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Topic

Rio's quest to add more diamonds takes hunt to Canadian forest

By: Bloomberg     18th July 2017 Rio Tinto Group’s pursuit of new diamond output to tap rising demand in Asia is focusing on an unheralded exploration project in the Canadian forest. The world’s second-biggest miner on Tuesday added the Fort a la Corne joint venture, about 60 kilometers (37 miles) east of Prince Albert in... 

Top mining nation readying fresh investment wave as prices rally

By: Bloomberg     17th July 2017 Mining companies in Australia, the world’s biggest exporter of iron-ore and coal, are poised to approve fresh investments in projects, driven by rallying commodity prices and the need to replace depleting deposits, according to global equipment supply giant Komatsu. “They’re looking at new... 

Dominion is said to seek sweeter deal from Montana billionaire

By: Bloomberg     15th July 2017 Canada’s Dominion Diamond Corp is hoping Montana billionaire Dennis Washington will cough up a little more cash to buy the world’s third-largest producer of rough diamonds by value. However, the company – which has put itself on the block twice in the past two years – says there’s no guarantee a... 

One-billion tons of iron-ore are headed to China's mills in 2017

By: Bloomberg     13th July 2017 Iron-ore imports by China this year are on course to exceed one-billion metric tons by a comfortable margin, breaking 2016’s record, after figures for the first half showed another jump in cargoes and highlighted the ability of the largest steelmaker to absorb rising seaborne supplies. Shipments... 

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... 

Aluminium giants stop short of backing Trump import crackdown

By: Bloomberg     23rd June 2017 As the calls for restrictions on cheap Chinese imports reach a fever pitch in Washington, some of the biggest North American aluminium producers are advocating a softer touch. Alcoa Corp. urged the US to directly engage with China to ensure overproduction no longer spills out to the rest 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... 

Glencore doubles down on coal as mining rivals head for the exit

By: Bloomberg     12th June 2017 Glencore is doubling down on coal, even as rivals BHP Billiton and Rio Tinto Group move away from the world’s dirtiest fossil fuel. The company, run by former coal trader Ivan Glasenberg, made a surprise eleventh-hour $3.5-billion bid for a huge patch of thermal coal-rich ground on Australia’s... 

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... 

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... 

Billionaire Steinmetz recovers from setback in Simandou battle

By: Bloomberg     2nd June 2017 Israeli billionaire Beny Steinmetz recovered from a setback in a long-running legal battle over an iron-ore project in Guinea, when one of his employees defied the advice of lawyers and gave hours of testimony to a Paris arbitration court denying allegations of bribery. Asher Avidan was the top... 

Steinmetz said to skip $1.2bn Vale hearing, risking loss

By: Bloomberg     19th May 2017 Billionaire Beny Steinmetz’s mining company may be asked to pay as much as $1.2-billion to former partner Vale after choosing not to attend an arbitration hearing in London in a dispute over one of the world’s richest mineral assets, two people with knowledge of the case said. The decision by... 

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... 

Banker turned Guinea Minister says money was loan, not bribe

By: Bloomberg     3rd May 2017 A Guinea-born former Wall Street banker denied betraying his homeland’s natural wealth for $8.5-million in bribes, telling a New York jury the money was a loan he took to address a "desperate situation" in his personal and business affairs. Mahmoud Thiam served as the West African nation’s mining... 

First Quantum swings to Q1 loss on increased tax charge

By: Henry Lazenby     28th April 2017 Base metals producer First Quantum Minerals has swung to an adjusted loss of $29-million, or $0.04 a share, during the first quarter ended March 31, as no tax credit was recognised regarding losses realised under a sales hedge programme. Headline earnings fell short of analyst forecasts calling... 

Hermes plans to vote against Rio chair on diversity failings

By: Bloomberg     11th April 2017 Hermes Investment Management will vote against the re-election of Jan du Plessis, the chairperson of Rio Tinto Group, because of the company’s policy on boardroom diversity. The London-based money manager, which has said it will be focusing on diversity issues and climate change during this... 

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... 

Rio Tinto sees bumpy ride for aluminum as China poses puzzle

By: Bloomberg     5th April 2017 Rio Tinto Group’s aluminum boss sees prices for the lightweight metal heading for an “extremely” volatile period, with uncertainty over when China will curb production helping to keep investors on edge. “That’s really where the uncertainty is at the moment,” Alfredo Barrios said in an interview... 

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... 

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