Australian mining magnate Andrew Forrest launched an AUD$760 million takeover bid for Mincor Resources, 35 per cent above Mincor’s closing price on Monday. The Mincor share price has fallen 49 per cent over the past 12 months. Forrest is using his privately owned Wyloo Metals, which already owns 19.99 per cent of Mincor. Mincor is a key supplier to BHP’s reborn Nickel West division. The lower impurity Mincor ore seen as an important part of the BHP nickel blend. Forrest … Continue reading “Forrest’s Nickel Battle with BHP Heats Up with Mincor Resources Bid”
BHP Quarterly Iron Ore Output Higher with Continued Ramp Up at South Flank Mine
Australian mining giant BHP said on Wednesday its quarterly iron ore output rose, aided by a continued ramp-up at its South Flank project. BHP continues in sync to replace diminishing iron ore output from its existing Yandi mine which is nearing the end of its life. The first ore from its $4.6 billion South Flank mine in the Pilbara, WA was mined earlier this year. Production in the September quarter has stayed high while at the same time spot prices … Continue reading “BHP Quarterly Iron Ore Output Higher with Continued Ramp Up at South Flank Mine”
Iron Ore The World’s Most Volatile Commodity and Not About To Slow Down
Iron ore has been a clear leader from the early days of the raw materials rally. It is also the most volatile. Volatility is fed by the ongoing trade war between the world’s biggest producer of iron ore, Australia and one of the biggest users, China.
Production Starts at BHP South Flank Mine with Iron Ore at Record Highs
Australian mining giant BHP is in sync to replace diminishing iron ore output from it’s existing Yandi mine which is nearing the end of its life. The first ore from its $4.6 billion South Flank mine in the Pilbara, WA was mined this month. South Flank is the biggest iron ore mine developed in Australia in over 50 years and comes at a time where Iron Ore prices are at a record high. A timely boost for not just BHP … Continue reading “Production Starts at BHP South Flank Mine with Iron Ore at Record Highs”
BHP Writes Down Australian Thermal Coal Mine $1.6 Billion
BHP continues to write down its fossil fuel assets cutting up to $1.6 billion from the value of its Mt Arthur thermal coal mine in the Hunter Valley. BHP sold its U.S. shale assets to Britain’s oil major BP for $10.5 billion in 2018 selling off “non-core and we are actively pursuing options to exit these assets for value”. BHP is Australia’s largest miner at it’s shareholders meeting it will writedown its Mt Arthur coal mine in the Hunter Valley … Continue reading “BHP Writes Down Australian Thermal Coal Mine $1.6 Billion”
BHP Huge Profit and Record Dividend But Warns on Higher Costs And Global Uncertainty
Australian mining giant BHP Billiton’s June quarter earnings saw huge leaps in revenue but lagged behind forecasts. $BLT announced a record dividend however cautioned on higher cost pressures and macroeconomic uncertainties.
BHP Sells U.S. Shale Assets To BP for $10.5 Billion
Australian mining giant BHP announced it will sell its U.S. shale assets to Britain’s oil major BP for $10.5 billion. BHP about a year ago said it would sell them after it had determined “are non-core and we are actively pursuing options to exit these assets for value”.
Australian Government Raises Iron Ore Price Forecast
The Australian goverment raised its forecasts for iron ore, LNG and metallurgical coal prices for 2018 and 2019 in the Resources and Energy Quarterly report. However in the long term it expects prices in iron ore to fall.
Australia’s BHP Iron Ore Output at Lower End of Guidance
Australian mining giant BHP Billiton $BHP announced it’s iron ore production report and forward guidance Wednesday. $BHP produced 231 million tonnes in the year to June 30.