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Rio eyes special moment in diamond tender
By Sarah-Jane Tasker THREE shiny red diamonds are the focus of Rio Tinto’s annual tender of its precious stones, representing a first in the 30-year history of the Argyle mine. The miner kicked off its Argyle Pink Diamonds tender, the world’s most [Read more] Read More →
Green light given despite failure to address guidelines
By Matthew Denholm TASMANIA has approved an iron ore strip mine in the Tarkine region, despite failing to meet a requirement to assess its impact as part of broader plans for three neighbouring mines. The state’s Environmental Protection Agency yesterday announced Venture Mineral’s plan to extract two million tonnes of [Read more] Read More →
BHP sells interests in Guinea alumina
By Barry Fitzgerald THERE has been a change to BHP Billiton’s long-held plan to exit what was once trumpeted as a $US5.2 billion ($5.29bn) alumina development opportunity in bauxite-rich Guinea. A plan in which BHP would have sold its one-third stake to the original promoter of the alumina project, [Read more] Read More →
Rio Tinto wins go-ahead for South of Embley bauxite project
By Matt Chambers FEDERAL Environment Minister Tony Burke has finally given Rio Tinto the go-ahead for the $1.4 billion South of Embley bauxite expansion near Weipa on Cape York Peninsula, more than a year after the miner was sent back to the approvals drawing board to deal with Great Barrier Reef shipping concerns. [Read more] Read More →
Rio Tinto bauxite mine in Cape York approved
By Robb M. Stewart AFTER a delay of more than a year, Rio Tinto has received environmental approval for a $US1 billion-plus bauxite mining project in Queensland, although it must meet conditions imposed by the federal government aimed at protecting marine wildlife and the Great Barrier Reef from shipping. [Read more] Read More →
Australia can help unleash Africa’s mining prosperity
By Paul Collier AUSTRALIA has become the world champion at turning rocks into prosperity. It has built the technical expertise to discover and mine resources. This has been complemented by the economic policies [Read more] Read More →
Glencore output on the rise
COMMODITIES titan Glencore Xstrata has posted a boost in production figures, including at its Australian operations, in its first quarterly report post-merger. The results, released yesterday, revealed its marketing arm operated in line with expectations, [Read more] Read More →
Carlyle makes bid for Rio’s Northparkes, mine worth as much as $US1bn
By Gillian Tan ONE of the world’s largest private equity firms, Carlyle Group, has made an initial bid for Rio Tinto’s majority stake in an Australian copper-gold mine, a person familiar with the matter said. The move underscores growing interest among private equity in resources, as valuations of assets like active mines tumble in line with metals prices, [Read more] Read More →
Rio boss calls for government policy to focus on country’s best interest
By Sarah-Jane Tasker RIO Tinto chief executive Sam Walsh has weighed into the debate on the need for regulatory certainty in Australia, warning that the mining giant’s New South Wales coal mine, currently at the centre of a court drama, had been “compromised”. Mr Walsh, speaking at the miner’s annual general meeting in Sydney today, said he expected an Australian government... [Read more]
Rio Tinto tips ore record as Beijing stokes its mills
By Sameer C. Mohindru RIO Tinto expects its iron ore sales to China to rise to a record this year due to the country’s rising demand for steel, a top executive has flagged. China’s demand for steel was expected to rise at a compound annual growth rate of 3 per cent in the next decade, Alan Smith, president of Rio Tinto Iron Ore Asia, said at an international conference yesterday. [Read... [Read more]
Rio Tinto executive says iron ore sales to China to hit new high this year
By Sameer C. Mohindru RIO Tinto expects its iron ore sales to China to rise to a new record this year due to the country’s rising demand for steel, a top company executive says. China’s demand for steel is expected to rise at a compound annual growth rate of 3% in the next decade, Alan Smith, president of Rio Tinto Iron Ore Asia, said at an international conference in Singapore. [Read... [Read more]
Forrest eager for dividend return
By Paul Garvey FORTESCUE Metals Group chief executive Nev Power has cautioned investors not to expect the iron ore miner to ratchet up its dividends too quickly, despite his chairman Andrew Forrest calling for a resumption of dividends as soon as responsible. Speaking to reporters at the official opening of Fortescue’s Firetail mine in Western Australia’s Pilbara, [Read more] Read More →
Miners lash coming NT levy
By Amos Aikman MINERS will be slugged with a new levy at a time when the sector faces growing pressure, under plans contained in the forthcoming Northern Territory budget that industry says it was given just days to consider. Industry representatives will today voice their anger over proposals they say were “sprung” on firms without [Read more] Read More →
Norway shows the smart way to handle boom
By Alen Mattich AUSTRALIANS may be about to learn that mineral wealth can be a mixed blessing. Increasing signs of a slowdown in China–the latest manufacturing survey shows the sector is only just treading water–are blowing a chill wind over Australia’s miners. Mining makes up around half of Australia’s exports [Read more] Read More →
BHP gets thumbs up for $10bn potash play
By Barry Fitzgerald BHP Billiton’s proposed $US10 billion ($9.7bn)-plus diversification into the global bulk fertilisers market through the development of its Jansen potash project in Canada has received a seal of approval from Goldman Sachs. In a report that looks at the 10 major themes likely to emerge in the minerals space, Goldman identifies potash as the commodity [Read more] Read More →
Alacer looks for cost cuts of $60m as gold price slides
By Rhiannon Hoyle ALACER Gold said it would aim to cut costs by about $60 million over the remainder of the year to help boost margins after a slide in gold prices. Alacer reaffirmed its 2013 production guidance of 330,000-365,000 troy ounces, but said it would cut back exploration [Read more] Read More →
Diamonds deliver for all as Rio goes underground
By Sarah-Jane Tasker WESTERN Australia’s Kimberley region was the scene of a historic celebration yesterday as the traditional owners of the site of Rio Tinto’s Argyle [Read more] Read More →
Kingsgate pressured by fall in gold price
By Ross Kelly KINGSGATE Consolidated, which produces gold in Thailand and Australia, is reviewing spending plans following a sharp fall in the precious metal’s price. Kingsgate also said it expected gold output in the year to June to be at the bottom end of its previous guidance of between 200,000 and 220,000 troy ounces. [Read more] Read More →
Argyle could be jewel in Rio’s sell-off crown
By Sarah-Jane Tasker RIO Tinto’s push to sell off non-core assets to meet its target of $US5 billion ($4.8bn) in global savings by the end of next year could see it split its diamond assets, leading to the separate sale of Western Australia’s historic Argyle diamond mine. The global miner’s chief executive of diamonds and minerals, Alan Davies, said yesterday that [Read more] Read More →
Mining investors cheer key tax win
By Paul Garvey PRIVATE equity firms have claimed a major win over the Australian Taxation Office and the court triumph by US-based Resource Capital Funds is set to trigger an investment rise in Australia’s mining industry. [Read more] Read More →
