Category: Mining

Top Iron Miners’ Cash Juggernaut Set to Survive Price Crash

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 percent of producers in the global seaborne market can generate profits at a benchmark price of $60 a metric ton, Adrian Doyle, a Sydney-based senior consultant at researcher CRU Group, said by phone.

BHP First-Half Profit Soars on Price Rally to Beat Estimates

BHP Billiton Ltd., the world’s biggest mining company, reported first-half profit jumped as commodity prices surged on increased demand from China, signalling growing confidence in the rally with a better-than-expected dividend and a bond buyback. Underlying profit rose to $3.24 billion in the six months through Dec. 31, Melbourne-based BHP said in a statement Tuesday.

BHP Vows Legal Action at Top Copper Mine After Group Enters Site

BHP Billiton Ltd., the owner of the world’s biggest copper mine known as Escondida, said it will take legal action after a group of more than 300 people entered the mine site during a strike and forced some contractors to abandon the compound. People wearing masks entered the mine site at 6 p.m. Santiago time on Saturday, threatening the staff of contract companies and setting off fire alarms, causing damage, the Melbourne-based company said in an e-mailed statement Sunday.

Barrick Sale of Super Pit Stake to China Buyer Said to Stall

Barrick Gold Corp.’s plan to sell its stake in the Kalgoorlie Super Pit mine to a Chinese bidder has stalled, as the buyer faces delays securing financing for the $1.3 billion deal, people with knowledge of the matter said. Minjar Gold Pty, a unit of property developer Shandong Tyan Home Co., is also still seeking Chinese regulatory clearance for the purchase, according to the people.

Drowning in Debt to Swimming in Cash, Miners Told to Pay Up

The last time mining companies made this much money, they went on a debt-fueled buying spree that almost buried some of the biggest in the industry. “Give us back money through the dividend process, that’s what shareholders like,” said Clive Burstow, who helps manage about $475 million of natural-resource assets at Barings in London.

Steel Demand Revival Hinges on Modi Roads-to-Rail Spending Push

A revival in India’s steel consumption from the weakest estimated growth in at least four years hinges on the government boosting spending on infrastructure, housing and road projects to absorb record output. Finance Minister Arun Jaitley will announce Feb. 1 higher outlays for national highways, rural roads, railways and low-cost housing, Goldman Sachs Group Inc. predicted in a Jan. 19 report.

Rio Ends Quest for China Mine Riches With Biggest Shareholder

Rio Tinto Group and its largest shareholder Aluminum Corp. of China have terminated their joint venture established to find copper deposits, as global mining companies tighten exploration budgets. Chinalco Rio Tinto Exploration Co., a joint venture between Rio and Aluminum Corp., also known as Chinalco, was launched in 2011 to seek out deposits in China and had plans to expand its search to coal and potash.

Board of Directors Reflects Impressive List of Private & Federal…

Lynx Technology Partners , one of Inc. Magazine’s fastest-growing private companies and ranked among the top US security companies for consecutive years, today announced the appointment of four members to its first Board of Directors. This announcement brings a year-long independent board nomination process to a close and positions Lynx for even faster growth in 2017.

Acacia Jumps in London on $4 Billion Endeavour Merger Talks

Acacia Mining Plc jumped to the highest in almost two months after the gold miner confirmed it is in early-stage talks with rival Africa-focused producer Endeavour Mining Corp. about a possible merger of the two companies which have a combined value of about $4 billion. Acacia, which mines the precious metal in Tanzania, rose 4 percent to close at 435 pence in London, the highest since Nov. 21, after earlier rising as much as 7.7 percent.

Would-Be Kingmaker Calls Out Iron Giants in Ore Tax Battle

The world’s biggest mining companies producing iron ore from Australia aren’t paying their fair share in taxes, according to a lawmaker who wants a 20-fold raise in a state levy that’s been unchanged since the 1960s and the era of imperial pounds, shillings and pence. The proposal has “overwhelming” support and Rio Tinto Group and BHP Billiton Ltd.’s objections don’t stack up, according to Brendon Grylls, Western Australia’s Nationals party leader.

Mistry Steps Down From Tata Companies Amid Fight With Scion

Ousted Tata Sons Ltd. Chairman Cyrus Mistry resigned as director of group companies on the eve of shareholder meetings to remove him and pledged to take the fight with the scion of the $100 billion conglomerate to a “larger platform.” Mistry stepped down as a director in Tata Steel Ltd., Tata Chemicals Ltd., Tata Global Beverages Ltd. and Indian Hotels Co., and as chairman of Tata Motors Ltd., the five companies said in stock exchange filings.