year dividend to 145 US cents per share, reflecting confidence in long term outlook.

7. USD 7 billion share buy back program on track for completion by end of the first quarter. To date USD 6.2 billion has been completed, representing 103 million Rio Tinto plc shares equivalent to five per cent of the Group's issued share capital.

Bron: Steel Guru

voda 10 februari 2012 16:02

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BHP Billiton blames work laws for strike

BHP Billiton chief executive Marius Kloppers has blamed complex Labor workplace laws for creating the conditions for current strike action at the company's coal operations.

Workers have been on strike this week at BHP's Port Kembla coal terminal after talks broke down on a new workplace agreement.

Mining unions have also flagged industrial action and a possible strike at the BHP Billiton Mitsubishi Alliance in Queensland's Bowen Basin.

BHP has described the dispute as the union seeking "productivity destroying arrangements".

The Construction, Forestry, Mining and Energy Union said that workers are being bullied into being rostered on for multiple 12 hour night shifts that create fatigue and have job security and safety issues.

It wants union delegates to be appointed safety officers because it said that BHP's safety record is poor. However, management wants to appoint whoever it deems best suited for health and safety roles.

Workers have been warned their jobs are at risk if they strike.

Mr Kloppers said the current Fair Work Act made it difficult to negotiate with unions because more claims could be put on the table beyond just benefits and pay.

He said that "What we see in our experience around the world and in various places is that those places where essentially negotiations go around workers' benefits and pay, normally you reach agreement in a facile manner.”

"With changes in law, with things like prohibited content, the number of issues that can be put on the table which don't only govern benefits and pay but extend to all manner of other things just makes it more difficult and makes it less likely that people reach an agreement."

Mr Kloppers blamed industrial action for partly contributing to underperformance by its copper and coal divisions in 2011.

(Sourced from AAP)

voda 11 februari 2012 15:53

0

BHP Billiton to produce more shale oil
168 words
8 February 2012
Dion News Service
RTNSIN
English
Copyright 2012. Dion Global Solutions Ltd.
BHP Billiton Limited is planning to produce more petroleum from its onshore shale acreage in United States. The company is targeting shale oil production equal to 20 per cent of its total onshore output by the year 2020.
BHP is planning to increase its expenditure on oil exploration by more than twofold to USD 1.4 billion in 2012. It bought many shale assets last year which included the USD 12.1 billion cash purchase of Petrohawk Energy Corp. It also bought shale gas assets for USD 4.75 billion from Chesapeake Energy Corp.
The company is also increasing its production of oil as natural gas prices touch record lows in markets like United States. Natural gas prices in United States are running at a ten year low due to glut in supply caused by fracking of shale deposits. Many other companies, like Royal Dutch Shell, are also increasing their investments in shale deposits which are rich in oil.
Dion Global Solutions Ltd.

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