Mining & Resources

 

OZ Minerals profit soars

OZ Minerals boss Andrew Cole said the good times should continue into 2016.

Peter Ker 9:36 AM   Rising profits have allowed OZ Minerals to boost dividends.

Mining services' life support running out

This year is shaping as a tipping point that will see company collapses increase, insolvency and deal experts say.

Amanda Saunders 12:15 AM   This year is shaping as a tipping point for Australia's mining services sector, with company collapses and insolvencies set to increase, industry experts say.

Tinkler comeback on the brink

Allegedly funded pamphlets: Nathan Tinkler.

Brian Robins 7:00 PM   A pall has been cast over the comeback plans of former rich lister Nathan Tinkler as he seeks to appeal against a bankruptcy ruling made Tuesday morning.

Worker trapped underground at Newcrest mine

A worker is trapped underground at the Gosowong mine.

Peter Ker 5:34 PM   A miner is trapped 300 metres underground at one of Newcrest's mines.

Tinkler declared bankrupt over jet sale

Nathan Tinkler has been fighting since mid-last year to stave off the bankruptcy claim from GE Commercial.

Brian Robins 1:30 PM   Controversial businessman Nathan Tinkler has been declared bankrupt over funds owed from the sale of his luxury jet, although the ruling has been stayed pending a possible appeal.

Gutnick loses $57m fertiliser fight appeal

Joseph Gutnick and his company Legend International Holdings have been ordered to pay $56 million.

Sarah Danckert 12:55 PM   Melbourne businessman "Diamond Joe" Gutnick and his company Legend International Holdings are on the hook for $US40.4 million ($57.1 million) plus interest to a collective of thousands of Indian farmers after losing an appeal against orders they hand the money over. 

Gold tops $US1200 on safe-haven allure

Spot bullion climbed as much as 2.3 per cent to $US1200.97 as of 2.02pm in New York.

Joe Deaux   Gold prices topped $US1200 an ounce for the first time since June as economic malaise boosts demand for the metal as a store of value.

Newcrest's Golpu partner refusing to give up

Newcrest Mining and Harmony Gold are expected to push ahead with development of the Golpu mine.

The market thinks Harmony Gold can't afford to build the Golpu mine with Newcrest, but the company is refusing to give up.

Rio Tinto axes more senior jobs

Rio Tinto's shares closed higher on Monday at $42.53.

Peter Ker   The man at the helm of Rio Tinto's booming bauxite division has left the company as job cuts continue.

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Whitehaven can't combat falling demand for coal: Macquarie

Whitehaven Coal is at risk of falling out of the benchmark S&P/ASX200 index, Macquarie analyst Andrew Hodge warns.

To mangle an old real estate cliche, Whitehaven Coal might be the best house, but the street is not even worth walking down, Macquarie seems to imply.

Qld mines in battle for survival: QRC

A study commissioned by the Queensland Resources Council found a third of Queensland coalmines were running at a loss.

The Queensland government must help prop up the state's ailing coalmines or risk losing thousands of jobs, a lobby group says.

Rio Tinto set to slash dividend

Rio Tinto chief executive Sam Walsh has previously said the dividend policy is a matter for the board.

Amanda Saunders   Rio Tinto is expected to slash its $US4.1 billion ($5.8 billion) annual dividend payout as early as August.

Miners marching home to the UK and Ireland from WA resources downturn

Geology is one of the key fields experiencing a downturn as contraction in the mining industry bites.

Jon Yeomans   Many of the British workers drawn to a lucrative industry in Australia have been forced by job cuts to return, writes Jon Yeomans

Norway fund asked miners to mull coal demergers

The Norwegian sovereign wealth fund has not named the miners it has asked to consider spinning out coal assets, but the ...

Norway's influential sovereign wealth fund wants mining companies to consider spinning out coal assets.

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More pain to come as nickel downturn bites

Australian nickel operations, including Clive Palmer's Queensland Nickel, have fallen victim to the sustained downturn ...

Tess Ingram   Kambalda celebrates 50 years as a nickel mining town this year, but it will be a melancholy celebration as the industry faces the most challenging conditions experienced in more than a decade.

China seeks to cut coal capacity by 1b tons

The world's largest coal consumer aims to eliminate as much as 1 billion metric tons of output capacity in three to five ...

Bloomberg News   China plans to chop as much as 17 per cent its coal production capacity to cut overcapacity and use cleaner energy sources amid sliding demand for the fuel.

Iron ore extends rally, outlook unchanged

The commodity has rebounded 19 per cent since bottoming at $US38.30 in December, the lowest for daily prices dating back ...

Jasmine Ng   Iron ore, dogged for years by rising supply and soggy demand, went on a tear ahead of China's Lunar New Year break.

Debt cloud hangs over solid first half for Whitehaven Coal

Whitehaven expects its financial position to continue improving over the next three years.

Tess Ingram   Whitehaven Coal has delivered on its promise to return to profit in the first half of the financial year despite challenging conditions in the coal sector.

BHP's ratings future in its own hands: S&P

S&P recently cut BHP's long-term credit rating from `A+' to `A' and warned it could be lowered further if the company ...

The mining giant can defend its credit rating by scrapping its controversial progressive dividend policy, ratings agency Standard & Poor's says.

'We should all fear Oilmageddon'

Traders of crude oil and natural gas: A global recession, triggered by lower commodities prices, would leave nowhere to ...

Tracy Alloway   Markets are in a well-oiled "death spiral," analysts at Citigroup say.

Dipping $US throws investment strategies out window

The commodities' slump has hit the big miners hard.

The gyrations in mining stocks after the US dollar declined and commodity prices rose has some seeing recovery. That talk comes too early.

Port Hedland iron ore cargoes slowed by weather

China-bound cargoes dropped to 28.91 million tons from 32.17 million in December.

Jasmine Ng   Iron ore shipments from Port Hedland declined in January after loadings were disrupted by bad weather.

Why nervous bankers could spark mining deals in 2016

Coal is tipped to be hot for deals in Australia this year.

Amanda Saunders   Growing financial stress in the mining sector will trigger an increase this year in divestments, spin-offs, joint ventures and possibly hostile takeover bids, while restructuring will drive M&A.

Has Adani pushed pause on giant coal project?

Adani

Unconfirmed reports claim that Adani may not invest further cash into the Carmichael project until coal prices improve.

South32 shake-up cuts hundreds of jobs

South32 boss Graham Kerr has revealed his 'strategy to maximise value rather than volume'.

Miner South32 has warned Australian jobs will go as it moves to cut costs worldwide.

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Downer CEO says Broadspectrum assets could be 'great' fit

Downer EDI chief executive Grant Fenn is watching the outcome of Ferrovial's bid for Broadspectrum.

Jenny Wiggins   Downer EDI chief executive Grant Fenn has revealed Ferrovial target Broadspectrum owns assets that would be a "great" fit with the engineering contractor.

Samarco deal seen within days, says Brazil

The November 5 dam collapse released billions of gallons of tailings sludge into communities and waterways in what the ...

Anna Edgerton and Carla Simoes   BHP Billiton and its partners are expected to "shake hands" this week with Brazil on an agreement to pay for damages from a tailings dam burst.

Iron ore price pressures to rise, says Goldman

The projected loss of steel output from the capacity cuts will likely put "further downward pressure on an iron ore ...

David Stringer and Jasmine Ng   Iron ore prices may face additional pressure as China steps up efforts to cut back local steel capacity, according to Goldman Sachs.

BHP dividend 'tweak' won't cut it: S&P

BHP chairman Jac Nasser has a big decision to make.

Peter Ker   A small 'tweak' to BHP's dividend will not be enough to avoid another credit rating downgrade, Standard & Poor's says.

'Long road' before Adani mine approval: Minister

Queensland Mines Minister has poured cold water on the suggestion Adani's Galilee Basin coal mine will receive approval ...

Amy Remeikis   The Queensland government has hosed down suggestions it is about to approve a mining lease for Adani's Carmichael project, with Mines Minister Anthony Lynham warning there was still a long road to go.

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