Mining & Resources


BHP hybrid raising in doubt

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

Peter Ker 10:26 AM   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 4:14 PM   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.

8:00 PM   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.

Australian miner accused of bribing Thai officials

Mixed gold and silver are poured into ingot moulds at the Chatree gold mine's furnace in Thailand.

Lindsay Murdoch   Thailand's Anti-Corruption Commission is investigating an allegation that Australian gold mine operator Kingsgate Consolidated bribed Thai state officials to obtain a gold mining concession.

Half of coal not worth digging up

China's slowing appetite for the power-plant fuel and steelmaking component has depressed the seaborne market, creating a worldwide glut.

Mario Parker   ​Half of the world's coal isn't worth digging out of the ground at current prices.

Glencore parallels with Lehman

Glencore closed at a record low of 68.62 pence in London. The stock has declined 77 per cent this year.

Matthew Campbell, Dinesh Nair and Jesse Riseborough   From London to New York to Hong Kong, the frantic question kept coming: Could this be another Lehman?

Glasenberg sees 'even stronger' Glencore

"We are materially cash-generative at current spot commodity prices," Glasenberg wrote in a memo to staff.

Javier Blas and Jesse Riseborough   Glencore chief Ivan Glasenberg told staff that the company "will emerge even stronger" from its current state.

KKR swoop on Oz Minerals signals oversold valuations

Oz Minerals will be seeking to meet KKR officials as soon as possible to clarify their intentions.

Brian Robins   Bear market valuations of miners have been highlighted with the decision by US investor Kohlberg Kravis Roberts to snap up a 10 per cent stake in Oz Minerals.

Jobs to go in Arrium's $100m drive to cut costs

Labour costs at Arrium's Whyalla steelworks are only one of the factors being considered in a drive to save $100 million, the company said.

Tim Binsted   Arrium will cut jobs and overhaul operating practices at its Whyalla steel works in South Australia to save $100 million.

Oz Minerals seeks KKR talks after share raid

OZ Minerals chief executive Andrew Cole now has KKR & Co to deal with.

Brian Robins   Oz Minerals is expected to seek to meet officials with investor KKR as soon as possible after the group built a 10 per cent stake in the miner earlier Thursday.

Silver spree sparks coin shortage

The Perth Mint sold a record of more than 2.5 million ounces of silver last month.

The global silver-coin market is in the grips of an unprecedented supply squeeze, forcing some mints to ration sales.

Newcrest sells rest of Evolution stake

The Bloomberg Commodity Index, a measure of returns for 22 components, has tumbled 15 per cent since June 30.

Australia's largest gold miner Newcrest Mining has sold off its remaining stake in rival gold producer Evolution.

Norilsk cuts spending on nickel outlook

The Bloomberg World Mining Index of 81 producers has tumbled 70 per cent from a 2011 peak.

Yuliya Fedorinova   Russia's largest mining company plans to cut investment because it sees the risk of the metals prices remaining low.

Gold slides 1pc on US rate rise worries

The September quarter was gold's fifth successive quarter of losses, the longest such streak since 1997.

Gold hit its lowest level in two weeks and recorded its biggest quarterly loss in a year as US jobs data continues to strengthen.

Vale ore project ahead of schedule: CFO

The project in northern Brazil will add 90 million metric tons of annual capacity to global supply.

Danielle Bochove and Juan Pablo Spinetto   The world's top iron-ore producer has some bad news for the oversupplied market: its biggest project is running ahead of schedule.

Copper reaches week high as investors close bearish positions

The LMEX index of six main metals posted a fifth straight monthly loss, the longest run since January 2009.

​Copper hit its highest in a week while nickel touched a two-week peak, as bearish investors closed out positions at the quarter-end.

Glencore extends rebound from record low

John Meyer, a mining analyst at broker SP Angel Corporate Finance in London: "It was Glencore's flash crash, based on momentum rather than reality."

Thomas Biesheuvel   Glencore recouped most of its losses from Monday's 29 per cent plunge as the shares rallied for a second day.

Rio Tinto in early win on coal exit

Selling Bengalla paves the way for Rio to exit its Hunter Valley coal operations.

Amanda Saunders   Rio Tinto is clearing the decks to bow out of coal, restructuring its Hunter Valley business and kicking off its staggered exit with the $US606 million ($867 million) sale of a minority stake in one of its three mines in the NSW region to New Hope Group.

Who is telling the truth, BHP or Mr Market?


Michael Pascoe   Putting aside yesterday's febrile trading, there's an underlying concern that one of our bluest blue chips is saying one thing about its future dividends and the market saying another.

Glencore in record surge

Ivan Glasenberg is working on a debt-reduction plan that includes selling assets, halting the dividend and a $US2.5 billion share sale completed earlier this month.

Jesse Riseborough   Glencore, the commodities group that's lost almost $64.4 billion in market value this year, rallied the most ever in a single day.

The analyst who sparked an ASX meltdown

The downbeat assessment of Glencore sent Australian miners' shares tumbling on Tuesday.

Perry Williams   Is this the man who sparked our $55 billion sell-off?

Glencore shares in record surge

Bouncing back: Ivan Glasenberg's wealth is estimated to have slumped by as much as $US500m after the share slump.

Jesse Riseborough   Glencore, the commodities group that's lost almost $US45 billion in market value this year, rallied the most ever in a single day.