Olympic expansion years away, says BHP

July 29, 2014roymorgansocial Leave a comment

Original article by Matt Chambers, Barry FitzGerald
The Australian – Page: 17 : 29-Jul-14

The Australian Environment Department has received an application by BHP Billiton, which wants to run a test facility for a new heap leaching process. Its success will be crucial to the expansion of BHP’s Olympic Dam copper and uranium asset in South Australia, which was forecast to cost $A30bn but was abandoned in 2012. BHP notes that even if the trial runs to plan, the upgrade of the mine will not occur before 2020. The proof of concept heap leaching plant will be used for three years from October 2016

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIA. DEPT OF THE ENVIRONMENT

Iron ore set to deliver profits before earnings’ slide bites

July 28, 2014roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 15 : 28-Jul-14

Higher export volumes and cost-cutting will ensure that Australian-listed iron ore producers deliver good full-year results in the August 2014 reporting season. However, the sector faces challenges in the 2014-15 fiscal year, including expectations of continued weakness in the iron ore price. This will offset further growth in export volumes, with companies whose sole focus is iron ore likely to be hardest hit. Stuart Howe of Bell Potter notes that iron ore producers may continue to pay strong dividends

CORPORATES
BELL POTTER SECURITIES LIMITED, BELL FINANCIAL GROUP LIMITED – ASX BFG, ANGLO AMERICAN PLC, FORTESCUE METALS GROUP LIMITED – ASX FMG, BC IRON LIMITED – ASX BCI, ATLAS IRON LIMITED – ASX AGO, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, AUSTRALIA. DEPT OF INDUSTRY. BUREAU OF RESOURCES AND ENERGY ECONOMICS, FORMOSA

BHP to exit manganese in ‘four pillars’ strategy

July 25, 2014July 25, 2014roymorgansocial Leave a comment

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

July 24, 2014July 25, 2014roymorgansocial Leave a comment

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

Newcrest ‘slow to lower its forecasts’

July 23, 2014July 25, 2014roymorgansocial Leave a comment

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

July 22, 2014roymorgansocial Leave a comment

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

July 21, 2014roymorgansocial Leave a comment

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

July 17, 2014roymorgansocial Leave a comment

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

July 17, 2014roymorgansocial Leave a comment

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

ABIX

Australia's News Summarising Service

MINING CORPORATIONS – AUSTRALIA