Mining & Resources

 

China, Brazil move climate talks into fast lane with pledges

The year-end climate summit gathers some more momentum.

Alex Nussbaum 7:13 AM   The push for a global deal on climate change picks up speed from Latin America to Asia, with the world's biggest greenhouse-gas emitter and the steward of its largest rainforest pledging new measures to curb warming.

Vale extends slide as outlook for iron ore remains bleak

Commodity companies account for about a quarter of the Ibovespa.

Denyse Godoy 4:50 AM   Vale, the world's largest iron-ore miner, sank to a two-month low after the steelmaking ingredient tumbled on concern supplies are too high.

Adani's 'miracle' mine is unbankable says Queensland Treasury

Prime Minister Tony Abbott with mining magnate Gautum Adani in Delhi, India.

Lisa Cox 9:01 PM   Australia's largest new coal project, one hailed by Prime Minister Tony Abbott as a poverty-busting "miracle", is unbankable in the assessment of Queensland's Treasury.

Glencore designs on Rio coal face X2 snag

Rio Tinto is hoping to reap more than $U3 billion in a sale of its Hunter Valley coal business, with X2 chief Mick Davis likely to face off with his arch rival and the man many see as the natural owner of the assets, Glencore's Ivan Glasenberg.

Amanda Saunders 7:36 PM   Rio Tinto is hoping to reap more than $U3 billion in a sale of its Hunter Valley coal business, with X2 chief Mick Davis likely to face off with his arch rival and the man many see as the natural owner of the assets, Glencore's Ivan Glasenberg.

Treasury doubts over Adani mine revealed

Documents show officials at Queensland Treasury held grave doubts about Adani's capacity to see through its Carmichael coal mine project.

Lisa Cox 12:15 AM   Documents show Queensland Treasury held grave doubts about Indian mining company Adani's capacity to see through its Carmichael coal mine project in central Queensland.

Australia cuts 2015 iron ore forecast by 10pc

Analysts blame negative sentiment on a massive increase in production, and overestimates of China's appetite for imported ore by sector titans Vale, Rio Tinto and BHP Billiton.

Stephen Cauchi 5:39 PM   Australia has cut its price forecast for iron ore in 2015 by 10 per cent to $US54.40 a tonne, citing a weak outlook for the commodity's main market, China's steel sector

Exploration 'zombies' on the rise as cash dries up for miners

Ninety-five listed exploration juniors stopped exploring in the March quarter as cash reserves dried up.

Tess Ingram 12:15 AM   One in five listed junior explorers is not actively exploring because of a cash squeeze on the mining sector that has forced companies into indefinite hibernation.

De Lacy saddened by fall of Peabody Energy

Former Macarthur Coal chairman Keith De Lacy admits Peabody Energy bought the company right at the top of the mining boom.

Perry Williams 3:56 PM   Former Macarthur Coal chairman Keith De Lacy has admitted US miner Peabody Energy "overpaid" for control of the company in 2011.

Gold Road pursuing own path to Gruyere

Gold Road, which has a market value of $274 million, has been identified as a takeover target due to the size of its flagship 5.5 million ounce Gruyere deposit.

Tess Ingram   Gold Road Resources chairman Ian Murray says it is too soon for the feverish string of merger and acquisition activity in the gold sector to scoop up the company, despite the explorer being touted as one of the sector's most appealing targets.

US Supreme Court blocks Obama's limits on power plants

President Barack Obama suffers a defeat in the courts.

ADAM LIPTAK and CORAL DAVENPORT   The US Supreme Court on Monday blocked one of the Obama administration's most ambitious environmental initiatives: an Environmental Protection Agency regulation meant to limit emissions of mercury and other toxic pollutants from coal-fired power plants.

Springvale mine expansion gets PAC nod despite concerns

Lake Burragorang, behind Warragamba Dam, Sydney's main reservoir.

Peter Hannam   The NSW Planning Assessment Commission has given conditional approval for the proposed extension of the underground Springvale coal mine despite concerns from government agencies that the expansion will affect Sydney's water quality.

Iron seen below $US40 as Capital Economics flags 'sharp move'

While iron ore is poised to cap the first quarterly climb since 2013 on Tuesday, Capital Economics' outlook adds to bearish forecasts from Goldman Sachs Group to Citigroup that the advance won't last.

Jasmine Ng   Iron ore may tumble into the $US30s a metric ton in the second half as surging low-cost supplies from the world's biggest producers swamp the market, expanding a glut, according to Capital Economics.

Gold surges on safe-haven demand

"Gold has an opportunity under these circumstances to reassert its role as a safe haven and we should see the metal being bought," said Ole Hansen, head of commodity strategy at Copenhagen-based Saxo Bank.

Phoebe Sedgman and Eddie van der Walt   Gold surged with silver as Greece shut banks and imposed capital controls, boosting demand for haven assets amid concern the country's euro membership is in jeopardy.

Peabody shares dive after Moody's cuts biggest US coal miner's credit rating

Investors show their impatience with more bad news for coal.

Tim Loh   Peabody Energy Corp., the largest US coal producer, plunged to record lows Friday after Moody's Investors Service downgraded its credit rating.

More mining collapses inevitable despite moves for survival

There will be an increase in insolvencies of small to medium-sized private firms, but  receiver KordaMentha expects there to be some listed casualties too.

Amanda Saunders   More insolvencies in the struggling mining services sector are inevitable in 2015, but banks and companies will fight hard to get restructuring deals up instead to avoid the "bloodbaths", receiver KordaMentha says.

Slump in rare earths' prices claims large US producer

Lynas was $191,000 positive free cash flow in March.

Brian Robins   The sole US producer of rare earth elements has collapsed, signalling the ongoing pressures on producers and complicating ambitions of a range of potential new suppliers.

Oil rig count shows recovery is beginning, analysts say

Oil rig - generic

Jordan Blum   The number of United StatesĀ rigs drilling for oil declined for a 29th consecutive week, but the total number of operating rigs has increased for the first time this year.

Miners must 'switch to growth'

Future expansion is the top business risk for mining companies, a new report says.

Tess Ingram   The global mining industry faces the risk of exhausting its asset base if companies don't invest urgently in future expansion opportunities, a report from EY has warned.

Rio execs to face court over Forge collapse

Rio Tinto iron ore chief executive Andrew Harding was among those served with summons this week.

Amanda Saunders   Rio Tinto iron ore chief executive Andrew Harding and four senior managers could be hauled before the Supreme Court for public examination by the receivers of Forge Group.

Bradken to explore merger with Chile group

Bradken shares have tanked since it dismissed a shareholder offer in April.

Tess Ingram and Sarah Thompson   Beleaguered mining services group Bradken will explore a merger with a subsidiary of Chilean industrial group Sigdo Koppers, after CHAMP Private Equity teamed up with the Chilean firm to inject $70 million into Bradken.

Red stones add lustre to Rio diamond tender

With no guarantee of the mine's future after 2020, buyers may have only a few more years to snap up the sought-after pink and red stones.

Angela Macdonald-Smith   Super-rare red diamonds are set to steal the limelight at Rio Tinto's annual tender of its best coloured diamonds.

Luxury Lodges, fine wine and uranium: why a reclusive contrarian is building a stake in ERA

Mr Magides has lifted his stake in ERA to 7.6 per cent in recent days.

Peter Ker   A reclusive luxury lodge developer and former hedge fund manager is building his stake in the Kakadu uranium miner ERA, despite grave predictions about its future prospects.

Atlas shareholders back $180m rescue

Atlas Iron managing director David Flanagan said the company suspended trading in its shares in April because the company was facing a monthly loss of $25 million.

Tess Ingram   Shareholders in Atlas Iron have backed a $180 million capital raising that will strengthen its balance sheet and cement an agreement with its contractors.

Rinehart to slash worker pay at Roy Hill mine

Roy Hill, run by Australia's richest person, Gina Rinehart, wants workers to take pay cuts.

Julie-anne Sprague   Australia's richest person Gina Rinehart wants workers at her $10 billion Roy Hill mine to take pay cutsĀ to preserve jobs and "family friendly" rosters for operation staff.

Green shoots for wind farms

Off the ground: a new wind farm gets the nod.

Peter Hannam   The bipartisan deal to cut the renewable energy target for 2020 by about one-fifth has at least restored some certainty to the industry.

BHP Billiton puts axe through 140 jobs in Adelaide operations

The redundancies at the Adelaide support office for the Olympic Dam operations come about five months after BHP Billiton scrapped about 90 jobs at the Olympic Dam mine.

Simon Evans   BHP Billiton is axeing up to 140 positions from its Adelaide support office for the Olympic Dam copper and uranium mine.

Sandfire soars on high-grade copper find

Assays from the Springfield project found copper grades as high as 18.9 per cent in stretches of up to 16 metres.

Peter Ker   Shares in Sandfire Resources have hit a 10-month high in early trading after drilling found copper grades as high as 18.9 per cent.

Small caps

Macmahon shares jump 39% on Mongolia exit

Macmahon said the sale would result in its exit from the troublesome Mongolian contract, with the buyer managing it going forward

Tess Ingram   Shares in the mining contractor soar after it offloads its Mongolian operations for $85 million, extricating itself from a 10-month payment dispute.

Adani halts coal works in approvals challenge

Indian conglomerate Adani has confirmed it has stopped engineering work on its $10 billion Carmichael project in Queensland. Pictured is Adani CFO Praveen Khandelwal.

Amanda Saunders   Indian conglomerate Adani has confirmed it has halts engineering work on its $10 billion Carmichael project in Queensland because of uncertainty and delays in approvals for the mega coal mine.

Coal: is the future really black?

State-based Mining Councils have agitated for the charity status of environmental groups to be revoked.

Peter Ker   Will action on climate change kill coal or will developing world demand sustain this increasingly controversial commodity?

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