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1. voda 2 augustus 2022 07:57

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   Rio Tinto Delivers AUD 15.6 Billion EBIDTA
   
   Strategic Research Institute
   Published on :
   2 Aug, 2.022, 5:30 am
   
   Australia-based miner Rio Tinto has posted a net profit of AUD 8.9 billion for the given half, compared to AUD 12.3 billion in the same period of the previous year. Rio Tinto Chief Executive Mr Jakob Stausholm said “We remain focused on delivering on our long-term strategy, with a steady improvement in operating performance and some notable advances in our growth agenda. We continue to strengthen our partnership with the Mongolian government following commencement of underground mining at Oyu Tolgoi, delivered first iron ore from the Gudai-Darri mine and approved early works funding at the Rincon lithium project.”
   
   AUD 8.9 billion of net earnings, 28% lower than 2021 first half, reflected the movement in commodity prices, the impact of higher energy prices on our operations and higher rates of inflation on our operating costs and closure liabilities.
   
   AUD 15.6 billion underlying EBITDA was 26% below 2021 first half, with an underlying EBITDA margin1 of 50%.
   
   Pilbara iron ore shipments were 2% lower than 2021 first half due to skilled labour supply constraints, COVID-19 disruptions, ongoing mine depletion due to delays to mine replacement projects and significantly higher than average rainfall in May. Improved second quarter shipments were supported by a continued focus on mine pit health and commissioning of the new Gudai-Darri mine. Rio Tinto is currently experiencing elevated levels of unplanned absences at our Pilbara operations due to COVID-19 case spikes in Western Australia.
   
   Guidance
   
   Pilbara iron ore (shipments. 100% basis) - 320 to 335 million tonne
   
   Bauxite - 54 to 57 million tonne
   
   Alumina - 7.6 to 7.8 million tonne
   
   Aluminium - 3.0 to 3.1 million tonne
   
   Mined copper - 500 to 575 kilo tonne
2. voda 4 augustus 2022 09:54

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   Vale Celebrates 80 Years with USD 5 Billion EBIDTA in Q2
   
   Strategic Research Institute
   Published on :
   4 Aug, 2022, 5:30 am
   
   Brazilian mining giant Vale Chief Executive Officer Mr Eduardo Bartolomeo said “As we celebrate our 80 years of operations in Brazil, we take this opportunity to reflect on our journey, challenges, and evolution. We are reinventing the way we operate, while committed to becoming one of the industry's safest and most reliable companies in the world. We move ahead with the conviction that mining is essential for the development of society and that it only serves its purpose by generating prosperity for all and taking care of the planet. In that sense, we continued to make progress in our decarbonization agenda and strengthening relationships with our neighbor communities. With the substantial reshaping of our business, such as the sale of the Midwestern System, the company is much better prepared to deliver on its production recovery agenda. We stay committed to a disciplined capital allocation and to generating and returning value to our shareholders, as further evidenced by the announcement to pay USD 3 billion in dividends.”
   
   In Q2 of 2022, Vale reported a proforma adjusted EBITDA from continued operations of USD 5.534 billion, USD 840 million lower than Q1 of 2022, reflecting the decline in iron ore and copper prices at the end of the quarter, but partially compensated by higher iron ore sales
   
   At the steel decarbonization front, Vale secured natural gas supply to our pellet plant in São Luís, Maranhão, which will allow for the usage of natural gas in 100% of our pelletizing plants by 2024
   
   As part of our Powershift program, Vale received second 100%-electric battery-powered locomotive
   
   In April, Vale signed a MoU with Nippon Steel Corporation to pursue ironmaking solutions focused on the carbon neutral steelmaking process, in line with our commitment to reducing 15% of net Scope 3 emissions by 2035.
3. voda 8 augustus 2022 07:31

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   Rio Tinto Completes Sale of Cortez Gold Royalty in Nevada
   
   Strategic Research Institute
   Published on :
   8 Aug, 2022, 5:30 am
   
   Rio Tinto has completed the sale of a royalty it holds on an area including the Cortez mine operational area and the Fourmile development project in Nevada to RG Royalties, a direct wholly-owned subsidiary of Royal Gold, for USD 525 million in cash. The Cortez gold mine that is operated by Nevada Gold Mines, a joint venture between Barrick Gold Corporation and Newmont Corporation
   
   The Fourmile project which is 100% owned and operated by Barrick
   
   Rio Tinto obtained the royalty as partial consideration for the sale of its 40% interest in the Cortez Complex to Barrick in 2008. Royalty payments commence once the Cortez Complex has produced a total of 15 million ounces of gold since 2008. This is expected to occur imminently.
4. [verwijderd] 8 augustus 2022 10:04

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   BHP rejected in A$8.4B takeover bid for Australian miner Oz Minerals
   Aug. 07, 2022 8:14 PM ETBHP Group Limited (BHP), OZMLFBy: Carl Surran, SA News Editor8 Comments
   Reclaimer Stacker and Stockpile on Iron Ore Mine Site
   CUHRIG/E+ via Getty Images
   
   BHP's (NYSE:BHP) A$8.4B (~US$5.8B) takeover offer Oz Minerals (OTCPK:OZMLF) was rejected early Monday as significantly undervaluing the Australian-based copper and gold mining company.
   
   Oz Minerals (OTCPK:OZMLF) said it received the unsolicited proposal on August 5 to acquire its shares for A$25/share (US$17.30), a 32% premium to the stock's Friday closing price in Sydney.
   
   Now Read: Iron ore futures pop 7% on hopes for China economic rebound
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   PS; ik wens u mooie week
5. voda 9 augustus 2022 07:29

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   Glencore Reports Strong Results for H1 of 2022
   
   Strategic Research Institute
   Published on :
   9 Aug, 2022, 5:30 am
   
   Glencore’s Chief Executive Officer Mr Gary Nagle said “Notwithstanding what has clearly been a very complex environment for our markets, our operations, and the world in general, we are pleased to report an exceptional financial performance for Glencore over the period. Global macroeconomic and geopolitical events during the half created extraordinary energy market dislocation, volatility, risk, and supply disruption, resulting in record pricing for many coal and gas benchmarks and physical premia, underpinning USD 10.3 billion increase (119%) in Group Adjusted EBITDA to USD 18.9 billion. Marketing Adjusted EBIT more than doubled to USD 3.7 billion, with energy products the standout, while Industrial Adjusted EBITDA increased USD 8.4 billion to USD 15.0 billion period-on-period.”
   
   He said “Looking ahead, tightening financial conditions and a deteriorating macroeconomic environment present some uncertainty for commodity markets through the second half of the year. However, with few short-term solutions to rebalance global energy markets, coal and LNG prices look set to remain elevated during this period, particularly given the current challenge of securing sufficient and reliable energy supply for the Northern hemisphere winter ahead.”
   
   He added “For metals, the outlook is more complex, balancing supply risks, amid labour, water and energy shortages, supply chain disruptions, growing sovereign risk uncertainty and rising costs, against likely weakening end-use markets ex-China. There are some recent signs of China recovering from its Q2 trough, which could help to offset potentially weaker conditions in other key consuming markets.”
6. voda 10 augustus 2022 07:38

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   Nornickel Reports USD 9 Billion Revenues for H1 of 2022
   
   Strategic Research Institute
   Published on :
   10 Aug, 2022, 5:30 am
   
   World’s largest palladium and high-grade nickel and a major producer of platinum and copper Russian Norilsk Nickel has reported that consolidated revenue was flat year-on-year amounting to USD 9 billion. Higher base metal prices and recovery of production volumes after temporary suspension of operations caused by the incidents at Oktyabrsky and Taimyrsky mines and Norilsk concentrator in H1 of 2021, were negatively offset by lower realized palladium price and lower overall metal sales volume owing to logistical disruptions as well as a higher base effect due to the sale of metal from previously accumulated stock in 1H2021
   
   EBITDA decreased 16% YoY to USD 4.8 billion owing to higher operating cash costs driven mainly by increase in labour expenses and mineral extraction tax. EBITDA margin amounted to 53%
   
   Net income increased 18% YoY to USD 5.1 billion mostly driven by stronger rouble exchange rate as of the end the reported period resulting in revaluation of foreign currency debt
   
   CAPEX increased 83% YoY to USD 1.8 billion driven by the scheduled growth of investments into key environmental, mining and metallurgical projects as well as intensified capital repairs aimed at improvement of industrial safety and mitigation of physical risks
   
   The production units of Norilsk Nickel Group are located at the Norilsk Industrial District, on the Kola Peninsula and Zabaykalsky Krai in Russia as well as in Finland.
7. voda 16 augustus 2022 07:30

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   OZ Minerals Rejects Indicative Proposal from BHP
   
   Strategic Research Institute
   Published on :
   16 Aug, 2022, 5:30 am
   
   Australian miner OZ Minerals board has carefully assessed the Indicative BHP’s proposal including with the assistance of its financial and legal advisers and have unanimously determined that the Indicative Proposal significantly undervalues OZ Minerals and, as such, is not in the best interests of shareholders.
   
   BHP had submitted a non-binding indicative proposal to the Board of OZ Minerals on 5 August 2022 to acquire 100% of the issued share capital in OZ Minerals by way of a scheme of arrangement. BHP’s Proposal to acquire all of OZ Minerals shares for cash consideration of AUD 25 per share, represents a compelling value proposition for OZ Minerals shareholders. The consideration represents an attractive premium of:
   
   32.1% to OZL’s closing price of AUD 18.92 per share on 5 August 2022
   
   41.4% to OZL’s 30-day VWAP of AUD17.67 per share up to and including 5 August 2022.
8. voda 17 augustus 2022 07:29

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   BHP Take on Real Estate Sector Issues in China
   
   Strategic Research Institute
   Published on :
   17 Aug, 2022, 6:24 am
   
   Global mining giant BHP while announcing results for FY 2022 has provided in-depth view on real estate sector China, which to a great extant decided the health of Chinese steel sector. BHP’s Market Analysis & Economics Vice President Dr Huw McKay wrote “China’s housing market has often been at the centre of counter–cyclical policy shifts. It is also the biggest wild card in the remainder of calendar 2022 and into calendar 2023. Our current diagnosis is that what ails Chinese housing is not a demand problem, it is a supply–side problem. More specifically, the resolution of the current issue lies within the nexus of developer balance sheets, macro–prudential controls on the same and risk–averse financiers, who have lost confidence over the last twelve months or so in the face of high–profile defaults.”
   
   Dr McKay wrote “It is instructive to compare the present situation to the extended real estate downturn of the mid–2010s. The earlier cycle was characterised by an excessive inventory of unsold properties, with substantial over–building in lower tier cities intersecting with tightening purchase controls on out–of–town investors against a backdrop of policy uncertainty under the anti–corruption drive, property tax pilots and the national housing ownership registry. Such was the depth of the issue that “housing de–stocking” that it became a macroeconomic priority in parallel with the execution of President Xi’s signature Supply Side Reform initiative.”
   
   Dr McKay also wrote “The excess inventory problem at the national level was also the collective expression of hundreds of demand–supply mismatches across China’s various city tiers. The resolution required a transfer of real assets from the balance sheet of developers to the balance sheet of households, and that in turn required an increase in purchasing power and regulatory forbearance on the out–of–town investor question. The transfer was ultimately unlocked through a considerable expansion of mortgage loans and a more lenient approach to investors.”
   
   Dr McKay wrote “The upswing began tentatively, with the average historical lag relationship between the leading indicators and building activity comfortably exceeded, but ultimately an enduring upswing in sales and starts was put in place. It had a lower peak but a longer tail than prior cycles. The shadow of this cycle is still visible in the pipeline of work under construction today, which is part of the problem. Developers have been incentivised to start multiple projects but not to complete them in timely fashion. This oddity stems from the fact that buyers need to compete for access to developments by paying very large down–payments, 100% up front, a practice that has evolved due to the extraordinarily high demand for property assets in China which has historically put developers in a very advantageous bargaining position. If they choose to, developers have been able to dawdle their way through projects after the initial phase without repercussion prioritising the majority of their capital instead for the acquisition of land and the initiation of new projects.”
   
   Dr McKay wrote “The authorities have progressively recognized that this issue was creating unhealthy imbalances in the real estate market. For some years, the response was to tread relatively softly, reflecting the sector’s central role in employment, the credit–collateral system, and the storing of wealth. National level housing policies have been directed towards limiting speculation, modest direct interventions via public housing and shanty town reconstruction and the building up of rental markets. These measures did not tackle the root causes of the starts/completion imbalance, one of which was of course the incentive matrix faced by developers. The enormous wedge between the volume of starts and completions that opened across 2016–2019 made this abundantly clear. The response was to place developers into a traditional SSR template, with specific macro–prudential guardrails now known as the “three red lines” introduced in August 202016. These regulations, finally, increased the incentive for leveraged developers to complete projects in timely fashion, as running down their liabilities to off–the–plan buyers counts towards the –10 percentage point reduction in the liability–to–assets ratios required of the sector. This has seen completions out–perform starts. But with most of the sector coming under financing pressure since Evergrande’s problems came to light roughly a year ago, even working capital has become an issue for some developers. That has led to a very slow supply response to the easier policy measures enacted to boost the demand side of the housing market; a distinct lack of progress on many semi–finished projects; and disgruntled purchasers in multiple locations threatening mortgage servicing strikes. This latter factor may have been the final straw that forced the authorities’ hand to intervene directly on the supply–side. Not long after this story created a local media stir, it was made known that a state–backed vehicle would be created to backstop financially distressed developers and get liquidity flowing to the sector again. The Politburo meeting of late July released some high–level details, alongside a resolute statement to “stabilise the real estate market” and “ensure housing delivery”. ”
   
   Dr McKay wrote “This episode shows yet again that at this stage of China’s development, real estate is so significant in terms of its impact on employment, local government finances and consumer confidence, not to mention the backward linkages into heavy industry, that anything more than a shallow dip is difficult to absorb whilst also retaining desired levels of macro stability.”
   
   Major housing data as of June 2022
   
   The volume of housing starts, the key indicator for contemporaneous steel use in real estate, has declined by 34.4%.
   
   Sales volumes declined 22.2% weighed down by pre–sales at 27% as existing home sales rose 16%
   
   Floor space under–construction was tracking at minus2.8%
   
   Land area sold was minus 48.3% YoY
   
   Developer financing was minus 25.3%.
   
   Dr McKay wrote “A final observation on housing: the scaled inventory of unsold dwellings is close to historical lows as we move into this next cycle phase. A sustained period of weak starts has diminished the pipeline of work, and the needed focus on completions has been delayed. That implies that despite the challenges on the supply side of the industry, risks for housing prices are not skewed downwards. In fact, the reverse may well be true.”
9. voda 17 augustus 2022 07:42

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   BHP & Pan Pacific Copper to Cut Emissions with Norsepower Sails
   
   Strategic Research Institute
   Published on :
   17 Aug, 2022, 5:30 am
   
   BHP has partnered with JX Nippon Mining & Metals group’s Pan Pacific Copper and leading global provider of auxiliary wind propulsion systems Norsepower to reduce greenhouse gas emissions from maritime transportation between BHP’s mines in Chile and PPC’s smelters in Japan. The parties are conducting a technical assessment and plan a retrofit installation of wind-assisted propulsion system onboard the MV Koryu, a combination carrier operated by Nippon Marine
   
   BHP and PPC have multi-year agreements for delivery of copper concentrates from Chile to Japan as well as sulphuric acid from Japan to Chile, making the cargo capacity utilization of MV Koryu, a 53,762 deadweight tonne combination carrier, one of the highest in the industry.
   
   Norsepower’s Rotor Sails installation, a push-button wind propulsion system is estimated to be around ten times more efficient than a conventional sail that requires no reefing or crew attention when in operation – is scheduled for completion by the third quarter of 2023, which is expected to make M/V Koryu the cleanest vessel in its category when measured for GHG emissions intensity.
   
   Norsepower’s Rotor Sails are modernized versions of Flettner rotors, and the technology is based on the Magnus effect that harnesses wind to maximize ship fuel efficiency. When wind conditions are favorable, Rotor Sails allow the main engines to be throttled back, saving fuel and reducing emissions, while also reducing power needed to maintain speed and voyage time.
10. voda 17 augustus 2022 09:01

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    BHP expects volatile near-term operating environment
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    BHP expects its operating environment to remain volatile in the near term, Kallanish notes. Industry wide inflationary pressures continue to lift and steepen operating cost curves and extend timelines for project delivery, it says.
    
    Many commodity-linked uncontrollable costs, such as diesel, increased to record highs in the financial year through June 2022 (FY22), and energy costs remain vulnerable to global geopolitical developments, the miner observes.
    
    The lag effect of inflation, as well as labour market tightness is expected to impact the group's cost base throughout FY23.
    
    Meanwhile, it says exchange rates have adjusted rapidly against the evolving macroeconomic backdrop, with the pronounced US dollar strength providing a partial offset for local currency cost inflation in its major operating jurisdictions.
    
    "The net result of these many challenges is that the marginal cost of production is now estimated to be markedly higher than it was prior to the Covid-19 pandemic,” BHP observes. “This implies that price support is also expected to be higher than in previous cycles and low-cost operators stand to capture higher relative margins in certain commodities.”
    
    Meanwhile, the global steel market opened the second half of FY22 strongly, both in China and the rest of the world (ROW), but momentum began to fade as the period came to a close.
    
    While a steady improvement in end-use demand from China is anticipated, it says the slower-than-expected rebound in construction post Covid-19 lockdowns has dampened sentiment across the steel value chain.
    
    In the ROW, it says strong profitability for steelmakers in the March quarter had declined by the end of the June quarter, as end-use demand softened amid high input costs.
    
    ROW steel markets are expected to remain under pressure in FY23 as the macroeconomic climate softens.
    
    For iron ore, the firm expects China's medium-term demand to be lower than it is today as crude steel production plateaus, and the scrap-to-steel ratio rises.
    
    In the long term, it expects prices to be determined by high-cost production, on a value-in-use adjusted basis, from Australia or Brazil.
    
    It meanwhile expects demand for seaborne hard coking coals to expand alongside the growth of the steel industry in hard coking coal importing countries such as India.
    
    Long term, it believes higher-quality metallurgical coals will still be used in blast furnace steelmaking for decades based on its bottom-up analysis of likely regional steel decarbonisation pathways.
    
    As for nickel, it believes the commodity will be a core beneficiary of the longer-term electrification mega-trend and that nickel sulphides will be particularly attractive.
    
    Siew Mung Tan Malaysia
11. voda 18 augustus 2022 06:56

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    BHP Highlights that Steel Profitability Sweet Spot Could Be Over
    
    Strategic Research Institute
    Published on :
    18 Aug, 2022, 6:50 am
    
    Global mining giant BHP while announcing results for FY 2022 has opined that if the profitability sweet spot is over, and this is a point of uncertainty, we are back in a world of significant tradeoffs. BHP’s Market Analysis & Economics Vice President Dr Huw McKay wrote “The abrupt ending to the strong run of profitability across calendar 2021 and the March quarter of 2022, which had provided a fillip to a number of struggling mills after some very tough few years both prior to the pandemic and then in calendar 2020, could have far–reaching consequences. Improving cash flow had enabled a tangible acceleration of deleveraging efforts and boosted shareholder returns. It may also have sparked more ambitious Decarbonisation efforts, the financing of which has always been a question mark in this traditionally low margin sector.”
    
    Dr McKay wrote “The first half of calendar 2022 has seen YoY growth rates between China and the ROW converge, after smoothing for the lumpy base effects that afflict YoY calculations.”
    
    Dr McKay wrote “Six months ago, we wrote that our starting point for thinking about calendar 2022 is that a continuation of China’s policy stance of zero growth ought to be the baseline, with scenarios built around that. A fourth year above 1 billion tonnes accordingly seems likely, as the nation’s plateau phase extends. Since we penned those words, the authorities have moved the goalposts on the annual production target, shifting from zero–growth to a net reduction, while remaining silent on the scale of said reduction. There have also been moving parts to reconcile across end–use sectors, feedstock availability and disrupted trade flows, among others. The net impact of these forces on the statement above is that it still feels broadly valid, but the ultimate route to those ends will be a circuitous and volatile one.”
    
    Dr McKay wrote “Broad–based strength across the majority of Chinese end–use sectors in the first half of calendar 2021 gave way to a near universal softening in the second half. Housing starts were particularly weak, and they have remained that way in calendar 2022 to date. Infrastructure has been the lone true bright spot, with other major non–housing sectors (transport and machinery) experiencing shallow contractions. Knowing that information and adding it to the reality of the record run–rates seen in the same half a year ago, it would be reasonable to guess that steel production would have been deeply negative YoY in the first half of calendar 2022.”
    
    Dr McKay added “We estimate that net exports of steel–contained finished goods account for slightly more than 10% of Chinese apparent steel demand. That is a lower degree of external exposure than, say, Japan or Germany, where the number is about one–fifth. An additional 4% or so of Chinese production is exported directly. The direct trade surplus in steel has fluctuated widely since the pandemic began. It fell into deficit in the middle of calendar 2020, and then rebuilt quickly back towards pre–pandemic levels in the middle of calendar 2021. With an eye to their commitment to restrain growth in total steel production, the authorities stepped in at this point, cancelling export VAT rebates for most steel products and removing import tariffs for semi–finished steel. Net exports recorded a 41 million tonne per annum outcome for the whole year, with a run–rate of 31 million tonne per annum in the second half. The surplus then jumped again in the first half of calendar 2022, aided by the disruptions in the FSU, with the month of June-2022 recording a sizeable surplus of 84 million tonne per annum up 68% YoY, and the whole first half coming in at 52 million tonne per annum.”
    
    Dr McKay concluded “The exact trajectory of annual production run–rates that will achieve this near doubling of the stock is uncertain. Our base case remains that Chinese steel production is in a plateau phase in the current half decade, with the literal peak to be the cyclical high achieved in this phase, with 1065 million tonne in 2020 being the clubhouse leader in golfing terms. Strategically speaking, it is the plateau concept, not the peak concept that matters now. Having attained and sustained 1 billion tonne plus run–rates for three years going on four, defining the literal peak year and/or level is no longer anything more than a tactical question.”
12. voda 22 augustus 2022 06:55

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    Vale is to Test 72-Tonne Electric Trucks from XCMG Mining
    
    Strategic Research Institute
    Published on :
    22 Aug, 2022, 5:30 am
    
    Brazilian mining giant Vale has received two battery-powered 72-tonne off-highway trucks, which will be tested in the mines of Água Limpa in Minas Gerais in Brazil and Sorowako in Indonesia. The first electric trucks to be used by a global mining company do not emit CO2, since they replace diesel with electricity from renewable sources, and they also reduce noise, which minimizes the impacts on the communities that live near the operations. The equipment, which was produced by XCMG Mining Machinery represents another step in the electrification of the assets owned by Vale, which in 2019 announced net zero carbon emissions (scopes 1 and 2) goal by 2050. For this purpose, it shall invest between USD 4-6 billion.
    
    The 72-tonne electric off-highway trucks, model XDR80TE, are part of the PowerShift program. Their batteries are able to store 525 Kwh, allowing them to operate for up to 36 cycles along the established route, just over a day of operations, without the need to stop and recharge and with the possibility of regenerating energy during descents, reducing the use of mechanical brakes, maintenance work and vibration, in addition to providing more operational comfort to drivers. The machine has a multiple temperature control technology allows it to adapt to high temperature, humidity and rainy working conditions, and to have excellent performance even in extremely cold, high altitude and harsh weather conditions.
    
    Currently, emissions from off-highway trucks running on diesel represent bout 9% of Vale's total scope 1 and 2 emissions.
13. voda 22 augustus 2022 06:56

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    BHP Reports USD 41 Billion EBIDTA for FY22
    
    Strategic Research Institute
    Published on :
    22 Aug, 2022, 5:30 am
    
    Mining giant BHP has released its results for the year ended 30 June 2022. BHP Chief Executive Officer Mr Mike Henry said “BHP delivered strong operational performance and disciplined cost control to realise record underlying earnings of USD 40.6 billion. These strong results were due to safe and reliable operations, project delivery and capital discipline, which allowed us to capture the value of strong commodity prices. BHP remains the lowest cost iron ore producer globally and we delivered record annual sales from Western Australia Iron Ore.”
    
    Reliable operational performance at WAIO, with record sales (on a 100% basis) for the third consecutive year and the South Flank Project ramp up ahead of schedule
    
    Escondida achieved record material mined and near-record concentrator throughput
    
    Profit from operations of USD 34.1 billion, up 34% from the prior year, and record Underlying EBITDA" of USD 40.6 billion at a record margin" of 65% for continuing operations
    
    Attributable profit of USD 30.9 billion and record Underlying attributable profit of USD 23.8 billion, up 39% from the prior year for total operations.
14. voda 23 augustus 2022 07:35

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    Vale Expands Production of Sustainable Sand in Brazil
    
    Strategic Research Institute
    Published on :
    23 Aug, 2022, 5:30 am
    
    Vale began industrial-scale production of Sustainable Sand at its Viga mine in Congonhas in Minas Gerais in Brazil in the second half of this year. With capacity to process 200,000 tonnes of sand per year, it is expected to produce 80,000 tonnes in 2022, reaching 185,000 tonnes in 2023. Obtained from the treatment of iron ore tailings, Sustainable Sand is one of the company's initiatives to reduce the use of dams in its operations in Minas Gerais. The material can replace natural sand, extracted from river beds, with a wide application in the civil construction market.
    
    The Viga mine is Vale's second unit to manufacture Sustainable Sand on an industrial scale, following the same quality controls as for iron ore production. The first was the Brucutu mine, in São Gonçalo do Rio Abaixo, Minas Gerais, which processed 250,000 tonnes of the material last year. The company's projection is to produce 1 million tonnes of the input this year, doubling the volume in 2023. Each tonne of sand produced represents one tonne less of tailings being disposed of in piles or dams.
    
    Since 2020, the company has also been operating the Pico Block Factory, the first pilot plant for civil construction products whose main raw material is tailings from mining activities. Installed in the Pico mine, in the municipality of Itabirito (MG), the plant relies on the technical cooperation of the Federal Center of Technological Education of Minas Gerais (CEFET-MG) for the development of blocks and floors. Ten researchers from the institution are working on the research during this period.
    
    In March this year, the first road in Brazil to use Vale's Sustainable Sand in all four layers of pavement was inaugurated. The 425m-long track at Cauê mine, in Itabira (MG), will be monitored for two years with 96 pressure, temperature, deformation and humidity sensors. Tests carried out during five years in the laboratory indicated that the increase in useful life is of the order of 50% and the cost reduction of 20% when compared to materials more commonly used for road construction, such as sand extracted from the environment. In addition, each kilometer of pavement can consume up to 7,000 tons of tailings.
15. voda 23 augustus 2022 07:35

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    Rio Tinto Reiterates Value of Proposal to Acquire Turquoise Hill
    
    Strategic Research Institute
    Published on :
    23 Aug, 2022, 5:30 am
    
    Rio Tinto has noted the Turquoise Hill announcement indicating that the Turquoise Hill Special Committee has terminated its review of Rio Tinto’s non-binding proposal to acquire full ownership of Turquoise Hill for CAD 34 in cash per Turquoise Hill share. Rio Tinto said that it is disappointed by the decision of the Special Committee and continues to believe that the terms of the Proposed Transaction would deliver compelling value for Turquoise Hill minority shareholders and provide the certainty of an all-cash offer at an attractive premium of
    
    32% to Turquoise Hill’s closing price of CAD 25.68 per share on 11 March 2022; and
    
    78% to Turquoise Hill’s closing price of CAD 19.12 per share on 24 January 2022, the day before agreeing a path forward between Government of Mongolia, Turquoise Hill and Rio Tinto that enabled commencement of the underground mine at Oyu Tolgoi
    
    Rio Tinto added “Since Rio Tinto made its proposal on 14 March 2022, the average share price performance of Turquoise Hill’s peers has declined 35% in light of a deteriorating and more uncertain external environment. Furthermore, Turquoise Hill has disclosed in its latest earnings results that it needs to raise equity proceeds of more than USD 1 billion to address its current estimate of funding requirements.”
    
    Rio Tinto will remain financially disciplined as it considers its options. Should a transaction not proceed, Rio Tinto welcomes the continued investment by Turquoise Hill minority shareholders and their pro rata sharing of future risks and funding obligations.
16. voda 23 augustus 2022 07:36

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    BHP Announces Changes to Executive Leadership Team
    
    Strategic Research Institute
    Published on :
    23 Aug, 2022, 5:30 am
    
    BHP has announced two changes to the Executive Leadership Team that will take effect on 1 October 2022. Mr Edgar Basto will be appointed Chief Operating Officer and Ms Geraldine Slattery will be appointed President Australia.
    
    As Chief Operating Officer Mr Basto will enable acceleration in safety and productivity improvement across the Group. He will have accountability for the continued transformation of BHP through the embedment of the BHP Operating System, and for BHP’s global Performance and Improvement and Health, Safety and Environment functions. Since May 2020, Mr Basto has been President Minerals Australia. Mr Basto has over 30 years of operating experience across BHP’s minerals footprint, including time as Asset President of BHP’s two largest assets, Western Australia Iron Ore and Escondida, and leading BHP’s global Health, Safety and Environment team.
    
    As President Australia, Ms Slattery will be responsible for BHP’s Australian operations. From March 2019 until the completion of the Woodside merger in June this year, Ms Slattery was President Petroleum and led BHP’s business which included oil and gas interests and development and exploration programs in the US, Australia, Trinidad & Tobago, Algeria, Mexico and Canada. Ms Slattery has 28 years of operational and global leadership experience gained in the UK, Australia and the US.
    
    As a result of these changes, and the recent appointment of Jad Vodopija as Chief People Officer, the ELT will comprise
    
    Chief Operating Officer, Edgar Basto
    
    Chief Legal, Governance and External Affairs Officer, Caroline Cox
    
    Chief Financial Officer, David Lamont
    
    Chief Commercial Officer, Vandita Pant
    
    President Australia, Geraldine Slattery
    
    Chief Technical Officer, Laura Tyler
    
    President Americas, Ragnar Udd
    
    Chief Development Officer, Johan van Jaarsveld
    
    Chief People Officer, Jad Vodopija
17. voda 12 september 2022 06:53

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    BHP Improves Productivity with Bamboo Crew Shift Timing
    
    Strategic Research Institute
    Published on :
    12 Sep, 2022, 5:30 am
    
    A new early start night shift option is now on offer for the Bamboo crew of haul truck operators at Western Australia Iron Ore’s Newman Operations West and it is improving productivity. The Bamboo crew is a dedicated ‘hot seat’ crew of haul truck operators who act as relief truck drivers that operate during meal break times (09:30 to 16:30 and 21:30 to 04:30 on nights).
    
    With before and after school care/childcare/childminding alternatives not available to many night shift operators, WAIO’s Newman Operations West experienced a high turnover of Bamboo crew operators who were unable to balance their work and family commitments.
    
    In response to concerns raised by the crew, a number of options were trialed to find a solution that would better support and work for our people. As a result, Newman Operations West now offer the Bamboo crew and flex workers two seven hour night shift options to suit their individual requirements: the new early starter shift (17:30 to 00:30) and the regular night shift from 21:30 to 04:30.
    
    To assess the impact of the new early start night shift on production, the team monitored the difference in the number of loads that were completed with the new early shift times, as compared to previous shift times. Calculated over a full year, the extra shift has the potential to move an additional 800,000 tonnes of material, increase truck hours and reduce delays.
    
    This process is being replicated at Newman Operations East where start times are staggered during the shift change-over period to minimise shift change impacts.

    Bijlage:
18. voda 14 september 2022 07:12

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    Rio Tinto & Baowu to JV to Develop Iron Ore Mine in Western Range
    
    Strategic Research Institute
    Published on :
    14 Sep, 2022, 6:43 am
    
    Rio Tinto with 54% stake & China Baowu Steel with 46% stake have agreed to enter into a joint venture with respect to the Western Range iron ore project in the Pilbara in Western Australia by investing AUD 2 billion to develop the mine. Western Range’s annual production capacity of 25 million tonnes of iron ore will help sustain production of the Pilbara Blend from Rio Tinto’s existing Paraburdoo mining hub. The project includes construction of a primary crusher and an 18 kilometre conveyor system linking it to the existing Paraburdoo processing plant.
    
    Construction is expected to begin in early 2023 with first production anticipated in 2025. The construction phase will support approximately 1,600 jobs with the mine requiring about 800 ongoing operational roles which are expected to be filled by existing workers transitioning from other sites in the Paraburdoo mining hub.
    
    Rio Tinto and Baowu have also agreed to enter into an iron ore sales agreement at market prices covering a total of up to 126.5 million tonnes of iron ore over approximately 13 years. This volume represents Baowu’s 46 per cent interest in the anticipated 275 million tonnes of production from Western Range through the Joint Venture.
    
    Rio Tinto and Baowu’s partnership in the Pilbara dates back to the 2002 Bao-HI Joint Venture to develop the Eastern Range deposits in the Hamersley Ranges (Eastern Range) and Western Range, subject to a production cap of 200 million tonnes. It is now expected the production cap will be sourced entirely from Eastern Range, and this Transaction will continue Rio Tinto’s relationship with Baowu through development of Western Range.
    
    Rio Tinto has worked closely with the Traditional Owners on whose country Western Range is situated, the Yinhawangka People, to co-design a Social and Cultural Heritage Management Plan for the project, designed to protect signiticant cultural and heritage values in the area. The plan, which was agreed with Yinhawangka Aboriginal Corporation and announced earlier this year, outlines protocols for joint decision-making on environmental matters and mine planning.
    
    Entry into the Transaction with Baowu is subject to satisfaction of various conditions precedent, including approvals from Rio Tinto shareholders, the Australian Government, Chinese Government regulatory agencies and the Western Australian Government, among others.
    
    Rio Tinto’s Paraburdoo hub is comprised of three operating mines, Paraburdoo, Channar and Eastern Range.
    
    Western Range contains two deposits, 36W–50W and 55W–66W, which are located within the Hamersley Basin of Western Australia. The deposits’ mineralisation is primarily hosted by the Brockman Iron Formation with additional detrital mineralisation present.
    
    The 36W–50W and 55W-66W deposits contain a Measured Mineral Resource of 22 Mt at 59.1% Fe, Indicated Mineral Resource of 102 Mt at 61.5% Fe, and an Inferred Mineral Resource of 108 Mt at 61.4% Fe.
    
    The 36W–50W deposit contains a Proven Ore Reserve of 109 Mt at 62.1% Fe and a Probable Ore Reserve of 56 Mt at 61.7% Fe2.
    
    Mineral Resources are reported in addition to Ore Reserves. Mineral Resources and Ore Reserves are quoted on a 100 per cent basis.
19. voda 16 september 2022 07:36

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    BHP’s Nickel West Takes Big Steps on Pathway to Net Zero
    
    Strategic Research Institute
    Published on :
    15 Sep, 2022, 11:33 am
    
    BHP’s Nickel West has taken big steps towards producing sustainable nickel on its pathway to net zero and has signed three renewable power purchase agreements to reduce greenhouse gas emissions across the asset.
    
    In April 2022, Nickel West signed a power deal with Enel Green Power, a leading multinational renewable energy company within the Enel Group, to underpin construction of the Flat Rocks Wind Farm near the Great Southern town of Kojonup, in Western Australia. At a tip height of 200 metres, the wind farm will comprise the 18 tallest wind turbines in Western Australia and is expected to produce 315 GWh per annum. Construction commenced in 2022 with first power anticipated by October 2023.
    
    The wind farm will connect into Western Australia’s largest network, the South West Interconnected System, to which Nickel West’s Kalgoorlie Nickel Smelter, Kambalda Nickel Concentrator and Kwinana Nickel Refinery all connect.
    
    A 2021 PPA with Western Australia’s largest solar farm, Merredin Solar Farm, has already resulted in significant energy cost savings to Nickel West and, from 2024, is expected to help reduce Nickel West’s greenhouse gas emissions.
    
    Once the Flat Rocks Wind Farm is fully operational, the combined output of the Merredin Solar Farm and the wind farm is expected to meet 100 per cent of the current power requirements of Nickel West’s downstream facilities – the Kalgoorlie Nickel Smelter, the Kambalda Nickel Concentrator and the Kwinana Nickel Refinery.
    
    As the wind farm is expected to generate the majority of its electricity in the evening and overnight, it will complement solar output from the Merredin Solar Farm. This is expected to deliver reliable and affordable generation of renewable energy for Nickel West consistently over a 24-hour period.
    
    Construction is also underway on the Northern Goldfields Solar Project, BHP’s first solar farm and battery energy storage system at Nickel West’s Mt Keith and Leinster mining and concentrating operations in the Northern Goldfields. Once complete, this will be one of the world’s largest off-grid mining solar and battery energy storage systems, replacing power currently generated by diesel and gas.
    
    The combined impact of BHP’s agreements with the Flat Rocks Wind Farm, the Merredin Solar Farm and the Northern Goldfields Solar Project, is an expected reduction in Nickel West’s total market-based Scope 2 greenhouse gas emissions of nearly 60 per cent against FY2020 baseline levels1 commencing in CY2024, when Flat Rocks is expected to be fully operational.
20. voda 19 september 2022 07:33

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    Rio Tinto & Volvo Ink Low-Carbon Material & Autonomous Trucks Pact
    
    Strategic Research Institute
    Published on :
    19 Sep, 2022, 5:30 am
    
    Australian mining giant Rio Tinto and Volvo Group have signed a Memorandum of Understanding to create a strategic partnership where Rio will supply responsibly sourced low-carbon products and solutions to Volvo Group and the companies will work towards decarbonising Rio Tinto’s operations through piloting Volvo Group’s sustainable autonomous hauling solutions.
    
    The autonomous hauling solution offered by Volvo Autonomous Solutions is based on Transport as a Service, TaaS, and includes a vehicle purpose-built for autonomous driving, a virtual driver, required infrastructure, operations and uptime support as well as a cloud solution that controls the transport system and manages logistics flows. The solutions developed by Volvo Autonomous Solutions are tailor-made for each customers needs and intended to make their operations more safe, productive and sustainable.
    
    The multi-materials partnership will allow Rio Tinto, a leading global mining and metals company, to progress sustainability commitments in its operations and supply chains. It will support Volvo Group, one of the world’s largest transport and infrastructure providers, in its ambition towards a net-zero future. The partnership aims to secure supplies of materials including lithium, low-carbon aluminium, copper, and metallics.
    
    The companies will work together to strengthen the supply of responsibly sourced low-carbon materials such as RenewAlTM aluminium, aluminium produced using the ELYSISTM zero-carbon smelting technology, Aluminium Stewardship Initiative certified aluminium and Copper Mark certified copper, and explore product development opportunities such as the supply of lithium for batteries.