Mining & Resources

 

Fortescue rallies on asset sales talk

Fresh asset sale speculation came as Fortescue chief executive Nev Power pulled out of the mining industry's key annual Diggers & Dealers conference at short notice because of "competing priorities of business".

Julie-anne Sprague, Tess Ingram and James Thomson 8:10 PM   Fortescue Metals Group says it is "open to commercial discussions" with potential investors in its mines and infrastructure, as fresh speculation emerged about a possible asset sale to Chinese companies.

M&A on agenda for gold miners

Metals X chief executive Peter Cook says a number of junior miners are suffering stress and are good takeover targets.

Tess Ingram 7:26 PM   OceanaGold and Metals X flag interest in more deals, despite both growth-hungry gold miners only announcing merger and acquisition activity last week.

CBA gone from Adani mine

Adani wants to develop coal resources in Queensland.

Michael West and Lisa Cox 7:14 PM   Commonwealth Bank's key financing role at Adani's controversial Carmichael coal mine has ended.

Comments 4

Miners criticise investors chasing instant gratification

Sandfire Resources managing director Karl Simich says "the amount of funds managed by people on short-term horizons is ever increasing."

Tess Ingram 6:15 PM   Mining bosses say they are under pressure to deliver constant good news and have criticised investors who chase instant gratification and misunderstand the long term horizon needed to be successful as a resources explorer and extractor.

Fortescue 'open' to deals with investors

FMG's Andrew Forrest.

James Thomson 3:27 PM   Fortescue says it is "open to commercial discussions" with potential investors in its mines and infrastructure, after its shares spiked on reports of a potential deal.

Federal Court overturns approval of Adani's Carmichael mine

Adani

Lisa Cox 11:48 AM   Environmentalists have had a big win in their case against Australia's largest coal mine after the Federal Court overturned federal environmental approval granted to Adani.

Comments 187

Chinese firms said to eye Fortescue's infrastructure assets

A Fortescue Metals train loaded with iron ore from the company's Cloudbreak operation arrives at their Port Hedland facility for export, in the Pilbara region of Western Australia.

Vinicy Chan, Brett Foley and Dinesh Nair 10:50 AM   Iron ore miner's shares rally on report Chinese firms have approached it about buying a stake in its railroads, ports and mines.

India's biggest solar power auction brings further drop in costs

Solar energy is now displacing coal and gas in India.

Anindya Upadhyay 8:18 AM   India's biggest auction for solar energy yet brought a further reduction in prices, with companies such as SkyPower of Canada and SunEdison of the US competing with local firms.

Methane leaks may greatly exceed estimates, report finds

Methane gas: not as clean a fuel as previously thought.

John Schwartz 8:00 AM   A device commonly used to measure the methane that leaks from industrial sources may greatly underestimate those emissions, said an inventor of the technology that the device relies on.

Barack Obama unveils ambitious climate plan

US President Barack Obama speaks about the Clean Power Plan at the White House.

Nick O'Malley 12:45 AM   Republicans immediately declare their opposition, with some state governors expected to challenge plan in the courts.

Power sector emissions jump most in decade as black coal use surges

Carbon emissions are climbing in the power sector.

Peter Hannam 10:05 PM   Carbon emissions from the country's main electricity grid have jumped at an annual rate of about 2 million tonnes in the past two months, the quickest pace in more than a decade, according to analysis by energy consultancy Pitt & Sherry.

Zinc, nickel add a little lustre to Diggers

Nickel producers are waiting for an upswing in price.

Tess Ingram 9:19 PM   As Diggers and Dealers delegates rolled in, heavy heads from a late night in Kalgoorlie's famous watering holes were unlikely to be relieved by an injection of optimism.

Gold diggers compete with dealers in Aussie gold sector

North Star chairman Chris Rowe, left, and MD Bil Beament: four acquisitions in six months.

Tess Ingram   Gold miners are capitalising on current market conditions, with some sending drill rigs into the dirt while others strike deals to ensure growth.

Rio cost cuts 'should underpin another buyback'

When Rio Tinto reports this week, analysts' consensus is for underlying earnings to shrink to $US2.4 billion and debt to rise.

Amanda Saunders   When Rio Tinto reports this week, analyst consensus is for underlying earnings to shrink to $US2.4 billion, from $US5.1 billion in the year-earlier period.

Industrial trouble brews for South32 at Illawarra coal

Coal miners at South32's Illawarra mines are talking of industrial action and have asked for a protected ballot.

Peter Ker   Industrial trouble is looming at South32's coal mines in the Illawarra region of New South Wales, as lengthy negotiations over new workplace agreements come to a head.

Creasy says no 'single hint' of rival bid for Sirius

Millionaire prospector Mark Creasy says he remains "very happy" with the deal despite the decline in value.

Tess Ingram   Sirius Resources' largest shareholder Mark Creasy says the nickel developer remains 'very happy' with the takeover bid from Independence Group.

Nev Power pulls out of Diggers and Dealers

Had to 'attend business' instead of heading to Kalgoorlie: FMG boss Nev Powers.

Fortescue Metals Group boss Nev Power has pulled out of the annual Diggers and Dealers mining conference in Kalgoorlie.

Sirius Resources, Independence Group deal in the danger zone

Independence Group chief executive Peter Bradford is confident the Sirius deal is still a goer despite its share price tanking close to 40 per cent since May.

Tess Ingram   Independence Group chief executive Peter Bradford has tried to quell fears the miner could lose its hold over Sirius Resources after a sustained share price slide undermined the value of the cash-and-scrip offer.

Gold bears dig in as bullion funds shed another $US6b

Gold has dropped 7.7 per cent this year, on pace for a third annual decline that would mark the longest slump since 1998.

Megan Durisin   The value of exchange-traded products tracking gold slumped $US6 billion last month, the most since September.

Trading in iron ore in China surges to record high

Most-active futures in Dalian fell 1.1 per cent to close at 363 yuan ($US58.46) a ton on Monday, extending a 12 per cent slump in July.

Bloomberg News   ‚ÄčTrading of iron ore derivatives on China's Dalian Commodity Exchange advanced to a record last month amid increased volatility.

Why Rio Tinto shares are about to surge

Is Sam Walsh Rio Tinto's master puppeteer?

Peter Ker   Rio Tinto shares have taken on a certain degree of predictability.

Comments 2

Gorgon faces delay as workers mull strike action

Chevron has been building the massive Gorgon project, Australia's single-biggest resources investment, for more than five years at Barrow Island.

Julie-anne Sprague   The Australian Manufacturing Workers' Union says it is likely highly paid workers will walk off the job at Chevron's Gorgon project as part of its push to gain the industry's most attractive work rosters.

Rio wants exploration collaboration to discover next big seam

Rio Tinto's exploration director Ian Ledlie is keen to work in partnership with junior players.

Tess Ingram   Rio Tinto has used its first presentation at the Diggers and Dealers conference in eight years to call for collaboration in exploration in order to find the next major mineral discovery in Australia.

Community backs mining assessment change but industry warns of dire consequences

Rob Stokes.

Sean Nicholls   A proposal by planning minister Rob Stokes to dump laws which make the economic benefit of a mining application the "principal consideration" when it is assessed has been met with overwhelming community support. But the mining industry is warning the move will jeopardise jobs and investment in NSW and undermine business confidence.

Mining's M&A spree a sign of better times ahead - for some

North Star chairman Chris Rowe, left, and MD Bil Beament: four acquisitions in six months.

Tess Ingram   The steady fall in commodities and a string of M&A deals targeting Australia has some poised to punt on a resurgence ahead of the annual Diggers and Dealers conference.

Atlas Iron hoping for currency buffer after tough June quarter

Atlas Iron's performance in the June quarter was marred by the temporary suspension of operations at its three Pilbara mines.

Tess Ingram   Atlas Iron is hoping the Australian dollar's fresh lows could buy the junior iron ore miner some breathing room on its costs, as it targets breaking even at a headline price of $US50 a tonne by the end of 2015.

Zinc throws in the towel, falling into bear market

A report this month from the International Lead and Zinc Study Group showed supply outpacing demand by 143,000 tons in the first five months of 2015.

Joe Deaux   One of the last bull markets in commodities is over with zinc finally succumbing to China's slowing demand.

Time for the progressives to yield

BHP and Rio Tinto may be forced to use debt to pay their 'progressive' dividends.

Peter Ker   Is this the year shareholders fall out of love with BHP and Rio over dividends?

With coal going begging, it's time to stop digging

Michael West dinkus Dinkus

Michael West   It seems Adani and Shenhua are determined to do things the hard way.

Mine approved in water catchment without assessment

Coal being handled by Illawarra Coal. Questions are being asked about how it won approval for an underground mine in the Special Areas.

Peter Hannam   BHP Billiton got approval from the NSW government for what is believed to be the most aggressive coal mine ever attempted beneath the Special Areas at the core of Sydney's water catchment without an accompanying groundwater impact study.