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voda 17 juli 2019 16:24

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Rio Tinto Completes Sale of its Stake in Rossing Uranium Limited

Rio Tinto has completed the sale of its entire interest in the Rössing uranium mine in Namibia to China National Uranium Corporation Limited (CNUC) for an initial cash payment of $6.5 million plus a contingent payment of up to $100 million. Rio Tinto chief executive J-S Jacques said “This sale demonstrates Rio Tinto’s commitment to further simplifying and strengthening our portfolio and brings the total divestment proceeds received since 2017 to $11.2 billion, of which $9.7 billion has been returned to our shareholders. I would like to recognise the hard work of people across Rio Tinto and the communities around Rössing who have contributed to the success of the mine and wish them all the best for the future under new ownership.”

The $100 million contingent payment is linked to uranium spot prices and Rössing's net income during the next seven calendar years. In addition, Rio Tinto will receive a cash payment if CNUC sells the Zelda 20 Mineral Deposit during a restricted period following completion.

As announced on 19 November 2018, CNUC is considered to be a related party of Rio Tinto plc under the UK's Financial Conduct Authority Listing Rules and the entry into the transaction was a smaller related party transaction, falling within the UK Financial Conduct Authority Listing Rule 11.1.10R.

Source : Strategic Research Institute

voda 17 juli 2019 16:25

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Standardization Keeps Mine Trucks Moving - BHP

The haul trucks at the BHP Mitsubishi Alliance Daunia metallurgical coal mine in Queensland Australia shift around 226 tonnes of coal or overburden every load. The fleet of 16 trucks run 24 hours a day and each truck needs to be serviced every 250 hours, or about every two weeks. The time it takes our maintenance team to service trucks is critical to our mine efficiency and productivity because it directly impacts how long they are out of action. And it is vital they are serviced safely, effectively and consistently.

That’s why we are excited about some recent improvements in the service time for the truck fleet. We reduced the average truck downtime for a regular truck service from two hours to just 40 minutes. That’s a saving of one hour and 20 minutes for each truck a fortnight, or a potential 10 hours of extra work each week for the fleet. We did three things to transform our work: introduced a dedicated service bay; allowed maintainers time to set up tooling and service kits before the truck enters the workshop; and introduced technology to design, monitor and improve the way we work.

The results have exceeded our team’s expectations. We reduced the average truck downtime for a regular truck service from two hours to just 40 minutes. That’s a saving of one hour and 20 minutes for each truck a fortnight, or a potential 10 hours of extra work each week for the fleet.

Source : Strategic Research Institute

voda 17 juli 2019 16:40

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BHP Releases First Tender for LNG Shipment of Iron Ore

BHP said that it had released the world’s first tender for LNG-fuelled transport to carry up to 27 million tonnes, or about 10 percent, of its iron ore as it seeks to position itself at the forefront of responsible mining. Apart from the quest to cut carbon emissions to curb global warming, the United Nations shipping agency is introducing tougher anti-pollution standards in the industry’s biggest shake-up for decades.

BHP said ships fuelled by LNG would eliminate NOx and SOx emissions and, though not a zero-carbon solution, would bring a significant reduction in CO2 emissions until other options are available.

BHP, the world’s biggest diversified miner, stands apart from others in the sector with its target of net zero emissions by the second half of the century, in line with UN carbon-cutting goals. That is a huge challenge, especially if it includes emissions related to the group’s vast amounts of coking coal and iron ore for steelmaking, as well as shipping of the material.

Mr Rashpal Bhatti, BHP’s vice president for maritime and supply chain excellence, said that “We recognise we have a stewardship role, working with our customers, suppliers and others to influence emissions reductions across the full life cycle of our products.”

Source : Strategic Research Institute

voda 18 juli 2019 13:14

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Rio Tinto warns of Oyu Tolgoi Blow-Out Amid Slow Quarter in Mongolia

Rio Tinto warned of costs blow-outs and delays to its Oyu Tolgoi underground project, in Mongolia. The miner that capital spend to bring the copper project into production was expected to range between USD 6.5-billion and USD 7.2-billion, an increase of between USD 1.2-billion and USD 1.9-billion compared with the previous cost estimate of USD 5.3-billion. In addition to the cost blow-out, Rio has also warned that first sustainable production from Oyu Tolgoi would only be achieved between May 2022 and June 2023, which was between 16 and 30 months later than the original feasibility study guidance in 2016.

Rio is considering a number of mine design options for the Oyu Tolgoi project, after enhanced geotechnical information and data modelling suggested that there could be stability risks with the previously approved mine design. These options are being evaluated to determine the final design of the first panel of mining, ‘Panel 0’ and this work is anticipated to continue until early 2020.

The miner noted that given the further technical work which was needed, the definitive estimate, which would include the final estimate of cost and schedule for the remaining underground project, was now expected to be delivered in the second half of 2020, reflecting the preferred mine design approach.

Mr Stephen McIntosh, Rio’s group executive for growth and innovation, said that “We have made significant progress on a number of key elements in the construction of the underground project during 2019. However, the ground conditions are more challenging than expected and we are having to review our mine plan and consider a number of options.”

Source : Strategic Research Institute

Bijlage:

voda 18 juli 2019 13:15

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Rio Tinto Announces Q2 Operations Review

Pilbara operations: Pilbara operations produced 155.7 million tonnes in the H1 of 2019, 8% lower than the same period in 2018. As highlighted in our Q1 Operations Review, significant disruptions were caused by Tropical Cyclone Veronica, and a fire at Cape Lambert A. The impacts of Cyclone Veronica continued into the second quarter, with repairs to the Cape Lambert A port facilities impacting Robe Valley and Yandicoogina shipments and operations. All repairs are now complete.

As announced on 19 June 2019, mine operational challenges are being experienced, particularly at our Greater Brockman hub. This has seen shortfalls in planned material movement and impacted mine sequencing both in the Greater Brockman hub and in the broader system. Waste material movement will be increased over 2019 and 2020 to improve mine performance and pit sequencing. Cost guidance has been revised to include these additional mining activities.

First half sales of 154.6 million tonnes were 8% lower than the first half of last year due to lower mine production and damage to the port facilities caused by the cyclone.

Approximately 16% of sales in the first half of 2019 were priced by reference to the prior quarter’s average index lagged by one month. The remainder was sold either on current quarter average, current month average or on the spot market. We continue to prioritise meeting our long-term customer commitments.

Approximately 33% of sales in the first half were made free on board, with the remainder sold including freight.

Achieved average pricing in the first half of 2019 was USD 78.5 per wet metric tonne on an FOB basis which equates to USD 85.3 per dry metric tonne. Pilbara Blend sales included an additional 2.4 million tonnes of alternate products in the Q2, bringing the total alternate product sales in the H1 of 2019 to 3.9 million tonnes.

Pilbara projects

The Koodaideri iron ore mine is progressing to plan with engineering, procurement and construction activities on schedule, including the ramp-up of the mine bulk earthworks and commencement of rail bulk earthworks. First ore from Koodaideri is expected in late 2021, consistent with previous guidance.

The Robe River Joint Venture sustaining production projects are progressing through the necessary environmental and heritage approval process. MesaH environmental approvals have experienced some delays, with contingency plans being assessed in case required. Consistent with previous guidance, first ore from these projects is anticipated in 2021.

2019 guidance

As announced on 19 June 2019, Rio Tinto’s Pilbara shipments in 2019 are expected to be between 320 and 330 million tonnes, 100% basis. Guidance will remain subject to weather. Major rail maintenance is scheduled to occur in October, and is reflected in the existing guidance.

Rio Tinto’s Pilbara unit cost guidance in 2019 has been revised to USD 14 – USD 15 per tonne, which incorporates costs for the additional waste movement in the mines in the second half, and the overall reduction in shipments.

Source : Strategic Research Institute

voda 18 juli 2019 13:16

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BHP Announces Iron Ore Operation Report

BHP, total iron ore production was broadly unchanged at 238 million tonne. Production of between 242 and 253 million tonne is expected in the 2020 financial year as we undertake a significant maintenance program at Port Hedland. This program is designed to improve productivity and provide a stable base for our tightly coupled supply chain as we sustainably increase production towards 290 million tonne per annum. As part of this, a major car dumper maintenance campaign is planned for the September 2019 quarter, with a corresponding impact expected on production.

At WAIO, volumes were flat reflecting record production at Jimblebar and inventory impacts from the Mt Whaleback fire in the prior period. This was offset by the impacts of planned maintenance in the September 2018 quarter, a train derailment on 5 November 2018 and Tropical Cyclone Veronica in March 2019. The port ramp up subsequent to the cyclone was achieved on 10 April 2019. During the quarter, WAIO achieved an annualised run rate above 290 million tonne, excluding the cyclone impact.

Source : Strategic Research Institute

voda 19 juli 2019 14:47

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BHP Coal Announces Operational review

BHP Coal, metallurgical coal production was broadly flat at 42 million tonne. Production is expected to be between 41 and 45 million tonne in the 2020 financial year. With major wash plant shutdowns at Goonyella, Peak Downs and Caval Ridge planned in the September 2019 quarter, volumes will be significantly weighted to the subsequent Q3 of the financial year. At Queensland Coal, record annual production was achieved at BMC due to improved wash plant performance and increased yields at South Walker Creek and higher wash plant throughput at Poitrel following the purchase of the remaining 50 per cent of Red Mountain processing facility. Despite record stripping, BMA’s production decreased slightly due to unfavourable weather impacts and lower wash plant yields.

Energy coal – Energy coal production for the 2019 financial year decreased six per cent to 27 million tonne. Production is expected to decrease to between 24 and 26 million tonne in the 2020 financial year.

New South Wales Energy Coal production decreased by two per cent as record stripping performance was offset by higher strip ratios and lower wash plant yields as we progress through the monocline and optimise our mine plan to focus on higher quality products given widening quality differentials. In the 2020 financial year, the combination of the monocline and a changed product mix to focus on higher quality products is expected to result in a decrease in production to between 15 and 17 million tonne.

Source : Strategic Research Institute

voda 19 juli 2019 14:53

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BHP Petroleum Announces Operational reviews

Petroleum - total petroleum production increased by one per cent to 121 MMboe. Volumes are expected to decrease to between 110 and 116 MMboe in the 2020 financial year as a result of planned maintenance at Atlantis and natural field decline across the portfolio. Crude oil, condensate and natural gas liquids production decreased by four per cent to 55 MMboe due to natural field decline across the portfolio and a 70 day planned dry dock maintenance program at Pyrenees completed during the September 2018 quarter. This decline was partly offset by higher uptime and stronger field performance at Atlantis and Mad Dog.

Natural gas production increased by five per cent to 397 bcf, reflecting increased tax barrels at Trinidad and Tobago in accordance with the terms of our Production Sharing Contract and higher uptime at North West Shelf. This was partially offset by planned maintenance at Trinidad and Tobago in the December 2018 quarter, the impact of Tropical Cyclone Veronica in Western Australia and natural field decline across the portfolio.

The Bass Strait West Barracouta project is tracking to plan and study work continues on the Ruby project in Trinidad and Tobago with an investment decision expected during the September 2019 quarter.

In Trinidad and Tobago, Phase 3 of our deepwater drilling campaign was completed. This campaign included three wells – Bélé-1, Tuk-1 and Hi-Hat-1 – which have all been successfully drilled and encountered gas. These three discoveries in our Northern licences have established additional volumes around the Bongos discovery and evaluations are ongoing. Technical work is underway to assess further exploration targets and commercial options for the Northern Gas play.

In Australia, as part of the North West Shelf Joint Venture, we participated in the Achernar-1 exploration to fulfil a well commitment on the WA-28-P exploration permit. The well was a dry hole and was plugged and abandoned.

In Mexico, we spud the Trion-3DEL appraisal well on 9 July 2019 to further delineate the scale and characterisation of the resource.

Source : Strategic Research Institute

voda 19 juli 2019 15:03

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Rio Tinto Q2 Aluinium Production Update

Rio Tinto announced that its second quarter bauxite production of 13.4 million tonnes was 1% higher than the same period of 2018. Production at managed operations increased by 2%, with the ramp-up of Amrun progressing despite weather related impacts in the first quarter. This was partly offset by lower production from the non- managed Porto Trombetas JV in Brazil. The expansion project at CBG, a non managed JV in Guinea, experienced a slower than expected ramp-up, but is now delivering at target run-rates. 9.5 million tonnes of bauxite were shipped to third parties in the second quarter, 8% higher than the same period of 2018.

Alumina - Alumina production in the second quarter of 2019 was 6% lower than the same period in 2018 due primarily to major maintenance activities at non-managed QAL and the lower bauxite supply from MRN impacting production at Vaudreuil.

Aluminium - Aluminium production of 0.8 million tonnes in the second quarter was in line with the corresponding period of 2018. Excluding the non-managed Becancour operation, where a lock-out constrained operations, aluminium production in the first half was 1% higher than the corresponding period in 2018, reflecting continued productivity improvement.

On 2 July 2019, management and unions at the Becancour smelter agreed a new labour arrangement which will lead to restart of production at the end of July, with full ramp-up expected by mid-2020.

Average realised aluminium prices in the first half of 2019 were USD 2,174 per tonne (H1 2018: USD 2,547 per tonne). This includes premiums for value-added products which represented 54% of primary metal sold in the first half of 2018 (H1 2018: 58%) and generated attractive product premiums averaging USD 242 per tonne of VAP sold (H1 2018: USD 222 per tonne) on top of the physical market premiums. The mid-west premium duty paid increased from USD 396 per tonne in the first half of 2018 to $420 per tonne in the first half of 2019. A 10% tariff on aluminium imports into the United States under Section 232, which was effective for Canadian imports, was paid until the tariffs were removed on 19 May 2019.

There was some respite from cost inflation in Aluminium compared with 2018 for certain raw materials, in particular for caustic soda and petroleum coke albeit with a lag effect due to the pricing mechanism. However, this was partly offset by inflationary pressures on other costs.

Kemano - At the Kemano hydro-power facility at Kitimat, British Columbia, the tunnel boring machine has achieved a total of 828 metres excavated as at 30 June 2019. Current progress is slightly behind schedule, but cost forecasts remain on budget.

2019 guidance - 2019 guidance is unchanged. Rio Tinto’s expected share of bauxite production in 2019 is between 56 and 59 million tonnes. Aluminium production guidance is between 3.2 and 3.4 million tonnes and alumina production guidance is 8.1 to 8.4 million tonnes.

Source : Strategic Research Institute

voda 19 juli 2019 15:07

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Vale to Adjust Provisions Following Dam Tragedy Compensation Deal

BN Americas reported Brazilian mining giant Vale is likely to adjust its provisions after reaching a deal with prosecutors on compensation for the Córrego do Feijão iron ore tailings dam tragedy. Vale’s tailing dam in Brumadinho in Minas Gerais state collapsed in January in the deadliest mining accident in Brazil's history, leaving some 300 fatalities, including Vale employees and local people. This week, the company signed an accord with labor prosecutors MPT on compensation for relatives of the employee victims of the accident.

Parents, spouses or partners and children of deceased workers will receive USS 132,625 in moral damages, while siblings will receive 150,000 reais. An additional casualty insurance payment of 200,000 reais will be made to parents, spouses or partners and children. There will also be a payment of material damages to dependents worth a minimum of 800,000 reais. A childcare allowance of 920 reais will be paid for each child up to the age of three and education assistance of 998 reais per month for children aged three to 25.

Source : BN Americas

voda 22 juli 2019 18:36

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Rio Tinto Q2 Copper Production Update

Rio Tinto Kennecott - Second quarter mined copper production was 20% lower than the same period of 2018. Lower grades experienced as mining activity moved into lower levels of the pit were partially offset by increased mined ore. Refined copper production was 55% higher than the second quarter of 2018, reflecting strong smelter performance and improved mining rates. Production was significantly higher than the prior quarter, when the anode furnace was shut for planned maintenance. Rio Tinto Kennecott continues to toll and purchase third party concentrate to optimise smelter utilisation, with 31.8 thousand tonnes of concentrate received for processing in the second quarter of 2019, compared with 31.3 thousand tonnes in the second quarter of 2018. Purchased and tolled copper concentrate are excluded from reported production figures. Grades were higher in the second quarter for molybdenum, with concentrate production more than two and a half times higher than the same quarter in 2018.

Escondida - Mined copper production at Escondida in the second quarter of 2019 was 10% lower than the same period of 2018 mainly due to lower copper grades feeding the concentrators.

Oyu Tolgoi - Mined copper production from the open pit in the second quarter of 2019 was 1% lower than the same period in 2018 and 15% lower than the prior quarter as ore sources move to lower grade areas of the pit, as planned.

Resolution Copper - On 15 April 2019, Rio Tinto announced it had committed USD 302 million (USD 166 million Rio Tinto share) of additional expenditure to advance its Resolution Copper project in Arizona. The investment will fund additional drilling, ore-body studies, infrastructure improvements and permitting activities as Rio Tinto looks to progress the project to the final stage of the project’s permitting phase.

Source : Strategic Research Institute

voda 23 juli 2019 17:05

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Vale Iron Ore Production in Q2 dips 34% YoY

Vale iron ore fines production and sales showed a substantial improvement in the end of 2Q19 with the increase in shipments in the Northern System and the resumption of Brucutu operations. The combined effects of both events will be felt more considerably in 2H19. Iron ore fines production totaled 64.1 million tonne in 2Q19, 12.1% and 33.8% lower than 1Q19 and 2Q18, respectively, mainly as a result of the impacts following the Brumadinho dam rupture and the unusual weather-related conditions in the Northern System in April and early May. As a result of the successful S11D ramp-up, the Northern System achieved a run rate of 215 Mtpy in June and expects to produce around 18.5 million tonne to 19.0 million tonne per month in 2H19 reaching the 230 Mtpy run rate.

Vale's pellet production totaled 9.1 million tonne, 25.5% and 29.3% lower than in 1Q19 and 2Q18, respectively, mainly due to the full stoppage of the Southern System pellet plants during the quarter, following the Brumadinho dam rupture, abnormal rain in the Northern and Southeastern Systems as well as maintenance carried out and at the Tubarão plants.

Vale made substantial progress concerning the 93 Mtpy of Iron Ore production capacity stopped in 1Q19, with the resumption of Brucutu operations on June 22nd, recovering 30 Mtpy of production capacity. Regarding the 60 Mtpy currently curbed, Vale expects that the 30 Mtpy of dry processing production will be gradually resumed starting by the end of this year and the remaining 30 Mtpy, which includes wet processing, is estimated to return in about two to three years.

Iron ore fines and pellet sales volume was 70.8 million tonne in 2Q19, 4.5% higher than in 1Q19 and 18.2% lower than 2Q18. Although the production volumes decreased quarter over quarter, sales volumes increased 3.2 million tonne due to the consumption of offshore inventories.

As a result of the Brucutu mine restart, Vale reaffirms its 2019 iron ore and pellets sales guidance of 307-332 million tonne, as previously announced, and informs that its expected sales volume will move towards the midpoint of the range.

Source : Strategic Research Institute

voda 24 juli 2019 16:55

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Vale Update on Cobalt Production

Cobalt production reached 1,032 tonnes in 2Q19, 13.6% lower than in 1Q19 and 20.7% lower than in 2Q18. Decreases were mainly driven by the decrease in production from Voisey’s Bay and VNC source ore.

Cobalt production from Sudbury was 139 tonnes in 2Q19, 7.8% higher than in 1Q19 and 10.9% lower than in 2Q18. Production was higher than in 1Q19 as a result of strong mine performance in 1Q19 and lower than in 2Q18 as there was a drawdown of Sudbury source cobalt inventory at our Port Colborne cobalt refinery during 2Q18.

Production from Thompson source was 20 tonnes in 2Q19, 4.8% lower than in 1Q19 and 64.3% lower than 2Q18. The production decrease relative to 2Q18 was related to the processing time of Thompson concentrate.

Production from Voisey’s Bay was 405 tonnes in 2Q19, 13.3% lower than 1Q19 and 15.4% lower than 2Q18. Production was lower than in previous periods due to the 2Q19 scheduled and unscheduled maintenance conducted at the Long Harbour refinery. Compared to 2Q18, production was also lower due to the consumption of the residual Voisey’s Bay cobalt concentrate at the Sudbury operations.

Production from New Caledonia reached 347 tonnes in 2Q19, 15.8% lower than in 1Q19 and 29.8% lower than 2Q18. Cobalt was impacted by the decision to decrease nickel production in order to institute a proactive maintenance program.

Production from other sources was 120 tonnes in 2Q19, 27.7% lower than 1Q19 as an effect of PTVI source not being processed at the Clydach and Copper Cliff refineries due to the scheduled and unscheduled maintenance, and 1.7% higher than 2Q18. Other source production varies according to the cobalt content of external feeds that are consumed in the processes and it also includes PTVI source material being processed through the Port Colborne refinery in the North Atlantic operations.

Source : Strategic Research Institute

voda 24 juli 2019 16:56

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Vale Update on Nickel Production in Q2

Production at VNC reached 5,200 tonnes in 2Q19, while production of finished nickel from VNC totaled 5,900 tonnes in 2Q19, the differences stemming from the time required for processing into finished nickel. External feed purchased from third parties and processed into finished nickel in its Canadian operations. Production of finished nickel reached 45,000 tonnes in 2Q19, 17.9% lower than 1Q19 and 32.0% lower than 2Q18. The decrease was mainly due to scheduled and unscheduled maintenance activities at the Copper Cliff Nickel Refinery, in Sudbury, as well as at the Clydach, Matsusaka and Long Harbour refineries, along with lower production from VNC. Nickel sales volumes were 57,500 tonnes in 2Q19, 14.3% higher than in 1Q19. Efforts were made to optimize supply chain opportunities and draw down regional inventories in-line with demand. Due to the lower production volumes in the quarter, also reflecting Onça Puma’s stoppage, Vale’s revised nickel production guidance is 210,000–220,000 t in 2019.

Canadian operations - During 2Q19, production of finished nickel was impacted by scheduled and unscheduled maintenance activities at North Atlantic refineries. Production has resumed at those refineries and is currently operating at normal rates. Notwithstanding the above-mentioned effect, there were no impacts at the upstream (mine-mill- smelting) activities in the North Atlantic, which operated as planned during the quarter and whose feed will be refined regularly in the next quarters. Production from Sudbury source ore reached 9,600 tonnes in 2Q19, 23.8% lower than 1Q19 and 27.8% lower than 2Q18. Sudbury production was lower due to the above-mentioned unscheduled maintenance activities at Copper Cliff Nickel Refinery that took the plant offline for the month of June and scheduled maintenance activities at the Clydach refinery in Wales that limited refinery production to approximately 50% for over two months. Production from Thompson source ore reached 2,600 tonnes in 2Q19, 16.1% lower than 1Q19 and 55.2% lower than 2Q18. The production decrease was mainly due to the fact that, as Thompson shifted to a mine-mill operation in 2018, its feed is being processed at the Copper Cliff and Clydach nickel refineries, which were faced with the above-mentioned scheduled and unscheduled maintenance in 2Q19. Production from the Voisey’s Bay mine source reached 8,500 tonnes in 2Q19, 16.7% lower than 1Q19 and 10.5% lower than 2Q18. Production was lower than in 1Q19 due to the Long Harbour refinery carrying out both scheduled and unscheduled maintenance in June. Production was lower than in 2Q18 as, in addition to the above-mentioned maintenance, in 2018 there was still some Voisey’s Bay concentrate inventory being consumed at the Copper Cliff Nickel Refinery.

Indonesian operation - Production of finished nickel from PTVI reached 13,200 tonnes in 2Q19, 15.9% lower than 1Q19 and 25.8% lower than 2Q18. Production was lower than in 1Q19 due to the scheduled maintenance activities at both the Matsusaka and Clydach refineries. Nickel in matte production at the PTVI site reached 17,600 tonnes in 2Q19, 34.4% higher than 1Q19 and 6.9% lower than 2Q18. Production was higher in 2Q19 due to the completion of scheduled maintenance related to the Larona canal relining work and electric furnace operational issues that led to an unscheduled maintenance shutdown in 1Q19.

New Caledonia operation - Production of finished nickel from VNC reached 5,900 tonnes in 2Q19, 6.3% lower than 1Q19 and 37.2% lower than 2Q18. As reported in 1Q19, production decreases were due to the limited production at the VNC site due to the proactive maintenance approach currently underway to improve the performance of the assets. The time taken to complete this initiative has been extended due to more work being conducted than originally planned. Production of nickel oxide and nickel hydroxide cake at the VNC site reached 5,200 t in 2Q19, 3.7% lower than 1Q19 and 30.7% lower than 2Q18. Site production decreased in line with source-based production due to the above-mentioned maintenance program. Nickel oxide represented 80% and nickel hydroxide cake 20% of VNC’s 2Q19 site production.

Brazilian operation (Onça Puma) - Production reached 3,900 t in 2Q19, 9.3% lower than 1Q19 and 30.4% lower than 2Q18. The decreases were mainly due to lower feed grades. Mining activities were suspended in September 2017 and the plant has been processing solely stockpiled ore since. More recently, since June 2019, Vale suspended its nickel processing activities at the Onça Puma plant in light of a decision made by a Brazilian court demanding the suspension of ore processing activities. Vale continues to challenge and appeal the suspension decisions with the support of seven reports from appointed experts.

Source : Strategic Research Institute

voda 24 juli 2019 17:13

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Vale Update on Coal Production in Q2

Coal production totalled 2.4 million tonne in 2Q19, 7.1% higher than in 1Q19 as a result of less rains in comparison to 1Q19. Despite being higher than in 1Q19, 2Q19 production was affected by the lower ROM quality which impacted the yield at the processing plant, as well as higher maintenance at those plants. Although the quarterly production was affected by the ROM grade quality at the mining sections being opened, mine fleet availability has reached 80% in June, averaging 77% in 2Q19 vs. 72% in 1Q19. Consequently, total tonnes moved increased 18% quarter over quarter at the mine. Coal sales totalled 2.1 million tonne in 2Q19, 12.6% lower than production in the same period, as a result of an increase of sales with DAP and DAT INCOTERMs7.

The performance in 1H19 and the current challenges at the processing plants led Vale to revise its 2019 production guidance to about 10 million tonne in 2019. Due to the above-mentioned challenges Vale will reassess its mining plan in the near future which will probably impact its reserves.

In June 2019, the Board of Directors approved the transfer of the Coal division to the Director of Strategy, Exploration, New Business and Technology, Mr. Juarez Saliba, allowing at the same time the full dedication of Mr. Marcello Spinelli to address the Iron Ore division challenges and Mr. Juarez Saliba to address the Coal challenges.

Source : Strategic Research Institute

voda 24 juli 2019 17:14

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BHP to Invest USD 400 Million to Address Climate Change

BHP announced a 5 year USD 400 million Climate Investment Programs to develop technologies to reduce emissions from its own operations as well as those generated from the use of its resources. BHP CEO Andrew Mackenzie said: “Over the next five years this program will scale up low carbon technologies critical to the decarbonisation of our operations. It will drive investment in nature-based solutions and encourage further collective action on scope three emissions. Commercial success of these investments will breed ambition and create more innovative partnerships to respond collectively to the climate challenge. We must take a product stewardship role for emissions across our value chain and commit to work with shippers, processors and users of our products to reduce scope three emissions.”

Other measures announced today include:

Establishing a new medium-term, science-based target for scope one and two emissions in line with the Paris Agreement. This is in addition to BHP’s short-term goal to cap 2022 emissions at 2017 levels, and long-term goal of net-zero emissions by mid-century.

Developing a new climate portfolio analysis report in 2020, following on from BHP’s 2015 two degree scenario analysis. This new report will evaluate the potential impacts of a broader range of scenarios and a transition to a ‘well below’ two degree world.

Strengthening the link between emissions performance and executive remuneration. From 2021, this link will be clarified to further reinforce the strategic importance and responsibility of reducing emissions as a business.

Source : Strategic Research Institute

voda 29 juli 2019 19:23

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BHP Plots Massive Automation Roll Out Ccross Australia

Australian Mining reported that BHP has hinted it will potentially introduce up to 500 autonomous trucks at its open cut operations, a tenfold increase on the company’s existing fleet at the Jimblebar mine in the Pilbara, Western Australia. The hundreds of autonomous trucks would operate across BHP Mitsubishi Alliance’s coal sites and BHP’s iron ore business. BMA asset president James Palmer, speaking at the annual Bowen Basin luncheon, said BHP would prepare its workforce for the arrival of the autonomous haulage fleet. Over time as we progress – yes, let’s be transparent – this will likely mean our business has fewer operators physically on the equipment. But it will mean more controllers, more builders and more technicians. It will mean less physical and less routine jobs. But it will mean more dynamic, fulfilling careers.

BHP has reported a reduction of 90 per cent in significant incidents involving trucks at the Jimblebar mine, where it operates a fully autonomous haulage fleet.

The company has also created training and upskilling opportunities for its workforce through the development of its integrated remote operations centre in Brisbane. More than half of IROC’s mine control team were heavy vehicles operators, according to Palmer.

BHP, meanwhile, plans to add 400 permanent jobs across its BMA sites – half of which will be recruited from regional communities – on top of the 400 full-time jobs already generated within the coal division.

Source : Australian Mining

voda 29 juli 2019 19:58

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Anglo American to Return Up to USD 1 Billion to Shareholders

Anglo American plc announced its intention to return up to USD 1 billion to its shareholders through an on-market irrevocable and non-discretionary share buyback programme. The Programme will begin immediately and will end no later than 31 March 2020. The sole purpose of this Programme is to reduce the issued share capital of Anglo American. Mr Mark Cutifani, Chief Executive of Anglo American, said that “We have a disciplined and value-focused approach to capital allocation that is designed to fund the sustainability of our existing business and our base cash dividend for shareholders. With a strong balance sheet in place, we then consider the appropriate balance of options for any discretionary capital, in terms of growth investments and additional returns. Today’s announcement of a share buyback programme demonstrates our applied discipline and the Board’s confidence in the business.”

Stephen Pearce, Finance Director of Anglo American, added: “We have deleveraged our balance sheet extensively in recent years and are confident in our funding of our portfolio of highly attractive near and medium term growth opportunities. Given the current levels of cash generated in the business, along with the further value potential we see in Anglo American, we think it appropriate to prioritise returning excess cash to shareholders through a share buyback programme. This additional return of up to $1 billion recognises the resilience of our position and builds upon the $3.4 billion of cash that we will have returned to shareholders since reinstating the dividend in mid-2017.”

However, the Programme will be executed in two tranches of up to USD 500 million each. Anglo American has given irrevocable and non-discretionary instructions to Morgan Stanley & Co. International Plc in relation to the first tranche of USD 500 million of the Programme. Morgan Stanley will act as principal and will purchase shares on the Johannesburg Stock Exchange and UK trading venues1 in line with the proportion of Anglo American’s shareholder register in South Africa and the United Kingdom and will make its trading decisions concerning the timing of the purchases of Anglo American’s ordinary shares independently of Anglo American. The purchased shares will be cancelled.

Source : Strategic Research Institute

voda 29 juli 2019 19:59

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Fortescue Announces June 2019 Quarterly Production Results

Fortescue has released its June 2019 quarterly production results, reporting record quarterly shipments of 46.6 million tonnes and cash production costs (C1) of USD 12.78 per wet metric tonne. Fortescue Chief Executive Officer, Elizabeth Gaines, said “The Fortescue team has achieved exceptional results across safety, production, costs and delivery of our product strategy in the June quarter. Most pleasingly we have seen our TRIFR reduce to its lowest annual level of 2.8, a 24 per cent reduction compared to the prior year reflecting our sustained focus on safety."
“We have delivered record quarterly shipments of 46.6mt while reducing C1 costs by over five per cent to US$12.78/wmt reinforcing our position as the lowest cost producer. In addition, with healthy iron ore inventory levels across the supply chain we are well positioned to continue delivery of our highly valued product mix to customers in FY20. Strong demand for our 60.1% iron content product West Pilbara Fines continues, and we remain focussed on our integrated operations and marketing strategy to optimise product mix to meet the needs of our customers.”

QUARTERLY HIGHLIGHTS

Record quarterly shipments of 46.6 million tonne including 4.7 million tonne of West Pilbara Fines

FY19 shipments of 167.7 million tonne, one per cent lower than FY18 due to the impact of Cyclone Veronica

Average revenue received increased by 30 per cent to USD 92 per dry metric tonne compared to the March quarter of USD71/dmt

C1 costs of USD 12.78/wmt, five per cent lower than the March quarter (USD13.51/wmt)
Official opening of the Judith Street Harbour in Port Hedland marking the completion of Fortescue's towage infrastructure and fully integrated supply chain

Approval of the US$287 million investment in the Queens Valley mining area development at the Solomon Hub

Eliwana Mine and Rail and Iron Bridge Magnetite projects progressing on schedule and budget

Source : Strategic Research Institute

voda 30 juli 2019 11:58

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De Beers voelt crisis in diamantensector

Gepubliceerd op 30 jul 2019 om 11:42 | Views: 107

Anglo American 11:38
2.075,00 -38,00 (-1,80%)

LONDEN (AFN/BLOOMBERG) - Het zijn zware tijden voor De Beers. De diamantenhandelaar, onderdeel van mijnbouwonderneming Anglo American, haalde tijdens de laatste verkoopronde 'slechts' 250 miljoen dollar op met de verkoop van de edelstenen. Dat betekende het laagste bedrag sinds 2015. In vergelijking met een jaar eerder daalden de opbrengsten met 53 procent.

De Beers verkoopt zijn diamanten doorgaans aan een selecte groep kopers. Zij worden tien keer per jaar in Botswana uitgenodigd voor een soort van veiling. Daarbij wordt verwacht dat kopers de prijs en hoeveelheid stenen accepteren die aan ze worden aangeboden.

Omdat De Beers weigert prijzen te verlagen, kost het kopers uiteindelijk steeds meer moeite om zelf winst te maken. De vraag naar diamanten is tanende wat ook zorgt voor een overaanbod op de markt. Ook hebben bedrijven meer moeite met het verkrijgen van financieringen.

De Beers paste eerder al de regels aan om de verkopen aan te jagen. Ook sneed De Beers in productieplanningen om vraag en aanbod meer in balans te krijgen.

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