Mining & Resources


China eyes new coal curbs that would cap emissions but hit commodities

China's coal industry faces challenges on multiple fronts.

Philip Wen and Peter Hannam 4:28 PM   China is considering aggressive new curbs on coal consumption as it accelerates efforts to transform its economy and tackle climate change, moves that could further dent revenue for Australia's commodities.

Glencore slashes zinc output, local jobs

More Australian mining jobs will be lost after Glencore announced closure of a mine in Queensland.

Peter Ker 4:16 PM   Glencore is set to close one Australian zinc mine and reduce output from two others in a bid to bolster prices.

BlueScope plant closure 'a matter of time': Deutsche

A worker outside BlueScope Steel's Port Kembla plant.

Tim Binsted 2:42 PM   Major pay cuts and 500 job losses at BlueScope's Port Kembla steel works will only delay the troubled plant's closure, Deutsche Bank analyst Emily Smith says.

China's economic shift a double-edged sword

FILE - In this Nov. 13, 2014 file photo, a passenger airliner flies past a coal-fired power plant in Beijing, China. U.N. climate talks are plodding ahead toward a worldwide deal to fight global warming, with negotiators agreeing to start work on a draft agreement. A weeklong session in Bonn finished Friday Sept. 4, 2015, with the two officials leading the talks getting the green light to turn a sprawling negotiating text into a coherent draft by the next round of talks in October. (AP Photo/Andy Wong, File)

Philip Wen and Peter Hannam 12:30 PM   China is promising peak carbon emissions by 2030 - but that could happen much sooner than forecast. It would be good for efforts to curb global warming, but it also means economic pain for many, including Australia's exporters.

Alcoa misses on aluminium slide

Alcoa's aluminium-smelting, or primary segment, had a loss of $US59 million.

Sonja Elmquist 8:39 AM   ​Alcoa reported earnings that missed analysts' estimates after the price of the metal fell for a fourth straight quarter.

LME copper inventories slide

The amount of metal held in storage globally amounts to 3.8 weeks of consumption and will fall to three weeks next year, Citigroup has said.

Andre Janse van Vuuren 6:35 AM   Chinese smelters are stashing away copper to sell later when prices are higher, drawing inventories from other warehouses.

QIC pays $1.8b for gas storage

QIC has bought a gas storage facility for almost $1.8 billion.

Brian Robins 8:38 PM   Fund manager Queensland Investment Corp has bulked up its ownership of gas assets.

Glencore's pursuit of Rio comes full circle

Glencore boss Ivan Glasenberg has had a stressful couple of weeks.

Peter Ker 7:14 PM   One year after Glencore's interest in Rio Tinto became public, the idea seems further away than ever.

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Steelworkers vote for wage freeze

Save our steel:  workers accepted a wage freeze and restructuring in a bid to save their industry.

Andrew Pearson 7:11 PM   The workers have done their bit to save the Port Kembla steelworks, now it's the government's turn.

BlueScope cuts put ball in Baird's court

BlueScope Steel workers agreed to 500 job losses and wage freezes to save the Port Kembla steelworks.

Tim Binsted 6:28 PM   Unprecedented worker concessions at BlueScope Steel's troubled Port Kembla plant have put the company within striking distance of the $200 million worth of cost cuts needed to save the plant.

Resource stocks are good value, says UBS

Stocks that ranked well on price-to-book ratios were resources companies Santos, BlueScope Steel, South32, Origin Energy and Fortescue Metals Group.

Rose Powell 5:32 PM   UBS says the market is being too pessimistic about potential "value" stocks, particularly resources stocks. Here are the ones they've picked.

Banks' Glencore exposure a $US100b 'gorilla'


Stephen Morris   Global financial firms' estimated $US100 billion or more exposure to Glencore Plc may draw more scrutiny as regulatory stress tests approach.

Rio, BHP lift on Morgan Stanley note

Morgan Stanley called for investors to increase their exposure to emerging markets and commodities.

Shares in Rio Tinto jumped 7.5pc in London after Morgan Stanley upgraded European miners to "overweight".

Glencore warns on taxpayer support for new coal projects

Glencore's coal chief Peter Freyberg.

Brian Robins   Glencore's coal boss has slammed the use of taxpayer funds to support coal projects.

Britain mulls coal power exit by 2023

Most of our electricity generation is reliant on coal.

Alex Morales and Rachel Morison   Britain is considering whether to close all of its 12 coal-fired power plants by 2023.

Glencore hints more coal mines to close

Weak coal prices could see more mines closed in the Hunter.

Brian Robins and Peter Ker   Glencore's Australian coal boss Peter Freyberg says the company's Hunter Valley coal mines are under review.

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Call for gas market overhaul

Both the AEMC and the ACCC are conducting inquiries into the domestic gas market at a time of surging prices.

Brian Robins   The gas market needs to be overhauled because it is not meeting consumer needs, the head of the energy markets regulator says.

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OZ Minerals spruiks faster, cheaper Carrapateena plan to KKR

OZ Minerals boss Andrew Cole believes Carrapateena can be built more cheaply than first thought.

Peter Ker   OZ Minerals says it can build its Carrapateena copper mine faster and cheaper than first thought

Glencore shares spike on sale rumours

Glencore boss Ivan Glasenberg has had a stressful couple of weeks.

Peter Ker   Swiss miner Glencore's wild ride has continued, with the company's Hong Kong listed shares soaring by more than 70 per cent on Monday

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BHP hybrid raising in doubt

BHP Billiton could decide this week whether to push ahead with a hybrid debt issue

Peter Ker   BHP Billiton could yet walk away from the hybrid fundraising it has been spruiking to global investors over the past two weeks

Miners to be hit by impending shipbuilding disputes

If a number of ordered ships to be built are abandoned there will be a big reduction in capacity, PPB Advisory partner Campbell Jaski said.

Amanda Saunders   Miners could face a hike in shipping costs if major shipowners succeed in a push to cancel up to100 bulk carriers on order in Japan, South Korea and China.

BHP plans hybrid offer as corporate market reels from Glencore

Andrew Mackenzie, chief executive of BHP Billiton, speaks at the Minerals Week 2015 seminar in June.

The Anglo-Australian mining, metals and petroleum company is planning a $US4 billion ($5.7 billion) to $US5 billion multi-currency hybrid to shore up its balance sheet and fund potential acquisitions.

Battle against Adani mine goes to UN

Environment Minister Greg Hunt

Lisa Cox   A new front has opened in the battle over Australia's largest coal mine with indigenous landholders taking their complaint to the United Nations.

Is Glencore too big to fail?

Ivan Glasenberg, chief executive of Glencore, has watched a large portion of his fortune disappear in the past week.

Jonathan Shapiro   The reaction in credit markets to Glencore's woes resurrected a question pondered first by a Canadian central banker three years ago: How reliant is global commerce on the solvency of these secretive trading firms?

Are resources finally bottoming out?

Few predicted the Chinese economy would struggle so badly this year, crimping demand for industrial minerals like iron ore.

Peter Ker   Investors are waiting for the bounce to come, some think it might be sooner rather than later.

Gold gains for first time in six sessions

On October 1, investors holdings in exchanged-traded funds backed by gold climbed 1.9 metric tons to 1532.06 tons, the most since July 30.

Luzi Ann Javier and Joe Deaux   Gold investors are finding some glimmer of hope in the dimming outlook for the US jobs market.

Copper flat though global growth worries rise

While zinc dipped, analysts expect prices to strengthen as the supply outlook brightens.

Copper held steady but weaker US jobs data fuelled concerns about the outlook for the world's two biggest economies.

Record ore exports from Port Hedland

Purchases from steel mills in China may have slowed before a week-long national holiday, which ends October 7.

Jasmine Ng   Iron ore exports from Australia's Port Hedland hit an all-time high last month, surpassing the record set in August.

Home conduct hits Adani's away plans

Adani's Mundra Port operation.

Aarti Betigeri   Mining giant Adani will potentially benefit from Australian taxpayer support but its governance record in India is far from perfect.

Diving coal price prompts exits, write-offs

Rio Tinto has offloaded its minority stake in one of its Hunter Valley mines, Bengalla, for $US606 million to New Hope Group.

Brian Robins   For anyone who thinks miners know commodity cycles better than lesser mortals, it is difficult to go past Peabody Coal.