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Elliott Management says Barcelona meeting with BHP CEO was 'constructive'

By: Reuters     18th May 2017 Activist investor Elliott Management on Thursday said a meeting with BHP Billiton CEO Andrew Mackenzie in Barcelona had been "constructive". The meeting on Wednesday took place a day after the New York-based fund raised the pressure for strategic changes at the mining giant, including a call for... 

Elliott steps up pressure on BHP to ditch petroleum

By: Reuters     16th May 2017 Activist investor Elliott Management upped the pressure for strategic changes at BHP on Tuesday, calling for an independent review of the mining giant's petroleum business. Elliott, which has built up a 4.1% stake in BHP's UK-listed arm and is urging changes to boost shareholder value, said... 

Wooing investors after Elliott, BHP boss to play up shale

By: Reuters     12th May 2017 BHP Billiton CEO Andrew Mackenzie, batting off an attack by activist funds, will tell investors in Barcelona next week that the top global miner can pump more for less out of its unloved shale assets. But don't expect a fresh public response to the attack by hedge fund Elliott Management, which... 

Elliott willing to back BHP board candidate as next chairman – source

By: Reuters     11th May 2017 Elliott Management is willing to back a board member of BHP Billiton to be its chairman upon the retirement of Jac Nasser despite deep reservations about its top management, a source close to the activist shareholder said on Thursday. Elliott, founded by billionaire Paul Singer, is pushing for a... 

BHP starts process to sell its Cerro Colorado copper mine

By: Reuters     10th May 2017 BHP Billiton said on Wednesday it has started a sales process to potentially divest its Cerro Colorado copper mine in Chile, one of its smaller operations in South America. "The evaluation is at an early stage, no final decisions have been made and there is no guarantee that a transaction will... 

Glencore agrees thermal coal price with Japan utilities – sources

By: Reuters     9th May 2017 Glencore and Japanese power utilities have settled annual thermal coal contract prices at $84.97/t, down from $94.75/t set in October, three sources said on Tuesday. Glencore reached the settlement with Japan's Tohoku Electric after negotiations restarted when an initial round of talks failed to... 

Buyers ready to pounce on Rio Tinto coking coal mines – sources

By: Reuters     5th May 2017 The sale of two Rio Tinto coking coal mines in Australia is attracting scores of interested buyers as private equity and public companies compete for a foothold in one of the year's hottest commodities, four sources familiar with the matter said on Friday. Rio Tinto is expected to soon begin an... 

BHP investor Tribeca calls for sale of US shale assets, board shake-up

By: Reuters     5th May 2017 A second BHP Billiton Ltd shareholder has made a public push for changes at the world's largest miner, with Sydney-based Tribeca Investment Partners pressing the company to sell its US shale assets and dump its chief executive. Tribeca, a boutique Australian hedge fund, joined calls by US... 

Ichthys liquefied natural gas project, Australia

By: Sheila Barradas     5th May 2017 The start of the Ichthys liquefied natural gas project has been delayed. 

China's economy shaping up for positive 2018, Rio Tinto says

By: Bloomberg     4th May 2017 Latest indicators on China’s economy point to continued growth through 2018, according to mining giant Rio Tinto Group, which counts the world’s No. 2 economy as its biggest customer. “Are we concerned about the Chinese economic health? The answer is no,” CEO Jean-Sebastien Jacques told... 

Moody's says Elliott plan would be 'credit negative' for BHP

By: Reuters     3rd May 2017 Proposals by activist investor Elliott Management to boost shareholder returns at BHP Billiton would be "credit negative" for the global miner, ratings agency Moody's said on Wednesday. BHP has rejected the proposals to collapse its dual-listed share structure, spin off its US petroleum business... 

Elliott to court BHP's Australian shareholders on overhaul – sources

By: Reuters     1st May 2017 Elliott Management will meet with BHP Billiton's Australian shareholders this week as the activist investor pushes for strategic changes at the world's biggest miner, two sources familiar with the matter said on Monday. The sources, who could not be named because they were not authorised to... 

Volatile global politics arouses bulls with gold at 5-month high

By: Bloomberg     12th April 2017 Worries about the unpredictability of a Donald Trump presidency are revitalising gold. Bullion is trading at the highest level since the week in November when Trump won the US election as rising global tensions surrounding Syria and North Korea strain investors’ nerves. A standoff between the US... 

BHP says DLC restructure to destroy $1.3bn in value, waste franking credits

By: Megan van Wyngaardt     12th April 2017 The proposal by BHP Billiton’s activist shareholder Elliott Advisors that the company scrap its dual-listed company (DLC) structure in favour of a primary listing in London and a secondary listing in Sydney, could destroy at least $1.3-billion in value, to save less than $2.5-million a year, the... 

Iron slumps into bear market as Barclays sees further losses

By: Bloomberg     10th April 2017 Iron-ore’s descent into bear-market territory may herald further weakness, with Barclays pinning the blame for the slide on lower steel demand in China driving a shift from mills toward lower-quality ore and raising the prospect of a drop into the $50s. Ore with 62% content in Qingdao fell 1%... 

Fortescue moves on growing markets outside steel giant China

By: Bloomberg     7th April 2017 Fortescue Metals Group is making iron-ore marketing forays to steel-producing nations outside China to tap forecast increases in demand from burgeoning infrastructure projects across the region. The world’s fourth-biggest exporter’s mines in northwestern Australia are well-positioned to take... 

South32 to return additional $500m to shareholders

By: Martin Creamer     27th March 2017 Diversified mining company South32 on Monday announced that it intends to return an additional $500-million to shareholders, equating to 4.5% of the group’s current market capitalisation. The Sydney-, London- and Johannesburg-listed company said in a media release that this dividend-complementing... 

Refuse-derived fuel energy recovery project, Australia

By: Sheila Barradas     24th March 2017 EnergyAustralia is assessing the feasibility of converting part of the Mount Piper coal-fired power station to run on nonrecyclable household materials. 

Adani coal mine in Australia faces fresh wave of protests

By: Bloomberg     22nd March 2017 A new environmental campaign to stop the development of Adani Group’s $16.5-billion coal mine in Queensland will be launched Wednesday with the high-profile backing of former Australian Greens party leader Bob Brown. “Adani and the federal government have no idea of the scale of opposition and... 

Chevron calls end of LNG mega project after $88Bn spree

By: Bloomberg     21st March 2017 Chevron Corp. has signaled the end of major new liquefied natural gas (LNG) projects in Western Australia and is unlikely to sanction an expansion of its Gorgon and Wheatstone export developments as it focuses on boosting returns from $88-billion of investment. The climate for developing large... 

Doray gets offtake partner at Deflector

By: Esmarie Swanepoel     15th March 2017 Gold miner Doray Minerals has signed a sales agreement with Sydney-based Lewer Corporation for the entire production of copper-gold middlings product processed at the Deflector mine, in Western Australia. The copper-gold material will be shipped to Germany in two batches for sampling, assay and... 

Taking ECSA, Minister to court was a ‘last resort’, says Saice

By: Anine Kilian     14th March 2017 Taking legal action against the Engineering Council of South Africa (ECSA) and Public Works Minister Thulas Nxesi was a last resort in attempts to have the current ECSA council suspended, South African Institution of Civil Engineering (Saice) CEO Manglin Pillay told Engineering News Online on... 

South Australia to ‘put people first’ with A$550m energy security plan

By: Esmarie Swanepoel     14th March 2017 The South Australian government has announced a A$550-million plan to improve energy security and boost competition in the state’s energy sector, following state-wide blackouts last year. South Australia suffered state-wide blackouts after a severe storm knocked over transmission towers in... 

Top iron miners' cash juggernaut set to survive price crash

By: Bloomberg     13th March 2017 The world’s biggest iron ore miners will be able to withstand the expected plunge in prices because their race to cut production costs has dramatically lowered the industry’s margin pressure point, allowing them to keep fueling a cash juggernaut that’s revived the mining sector. More than 90% of... 

Alstom awarded its first tramway contract in Taiwan

     3rd March 2017 Multinational rail transport company Alstom has been awarded a contract by China Steel Corporation to supply fifteen Citadis trams for Phase 2 of the Kaohsiung tramway project, in Taiwan, which is expected to start revenue service in 2019. This tramway project – the first of its kind for Alstom... 

BHP says `bloody awful' trade pledges threaten Trump's pump

By: Bloomberg     28th February 2017 The head of the world’s biggest mining company intensified his warnings that US trade protectionism under President Donald Trump would threaten global growth and the fight against poverty. While applauding efforts by the administration to boost US growth and infrastructure spending, BHP Billiton... 

Major South African coal extension project on cards – South32

By: Martin Creamer     16th February 2017 A decision will be taken in the June quarter on go-ahead for the Klipspruit Life Extension coal project in Mpumalanga, which is said to have robust economics. The original BHP Billiton capital expenditure (capex) of $500-million-plus for the two-year development has been more than halved under... 

Rio said to seek bank pitches on $1.5bn coal mine sale

By: Bloomberg     16th February 2017 Rio Tinto Group has asked banks to pitch for a role advising on the divestment of its last remaining coal operations in Australia, people with knowledge of the matter said. The London-based company has decided to pursue a sale of its Hail Creek and Kestrel mines after receiving unsolicited... 

Barrick's sale of Super Pit stake to China buyer said to stall

By: Bloomberg     8th February 2017 Barrick Gold’s plan to sell its stake in the Kalgoorlie Super Pit mine to a Chinese bidder has stalled, as the buyer faces delays securing financing for the $1.3-billion deal, people with knowledge of the matter said. Minjar Gold, a unit of property developer Shandong Tyan Home, is also still... 

Goldman sees copper rising as deficit looms on supply threat

By: Bloomberg     8th February 2017 Copper will extend gains as the global market swings to shortage because of sustained demand from China and potential supply disruption at the world’s two biggest mines, according to Goldman Sachs Group. A deficit this year would be the first since 2011, says Citigroup. “We expect copper will... 

Ichthys liquefied natural gas project, Australia

By: Sheila Barradas     3rd February 2017 Inpex has brushed off concerns about delays to the project, following the termination of a construction and commissioning contract of the combined-cycle power plant project, in Darwin. 

Rio unit born in Death Valley is retooled for battery boom

By: Bloomberg     31st January 2017 During the financial crisis,  Rio Tinto Group needed cash and tried to unload its oldest mining business – one that began in 1872 hauling borates salts by mule from Death Valley to make US laundry soap. The company gave up on a sale because no one would pay the asking price. A decade later, the... 

Iron to ‘correct down sharply’ as supply rises, Citigroup says

By: Bloomberg     24th January 2017 Iron-ore is headed for a sharp decline as higher-grade supplies from Brazil and Australia are set to increase, according to Citigroup, which combined its forecast for a second-half tumble with upgrades to the bank’s outlook in the opening quarters of the year. Recent gains have been supported by... 

Woodside CEO sees no need for M&A, plenty of growth in pipeline

By: Reuters     19th January 2017 Woodside Petroleum CEO Peter Coleman said there's little need for more mergers and acquisitions by Australia's biggest independent oil and gas producer as it works on developing a handful of new projects at home and abroad. The company, seen as short on growth, has had to rely on a few deals to... 

EnerMech Acquires Electrical & Instrumentation Specialist In Largest Deal To Date

     18th January 2017 Engineering services specialist EnerMech has made its first entry in to the electrical and instrumentation (E&I) sector with the acquisition of EPS Group in Australia and the Americas. EPS Group employs 250 staff in Sydney, Melbourne, Brisbane, Darwin, Houston and Louisiana, and has annual... 

WBHO subsidiary building tallest residential buildings in Australia

By: Anine Kilian     17th January 2017 South African construction company WBHO’s Australian subsidiary Probuild Constructions is building the tallest residential buildings in Sydney and Melbourne. The A$340-million Greenland Centre, in Sydney, is a 235-m-tall residential building with 479 apartments and a 2 000 m2 creative hub. 

Would-be kingmaker calls out Australian iron giants in ore tax battle

By: Bloomberg     12th January 2017 The world’s biggest mining companies producing iron ore from Australia aren’t paying their fair share in taxes, according to a lawmaker who wants a 20-fold raise in a state levy that’s been unchanged since the 1960s and the era of imperial pounds, shillings and pence. The proposal has... 

Alcoa says Australia aluminium smelter running at 30% capacity

By: Reuters     21st December 2016 Australia's 300 000 t/y Portland aluminium smelter is operating at below a third of its capacity after power to the plant was temporarily knocked out three weeks ago, operator Alcoa Corporation said on Wednesday. The smelter was hit when a power interconnector between the states of Victoria and... 

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