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Mining & Resources


Ex-BHP chair Don Argus calls $16b demerger 'inspired'

Amanda Saunders 6:07pm Don Argus said the mining giant's controversial decision to spin off a $US15 billionresources company will create value in a suite of assets overlooked by the market.


Asciano sees bright days ahead despite profit dip

Asciano told investors earlier this year it would increase group cost cuts to $300 million from $150 million by fiscal 2018 and merge its coal haulage and freight rail businesses to boost profits.

Jenny Wiggins 12:36pm Asciano forecast stronger growth in fiscal 2015 and said talks over a sale of a minority interest in Patrick ports continued to “progress” as the logistics group’s annual net profit dropped 24 per cent to $257 million from the year-earlier $336.8 million.

Ex BHP chairman says cycles move and he’s a happy shareholder

Happy shareholder and former BHP chair Jerry Lewis says they needed the cash flow boost from the 2001 Billiton merger.

Simon Evans 8:11am Jerry Ellis led the miner during one of its darkest periods. He maintains the 2001 merger was a good move.


Glencore starts $1 billion buyback as CEO says boom not over

Jesse Riseborough 5:59am Glencore's billionaire chief executive officer Ivan Glasenberg underscored his belief in the longevity of the global commodities boom by beating his biggest rivals in handing out surplus cash to investors.

Rio Tinto 'workshopped' Warkworth coal plan with Planning Department, Greens say

PETER HANNAM Mining company Rio Tinto was able to respond within days of receiving environmental requirements for its Warkworth coalmine expansion plan because of "workshopping" with the NSW Department of Planning and Environment, according to Greens MP David Shoebridge.

Woodside looking for acquisitions including Apache's Wheatstone stake

Angela Macdonald-Smith Woodside Petroleum has sharpened its appetite for acquisitions, with chief executive Peter Coleman hinting that Apache’s stake in the $29 billion Wheatstone LNG project in Western Australia is on the list of potential targets.


AGL bets on coal with MacGen buy

AGL expects improvement in wholesale power prices.

BRIAN ROBINS Energy utility AGL will pay the NSW government $1.5 billion for Macquarie Generation.

BHP Billiton will not use demerger cash for acquisitions, says Andrew Mackenzie


Amanda Saunders Despite BHP Billiton’s controversial $US15 billion ($16 billion) spin-off freeing up cash flow for the mining company, chief executive Andrew Mackenzie says acquisitions are not on the cards and the miner will instead concentrate on executing the cheapest possible expansions of its ''four pillar'' commodities.

BHP demerger faces hurdles

BHP Billiton chief Andrew Mackenzie: Vote looms on demerger.

PETER KER BHP Billiton’s plan to spin out a group of non-core assets is far from a fait accompli, with a top 10ten shareholder refusing to guarantee his support and legal experts warning that demerger relief from the Tax Office was far from assured.

Fortescue Metals eyes further debt cuts as profits soar

BRIAN ROBINS Fortescue Metals is predicting iron ore prices will head upwards again despite market expectations of prolonged weakness.


BHP Billiton shares slump on demerger, results


Perry Williams BHP Billiton’s Australian shares fell by over 4 per cent in early trading, mirroring a similarly steep fall in London overnight, as investors reacted negatively to a controversial $14 billion demerger plan and the lack of a mooted $3 billion buyback.


Fortescue reports record net high profit

Fortescue chairman Andrew Forrest. The company's net debt position has improved by $US3.3 billion.

Fortescue's report reveals record high net profit and follows a record operational performance with 124.2 million tonnes shipped, a 54 per cent increase.


AGL to raise $1.2b as profit meets estimates

AGL's net income has grown by $125 million in the last year.

BRIAN ROBINS AGL has reported a profit after tax of $562 million, but also an underlying profit slide.


Woodside beats expectations on higher LNG price

Peter Coleman says production, at 46.5 million barrels of oil equivalent, is a  record and

Angela Macdonald-Smith Woodside Petroleum reported a 27 per cent increase in first-half net profit to $US1.105 billion, fuelled by higher LNG prices, a lift in production and lower exploration write-offs.

$100 million a day strike: Tugboat crews warn iron ore industry

Unions had planned to strike against BHP.

David Stringer, James Paton Tugboat crews working at BHP's Port Hedland project could cost the industry up to $100 million a day.


BHP Billiton chief denies demerger behind share selloff

Andrew Mackenzie

PETER KER BHP Billiton chief executive Andrew Mackenzie does not believe last night's sell-down on London markets was a rejection of the demerger option his company revealed on Tuesday, pointing instead at the absence of a share buyback and the complex nature of the proposal.

BHP Billiton posts $US13.4b profit, pushes ahead with demerger

BHP chief executive Andrew Mackenzie talks with workers.

PETER KER BHP Billiton’s historic $15 billion spin off has been given an instant thumbs down by the company’s London investors as a plan to create a new Perth-based miner combined with a lower than expected profit disappointed shareholders.

BHP's breakup should be a winner for shareholders

Malcolm Maiden dinkus

MALCOLM MAIDEN The assets that BHP is spinning off shape up nicely, just not as nicely as the ones it is keeping.


BHP Billiton full year profit: five things to watch out for

BHP Billiton’s Nickel West Refinery in Kwinana.

PETER KER Australia’s biggest company will do much more than simply publish a profit figure when it hands down its full year financial results this afternoon.

LNG project helps Oil Search record 34 per cent profit jump

Apache claims it has found the largest Australian oil deposit discovered in decade offshore in WA's Canning Basin.

Angela Macdonald-Smith Oil Search recorded a 34 per cent jump in first half profit to $US152.5 million, boosted by the start-up of the $US19 billion Papua New Guinea liquefied natural gas project.


Cheung Kong Group is set to take full ownership of gas distributor Envestra

Cheung Kong Group's billionaire Li
Ka-shing now owns most of Envestra.

Angela Macdonald-Smith Hong Kong conglomerate Cheung Kong Group is ready to take over gas distributor Envestra after finally reaching the 90 per cent of shares.


Iron ore export growth lifts Arrium profit 83 per cent


Tim Binsted Steel and mining group Arrium has reported an 83 per cent jump in full-year underlying net profit to $296 million as growth in iron ore exports boosted earnings.


Investors question mining cred of BHP spin-off executives

Key investors have questioned whether BHP's proposed spin-off will have sufficient mining expertise at the top.

Amanda Saunders Fund managers have raised questions over BHP Billiton's plan to anoint a chairman and chief with insufficient operational mining experience to sit at the helm of its planned $14 billion resources company spin-off.

Carrapateena good for 24 years: OZ Minerals

PETER KER OZ Minerals won't go any further with studies unless a joint venture partner is forthcoming.

EPA grants Kimberley rare earth mine approval

Production was targeted to begin in 2016.

A rare earth elements mine in the Kimberley has been recommended for conditional environmental approval.


Jerry Maycock appointed as Arrium chairman

New guard: Jerry Maycock has been appointed to the role of chairman of mining and steel group Arrium.

Tim Binsted Peter Smedley’s successor as chairman of mining and steel group Arrium has been announced.


Claims of Australia's biggest oil discovery in 30 years

Apache claims to have found the largest Australian oil deposit in decades offshore in WA's Canning Basin.

Angela Macdonald-Smith US oil and gas player Apache has made what is being heralded as the country's largest oil discovery in the last 30 years.


Rio Tinto may exit Bouganville

Bouganville Copper, which Rio owns more than 53 per of, was stripped of exploration and mining licences last week under new mining laws.

PETER KER Rio Tinto will consider divesting its majority stake in the Bouganville Copper project, after the local government imposed tough new conditions on the project last week.


Newcrest Mining makes $2.22b statutory loss after billions in write-downs

As foreshadowed in July, Newcrest has suffered asset impairments of $2.35 billion.

PETER KER The biggest goldminer on the ASX, Newcrest Mining, has narrowly beaten analyst expectations by posting a $432 million underlying profit for 2014 financial year.


David Crawford set to chair BHP spin-off

David Crawford

James Chessell and Amanda Saunders BHP Billiton is likely to appoint its longest-serving director, David Crawford, as the inaugural chairman of a new mining company created by the $14 billion spin-off of unwanted assets the board is set to formally approve on Tuesday.

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