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As nasty quarter ends, iron's reprieve sees futures back in $60s

By: Bloomberg     Updated 5 hours ago After what’s been a tough quarter, iron ore’s getting a small reprieve. Futures clawed their way back above $60 a metric ton and spot prices have rebounded from a one-year low as steel output holds up in China, buoying demand for the material even as its supply rises. The SGX AsiaClear contract... 

ANZ suffered 'substantial losses' in nickel receipts scam

By: Bloomberg     28th June 2017 Australia & New Zealand Banking Group Ltd. told a US court that its commodities trading arm suffered “substantial losses” after it discovered that receipts for metal held in Glencore’s Access World warehouses are probably fake. When ANZ looked into selling the nickel, it discovered 83 out of 84... 

Glencore's long hunt for Rio Tinto's coal mines slips away

By: Bloomberg     27th June 2017 Glencore’s years-long pursuit for a bigger Australian coal business was delivered another setback on Monday after Rio Tinto Group passed on the company’s offer for a second time. Now the mining giant run by a former coal trader is running out of time to come back with a better offer or lose out... 

Yancoal said to add new incentives to offer for Rio coal assets

By: Bloomberg     26th June 2017 China-controlled Yancoal Australia added new incentives to its offer for Rio Tinto Group’s Australian coal assets to fend off a last-minute challenge by rival Glencore, according to a person with knowledge of the situation. Yancoal submitted a revised offer and will release details of the... 

Iron seen in low-$40s by Citi as supply grows, demand peaks

By: Bloomberg     20th June 2017 Iron-ore may extend a slump into the low-$40s as supplies swell and demand reaches a short-term peak amid steel mill restarts and ramp-ups in China, according to Citigroup, which cut its forecasts by as much as 20% over the next year. The nadir in prices may occur in six to eight months, analysts... 

Hedge funds exit gold before Fed sparks worst rout in month

By: Bloomberg     19th June 2017 Hedge funds were smart enough to get ahead of Janet Yellen’s bad news for the gold market. Money managers pared their net-bullish wagers in the metal for the first time in four weeks. The next day, the move was vindicated when Federal Reserve Chair Yellen raised US interest rates and sparked the... 

Britain's Liberty House submits revised bid for Australia's Arrium

By: Reuters     19th June 2017 Britain's Liberty House Group said on Monday it submitted a revised bid for troubled Australian steel group Arrium Ltd, after last week conceding defeat to a South Korean private equity syndicate. "We remain passionate about the opportunity and intend to continue pursuing discussions," Liberty... 

Elliott says supports BHP's selection of MacKenzie as next chair

By: Reuters     16th June 2017 Activist shareholder Elliott Management said on Friday it supports the appointment of former packaging executive Ken MacKenzie as the next chairman of BHP The appointment "is a constructive step in bringing much needed change to the direction of BHP," Elliott said in a statement. 

Korean consortium led by Newlake preferred bidder for Arrium – source

By: Reuters     15th June 2017 A South Korean private equity syndicate led by Newlake Alliance and JB Asset Management has been named as the preferred bidder in the sale process for troubled Australian steel group Arrium Ltd, a source with direct knowledge of the process told Reuters on Thursday. The source said Arrium's... 

Santos committed to Narrabri 

By: Esmarie Swanepoel     15th June 2017 Oil and gas major Santos has reaffirmed its commitment to develop the Narrabri gas project, in New South Wales, with MD and CEO Kevin Gallagher saying the project could deliver a substantial share of the state’s gas needs. Speaking at the American Chamber of Commerce, in Sydney, Gallagher said... 

Elliott calls for BHP board overhaul as new chairperson looms

By: Reuters     14th June 2017 Activist shareholder Elliott Management called on BHP on Wednesday to "upgrade" its board of directors as the mining giant prepares to select a new chairperson this week. "BHP has an entrenched board, with long-tenured directors having approved the disastrous acquisitions and poorly timed share... 

Glencore to pitch to Rio board for Australian coal unit – sources

By: Reuters     14th June 2017 Glencore will pitch its $2.55-billion bid for Rio Tinto's Australian Coal & Allied unit directly to Rio Tinto's board in Canada on Thursday, two sources familiar with the matter told Reuters. The meeting, headed by Glencore's Australian Chief Executive Peter Freyberg, comes five days after... 

Cobalt upstarts eye Glencore's turf for electric car spoils

By: Bloomberg     9th June 2017 The race is on to supply more of the cobalt needed for batteries in the fast-growing market for electric vehicles -- and that means fresh competition for the big players Glencore Plc and the Democratic Republic of Congo. A pipeline of projects is looming in places including Australia, the US and... 

Gold in pounds climbs to seven-week high on hung Parliament fear

By: Bloomberg     9th June 2017 Gold priced in sterling surged to the highest level in more than seven weeks after projections showed Prime Minister Theresa May will fail to win an overall majority in the UK general election, signaling further political turmoil less than a year after Britain voted to leave the European Union.... 

Low prices to pile more pressure on beleaguered nickel miners

By: Reuters     7th June 2017 Global nickel miners are coming under renewed pressure to cut costs or close capacity as a flood of cheap ore pushes prices to one-year lows, with analysts seeing little prospect of recovery. Indonesia and the Philippines are ramping up shipments of nickel ore after Indonesia relaxed an ore... 

Gold makes run toward $1 300 as risk flares from UK to Mideast

By: Bloomberg     7th June 2017 Gold’s taking aim at $1 300 an ounce. The metal has rallied to the highest since November as investors position themselves for the outcome of the UK election and potential drama of former FBI Director James Comey’s testimony, while also tracking tensions in the Middle East. Bullion for immediate... 

Robot ghost ships to extend miner's technology drive to seas

By: Bloomberg     7th June 2017 BHP Billiton, the world’s biggest mining company, is studying the introduction of giant, automated cargo ships to carry everything from iron-ore to coal as part of a strategic shift that may disrupt the $334-billion global shipping industry. “Safe and efficient autonomous vessels carrying BHP... 

Boart Longyear Earns Safety Awards in Canada

     7th June 2017 Boart Longyear was recognized by the Canadian Diamond Drill Association (CDDA) with year-end safety achievement awards for working more than 100,000 hours in 2016 with a best in class incident frequency rate. The awards, one for surface drilling and one for underground drilling sites, were... 

Tribeca planning to target overhaul of BHP board directors

By: Bloomberg     6th June 2017 BHP Billiton’s board is being targeted for a sweeping overhaul by Tribeca Global Natural Resources Fund, opening a potential new front in the burgeoning activist campaign against the world’s biggest mining company. The Sydney-based hedge fund, which last month joined billionaire Paul Singer’s... 

Alstom receives order in Canada

     2nd June 2017 Railway systems and equipment company Alstom has been awarded a firm order for the supply of 61 Citadis Spirit light rail vehicles for the Greater Toronto and Hamilton area by Ontario government agency Metrolinx.  

Iron-ore market can absorb supply loss from BHP fire – traders

By: Reuters     1st June 2017 A well-supplied global iron-ore market will easily absorb lost production due to a fire at BHP's big Mt Whaleback iron-ore mine in Australia, traders in the commodity said on Thursday. A fire earlier on Thursday broke out at the mine, the largest of seven operated by BHP in the Pilbara iron-ore... 

Top miner sees 'huge demand' lift from China's new Silk Road

By: Bloomberg     1st June 2017 China’s multi-billion dollar Belt and Road Initiative can deliver a major boost for commodities and will add about 150-million tons to global steel demand, according to BHP Billiton, the world’s largest miner. The plan to develop infrastructure and rebuild ancient trading routes from China to... 

BHP CEO tells investors options for US shale under review

By: Bloomberg     29th May 2017 BHP Billiton is assuring shareholders that it’s exploring numerous options for its contentious US shale unit amid pressure from activist investor Elliott Management to carry out a wider review of petroleum operations. In a series of meetings in Australia last week, CEO Andrew Mackenzie stressed... 

Adani's $16.5bn Aussie mine rattled by tax deal delay

By: Bloomberg     25th May 2017 India’s Adani Group could walk away from its $16.5-billion Carmichael coal project in Australia unless a royalties deal can be reached with the state government, according to federal Resources Minister Matthew Canavan. The Queensland government’s failure to agree the terms of the royalty regime... 

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... 

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... 

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