BHP Record Full Year Iron Ore Output, Copper Production Up 9%

Australian mining giant BHP, said on Thursday quarterly iron output at 72.7 mln metric tons. This put annual iron ore output for FY23 at 285.3 mln metric tons, a record. Quarterly iron ore output rose, aided by a continued ramp-up at its South Flank project. South Flank is on track to hit full capacity by end 2024. BHP said unit costs at its Western Australia iron ore operations and Chilean copper mine Escondida are expected to be towards the upper … Continue reading “BHP Record Full Year Iron Ore Output, Copper Production Up 9%”

Australia Trade Surplus Rises More Than Expected in May to $12.237 Billion

Australia posted a larger than expected trade surplus of A$11.791 billion in May, up from a downwardly revised AUD 10.45 billion in April, beating market forecasts of A$10.5 billion the Australian Bureau of Statistics reported. Exports rose more than imports. Shipments grew by 4.4% from April to A$57.77 billion, boosted by increases in non-monetary gold, with total exports to Australia’s largest trade partner China. rising by 9%. Imports rose 2.5% to a four-month high of A$45.98 billion powered by robust … Continue reading “Australia Trade Surplus Rises More Than Expected in May to $12.237 Billion”

China Removes Remaining Barriers from Unofficial Trade War on Australian Coal

China, desperate to kick start their economy and improve civil harmony has quietly removed trade restrictions imposed in late 2020 on Australian coal imports. Earlier this year Chinese authorities gave four major importers permission to resume purchases of Australian coal, which began shipping in January. Bloomberg reports that China’s ports and customs offices have been told to allow all domestic companies to import Australian coal, according to people familiar with the decision, who asked not to be identified because the … Continue reading “China Removes Remaining Barriers from Unofficial Trade War on Australian Coal”

Australia Trade Surplus in December $12.237 Billion Impacted by Australians Travel Spend

Australia posted a trade surplus of A$12.24 billion in December, impacted by exports of mineral fuels and mining goods impacted by the war in Ukraine. The Australian Bureau of Statistics reported imports had risen by $445 million from November, driven by an increase in travel services as more Australians headed overseas for the holidays. Exports fell by $793 million. The report was amid softening global demand as China battled with a resurgence of coronavirus infections. When China slows down, Australian … Continue reading “Australia Trade Surplus in December $12.237 Billion Impacted by Australians Travel Spend”

Standard & Poor’s Affirm Australia’s AAA Rating with a Stable Outlook.

The ratings agency S&P Global Ratings reaffirmed its AAA long-term sovereign credit rating and A-1+ short-term rating for Australia. S&P issued a note saying Australia should avoid a recession amid record low unemployment and elevated commodity prices, even as the economy slows this year amid higher interest rates. The RBA is expected to announce another 25 basis point increase in the official cash rate after its board meeting next Tuesday. S&P said Australia’s ratings were supported by “strong institutions, which … Continue reading “Standard & Poor’s Affirm Australia’s AAA Rating with a Stable Outlook.”

Australia Trade Surplus Widened in November to $13.2 billion With Iron Ore Exports Higher 7.9%

Australia posted a trade surplus of A$13.2 billion in November exceeding expectations for a surplus of A$10.5 billion following the A$12.217 billion surplus in October and $12.5 billion in September. The Australian Bureau of Statistics reported exports dipping 0.4 per cent and imports falling 1.5 per cent over the month. The report was amid softening global demand as China battled with a resurgence of coronavirus infections. Australia’s’ leading exports were Metal ores and minerals exports (iron ore) $14,502 billion up … Continue reading “Australia Trade Surplus Widened in November to $13.2 billion With Iron Ore Exports Higher 7.9%”

Resilient Australian Stock Market Outperformed in 2022, Supported by Mining and Energy Stocks

Australia’s blue-chip stock index, S&P/ASX 200 ended down 5.45% to 7,038.7 in 2022. On the last day of the trading year the ASX was up +0.3% and -0.9% for the week. This compares to 2021 being up over 13% for the year. Australian shares ended 2022 as one of the region’s more resilient markets with mining firms supporting as globally stocks were pummeled. The end to an era of low interest rates that made borrowing cheap and encouraged investors to … Continue reading “Resilient Australian Stock Market Outperformed in 2022, Supported by Mining and Energy Stocks”

Algonquin Power & Utilities Stock Slumps 19.2% on Interest Rates and Renewable Energy Costs

Algonquin Power & Utilities reported a larger than forecast Q3 adjusted loss and cut its full-year earnings guidance on Friday. The release saw $AQN shares fall 19.2% to its lowest in four-and-a-half years in Friday’s trading. The utility cited challenging macroeconomic conditions and construction delays which it expects will continue into next year. The company said higher interest rates cost it $23.3M during the quarter, and the timing of tax incentives relative to some of its renewable energy projects cost … Continue reading “Algonquin Power & Utilities Stock Slumps 19.2% on Interest Rates and Renewable Energy Costs”

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”

European Coal Prices Hit Record High

With the deepening of the energy crisis in the wake of the news from Gazprom that the Nord Stream 1 pipeline will remain closed until the West lifted sanctions by order of Vladimar Putin energy prices continue to spike higher. Europe’s benchmark coal price rose 7.6% to a record $345/ton, about three times the price of a year ago. Year-ahead futures for delivery to the Amsterdam, Rotterdam, and Antwerp region rose after Europe revived dormant coal power plants to save … Continue reading “European Coal Prices Hit Record High”