B08 Metal Ore Mining

BHP to exit manganese in ‘four pillars’ strategy

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Original article by Sarah-Jane Tasker
The Australian – Page: 18 : 25-Jul-14

BHP Billiton has in recent times signalled plans to focus on iron ore, copper, petroleum and coking coal. This means aluminium, coal and nickel operations are likely to be jettisoned, and there is now also speculation that BHP and fellow resources group Anglo American are negotiating on an exit from their manganese joint venture in South Africa and Australia. BHP holds the majority stake of 60% in the three mines and two processing facilities, including an asset on Groote Eylandt in the Northern Territory

CORPORATES
BHP BILLITON LIMITED – ASX BHP|ANGLO AMERICAN PLC|BARRICK GOLD CORPORATION|X2 RESOURCES PARTNERS LP|GLENCORE XSTRATA PLC

BHP surge sets stage for buyback

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Original article by Amanda Saunders
The Australian Financial Review – Page: 19 & 24 : 24-Jul-14

BHP Billiton expects its iron ore output for 2014-15 to top 245 million tonnes, after production in the Pilbara region of Western Australia for 2013-14 rose to about 225 million tonnes. Most analysts had forecast that output for 2014-15 will be around 230 million tonnes. Glyn Lawcock of UBS says the upbeat production forecast could prompt BHP to reveal a share buyback program when its 2013-14 financial results are released in August 2014

CORPORATES
BHP BILLITON LIMITED – ASX BHP|UBS HOLDINGS PTY LTD|RIO TINTO LIMITED – ASX RIO|FORTESCUE METALS GROUP LIMITED – ASX FMG|VALE SA|DEUTSCHE BANK AG|PENGANA CAPITAL LIMITED

Newcrest ‘slow to lower its forecasts’

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Original article by Matt Chambers
The Australian – Page: 18 : 23-Jul-14

The Federal Court of Australia is hearing a class action suit against Newcrest Mining, brought by law firm Slater & Gordon on behalf of investors who bought shares in the gold producer between 13 August 2012 and 6 June 2013. It is being claimed that the company was aware close to 12 months before it disclosed this officially to the stock market that its output estimates were flawed. Newcrest has now noted that the case’s scope is wider than its selective briefing of analysts, which recently prompted a settlement worth $A1.2bn with the Australian Securities & Investments Commission

CORPORATES
NEWCREST MINING LIMITED – ASX NCM|SLATER AND GORDON LIMITED – ASX SGH|AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION|FEDERAL COURT OF AUSTRALIA|LIHIR GOLD LIMITED

Blackham investors in bid to dump Gutnick

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Original article by Andrew Burrell
The Australian – Page: 20 : 22-Jul-14

Mining entrepreneur Joseph Gutnick in 2013 started building a stake of 27% in Western Australian gold producer Blackham Resources. However a dispute over his alleged failure to honour a funding deal that involved convertible notes worth $A6m in mid-July 2014 led to his removal as chair and a law suit. In response Gutnick requisitioned a stockholders’ vote to relieve MD Bryan Dixon and non-executive directors Greg Miles and Alan Thom of their duties, and to instead install Ian Daymond and Stuart Munroe on the board. In the latest step, 19% of investors have called for a meeting at which to oust Gutnick completely

CORPORATES
BLACKHAM RESOURCES LIMITED – ASX BLK, GREAT CENTRAL GOLD PTY LTD, POLO RESOURCES LIMITED, LIONGOLD CORPORATION LIMITED, ACADIAN MINING CORPORATION, SUPREME COURT OF WESTERN AUSTRALIA

Buyback may go on hold as iron ore earnings fall

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Original article by Amanda Saunders
The Australian Financial Review – Page: 15 : 21-Jul-14

Analyst Paul Taggart says Credit Suisse expects any capital management initiatives at BHP Billiton to be deferred until August 2015 at the earliest. There has been ongoing anticipation of a stock buyback by the Australian-listed mining company. However, the iron ore price has contracted by nearly 25 per cent in 2014. The resources group’s 2014-15 earnings may fall by up to 14 per cent. BHP will issue its quarterly production results on 23 July 2014

CORPORATES
BHP BILLITON LIMITED – ASX BHP, CREDIT SUISSE (AUSTRALIA) LIMITED, UBS HOLDINGS PTY LTD

Rio, FMG ramp up production rates

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Original article by Amanda Saunders
The Australian Financial Review – Page: 17 & 19 : 17-Jul-14

Both Rio Tinto and Fortescue Metals Group on 16 July 2014 announced promising output data for the quarter ending 30 June, with Rio even ahead of forecasts. Iron ore production at its operations in the Pilbara region of Western Australia was up 11% year-on-year to reach 73.1 million tonnes. Fortescue meanwhile has achieved an annualised iron ore shipments figure of 155 million tonnes. However the price per tonne in the three months was a fifth below the benchmark price, at just $US82

CORPORATES
RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, UBS HOLDINGS PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, DEUTSCHE BANK AG

Iluka silent on Kenmare tilt

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Original article by Barry FitzGerald
The Australian – Page: 18 : 17-Jul-14

Australian-listed Iluka Resources has issued its production data for the quarter ending 30 June 2014, but the report did not make any mention of its takeover bid for UK-based Kenmare Resources. Iluka had recently been unveiled by the UK media as the suitor in a planned $A780m acquisition of Kenmare, which is attractive due to its Moma mineral sands mine in Mozambique. Iluka shares on 16 July closed 4% higher at $A8.53, as the output figures showed a year-on-year increase for zircon, rutile and synthetic rutile of 5.9% to 252,000 tonnes

CORPORATES
ILUKA RESOURCES LIMITED – ASX ILU, KENMARE RESOURCES PLC, ASX LIMITED – ASX ASX, M&G INVESTMENT MANAGEMENT LIMITED

Hockey’s budget hole heading to $41b

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1-Apr : 17-Jul-14

The Australian Government may face resistance in the Senate to its plans to abolish some $A4bn worth of tax breaks as part of its proposal to repeal the mining tax. Two independent senators intend to vote against scrapping the tax breaks, and the defeat of this measure would be another blow for the Government, which has already faced opposition from Palmer United Party senators to several other measures that are linked to the mining tax

CORPORATES
PALMER UNITED PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL DEMOCRATIC PARTY

Northern Star shares shine as Jundee kicks in

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Original article by Matt Chambers
The Australian – Page: 20 : 10-Jul-14

The stock of Northern Star Resources (NST) on 9 July 2014 closed $A0.185 higher at $A1.505. It is edging back to the all-time high of $A1.57 set in early 2013, as investors react to news of surprisingly good output data. The production of the gold mining group for the quarter ending 30 June 2014 was 115,819 ounces, compared with the forecast range of 80,000 to 90,000. The figure will soon be boosted further by the recent purchase of the Jundee mine in Western Australia. The rising gold price, up $US9 an ounce to $US1,325 for the day, also helped

CORPORATES
NORTHERN STAR RESOURCES LIMITED – ASX NST, EVOLUTION MINING LIMITED – ASX EVN, RESOLUTE MINING LIMITED – ASX RSG, OCEANA GOLD LIMITED, BARRICK GOLD OF AUSTRALIA LIMITED, NEWMONT MINING CORPORATION

BHP, Rio buyback plans put in doubt

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Original article by Matt Chambers
The Australian – Page: 17 : 7-Jul-14

Analysts at Macquarie and Credit Suisse have voiced doubts on whether planned stock repurchasing schemes of BHP Billiton and Rio Tinto will go ahead. Both Australian-listed groups have been affected by a recent drop in the iron ore price, which may cost investors the equivalent of $US11bn ($A11.7bn) in cash. The companies want to reduce their net liabilities before buying back shares, with BHP aiming for $US25bn by mid-2015 and Rio for $US13bn by late that year

CORPORATES
BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, MACQUARIE GROUP LIMITED – ASX MQG, CREDIT SUISSE (AUSTRALIA) LIMITED, UBS HOLDINGS PTY LTD, GLENCORE XSTRATA PLC, TRAFIGURA BEHEER BV, X2 RESOURCES PARTNERS LP, JINCHUAN NON-FERROUS METALS IMPORT AND EXPORT COMPANY, MMG LIMITED