Tag Archives: Diversified Mining (TRBC level 5)

BHP, Vale Samarco JV filed for Brazilian bankruptcy protection | Instant News


FILE PHOTO: Brazilian mining company Vale SA logo seen in Brumadinho, Brazil January 29, 2019. REUTERS / Adriano Machado / File Photo

RIO DE JANEIRO (Reuters) – Samarco Mineracao SA, a joint venture between Brazilian miner Vale SA and BHP Group Ltd, has filed for bankruptcy protection to prevent creditor claims from affecting its operations, Vale said in a securities filing Friday.

The collapse of the dam at the Samarco mining complex in 2015 killed 19 people and severely polluted the Doce River with mining waste, one of Brazil’s worst environmental disasters. The facility, which resumed production in December, was the focus of significant litigation from bondholders with nearly $ 5 billion in debt.

“The filing (judicial reorganization) is needed to prevent ongoing legal action … from affecting Samarco’s ability to produce, send, receive for its exports and to fund normal activities,” the company said.

Vale said the filing for bankruptcy protection would not affect Samarco’s ability to pay compensation to those affected by the 2015 dam explosion. It said negotiations outside the court with creditors had slowly failed over time.

The court reorganization request, filed in the state of Minas Gerais, is roughly similar to the United States’ Chapter 11 bankruptcy filing.

Samarco has $ 4.7 billion in financial debt from unrelated parties, Vale said. In the years following the Samarco disaster, Samarco has negotiated with creditors to reach a restructuring agreement. However, those talks slowed down in 2019 following changes to dam regulations in Brazil, which materially affected operations at Samarco, Vale said.

In 2019, another dam exploded at the Vale mine in Brazil, killing some 270 people and prompting tightening of rules governing mining dams.

Most of the debt is now held by “investors active in distressed asset markets,” rather than original bondholders at the time of the disaster, Vale said.

Reporting by Gram Slattery; Edited by Christian Plumb and Will Dunham

.



image source

High iron ore prices spark mining, protest in Tasmania Australia | Instant News


MELBOURNE (Reuters) – High iron ore prices have paved the way for mining in Australia’s southern state of Tasmania, where the Venture Resources development project is under pressure from conservationists over the potential impact on wilderness areas.

Australia is the world’s largest producer of iron ore, nearly all of it originating from the ancient Pilbara region in the western part of the country.

But strong Chinese demand and Brazil’s supply constraints have pushed iron ore prices to decade highs above $ 175 per tonne this quarter, allowing projects in less conventional areas to become economical.

Venture Minerals expects its Riley project to create more than 100 jobs, and inject about A $ 100 million into the state economy over the life of the mine. The share of base metals explorer has risen more than 50% since early December to A $ 0.058.

The company is on track to deliver its first shipment of the Riley project in the west of the state in the second quarter, after raising A $ 10 million ($ 7.8 million) to build a processing plant and haul roads, according to a presentation Venture Minerals submitted to Australian Stock Exchange on Thursday.

The project, however, has angered conservationists with protesters returning to the area this week, as the Bob Brown Foundation called for the area to be registered as World Heritage.

A Venture Minerals spokesperson said the miners did not anticipate any schedule delays, and that they had all the necessary environmental approvals and planned to rehabilitate the mine after the mine’s two-year life.

Climber Anna Brozek, 23, climbed a 10 meter long pole and remained suspended above the gate, blocking access to the mining site on Thursday before she was arrested, campaigner Scott Jordan told Reuters.

The foundation is concerned that clearing land could increase the risk of wildfires by lowering water levels and because of the threat of haul roads to endangered wildlife including the Tasmanian devil and the tailed quail, Jordan said.

($ 1 = 1.2780 Australian dollars)

Reporting by Melanie Burton, Editing by Sherry Jacob-Phillips

.



image source

The Argonaut will drill for copper against Aboriginal wishes in South Australia | Instant News


MELBOURNE (Reuters) – Argonaut Resources miners are preparing to begin copper drilling next week on the shores of South Australia’s Lake Torrens, he said on Friday, against the wishes of local Aboriginal groups.

Drilling for the Murdie project will begin after 20 semi-trailer trucks delivered accommodation units, earthen pads, specialist vehicles and training courses, Argonaut said in a filing with the exchange.

“Argonaut anticipates that drilling will be carried out as early as the week starting March 15, 2021. Drilling is carried out 24/7 in two daily shifts,” he said.

The project comes after miners received approval from the South Australian government in January to drill, which is being carried out despite opposition from Indigenous groups who say they have ancestral links to the lake.

“We tell them, ‘You can’t do that, it’s against our beliefs,” said heritage services manager Glen Wingfield of Kokatha Aboriginal Corporation.

“They ignore the story and its importance to our community – they just want to go and mine,” he told Reuters, adding that Argonaut had not yet obtained their approval to drill.

Argonaut director Lindsay Owler did not immediately respond to a request for comment on Friday.

Last year, mining giant Rio Tinto Ltd destroyed two ancient and sacred Indigenous rock sanctuaries in the Pilbara region of Western Australia as part of an expansion of an iron ore mine.

The demolitions focused attention on Australian law which has tilted to support development at the expense of Aboriginal heritage, sparking international condemnation and national inquiry.

Under Lake Torrens lies a fragile reservoir of fresh water that local Aboriginal groups fear could be damaged by mining, endangering water supplies in the arid region, while the lake itself is part of their spiritual belief.

The 2016 indigenous rights decision raises questions about whether local Aboriginal groups have ancestral and ongoing links to the region, citing a lack of ethographic evidence.

Reporting by Melanie Burton; Edited by Michael Perry

.



image source

Australian stocks rose on US stimulus, hopes of economic recovery | Instant News


* Benchmarks increased by almost 2%

* Tech stocks rose after 4 days

* Mercury NZ is the highest winner on the NZ index

March 8 (Reuters) – Australian stocks rose sharply on Monday and are set for their best day in two months after the US Senate endorsed a $ 1.9 trillion COVID-19 aid plan, while last week’s upbeat US jobs data also supported sentiment.

The S & P / ASX 200 index was up 1.8% to 6,830.7 at 2240 GMT. The benchmark ended 0.7% lower on Friday.

The US Senate on Saturday endorsed President Joe Biden’s COVID-19 assistance plan, one of the biggest stimulus bills in US history, a day after data showed that the US economy created more jobs than expected in February.

Over the weekend, Australia has also started vaccinating its citizens against the coronavirus with the AstraZeneca vaccine. Inoculation with the Pfizer / BioNTech vaccine began in February.

Among the individual sectors, mining stocks rose by 2.8%, with BHP and Rio Tinto gaining 3.4% and 3%, respectively.

Tech stocks rose as much as 2.7%, snapping a fourth straight session of losses. Buy now, pay later, Afterpay increased by 4.6%, while Appen increased by 3.8%.

Financial stocks rose 1.5% to reach their highest level in more than a week. The “Big Four” banks rose between 1.2% and 1.9%.

The best performers in the financial sector were Janus Henderson Group and IOOF Holdings, up 4.7% and 3.1%, respectively.

Energy stocks rose nearly 2% to a 10-week high, following a surge in oil prices. Oil Search rose 4.3%, while Beach Energy gained 3.8%.

In New Zealand, the benchmark S & P / NZX 50 index rose 1.3% to 12,334.3.

The highest percentage increases on the index were Mercury NZ and Synlait Milk, up 3.7% and 2.9%, respectively. (Reporting by Aditya Munjuluru; Editing by Aditya Soni)

.



image source

BHP and Aboriginal groups investigate collapsed rocks in Western Australia | Instant News


FILE PHOTOS: One tonne of nickel powder made by the BHP Group at a warehouse in Nickel West division, south of Perth, Australia 2 August 2019. Image taken 2 August 2019. REUTERS / Melanie Burton

MELBOURNE (Reuters) – The BHP Group has launched a joint investigation with Indigenous groups into what caused the rock fall in a rock shelter that is culturally important at its iron ore operations in Western Australia, the two groups said.

BHP discovered important site damage for the Banjima community on January 29, as part of monitoring at Mining Area C operations. It informed its Banjima partner and the groups agreed to carry out an investigation into the incident, President of BHP Minerals Australia, said Edgar Basto in a statement.

‚ÄúThis site is not part of the current mining operation. The cause of the fall is unknown, “Basto said in a statement late Tuesday.

Mining Area C is part of BHP’s $ 3.4 billion South Flank replacement project in the state’s Pilbara region.

The miners face closer scrutiny over what they are doing to protect sacred Indigenous sites after Rio Tinto’s destruction of two ancient sacred rock shelters in Juukan Gorge last May. The mining company has obtained permission to destroy the site.

Basto and Brandon Craig, head of BHP’s West Australia iron ore operations, met Elder Banjima as part of the Banjima Heritage Advisory Council that BHP formed last year after the Juukan Gorge incident.

“We will continue to work with Banjima in a spirit of mutual respect and cooperation,” said BHP.

The Banjima Native Title Aboriginal Corporation said it met with BHP executives on February 11 to clarify details in the initial report, and are continuing the investigation.

Reporting by Melanie Burton; Edited by Simon Cameron-Moore

.



image source