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Diamond industry’s famous hungry crocodile doesn't cut it

By: Bloomberg     28th March 2017 The diamond industry’s most famous chart is the hungry crocodile, the ancient reptile’s jaws wide open, reflecting both a predicted shortage of gems and the inevitable price rises that will come with it. Not only has this chart, which has been an industry staple for more than a decade and... 

Miners regain mojo to spark $18bn in exploration hunt

By: Bloomberg     24th March 2017 A rebound in exploration by global miners could see spending hit $18-billion by 2025 with China the front runner in the search for a new generation of giant discoveries. Exploration budgets are rising after they plunged to an 11-year low of about $10-billion last year as mining companies slashed... 

Anglo's billionaire investor puts mining on cusp of M&A era

By: Bloomberg     17th March 2017 Anil Agarwal’s surprise move into Anglo American suggests the mining industry may be on the cusp of a new wave of deals. For years, Anglo has been the subject of takeover speculation and during the worst of the commodities crisis it seemed on the verge of a breakup. It spent last year getting... 

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... 

World's newest copper mine is a loner until prices rebound

By: Bloomberg     8th March 2017 The end of the commodities super-cycle has left just one new major copper mine on the verge of production. Its owner says prices need to recover further before others are built. Cobre Panama, a sprawling openpit mine being developed by First Quantum Minerals in the central American nation, is set... 

Secret of the Kibali mine – flying people in and gold bars out

By: Bloomberg     6th March 2017 Randgold Resources had to haul heavy equipment more than 1 000 miles to build the roads and hydropower plants needed to construct its Kibali gold mine, the biggest in Democratic Republic of Congo. The sprawling facility in a remote corner of a country the size of Western Europe is a high-tech... 

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... 

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... 

Surging iron-ore won’t ‘fall off a cliff’, says Rio Tinto

By: Bloomberg     13th February 2017 Iron-ore will defy forecasts for a dramatic price collapse as China’s economy remains strong and the top buyer boosts demand for higher-quality imports, according to Rio Tinto Group, the second-largest exporter. “I wouldn’t necessarily say that it’s going to fall off a cliff,” Chief Financial... 

Rio said to get approaches on last $1.5bn of coal assets

By: Bloomberg     2nd February 2017 Rio Tinto Group, which agreed last month to sell $2.45-billion of Australian assets, has received approaches for its remaining coal operations in the country, people with knowledge of the matter said. The London-based company is considering options for its Hail Creek and Kestrel mines, including... 

Friedland’s Ivanhoe soars as market bets on Congo motherlode

By: Bloomberg     31st January 2017 Canada has a new stock-market crush. Ivanhoe Mines, the Vancouver-based company founded by Robert Friedland, is the best-performing stock on the S&P/TSX Composite Index in the past six months as expectations build over its African copper project. 

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... 

Northern Dynasty says it has Trump backing, seeking new partner

By: Bloomberg     24th January 2017 Northern Dynasty Minerals expects to resolve a dispute with the US environmental regulator by April to enable it to move ahead with permitting one of the world’s largest undeveloped copper and gold deposits. US President Donald Trump’s administration has “a desire to permit Pebble,” the company’s... 

Guinea President says Rio payment saga tied to internal feud  

By: Bloomberg     20th January 2017 The President of Guinea is disputing public statements made by Rio Tinto Group regarding the firing of a senior executive for a $10.5-million payment made to the President’s friend Francois de Combret. President Alpha Conde said the firing of Alan Davies, who headed Rio’s $20-billion Simandou... 

Rio ends quest for China mine riches with biggest shareholder

By: Bloomberg     18th January 2017 Rio Tinto Group and its largest shareholder Aluminum Corporation of China have terminated their joint venture (JV) established to find copper deposits, as global mining companies tighten exploration budgets. Chinalco Rio Tinto Exploration, a JV between Rio and Aluminum Corpporation, also known... 

Former Guinea Minister charged in bribe-for-mining-rights case

By: Bloomberg     14th December 2016 A former mining minister in Guinea was accused by US prosecutors of laundering bribes he received as part of a scheme to help a Chinese company win "near total control" of the West African nation’s valuable mining sector. Mahmoud Thiam, a US citizen, was allegedly paid $8.5-million by an... 

Year’s best miner Cliffs says Trump to keep good times rolling

By: Bloomberg     10th December 2016 The head of Cliffs Natural Resources Inc. was preparing for a “worst-case scenario” next year. Instead, he got Donald Trump. Cliffs, the world’s best-performing raw materials producer this year, will probably generate “a lot” of cash, with which it will pay down debt, Chief Executive Officer... 

Rio’s CEO wants to buy diamonds, but finding them won’t be easy

By: Bloomberg     9th December 2016 Even for the deepest pockets in the mining industry, diamonds are hard to find. Rio Tinto Group CEO Jean-Sebastien Jacques said this week he’s on the hunt for new diamond mines, but with more than half of the industry controlled by just two companies and new discoveries rare, it’s going to be a... 

Rio CEO wants to expand in diamond mines rather than divest

By: Bloomberg     7th December 2016 When Rio Tinto Group chief Jean-Sebastien Jacques took the reins of the world’s second-biggest mining company in July, there was speculation he’d sell a host of less desirable mines and smelters. The firm’s diamond business, underpinned by two underground mines, was considered by some analysts as... 

Rio Tinto’s Guinea head departs amid mine-payment investigation

By: Bloomberg     6th December 2016 Rio Tinto Group’s head of operations in Guinea has left the company. Ismael Diakite, who had been in the role since 2011, said his departure from the company on December 2 was amicable though declined to offer any more details when contacted by phone in Canada. A spokesman for Rio confirmed the... 

SEC said to probe Rio Tinto on Mozambique deal impairments

By: Bloomberg     29th November 2016 The US Securities and Exchange Commission (SEC) is investigating a $3-billion impairment charge Rio Tinto Group booked on a Mozambique coal deal almost four years ago, according to a person familiar with the matter. The investigation is ongoing and is separate to an internal Rio review into... 

World Bank arm monitoring Rio Tinto’s payments probe in Guinea 

By: Bloomberg     21st November 2016 The World Bank’s private investment arm said it’s monitoring the situation after Rio Tinto Group announced a probe into a $10.5-million payment connected to the Simandou iron-ore project in Guinea, West Africa. The International Finance Corp. is supporting efforts to identify funding for the... 

Iron-ore gets its Groundhog Day moment as tumble follows surge

By: Bloomberg     18th November 2016 Iron-ore is having a Groundhog Day moment. Prices that were pumped up on speculative enthusiasm are now headed for the biggest weekly drop in six months, echoing a sharp rise and tumble seen in April and May that was driven by a surge and fade in trading in China, the largest buyer. 

Rio Tinto offered bribe for iron mine, former Guinea official says

By: Bloomberg     18th November 2016 A Rio Tinto Group executive asked how big a bribe it would take to beat out a competitor for a hotly contested iron ore deposit in Guinea, the country’s a former mining minister said, adding a new accusation of graft just days after the world’s second-biggest miner fired two of its top executives... 

Rio CEO says staff 'shocked' by probe that may take years

By: Bloomberg     15th November 2016 Rio Tinto Group CEO Jean Sebastien Jacques said an investigation into the lawfulness of a payment made to an external consultant relating to a giant iron ore project in Guinea has “shell-shocked” the company and may take several years to resolve. The world’s second-biggest miner last week... 

Billionaire Steinmetz says Rio probe proves Guinea mine plot

By: Bloomberg     14th November 2016 Billionaire Beny Steinmetz says the suspension of a senior Rio Tinto Group executive this week over a payment in Guinea is evidence of an elaborate plot that culminated in Steinmetz’s mining company being stripped of its rights to a $20-billion iron-ore project two years ago. Steinmetz’s BSG... 

Copper explodes above $6 000 with prices set for best week ever

By: Bloomberg     11th November 2016 Copper briefly surpassed $6 000/t and headed for the biggest weekly rally ever as the metal became the focus for traders speculating on Donald Trump’s pledge to pour money into US infrastructure. Copper rose as much as 7.6% to $6 025.50, the biggest intraday increase since 2009. Prices were at $5... 

Iron giants target used gyms, generic parts to slice costs

By: Bloomberg     26th October 2016 From buying second-hand gym equipment to generic replacement parts, the world’s biggest iron ore producers are using increased ingenuity to keep on cutting costs at their mines – but it’s getting tougher. Even as Fortescue Metals Group sources more parts from China and automates trucks and... 

A 300% rally that has investors questioning Anglo’s plan to sell

By: Bloomberg     26th October 2016 When a company quadruples in value over nine months, it’s unusual for the biggest investors to say management has the wrong strategy. But that’s exactly what’s happening with  Anglo American Plc, the mining company that is the U.K.’s best-performing blue-chip stock this year. In February, Anglo... 

BHP scolded for tax 'dummy spit' by former Australian Treasurer

By: Bloomberg     20th October 2016 Former Australian Treasurer Wayne Swan labelLed BHP Billito’s response to his allegations of tax evasion a “dummy spit” and demanded an explanation for its practice of funneLling some sales of resources in the nation through Singapore to lower its tax burden. “The dummy spit by BHP executives in... 

BHP rebukes tax critics after claims of evasion in Australia

By: Bloomberg     18th October 2016 BHP Billiton, the world’s biggest mining company, rejected claims of tax evasion in Australia by pointing to $58billion in taxes and royalties paid in the country over the past decade. “We’re astonished to hear some politicians claiming that we haven’t been paying our fair share,” Jac Nasser,... 

Rio CEO says Mongolia won’t receive mine dividend for ten years

By: Bloomberg     7th October 2016 Rio Tinto Group said Mongolia won’t receive any dividend from the giant Oyu Tolgoi mine for ten years as the world’s second-biggest mining company prioritizes completing a $5.3-billion underground expansion. Oyu Tolgoi, which at its peak will be one of the top five copper mines in the world, is... 

Discipline the watchword for iron-ore miners as new supply looms

By: Bloomberg     3rd October 2016 The world’s largest iron-ore producers will need to exert tight control over supplies to keep prices at about $45 a metric ton as China’s drive to weed out unwanted steel capacity poses risks to demand, according to Singapore-based DBS Group Holdings. The raw material’s rally in 2016 may come... 

$1 coal mines turn to jackpots as China’s cuts power rally

By: Bloomberg     30th September 2016 Buying bargain-bin coal mines amid the worst commodity slump in a generation has turned into a savvy bet as prices of the fuel surge. Stanmore Coal bought the Isaac Plains metallurgical coal mine in Australia for A$1 in July 2015 from Brazilian miner Vale SA and Japan’s Sumitomo when the price... 

China auto boom is warning to world miners facing scrap age

By: Bloomberg     29th September 2016 China is on the cusp of a scrap wave that will return metal from ageing cars and expired fridges to the supply chain in a growing threat to mining companies, according to  Chiho-Tiande Group , a top recycler, which is taking over one of the biggest and oldest names in Europe’s scrap business. The... 

Iron giants to add 200Mt of supplies through 2020

By: Bloomberg     26th September 2016 The world’s two largest iron-ore exporters Australia and Brazil will each add about 100-million metric tons of supply through the end of the decade, boosting a global glut and hurting prices in a slump that will then force marginal miners to cut output, according to Citigroup. Shipments from... 

Five Rio Tinto workers arrested for fraud at Canadian smelter

By: Bloomberg     22nd September 2016 Five former workers at a Rio Tinto Group aluminum smelter in Quebec were arrested following a fraud investigation initiated by the company almost two years ago. The alleged fraud involved fake invoices from a former subcontractor of the company, according to a statement Wednesday from Surete du... 

WA mining tax may risk major BHP iron-ore project

By: Bloomberg     15th September 2016 BHP Billiton, the world’s largest mining company, said a proposed tax on producing iron-ore in Australia would risk the development of a new project in the Pilbara region that may account for about a quarter of its iron output from the country. Brendon Grylls, the leader of Western Australia’s... 

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