viernes, 18 de mayo de 2018

Rio Tinto says climbing costs, resource nationalism once again big threats

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Australia News Digest
Friday 18 May 2018
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Chief executive Jean Sebastien-Jacques said the challenge for the industry is to ensure the benefits from the past frugal years are not lost against a backdrop of rising oil prices and increased political risk.

The Asian firm has bought a 24% stake in Chile's Sociedad Quimica y Minera (SQM), one of the world's biggest lithium producers.

Despite mining contributing about 6 per cent of the country's GDP, a study revealed that almost six out of 10 of young Australians know nothing at all about mining careers.

Australian law firm Phi Finney McDonald alleges BHP knew the dam was at imminent risk of breaking but did not tell markets.

The Deputy Secretary for Sustainable Mining is scheduled to meet with executives from Australia's largest mining companies and banks.

Recent data released by the Northern Australian Geochemical Survey reveal that there are potential copper hotspots on the Queensland-Northern Territory border.

The world's largest potash miner said it expected to have an announcement on the matter by the end of June.

Chinese companies continue to aggressively try securing steady supply of lithium, a key ingredient in the making of batteries that power electric cars.

The 46-carat pink diamond is the largest coloured gem-quality stone ever recovered at the company's Lulo project.

Driverless trucks at the same iron ore operations already haul over a quarter of both ore and waste material.

The Lerala Mine was opened in 2008 and had to be shut twice due to weak sales, until it was placed under judicial management last year.

Australian lithium producer Galaxy Resources said it was evaluating "strategic options" for its project in Argentina, which remains in the feasibility stage.

The protesters say the running water that they receive from local rivers has been declared unfit for human consumption.

If China's Tianqi grabs a stake in Chile's SQM, the world's lowest cost lithium miner, it would mean the top three producers would control at least 80% of the total market, Chile's government has said.

Despite seeing gold output decline by 2%, Newmont claimed the title of world's biggest bullion producer as it surpassed rival Barrick by 16,000 ounces in the first three months of the year.

The machinery manufacturer logged earnings of $2.82 per share on revenue of $12.9 billion, surpassing expectations.

The announcement is the last of a string of difficulties Anglo has faced with the iron ore mine, which was expected to produce 16 million tonnes this year, but that will now generate just 3 million tonnes.

The use of the pit as a tailing storage facility means the miner will sacrifice remaining gold and copper reserves to help it return to full production after a dam collapse halted operations at the underground mine complex.

Full Metal Minerals wants to buy the Puhipuhi Gold Project.

The deal is for an initial three-year term on a "fixed-price take-or-pay basis."

BHP shares rose nearly 2 percent, hitting their highest in about 45 months.

The price of steelmaking raw materials in China rose for a second session on Monday on optimism that steel mills will replenish stockpiles as steel production increases and as iron ore inventories at ports decline.

India's rising coal imports are contributing to higher demand across Asia this year.

The writedowns are said to stem from Adani being forced to duplicate studies and redesign elements of the Carmichael project due to delays in regulatory approvals and ongoing legal challenges.

BHP forecasts reforms in China's steel sector will continue to hand an advantage to suppliers of higher-quality iron ore and coking coal as consumption of the alloy keeps growing well into the next decade.

With resources accounting for more than half Australia's total export earnings, it is clear that the minerals industry is important to economic prosperity.

The miner said it had begun depositing tailings into the Cadia Hill open pit over the weekend.

Kidman Resources has chosen a site in Kwinana, Western Australia with Chilean joint venture partner SQM to develop a lithium processing plant.

Automated mining technologies require governments and the mining industry to consider how efficiency gains will change local mining communities.

The materials industry, which includes miners, trails all other sectors in the Bloomberg World Index on rates of female participation.

Rio Tinto shareholders that voted in favour of a resolution calling the miner to review its membership of the Minerals Council of Australia (MCA) and other lobby groups.

Anglo American Plc, Glencore Plc and BHP Billiton Ltd. are generating the highest profits in years from their coal mines.

With Australia predicted to be the leading LNG exporter by 2022, growth in the industry has been strong this year.

The global miner has denied any wrongdoing in a similar case brought by the U.S. Securities and Exchange Commission.

Mining services provider Mineral Resources Ltd on Tuesday said it was looking to sell a minority stake in its Wodgina Lithium mine in the west of Australia.

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