B06 Coal Mining

Rio pushes for nuclear power in energy debate

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Original article by Annabel Hepworth
The Australian – Page: 20 : 2-Dec-14

Submissions have been lodged with the Australian Government’s new energy white paper taskforce. Rio Tinto argues that nuclear power should not automatically be ruled out as an option for the nation as it seeks to curb its greenhouse gas emissions. Fellow uranium producer BHP Billiton says in order for Australia to cash in on the growing demand for energy worldwide, local labour market laws must be relaxed to boost productivity. Others to make submissions are ANZ Banking, Peabody Energy and Qantas Airways

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, QANTAS AIRWAYS LIMITED – ASX QAN, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, PEABODY ENERGY AUSTRALIA COAL PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

BHP to live within its means

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Original article by Amanda Saunders
The Australian Financial Review – Page: 13 & 19 : 25-Nov-14

BHP Billiton has indicated that its focus will be on maximising production at its existing assets rather than pursuing large acquisitions. CEO Andrew Mackenzie has told an investor briefing that any future acquisitions are likely to be restricted to conventional oil and gas assets. BHP will also continue to seek productivity improvements and reduce capital expenditure, with plans to scale back the latter by $US600m in 2014-15 and $US1bn in 2015-16

CORPORATES
BHP BILLITON LIMITED – ASX BHP, UBS HOLDINGS PTY LTD, HESS CORPORATION, CHEVRON CORPORATION, CITIGROUP PTY LTD

Wesfarmers off to good start: Goyder

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Original article by Sue Mitchell, Julie-Anne Sprague
The Australian Financial Review – Page: 13 & 20 : 21-Nov-14

Wesfarmers chairman Bob Every has told the group’s annual meeting that its total shareholder return has significantly outperformed the benchmark S&P/ASX 200 over the last decade. MD Richard Goyder said the conglomerate’s retail operations have generally performed well so far in 2014-15, particularly the Coles and Bunnings businesses. Goyder also downplayed speculation that the cashed-up group could pursue acquisitions. Wesfarmers shares closed $A0.79 lower at $A42.10

CORPORATES
WESFARMERS LIMITED – ASX WES, COLES GROUP LIMITED, WESFARMERS BUNNINGS LIMITED, TARGET AUSTRALIA PTY LTD, KMART AUSTRALIA LIMITED, STANDARD AND POOR’S ASX 200 INDEX, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, PACIFIC BRANDS LIMITED – ASX PBG, AUSTRALIAN FOOD AND GROCERY COUNCIL, HEALTHSCOPE LIMITED – ASX HSO, JB HI-FI LIMITED – ASX JBH, ORICA LIMITED – ASX ORI, COATES HIRE LIMITED, ELDERS LIMITED – ASX ELD, AMP LIMITED – ASX AMP, THE GOOD GUYS, THE MUIR ELECTRICAL COMPANY PTY LTD, ALDI STORES SUPERMARKETS PTY LTD, COSTCO WHOLESALE AUSTRALIA PTY LTD, TESCO PLC, MORRISONS, ASDA GROUP PLC, PERTH CONVENTION AND EXHIBITION CENTRE

At risk: 13% of nation’s exports

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Original article by Peter Martin
The Age – Page: 4 : 13-Nov-14

Australian shipments of thermal coal to China have grown from virtually nil a decade ago to account for 13% of the nation’s total exports. However, this could drop dramatically again once a new agreement comes into force that commits China and the US to increased use of renewable energy sources as well as nuclear power. Australian National University expert Frank Jotzo says the new deal to curb greenhouse gas emissions is for a reduction in absolute terms. Meanwhile, Minerals Council of Australia CEO Brendan Pearson promotes "clean coal" technology as the solution

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, AUSTRALIAN NATIONAL UNIVERSITY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Whitehaven blasts ‘FIFO’ activists

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Original article by Sarah-Jane Tasker
The Australian – Page: 22 : 29-Oct-14

The 28 October 2014 AGM of Whitehaven Coal was addressed by chair Mark Vaile, who criticised the actions of protesters against its Maules Creek mine as well as against the fossil fuels sector in general. He argued that the company had built good relations with local residents in the Gunnedah Basin, and that the environmentalists were from elsewhere and were financed by overseas organisations. MD Paul Flynn also stressed that the activists were acting illegally and preventing workers from performing their jobs

CORPORATES
WHITEHAVEN COAL LIMITED – ASX WHC, GREENPEACE AUSTRALIA PACIFIC LIMITED

China pact sees miners duck tariffs

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Original article by Sid Maher, Scott Murdoch
The Australian – Page: 5 : 22-Oct-14

The Chinese Government recently declared new tariffs of 3% and 6% on imports of metallurgical and thermal coal respectively. However, Australian producers will be spared the measure, as Trade Minister Andrew Robb has negotiated a zero tariff in the talks on a new free-trade agreement between the two nations. Meanwhile Prime Minister Tony Abbott is being criticised by some of his Coalition MPs over failing to roll out a promised tightening of foreign investment limits in the agricultural sector

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NATIONAL PARTY OF AUSTRALIA, GROUP OF TWENTY (G-20), WORLD TRADE ORGANIZATION, ASIA-PACIFIC ECONOMIC CO-OPERATION, CHINA. MINISTRY OF FINANCE

Glencore tilts at Rio expansion

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Original article by Amanda Saunders
The Australian Financial Review – Page: 1 & 11 : 8-Oct-14

Takeover speculation prompted a rally in the Australian-listed shares of Rio Tinto on 7 October 2014, with the stock rising 4.3 per cent to $A60.07. The resources group rebuffed a takeover approach from Glencore in August, and has indicated that it is not holding any merger talks with the commodities trader and miner. However, Glencore CEO Ivan Glasenberg is believed to be keen to pursue a merger with Rio Tinto

CORPORATES
RIO TINTO LIMITED – ASX RIO, GLENCORE PLC, XSTRATA AG, BHP BILLITON LIMITED – ASX BHP, LONDON STOCK EXCHANGE, UBS HOLDINGS PTY LTD, ALUMINIUM CORPORATION OF CHINA LIMITED

$2 sale adds to gloom in ailing coal sector

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Original article by Sarah-Jane Tasker
The Australian – Page: 20 : 3-Oct-14

The benchmark price for metallurgical coal negotiated by Japanese steel producers with Australian mining groups has been set at $US119 a tonne for the final three months of calendar 2014. This compares with a peak of $US330 in 2011 and is a low last seen in 2008. The slump has already triggered widespread redundancies in Queensland by companies such as BHP Billiton. The malaise in the sector has now also been underlined by a deal in which Up Energy Development Group will pay just $US2 to Marubeni and Winsway Enterprises to acquire Grande Cache Coal in Canada

CORPORATES
BHP BILLITON LIMITED – ASX BHP, UP ENERGY DEVELOPMENT GROUP LIMITED, GRANDE CACHE COAL CORPORATION, WINSWAY COKING COAL HOLDINGS LIMITED, MARUBENI CORPORATION, SUMITOMO CORPORATION, VALE SA, DEUTSCHE BANK AG

Mining wages too high, says Mitsui

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Original article by Amanda Saunders
The Australian Financial Review – Page: 13 & 18 : 26-Sep-14

Mitsui Australia CEO Yasushi Takahashi has questioned whether the nation’s high wages in the mining sector are sustainable. He argues that productivity needs to improve in order to justify the high labour costs relative to other resources-rich countries. Meanwhile, Takahashi expects the price of coal and iron ore to begin to recover by the end of 2014, and he suggests that the oversupply of iron ore could potentially be over by 2017

CORPORATES
MITSUI AND COMPANY (AUSTRALIA) LIMITED, MITSUI AND COMPANY LIMITED, SIMS METAL MANAGEMENT LIMITED – ASX SGM, BHP BILLITON LIMITED – ASX BHP, WOODSIDE PETROLEUM LIMITED – ASX WPL

Austerity drive drops Mackenzie to $9m

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Original article by Barry FitzGerald
The Australian – Page: 20 : 26-Sep-14

BHP Billiton’s 2014 annual report reveals that CEO Andrew Mackenzie received total remuneration of $US7.98m ($A9.06m) in 2013-14. This compares with the $US15.99m paid to his predecessor, Marius Kloppers, in 2012-13. The resources group has also advised that executives will receive no increase in their base salaries in 2014-15, while the annual report does not outline the likely effect that spinning off non-core assets will have on its executives’ salaries

CORPORATES
BHP BILLITON LIMITED – ASX BHP