Iron ore’s rally appears to be receding, as the metal slides below US$60 per tonne.
Rio Tinto will put forward its previously mooted extended payment terms, pushing payment out to between 60 and 90 days, for its multinational and largest suppliers.
Ongoing strength in gold is reversing the forecasts for the metal, but can it rise above the US$1500 benchmark again?
With the release of the latest Federal Budget there have been fewer changes than expected, with small business and middle income tax payers the big winners, but how will affect the mining sector?
Fortescue has issued a US$650 million repayment notice for its 2019 secured term loan, a week after it began the repayment of US$577 million worth of notes last week.
Gold has defied market expectations, rising above US$1300 for the first time in more than a year.
As the resources landscape continues to decline, junior miners are continuing to seek investment outside the sector.
Ever lengthening payment times for invoices are leaving suppliers with a financial hole. Sharon Masige writes.
Former Rio Tinto CEO Tom Albanese believes the commodity downturn has reached the bottom of the trough, and is on its way up once more.
Rio Tinto’s plan to repay debt early will see it purchase around US$1.359 billion in outstanding 2017 and 2018 notes.
The first years of the millennium were kind to government finances. A benign economic environment, and a once-in-a-century commodity boom fuelled by Chinese growth, helped the Federal budget to a cumulative surplus of $89.3 billion over the period 1999-2008. The IMF notes that fiscal policy can either calm or magnify the effects of volatile commodity … Continue reading Budget explainer: commodity prices and the federal budget
Stanford University has announced it will not divest its stakes in fossil fuel companies. The university’s board of trustees had formerly pledged to divest its coal mining company stocks that lay within its US$18.7 billion worth of holdings. At the time the group said it had acted within its own guidelines on investments regarding whether … Continue reading Stanford backflips on fossil fuel divestment
Iron ore has begun to retreat from its 16 month high. Last week the metal rose to just over US$70 per tonne, marking a 61.7 per cent gain, and the third largest surge since spot pricing first began in May 2009, but movement in China against over-speculative market has brought price reversals. Much of the … Continue reading Iron ore falls
Iron ore continues from strength to strength as it reaches US$70.46 per tonne. This continual upwards movement extends this year’s gains to 61.7 per cent, and marks the third largest surge since spot pricing first began in May 2009. The metal now sits at its highest point in 15 months, and an 84 per cent … Continue reading Iron ore leaps above US$70 per tonne
Rio Tinto has launched a cash tender for the early repayment of US$1.5 billion for its 2017 and 2018 notes. The miner is aiming to reduce gross debt levels through the repayment of near maturing debt, today commencing cash tender offers for its outstanding notes. It is offering to purchase – for cash – its … Continue reading Rio Tinto pays debt early
Another company has revealed pain taken in their involvement with the Roy Hill project, this time Japanese giant Marubeni. The major investor with a 15 per cent stake in the project has announced a write-down of $235 million or 20 billion Yen on the shareholding, which was valued at $1.8 billion. Marubeni’s initial investment in … Continue reading Japanese investor announces write-down on Roy Hill
Poor weather in the March quarter was blamed for BHP cutting guidance for iron ore production in the Pilbara, a move which may allow some breathing room for the juniors. The company has shaved 10 million tonnes off their previous 2015/16 guidance of 270 million tonnes, which combined with the stoppage at Samarco in Brazil … Continue reading Coincidence as BHP follows Rio, cuts guidance
Iron ore has defied predictions and risen above US$60 per tonne overnight. The metal rose 4.1 per cent to US$62.85 per tonne at Qingdao on Tuesday, taking the year’s total gain to 44 per cent. Northen China benchmark prices rose to US$61.80 per dry metric tonne. While a slight rally was expected following the end … Continue reading Iron ore rallies above US$60
Rio Tinto has posted mixed production results, showing year on year increases in iron ore, but quarter on quarter declines. It has also lowered its iron ore guidance for 2017. The miner recorded a 13 per cent increase year on year in its global iron ore production rates, with 84 million tonnes produced, however this … Continue reading Rio Tinto post mixed first quarter results, lowers 2017 guidance
A shareholder interest group has advised Anglo American investors to reject CEO Mark Cutifani’s pay packet for his ‘above target’ performance. ShareSoc, the UK Individual Shareholders Society, advised its members to vote against Cutifani’s pay scheme in the wake of the miner’s steep decline. “We consider the pay of the CEO to be too high, … Continue reading Anglo American CEO pay packet slammed by investor group