Eurobench.com

voda 3 mei 2021 08:03

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Rio Tinto in Arbitration withGFG Alliance over Dunkirk SmelterSale

The Telegraph reported that Australian mining giant Rio Tinto claims that it has unsettled payments of over USD 50 million from Mr Sanjeev Gupta’s GFG Alliance following the sale of the aluminium smelter in Dunkirk in France to for USD 500 million in 2018 and has launched arbitration proceedings against Mr Gupta in 2019 for the missed payments, which are related to price adjustments that took place after the transaction. GFG’s Alvance Aluminium spokesman said “As is usual practice in sizeable mergers and acquisitions, there is a mechanism in place post-completion of this deal to settle the final consideration to be paid to the vendor net of working capital, accounting and other issues. This system is on going with the vendor as part of the normal process. GFG’s deal to buy the Dunkirk smelter was a successful transaction. The Dunkirk plant is running at full capacity, is delivering to our customers and the outlook for its future remains very positive.”

GFG’s purchase of Dunkirk smelter was Mr Gupta’s first major industrial deal financed through traditional bank debt and formed part of a wider spending spree as he snapped up tired steel and aluminium assets around the world. GFG Alliance also bought the Lochaber smelter in Fort William in Scotland in UK from Rio Tinto in 2016, with backing from the Scottish government.

The legal wrangling with Rio Tinto is the latest headache for Mr Gupta as he scrambles to arrange new financing following the collapse of the supply chain financier Greensill, which blew a USD 5 billion hole in GFG’s finances.

Meanwhile, winding-up orders issued by creditors against three Liberty Steel companies are due to be presented at the High Court next week. The hearings, which have now been delayed, have sparked fears that a failure to deal with them could force Mr Gupta’s empire into liquidation.

Source - Strategic Research Institute

Bijlage:

voda 18 mei 2021 10:05

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Rio Tinto Develops New Water Atomized Steel Powder for 3D Printing

Rio Tinto has successfully developed and tested a new water atomized steel powder designed for 3D printing applications at its Rio Tinto Fer et Titane metallurgical complex in Sorel-Tracy in Quebec. The water atomized steel powder delivers mechanical properties superior to conventional metal manufacturing techniques, paving the way for advances in the use of 3D printing technology for metal parts. RTFT is developing a range of additional powder grades with advanced properties for 3D printing to meet customer needs.

Rio Tinto Iron and Titanium Managing Director Ste´phane Leblanc commented: “This is a new generation of steel powders designed for 3D printing at RTFT’s metallurgical complex, where we have over 50 years of experience in making steel and iron powders. Our new additive manufacturing steel powder grade, produced with the largest water atomizer in North America, brings a very competitive raw material addition to the growing 3D market.”

Rio Tinto develops new water atomized steel powder for 3D printing

Rio Tinto’s Critical Minerals and Technology Centre in Sorel-Tracy partnered with Germany-based KSB SE & Co. KGaA, one of the world’s leading manufacturers of pumps and valves and a pioneer in industrial additive manufacturing, to develop and test the performance of the new powder in 3-D printing applications. Full-scale industrial parts have already been produced and tested, including parts for a liquid iron casting equipment at Rio Tinto’s Sorel-Tracy site which is an industry first.

RTFT operates an open cast ilmenite mine at Lac Tio near Havre-Saint-Pierre, on Quebec’s North Shore. The ore is used to produce high-quality titanium dioxide feedstock, pig iron, steel and metal at RTFT’s metallurgical complex in Sorel-Tracy, Quebec. Together, the sites employ over 1,600 people. RTFT has operated in Quebec for 70 years and pioneered the process of removing iron from ilmenite. In the last decade, RTFT has focused on developing, marketing and fine-tuning the UGS process, which produces slag with a very high titanium dioxide content sold to pigment producers.

Founded in 1967, RTFT’s Critical Minerals and Technology Centre conducts research on process improvement and develops new products. The Centre features state-of-the-art equipment and highly specialized instruments, such as inductively coupled plasma spectrometers, X-ray diffractometers, atomic absorption units, image analyzers, scanning electron microscopes and powder metallurgy testing laboratory.

Source - Strategic Research Institute

voda 18 mei 2021 10:14

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ASI Certifies Rio Tinto’s ISAL Smelter for Responsible Production

Rio Tinto's ISAL smelter in Iceland has been certified by the Aluminium Stewardship Initiative for meeting the highest internationally recognised standards for responsible aluminium production. The certification continues Rio Tinto’s leadership of the industry on responsible aluminium production from mine to metal, and means customers can be assured aluminium produced at ISAL meets independent environmental, social and governance standards.

ISAL has achieved ASI Performance Standard certification with provisional status, following an independent, third party ‘desk top’ audit by ERM CVS. An onsite audit will be completed when possible after the easing of COVID-19 travel restrictions.

Rio Tinto was the first company to offer ASI Aluminium in 2018. It has led the establishment of responsible production certification for the aluminium industry as a founding member of ASI, working alongside customers and a broad range of stakeholders.

Source - Strategic Research Institute

voda 18 mei 2021 10:15

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Rio Tinto Updates Details of Tailings Facilities

Global mining giant Rio Tinto has recently released updated information in relation to its global tailings facilities to align with the requirements of the Global Industry Standard for Tailings Management (released in August 2020, an initiative co-convened by the International Council on Mining and Metals, United Nations Environment Programme and the Principles for Responsible Investment. The latest disclosure builds on previously disclosed information on each of Rio Tinto’s global tailings facilities released in June 2019 and the publication of Rio Tinto’s Group Procedure and updated Standard for 'Management of tailings and water storage facilities' in February 2019. The changes to existing data are in line with guidance contained in GISTM including updating information previously disclosed.

As per the June 2019 disclosure, all facilities have been awarded a consequence classification in accordance with the regulatory or industry body that oversees tailings in each region or jurisdiction. Additional technical data from recently updated downstream impact assessments required under the GISTM and Rio Tinto’s own internal Tailings standard have resulted in a modification to hazard classifications of some facilities within the company’s global operations. Consequence classifications are not a rating of the condition of a facility or the likelihood of failure but on the potential consequence if there were to be a failure.

All Rio Tinto managed facilities are subject to three levels of governance and assurance:

1. First level of assurance takes place at the asset itself with the main tenets being effective facility design, comprehensive operational controls and regular reviews. Independent reviews of the operations must be conducted at least every two years

2. Second level is assurance to the Rio Tinto Standard through periodic Business Conformance Audits and Technical Reviews, supported by Rio Tinto's Surface Mining Centre of Excellence

3. Third level of assurance is independent of site management and normally conducted by third parties. In addition, all Rio Tinto managed facilities, whether active or inactive, have an external engineer of record or design engineer.

Source - Strategic Research Institute

voda 18 mei 2021 10:19

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Vale Investing in West III Project

Brazilian iron ore giant Vale announced that its Board of Directors approved the establishment, by its subsidiary Vale International SA, of a Joint Venture with Ningbo Zhoushan Port Company Limited, a subsidiary of Zhejiang Provincial Seaport Investment & Operation Group Co Ltd, to build, own and operate the West III Project in Shulanghu Port in Zhoushan City in Zhejiang Province in China. The West III Project consists in expanding the Shulanghu Port facilities, developing a stockyard and loading berths with additional 20 million tonnes per year capacity. By participating in the Project, Vale will secure a total port capacity of 40 million tonnes per year in Shulanghu, which will help Vale to optimize its overall supply chain costs.

The Project has total multiyear investments of RMB 4.3 billion (USD 624 million, full equity, 100% basis) and it includes acquisition of land rights and the development of port capacity of 20 million tonnes per year, including the construction of a new stockyard and two loading berths, subjects to regulatory approvals.

Vale will own 50% of the JV and both parties intend to obtain third-party loan of up to 65%, but not less than 50% of the total investment. With these assumptions, Vale's capital contribution to the project will vary between USD 109 million and USD 156 million, approximately. The construction of the project, which is expected to take up to three years, will start after both parties obtain the anti-trust and other regulatory approvals in China.

The Project secures strategic port capacity for Vale in China, as Shulanghu Port berths Valemaxes and allows Vale's shipping and distribution costs optimization.

In 2015, Vale launched the Brazilian Blend Fines, a product resulting from blending fines from Carajas, in the Northern System, with fines from the Southern and Southeastern Systems, which complement each other in terms of physical, chemical and metallurgical characteristics. The BRBF is produced at the Teluk Rubiah Maritime Terminal in Malaysia and at seventeen ports in China, including Shulanghu. This process reduces the time needed to reach Asian markets and increases our distribution capillarity by allowing the use of smaller vessels. The blending strategy also allows more efficient mining plans and increases the use of dry processing methods, which in return reduce capital expenditures, extend the life of our mines and reduce the use of water in our operations: a key flexibility to cope with the short-term challenges.

Source - Strategic Research Institute

Bijlage:

voda 19 mei 2021 08:31

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Vale Celebrates Tenth Anniversary of Operations in Oman

Brazilian mining giant Vale celebrated its tenth year in operation in Oman in April. Vale launched the initial stages of its industrial complex at the Port of Sohar in April 2011, marking a high point in an era of big-ticket industrial investments. The project highlighted the Sultanate's strategic geopolitical location in the Middle East and Suhar's distinctive advantages as a logistics hub and maritime gateway. Suhar, a unique deep-water port in Oman, is one of the very few ports in the Middle East capable of receiving even Vale's Largest 'Valemax' Vessels, which have a 400,000-ton transportation capacity. In addition to making a sizable contribution to the country's Gross Domestic Product, the venture has also delivered significant benefits in jobs, value addition opportunities, in-country value initiatives, and community development projects.

Vale's investment in Oman is a paradigm of the successful convergence of Vale's strategic goals, the Omani government, represented by OQ Company, and the Sohar Industrial Port Company.

The environmental controls that Vale has in place establish it as one of the leading companies regarding compliance with local and global environmental standards. That is in alignment with the company's plans to achieve carbon neutrality by 2050. ISO 14001 Certificate was awarded to Vale in Oman in 2016, and it was renewed in 2019, reflecting the company's commitment to environmental protection and controls. Vale in Oman has developed environmental requirements over a period of ten years, including Dust Monitoring Systems and Emissions Controls. In addition to the Green Belt surrounding the plant, a wind Fence surrounds the stockyard with high dust retention efficiency. The company has also implemented the Dry Dust Cruster and a unique Spraying System used to cover the Iron Ore Stockpiles to create a thick and long-lasting crust.

Source - Strategic Research Institute

voda 24 mei 2021 08:23

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BHP Delivers First Iron Ore Production from South Flank

BHP has achieved first ore at its USD 3.6 billion South Flank mine in the central Pilbara in Western Australia last week. South Flank is an 80 million tonne per annum sustaining mine, and will be the most technically advanced high quality iron ore mine in Western Australia. Together with the existing Mining Area C, it will form the largest operating iron ore hub in the world, producing 145 million tonnes of iron ore each year.

The South Flank project has expanded the existing infrastructure at Mining Area C, and involved construction of an 80 Mtpa crushing and screening plant, an overland conveyor system, stockyard and train loading facilities, procurement of a new mining fleet and substantial mine development and pre-strip work.

Source - Strategic Research Institute

Bijlage:

voda 24 mei 2021 08:24

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Vale Appoints Ms Eddy as President Director for PT Vale Indonesia

PT Vale Indonesia Tbk has appointed Ms Febriany Eddy as President Director at its Annual General Meeting of Shareholders on April 29, 2021. Ms Febriany has more than 20 years of international experience in mining and financial industries. Febriany was previously the Deputy CEO for two years and CFO for more than five years.

The executive has received international recognition as one of Asia’s Top Sustainability Superwomen (2019) and was recognized as one of the Top 25 Most Influential Women in Treasury in Asia Pacific (2015). She is also Vice President of the Indonesian Business Council for Sustainable Development. She has been actively promoting diversity and inclusion, particularly in the mining industry through various forums, such as Women in Mining & Energy (WIME) and Indonesia Business Coalition for Women Empowerment (IBCWE). Prior to her CFO role, Febriany was based in Brisbane, Australia for 2.5 years and was responsible for Base Metals’ Business Planning for Asia Pacific and Africa. Before joining Vale, she worked for PricewaterhouseCoopers in Jakarta and Amsterdam, for a total of seven years.

Febriany has an MBA from UCLA Anderson and NUS Singapore. She earned her bachelor’s degree in economics from University of Indonesia. She holds both an Indonesian and Australian CPA.

Source - Strategic Research Institute

Bijlage:

voda 27 mei 2021 08:31

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Vale, BHP & Rio Tinto Join Hands for Electric Trucks in Mines

Vale has joined forces with BHP and Rio Tinto to jointly launch a new challenge to find solutions to reduce greenhouse gas emissions from mining operations around the world. Starting May 18, companies, professionals and startups can register to propose solutions to the question: how to make the use of electric powered trucks feasible in surface mining operations?

In 2019, Vale announced its new goal to reduce absolute Scope 1 and 2 emissions by 33% by 2030 from 2017 levels and to become carbon neutral by 2050. The company believes that this type of cooperation is essential to find solutions to bring emissions below two degrees Celsius, according to the Paris Agreement. Achieving carbon neutrality will require broad industry-wide collaboration so that, together, we can create a more sustainable future.

The Charge On Innovation Challenge is open to participants from all over the world, with the great challenge of thinking about how to recharge truck batteries with the least possible impact on operations, ensuring its wide adoption in open pit mines. The objective is that the best solutions can be used by all companies in the sector, mining companies and suppliers, creating a safe loading pattern that can be adopted quickly while contributing significantly to our greenhouse gas reduction goals.

The “Charge On” challenge is being conducted in partnership with Austmine, an industry association in the Australian Equipment, Technology and Mining Services sector, and is an initiative of Vale's energy matrix change program - PowerShift.

Source - Strategic Research Institute

Bijlage:

voda 1 juni 2021 08:12

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BHP Awards McDermott FEED Contract for Trion FPU

McDermott International Ltd last month announced it has been selected by BHP Petróleo Operaciones de México S De RL De CV, in partnership with Pemex, to provide Front-End Engineering Design of a Semi-submersible Floating Production Unit for the Trion Project in the Gulf of Mexico. The FPU will be designed for a water depth of approximately 2,500 meters and will be located in the Trion Field, approximately 30 kilometers south of the US Mexico border and approximately 180 kilometers off the Mexican coastline.

McDermott will lead a single, integrated team to perform project management and execution planning.

The scope of the FEED contract includes engineering tasks related to the configuration, sizing and analysis of the FPU, including topsides, hull, risers and mooring. McDermott was previously awarded and completed services under an initial pre-FEED contract.

Source - Strategic Research Institute

voda 4 juni 2021 08:13

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Rio Tinto & InoBat to Explore Innovative Lithium Battery Initiative

Rio Tinto and European battery technology and manufacturing company InoBat have signed a Memorandum of Understanding to work together to accelerate the establishment of a “cradle to cradle” battery manufacturing and recycling value chain in Serbia. The partnership will cover the full commodity life-cycle from mining through to recycling of lithium.

Rio Tinto’s Jadar project in Serbia, one of the largest greenfield lithium projects in development, has the potential to produce approximately 55 thousand tonnes of battery grade lithium carbonate in Europe, one of the world’s largest growing electric vehicles markets. InoBat, a European based battery manufacturer with a battery research and development facility and pilot plant being developed in Slovakia intends to scale up its future production, through gigafactories to be built in the EMEA region. InoBat’s goal is to serve the Europen market with innovative energy solutions, including production and recycling of electric vehicle batteries.

It is envisaged the collaboration between Jadar and InoBat will also encourage the development of a complete European lithium and electric vehicle battery value chain that will harness and enhance local skills, environmental, social and governance standards and cross-border interactions for the benefit of Serbia and other European economies that wish to collaborate.

In 2020, Rio Tinto approved an investment of almost US$200 million to complete the final phase of study at the Jadar project, which is expected to be finalised in 2021, with an investment decision to follow. The scale and high grade nature of the Jadar deposit provides the potential for a mine to supply lithium products into the electric vehicle value chain for decades. If approved, construction of a mine to the highest environmental standards would take up to four years and would be a significant investment for Serbia with direct and indirect economic benefits to the Serbian economy.

Source - Strategic Research Institute

voda 4 juni 2021 08:46

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BHP Divests Ownership Interest in Neptune

BHP has completed a transaction with EnVen Energy Ventures LLC to transfer its 35 per cent ownership interest and operatorship of the Neptune field in the deepwater Gulf of Mexico in May 2021. Neptune is structured as a joint venture and is operated by BHP (35 per cent) with co-owners EnVen Energy Ventures, LLC (30 per cent), W&T Energy VI, LLC (20 per cent) and 31 Offshore, LLC (15 per cent).

BHP will continue to operate Neptune under contract as part of the transition agreement until transfer of both operatorship and ownership are approved by the regulator.

Source - Strategic Research Institute

voda 8 juni 2021 07:56

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Vale Closes Timbopeba Iron Ore Mine Near Xingu Dam Area

Reuters reported that Brazilian iron ore mining giant Vale has interrupted production at its Timbopeba mine and part of its Alegria mine after prosecutors ordered the evacuation of an area around the nearby Xingu dam in the state of Minas Gerais reducing its output by 40,000 iron ore tonnes a day. The company also stopped traffic on the Fabrica Nova railroad, which usually transports iron ore produced at Usina Timbopeba. Timbopeba was closed temporarily, reducing production by 33,000 iron ore tonnes a day. Vale said "The company is working to resume operations, focusing on the safety of employees and surrounding communities.”

Vale’s iron ore output totaled 68 million tonnes in Q1 of 2021, 14.2% higher than in Q1 of 2020. The year-on-year growth was in part attributed to the gradual resumption of halted operations in Timbopeba. The miner maintains its full-year guidance of between 315-335 million tonnes of iron ore for 2021.

Source - Strategic Research Institute

Bijlage:

voda 8 juni 2021 07:58

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BHP & Escondida Reach Environmental Pact for Salar de Punta Negra

Escondida the State Defense Council Peine and the Council of Atacamanian Peoples have reached an environmental agreement regarding the Salar de Punta Negra The agreement considers an environmental management plan, as well as a series of compensation and repair measures. A participatory governance is considered for its implementation, made up of representatives of public and private organizations as well as communities, who will work together for the sustainability of Salar de Punta Negra. With a conciliation agreement to benefit the environmental sustainability of the Salar de Punta Negra, the dialogue process concluded between representatives of the State Defense Council, the Peine Atacamanian Indigenous Community, The Council of Atacamanian Peoples and Escondida | BHP, where the First Environmental Court acted as a friendly arbitrator.

The measures that will be part of the plan were defined based on the conciliation terms presented by the First Environmental Court, which were complemented with additional actions, to be subsequently agreed upon by all the parties involved.

The agreement contemplates the realization of a series of territorial diagnoses and technical studies that will contribute to generate an Environmental Management Plan which will guide the implementation of various compensation and repair actions with a long-term view.

A key element of the agreement is that decision-making and execution of the plan will be led by a social-environmental governance made up of State representatives, the Peine Atacamanian Community, the Council of Atacamanian Peoples and Escondida | BHP. In addition, participatory decision-making mechanisms and instances of dissemination, environmental education and transparency were established.

Currently, Escondida supplies itself 100% with desalinated water for operational purposes.

Source - Strategic Research Institute

voda 9 juni 2021 11:05

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Nornickel Resumes Ore Mining at Taimyrsky Mine

World’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper Nornickel announced that on June 1 the company began to gradually restart ore mining at the Taimyrsky underground mine and plans to advance mine’s operations to full capacity in the near future. Currently, the mine has reached a daily mined volume of 5 kt, which is about 40% of the design capacity. The final stage of recovery operations at the Taimyrsky mine of 4.3 million tonne per annum of ore is expected to be fully completed by the end of June.

Norilsk Nickel Senior Vice President Mr Nikolay Utkin said “Water from the horizons of the Taimyrsky mine has been pumped out. Today, our main goal is to reinforce the underground workings to ensure the safety of our employees. We will be gradually scaling up mining as we take these measures. The mine is expected to reach its design capacity of 12,1 kt per day by the end of June 2021.”

Source - Strategic Research Institute

voda 9 juni 2021 11:06

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LKAB Develops New Mining Method Raise Caving

When mining depths in underground mines increase, so do the challenges. Rock stresses increase as mining moves to ever greater depth. A more complex geometry, in combination with rock-mechanical challenges, places demands on new, sustainable and innovative solutions for the mine of the future. And, underground, safety is paramount. Therefore, an entirely new method, raise caving, has been developed by Swedish state owned iron ore mining company LKAB in Kiruna. This is a major groundbreaking step towards a safer, more efficient mine. The greater mining depth has necessitated the development of the new method, raise caving. Both the method and the machine concept, which is an essential part of the mining method, have been developed by LKAB in close collaboration with Montanuniversität Leoben, in Austria. Large-scale testing will begin next year in the Kiruna mine.

Raises are bored and that is the starting point for mining in slices and caving the ore from the bottom to top. This means that mining starts in the raises and is not done horizontally and conventionally by means of so-called drifts. This implies that no people work directly with drilling and blasting, in a conventional sense, within the raises.

The method currently applied in LKAB's underground mines, large-scale sublevel caving, has been very successful. This is an effective method that enables mining of large volumes at a relatively low cost. However, there is some question as to how appropriate this method is for mining at ever greater depth. There are some mines with production at extreme depths, down to as much as 4,000 metres. However, mines in which some form of large-scale caving is applied have not yet reached such depths. And there is a lot of uncertainty as to whether they can maintain viable production volumes in the longer term. Raise caving, as opposed to sublevel caving, is a method that enables mining of the orebody from bottom to top, instead of from top to bottom. In other words, the sequence is reversed, and the technology shift has several advantages, not least in terms of safety.

Source - Strategic Research Institute

Bijlage:

voda 11 juni 2021 09:46

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Lethbridge City Seeks Coal Mining Ban in Eastern Slopes in Alberta

Lethbridge Herald reported that USA Alberta’s Lethbridge City council unanimously passed a resolution to encourage the province to ban all future coal exploration in the Eastern Slopes, and to reclaim all lands disturbed by coal exploration this past year, before the February 8, 2021 moratorium brought in by the province, by no later than December 31, 2025. The resolution also called for a new coal policy which no longer distinguished any categories which would allow coal mining in the Eastern Slopes, and instead protects them as one category en masse known as the Eastern Slopes.

Mayor Mr Chris Spearman said “This is our opportunity to have input into the Alberta Coal Policy Committee as many other municipalities are currently doing by submitting letters. If we submit a letter, it will be part of the consideration by the Coal Policy Committee before they bring out their findings.”

Mr Spearman added “Our city, our agriculture and food production economy, tourism, recreation, human health and animal health may all be at significant risk due to coal mining activity. The headwaters and landscapes of the Eastern Slopes are essential to the future of Southwest Alberta and the City of Lethbridge.”

Alberta’s vulnerable South Eastern Slopes and the heart of southern Alberta’s water supply are being offered up to international coal firms intent on mountain top removal mining of the area’s metallurgical coal. An Alberta government decision to rescind the Coal Policy protections that have been in place since the 1970s has opened the door to intensive coal development in the region.

Source - Strategic Research Institute

Bijlage:

voda 14 juni 2021 07:22

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Vale Clarifies about Risk of Xingu Dam Rupture

Brazilian mining giant Vale, in relation to news published in the press, clarified that there is no imminent risk of rupture of the Xingu dam, nor a change in the dam’s conditions or safety level, which remains at level 2. The Xingu dam is continuously monitored and inspected by a specialized technical team and is included in the company's dam decharacterization plan. The Xingu dam Self-Rescue Zone remains evacuated. It said “Nonetheless, in accordance with the interdiction term of the Regional Labor Superintendence (SRT), Vale suspended the access of workers and the traffic of vehicles in the flood zone of the Xingu dam, with only essential accesses being allowed to stabilize the structure, with a strict safety protocol.”

In collaboration with SRT, Vale is taking measures to continue to guarantee the safety of workers, in order to allow the resumption of activities.

Source - Strategic Research Institute

Bijlage:

voda 14 juni 2021 07:24

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Vale Prepays Nacala Logistics Corridor Mitsui Stake inMoatize Coal

Vale announced that the concessionaires of Nacala Logistics Corridor, located in Mozambique and Malawi, have sent an irrevocable notice to the financing banks of the Nacala Corridor Project Finance confirming their intention to prepay the outstanding balance of approximately USD 2.5 billion, which will be settled on June 22nd, 2021 with funds provided by the Company. With the settlement of the Project Finance, all conditions precedent for the completion of the transaction for the acquisition of Mitsui's stakes in the Moatize coal mine and the NLC are fulfilled, which is expected to occur following the prepayment of the Project Finance.

After the closing, Vale will consolidate the Moatize mine and the NLC in its financial statements. Accordingly, the EBITDA will no longer be burdened with costs related to debt service, investment in maintenance of operations (which will be executed directly by Vale as sustaining capital) and others, financed by NLC's tariff, and that already discounting the interest received by Vale, impacted the 2020’s EBITDA by approximately US$ 300 million.

With the simplification of the governance and management of the assets, Vale continues the process of a responsible divestment of its participation in the coal business, based on the preservation of operational continuity of Moatize mine and NLC.

Source - Strategic Research Institute

Bijlage:

voda 15 juni 2021 14:12

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BHP Spence Copper Mine in Chile Avoids Strike

Reuters reported that workers at BHP Group’s Spence copper mine in Chile have reached a new contract deal with the company, avoiding a strike. The union representing 1,100 mine workers in the northern Atacama Desert had been in government mediation talks after having rejected the most recent offer from the company.

The agreement comes at a time when copper prices have reached record highs thanks to prospects for a global economic recovery after the coronavirus pandemic.

Source - Strategic Research Institute

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