In a presentation to investors and analysts in Perth, Rio Tinto will showcase its Pilbara operations, a world-class, leading-edge, fully integrated system.


The presenters will discuss how Rio Tinto's Iron Ore business will continue to deliver superior value for shareholders by developing greater flexibility across its system of mines, rail and ports in Western Australia, capable of dynamically responding to changes in market and customer demand.

 


Rio Tinto Iron Ore chief executive Chris Salisbury said "Our strategy is to optimise our Pilbara assets to deliver value for our
shareholders. Our Iron Ore business delivered $7.3 billion of free cash flow in 2017 and we will continue to maximise free cash flow by pursuing a value-over-volume approach, built on a portfolio of world-class assets that deliver our premium iron ore product, the Pilbara Blend.

"We are driving productivity improvements right across the business and we continue to leverage considerable value from innovation and new technology. Our pioneering autonomous rail project, AutoHaul®, is on schedule to be implemented by the end of the year, and is already delivering benefits to the business through an uplift in rail capacity.


"Removing our bottleneck in rail and increasing flexibility remain a key priority. This work is progressing well and rail and mine capacity should be in line with nameplate port capacity by the end of 2019. As we have said before, we will continue to optimise the system to provide the flexibility to respond to market conditions. However, importantly, capacity is not the same as tonnes shipped. How we use the capacity of our integrated system will be dynamic, in line with a strict value-over-volume approach.


"We have an extensive pipeline of future development options, which we continue to grow. In 2018, our 700 kilometre drilling programme will provide both ongoing reserve replenishment and significant optionality to optimise operations."


More than 4,500 mine-to-market productivity initiatives are being pursued in Iron Ore, delivering $500 million in additional free cash flow per year by 2021 as part of an annual Group-wide target of $1.5 billion. The company's productivity and cash focus are increasingly important to offset early signs of cost inflation which are returning to the industry.


The Group's sector-leading application of new technology will also be discussed, including the continued successful roll out of automation, with 95 autonomous trucks and 11 autonomous drills already in operation. Work is progressing on the feasibility study for the Koodaideri project, designed to be the first mine to take full advantage of all these innovations.


Mr Salisbury added the company continues to benefit from changes in the Chinese steel industry.

"The steel industry in China has undergone a significant shift in recent times due to supply-side reforms and environmental policy improvements. We believe these reforms are structural and that our business is well positioned to take advantage of these changes due to robust demand for our high quality products, including the Pilbara Blend."


Other key points from the presentations include:

Resource and mine development

• A large drilling programme for 2018 is scheduled, with 700 kilometres of drilling scheduled at various operational hubs near existing mines in addition to exploration on new leases.
• The Koodaideri feasibility study continues to progress. The project underpins the Pilbara Blend product and should be a low-cost operation with significant capacity optionality.
• Expected spending of ~$2.2 billion on replacement mines over the next three years including initial spending on the Koodaideri, West Angelas and Robe Valley developments.
• The $118 million Billiard South sustaining project is in development, helping to support Yandicoogina operations. Production is expected to commence in 2019.

Operations

 

The Silvergrass mine continues to ramp up to its 21Mtpa capacity, running at an annualised rate of 15.3Mtpa at end of the first quarter of 2018.
Sustaining capital spending of ~$1 billion per year for the next three years in the Pilbara.
The pioneering AutoHaul® project is building future system flexibility. Following regulatory approval received in May, full implementation of the autonomous programme is anticipated by the end of 2018.
Rail and mine capacity is expected to match nameplate port capacity by the end of 2019.
The rail productivity programme, targeting every part of the rail system, will deliver additional capacity and flexibility to underpin our optimised supply chain design.


Sales and marketing

China's steel industry is undergoing a structural change.
Removal of less efficient steel-making capacity and strong demand is supporting steel pricing and currently provides a robust backdrop for high quality iron ore.
Shipment guidance for 2018 remains unchanged at between 330 million and 340 million tonnes.

Glencore refers to its announcement with regard to the Settlement Agreement entered into by Katanga Mining Limited ("Katanga") with La Générale des Carrières et des Mines ("Gécamines") for the resolution of the capital deficiency at Katanga's 75% owned DRC operating subsidiary Kamoto Copper Company.

Glencore confirms that the condition precedent to the Settlement Agreement has now been fulfilled. The Settlement Agreement is therefore unconditional and effective.


Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.


Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 146,000 people, including contractors.


Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

The BHP Board has approved US$2.9 billion (BHP share; US$3.4 billion 100 per cent)1 in capital expenditure for the South Flank project in the central Pilbara, Western Australia.

BHP President Operations, Minerals Australia, Mike Henry, said the South Flank project will fully replace production from the 80 Mtpa (100 per cent basis) Yandi mine which is reaching the end of its economic life.  


“South Flank is a capital efficient project which offers attractive returns, and which was approved following a thorough evaluation under BHP’s Capital Allocation Framework,” Mr Henry said. “The project will create around 2,500 construction jobs, more than 600 ongoing operational roles and generate many opportunities for Western Australian suppliers. It will enhance the average quality of BHP’s Western Australia Iron Ore (WAIO) production and will allow us to benefit from price premiums for higher-quality lump and fines products.”


The South Flank project expands the existing infrastructure at Mining Area C, and involves construction of an 80 Mtpa crushing and screening plant, an overland conveyor system, stockyard and train loading facilities, procurement of new mining fleet and substantial mine development and pre-strip work.

First ore from South Flank is targeted in the 2021 calendar year, with the project expected to produce ore for more than 25 years.


South Flank iron ore will contribute to an increase in WAIO’s average iron grade from 61 per cent to 62 per cent, and the overall proportion of lump from 25 per cent to approximately 35 per cent. It is expected to have a strip ratio in line with the WAIO average.


In June 2017, BHP approved an initial funding commitment of US$184 million (BHP share), primarily for the expansion of accommodation facilities to support current and future workforce requirements.

The South Flank project will be the major contributor to a material increase in WAIO Total Marra Mamba Ore Reserves, as outlined in Appendix 1.


1 BHP has an 85 per cent interest in Mining Area C and the South Flank project, with ITOCHU Minerals and Energy of Australia Pty Ltd and Mitsui Iron Ore Corporation Pty Ltd collectively owning the remaining 15 per cent interest. Overall capital intensity of US$45 per tonne of annual capacity includes initial funding of US$216 million (US$184 million BHP share) announced on 26 June 2017.  Overall South Flank project expenditure fits within Western Australia Iron Ore’s previously indicated average annual sustaining capital expenditure of approximately US$4 per tonne over the next five years, with actual sustaining capital expenditure highly variable in any given year during the development of South Flank.

Guyana Goldstrike Inc. is pleased to report that the Company's geological team has completed preliminary trenching, mapping and sampling at the Paunch area on its Marudi Gold Project located in the Guiana Gold Belt, Guyana, South America.

Peter Berdusco, President and CEO of the Company states "Our mandate via the recent investment by Zijin's Global and Midas Exploration Funds is to explore Marudi for additional hard rock ounces to add to the Company's existing resources. To this effort, we have initially identified seven areas of geological interest for the discovery of gold mineralization. Our first area of focus, Paunch, is located only 1 km north of the Marudi camp and is accessible by road. We anticipate assay results from Paunch very shortly."


A total of 166.4 metres of surface trenching was completed at Paunch in 12 trenches, 95 sample intervals with 166 horizontal chip channel samples analyzed (including separated undersized and oversized samples) and 5 duplicates all taken at intervals of between 1-3 metres at the bottom of the trench walls to depths of 1-3 metres.

Assay results will be announced when analyses have been received and maps are completed.


The map below contains the locations of trenching performed in 2008 and 2011 by a prior operator. The location of Paunch has been added to the top right of the map. The Marudi camp and associated buildings are situated between the two previous trenching programs and to the south of Paunch. Paunch is roughly 1.5 kilometres north of the Mazoa Hill mineral resource and 1 kilometre east of the Marudi North zone. A successful trenching program at Paunch may open mineralization to the north east of the camp and potentially merit further exploration work.

About the Marudi Gold Project

The Company is developing theMarudi Gold Project located in Guyana, South America, the project is unique in that it has a mining license in good standing, all-season road access, infrastructure in place, with an established mining camp serviced by employees, service buildings, and a full-time mining manager. The Property has three known gold bearing areas, specifically the alluvial areas, the saprolite, and the underlying hard-rock.


There has been 42,000 metres of historic diamond drilling (141 holes) completed on the Project by prior operators. The Company has recently completed a mineral resource estimate on the Mazoa Hill zone containing 259,100 indicated gold ounces within 4,428,000 tonnes grading 1.8 grams/tonne (g/t) and 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.60 grams/tonne (g/t). There exists excellent exploration upside through the development of previously identified mineralized bedrock targets on the Project.


About Guyana

The Republic of Guyana is located in South America between Venezuela and Suriname. The country is English speaking and under British Common Law with a democratically-elected government. It has an established mining act and a rich history of gold production. In 2016, 690,000 ounces of gold was produced by operators mining in the country. The Fraser Institute's 2016 Annual Survey of Mining listed Guyana as the third best mining jurisdiction with regards to investment attractiveness in the Latin America and Caribbean Basin sub-group. The Guiana Shield is the geographic gold-hosting region, and is world-recognized as a premier gold region that is highly prospective, under-explored and has geological continuity with West Africa.  In 2016, two mines in Guyana declared the commencement of commercial production: the Aurora deposit (Guyana Goldfields) and the Karouni deposit.

ALROSA has summed up the results of the international auction for the sale of special size large diamonds (weighing over 10.8 carats) held in Vladivostok from April 16 to April 27.

The United Selling Organization (USO) of ALROSA sold 101 special size rough diamonds with the total weight of 1751.1 carats. Total sales revenue amounted to USD 14.8 million.


“We invited to our Vladivostok auction 86 companies from the main world’s diamond trading hubs, including Hong Kong, Belgium, Israel, India. 33 companies were recognized as winners in different auction positions. The auction has completed with a very good results, confirming high demand for this category of rough diamonds”, told Evgeny Agureev, the Member of the Executive committee, Director of the USO ALROSA.

The United Selling Organization of ALROSA and ALROSA branch in Vladivostok organized this auction.


Reference:

 

The United Selling Organization ALROSA is in charge of sorting, preliminary valuation, pre-sale preparation and sales of all ALROSA’s rough diamonds.

ALROSA branch in Vladivostok was established in 2016 by the decision of the Company’s Supervisory Board with the purpose of development of the Eurasian Diamond Centre in the territory of the Free Port of Vladivostok. The branch sold the first rough diamonds at the EDC in August-September of 2016.

Metalloinvest's multifunctional Shared Services Centre has won the 'Descovery of the Year' category in the 'Best Shared Services Centre' competition. The competition was organised by MSB Events in collaboration with the Association of Shared Services Centres, a non-profit organisation that is the only official group of Shared Services Centres in Russia.

The awards ceremony took place as part of the conference 
'Shared Services Centres: Developing Modern Services Centres in the Digital Era'. This is the second award that Metalloinvest's multifunctional Shared Services Centre has won in 2018: in March, the Centre was named 'Best Launch' of 2017 in the Best Shared Services Centre in Russia and the CIS in the 2017 competition, organised by CFO-Russia.ru and Prosperity Media.

MSB Events traditionally brings together the senior management of Services Centres to exchange best practice for boosting efficiency at Shared Services Centres and digitalising businesses. At the conference, senior executives of leading Shared Services Centres discussed trends for the near future, including: new HR technologies; machine learning; innovative systems for managing business processes; the introduction of robotics; cognitive systems; innovation in electronic document management, and a range of other pressing issues.

Elina Boychenko,
Managing Director of Metalloinvest Corporate Service, served as moderator and expert in the first part of the conference, and also took part in a roundtable on the theme of 'Constructing Shared Services Centres and Introducing New Functions in Multifunctional Centres'.

Elina Boychenko commented: "The managers of the largest Services Centres in Russia, Ukraine and Kazakhstan, and international Centres located in Russia, such as Capgemeni, Nestle, Mars and AB inBev, have discussed the most pressing topics and exchanged their experiences. Today, Industry 4.0 was the theme that garnered the most discussion, focusing on areas such as digitalisation, artificial intelligence and machine learning.

These are not simply fashionable topics, but real experiences that experts are exchanging. We are trying to be among the
leaders in digital transformation and are creating a systematic approach, as part of which we are integrating new tools into business processes."

The creation of the multifunctional Shared Services Centre represents one of the priority areas of Metalloinvest's Industry 4.0 programme to digitally transform its business, launched in 2016. The objectives of the programme are to transform and improve the efficiency of the Company's business processes, reduce operational costs, improve the accuracy of planning and quality control over the execution of plans, and ensure the transparency of accounting and timely decision-making.

Newcrest has received approval from the New South Wales (NSW) Department of Planning and Environment to use the first 200m of the old Cadia Hill open pit as a tailings storage facility. Newcrest is currently installing the pipeline infrastructure to enable this to occur, with utilisation of the open pit as a storage facility expected to commence in the first week of May 2018.

In conjunction with the Southern Tailings Facility, this permit will create sufficient storage capacity to enable Cadia to progressively return to full production rates for approximately 16 months. In this period, Newcrest will look to define and commence the optimal repair solution for the Northern Tailings Facility (NTF) while simultaneously working on permitting the remaining 300m of the Cadia Hill open pit for tailings storage.

Newcrest continues to review and determine the cause of the NTF embankment slump. A prohibition notice issued by the NSW Resources Regulator on depositing tailings in the NTF remains in place.



Guidance for Cadia will be updated in the March 2018 Quarterly Report which is scheduled to be released on 26 April 2018.

As a result of using the Cadia Hill open pit as a tailing storage facility, it is likely, subject to further study, that the existing Ore Reserve containing approximately 1.5Moz gold and 0.13 Mt of copper and Mineral Resource containing approximately 3.0Moz of gold and 0.27Mt of copper will ultimately be forgone. Mineral Resources are reported inclusive of Ore Reserves. Newcrest has determined that the value of Cadia Hill as a long-term tailings storage solution is much greater than the economic value of the remaining Ore Reserves and Mineral Resources of the Cadia Hill open pit.

The information in this release that relates to Mineral Resources or Ore Reserves has been extracted from the release titled “Annual Mineral Resources and Ore Reserves Statement – 31 December 2017 and Explanatory Notes to the Annual Mineral Resources and Ore Reserves Statement – 31 December 2017” dated 15 February 2018.

Newcrest confirms that it is not aware of any new information or data that materially 
affects the information included in the original release and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original releases continue to apply and have not materially changed. Newcrest confirms that the form and context in which the competent person’s findings are presented have not been materially modified from the original releases.

ArcelorMittal announces that it has been granted merger clearance by the European Commission for AM Investco Italy Srl (AM Investco)’s proposed acquisition of Ilva S.p.A (Ilva).

EC merger clearance follows the conclusion of the Commission’s Phase II investigation into the proposed acquisition of Ilva, and has been granted on the basis that the Company has committed to dispose of assets in Italy, Romania, Macedonia, Czech Republic, Luxembourg and Belgium, as previously announced on 13 April 2018.

Approval by the EC is a significant milestone in the transaction to acquire Ilva and represents a major step towards closing the deal, which is now expected to occur as soon as possible.

Anglo American Platinum announced today that Primus Power, the leading long-duration energy storage provider, will be installing eight EnergyPod® battery systems at their Amandelbult mine, in the Limpopo province, South Africa.

The energy storage project at Amandelbult
deepens the ongoing partnership between the companies. Having first invested in Primus Power through the Platinum Group Metals Development Fund (PGMDF) in 2014, Anglo American Platinum is both a strategic investor in Primus and a supplier of the platinum group metals (PGMs) used as a catalyst on the titanium electrodes inside the EnergyPod.

 

The eight EnergyPods will provide Amandelbult with 200 kW of power and 1,000 kWh of energy. These batteries are charged when demand for, and cost of grid electricity, is low. During times of peak, high cost electricity, the charged batteries release stored energy and reduce the mine’s draw from the grid.

The project at Amandelbult also complements recent support received from the U.S. Trade and Development Agency to demonstrate EnergyPod performance, reliability and durability at Eskom, the national utility of South Africa. Anglo American Platinum, Primus and Johannesburg’s SolAfrica are closely cooperating on testing four EnergyPods at Eskom’s large-scale energy storage test facility in Rosherville, Johannesburg.

Andrew Hinkly, CEO of Anglo American Platinum’s PGM Investment Programme, puts the benefits in perspective: “We are very excited to further our partnership with Primus. EnergyPods allow Amandelbult to realize an immediate monthly reduction in electricity costs and an improvement in energy security. Moreover, this project will also lay the groundwork to define future local South African manufacturing and assembly opportunities for the technology.”

“South Africa represents an important growth area for Primus”, states Tom Stepien, CEO of Primus. “Our long duration batteries will save Anglo American money and support their energy security, environmental and socio-economic goals. We look forward to deepening our relationship with them and our other partners in this vital market.”

This initiative forms part of Anglo American Platinum’s work to update the existing Sustainability Strategy and Implementation Plan, which is in response to the Anglo American Group’s Sustainability Strategy, recently launched in March this year. This will see the company build off existing sustainability strategies for each operation, updating them to incorporate a focus on three pillars – Healthy Environment, Thriving Communities, and Trusted Corporate Leader.

Fortescue Metals Group (Fortescue) today celebrated the export of its one billionth tonne of iron ore, a decade after the company’s first commercial shipment from Port Hedland.

Fortescue Chief Executive Officer Elizabeth Gaines was joined at the celebration at Herb Elliott Port by Parliamentary Secretary to the Treasurer, Minister for Finance, Energy and Aboriginal Affairs Reece Whitby, Port Hedland Mayor Camilo Blanco, Fortescue employees and members of the Port Hedland community.

Ten years after Fortescue first exported its ore to Shanghai Baosteel’s Majishan Port, the billionth tonne will head to China aboard Fortescue’s ore carrier ‘FMG Sophia’.

Fortescue’s Founder and Chairman, Andrew Forrest AO said Fortescue has achieved what many people thought was impossible: to build a company from a start up to a global leader in the mining industry without losing its heritage, identity and never ever give up family culture.

“A decade ago, when we shipped our first 180,000 tonnes of ore to China, I said it was a phenomenal achievement of sheer hard work, of guts and grind over scepticism, of character over doubt. The same can be said today as we reach one billion tonnes of ore shipped,” Mr Forrest said.

Ms Gaines said Fortescue is very proud of the company’s ongoing and significant contribution to the State, and the commitment to ensuring communities benefit from the growth and development of Fortescue’s business.

“Since Fortescue was founded, we have invested over US$22 billion in our world class infrastructure and assets. We have paid corporate tax of more than A$3 billion and royalties to the State of more than A$4.5 billion.”

“Significantly, we have also awarded A$2 billion in contracts to Aboriginal businesses and joint ventures, and nearly 800 Aboriginal people have commenced employment with Fortescue through our Vocational Training and Employment Centre (VTEC) program.”

“I would like to thank the Fortescue team, including our contractors and suppliers; one billion tonnes of ore shipped in only a decade is a testament to everyone’s hard work, dedication and innovation,” Ms Gaines said.Since first ore on ship in 2008:

30,600 trains have completed dumping at the Port Hedland Over 5,000 ships have left Fortescue’s Herb Elliot Port

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