Tag Archives: Metals & Mining (TRBC level 3)

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

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2-Eni Italia UPDATE beat expectations in last quarter after ‘year like no other’ | Instant News


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MILAN, Feb 19 (Reuters) – Italian energy group Eni’s fortunes picked up in the last quarter of this year as firmer oil prices after “a year like no other” saw full-year profits fall.

Adjusted net income for the fourth quarter was 0.66 billion euros ($ 798 million), down 88% on the year but beating analyst expectations for a 0.04 billion euro loss.

But for the full year, it reported a loss of 742 million euros compared to a gain of 2.876 billion euros in 2019 after what Eni Chief Executive Claudio Descalzi said was “a year unlike any other in the history of the energy industry”.

The unprecedented drop in demand triggered by the COVID-19 pandemic saw big European rivals Shell and BP as well as big US companies Exxon Mobil and Chevron report heavy losses for the year.

Eni’s shares fell sharply last year, hitting their lowest level in a quarter century as the health pandemic rocked oil markets.

In the fourth quarter production fell 11% to 1,713 million barrels of oil equivalent per day but the company said full-year production was on target.

Like its competitors, Eni has cut its investments to offset the impact of the pandemic and spent 35% less last year at 5 billion euros.

Adjusted cash flow for the year fell to 6.7 billion euros compared with guidelines for 11.5 billion euros on Brent oil prices of $ 60 per barrel.

“By taking advantage of the actions we took, our adjusted cash flow for 2020 … was able to finance our capex, with a surplus of 1.7 billion,” said Descalzi.

The companies, which said they were well-equipped to deal with this year’s uncertain trading environment with liquidity of around 20.4 billion euros, confirmed a 2020 dividend of 0.36 euros per share.

In a note, Royal Bank of Canada said Eni remains one of the more leveraged names among integrated oil companies.

“We see Eni’s aggressive strategy around the energy transition as posing a risk to shareholders from time to time,” he said.

Eni, like other European peers, is cleaning up his business as investors increase pressure on the oil and gas sector to fight climate change.

It will release its new business plan on Friday.

By 1019 GMT Eni’s shares were down 1.1%, while the European oil and gas index was down 0.5%.

($ 1 = 0.8271 euro)

Additional reporting by Stefano Bernabei; Edited by Edmund Blair and David Evans

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PRECIOUS-Gold faces its worst week in 12 as US Treasury yields strengthened | Instant News


    Feb 19 (Reuters) - Gold prices fell to their lowest in
nearly three months on Friday and headed for their worst week
since end-November, as recent strength in U.S. Treasury yields
dented the non-yielding metal's appeal.
    
    FUNDAMENTALS
    * Spot gold        fell 0.4% to $1,769.26 per ounce by 0100
GMT, having touched its lowest since Nov. 30 at $1,765.35
earlier in the session. Prices have declined 3% so far this
week.
    * U.S. gold futures        slipped 0.5% to $1,766.40.
    * Benchmark U.S. Treasury yields edged higher, having hit a
near one-year peak earlier in the week. Higher yields increase
the opportunity cost of holding bullion, which pays no interest.
    * The dollar        was also set to mark a weekly gain,
making gold expensive for holders of other currencies. 
    * U.S. jobless claims unexpectedly increased last week,
raising the possibility of a second straight month of tepid job
growth despite declining new COVID-19 infections.            
    * Switzerland's monthly gold exports to India in January
reached their highest since May 2019, though exports to China
and Hong Kong remained at rock bottom, customs data showed on
Thursday.             
    * Silver        eased 0.6% to $26.86 an ounce, after falling
over 1.8% so far this week, its worst since mid-January. 
    * Platinum        slipped 0.7% to $1,266.09 and was on
course to mark its third straight weekly gain, while palladium
       shed 0.3% to $2,345.02.

DATA/EVENTS (GMT)
0700  UK      Retail Sales MM, YY                Jan
0700  UK      Retail Sales Ex-Fuel MM            Jan
0745  France  CPI (EU Norm) Final MM, YY         Jan
0815  France  Markit Mfg, Serv, Comp Flash PMIs  Feb
0830  Germany Markit Mfg, Serv, Comp Flash PMIs  Feb
0900  EU      Markit Mfg, Serv, Comp Flash PMIs  Feb
0930  UK      Flash Mfg, Serv, Comp PMIs         Feb
1445  US      Markit Mfg, Serv, Comp Flash PMIs  Feb
1500  US      Existing Home Sales                Jan

 (Reporting by Sumita Layek in Bengaluru; Editing by Devika
Syamnath)
  

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Pilbara Minerals Australia’s half-year earnings surged as the lithium market rebounded | Instant News


February 19 (Reuters) – Pilbara Minerals Ltd Australia on Friday reported a half-year revenue spike of more than 56% and showed bullish market conditions for lithium as its losses narrowed from the previous year.

The lithium market looks set to come out of a three-year slump, driven by rising demand for electric vehicles (EVs) from China that has helped support the price of the minerals used to make EV batteries.

Australian lithium miners, who together account for about half of the world’s supply, have started showing signs of improvement with record spodumene shipments in the December quarter and project acceleration.

“The lithium feedstock market is now clearly on an upward trend as it relates to demand and prices, which now translate into better spodumene prices,” said Pilbara Managing Director Ken Brinsden.

The company said shipments of spodumene concentrate for the six months to December 31 more than doubled to 114,239 dry metric tons.

That helped revenue jump 56.5% to A $ 59.1 million ($ 45.9 million), while after-tax losses narrowed to A $ 21.2 million from A $ 63.4 million a year earlier.

Banking on a rebound in lithium prices, Wesfarmers and Chilean miner SQM earlier this week approved a final investment decision for their Mt Holland lithium project in Western Australia. ($ 1 = Australian dollars 1.2882) (Reported by Shashwat Awasthi in Bengaluru; Editing by Vinay Dwivedi)

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Swiss monthly gold exports to India hit their highest level since May 2019 | Instant News


    LONDON, Feb 18 (Reuters) - Switzerland's monthly gold
exports to India in January reached their highest since May
2019, though exports to China and Hong Kong remained at rock
bottom, customs data showed on Thursday. 
    India and China are the world's two biggest gold consumers.
Demand for bullion plunged in both when the coronavirus struck
last year but has bounced back in India much more quickly.

    Switzerland is the world's biggest gold refining centre and
a transit hub.
    Following are numbers for January and comparisons. 
        
    SWISS TRADE DATA (KG)        
           EXPORT
   Jan-21      82,025
   Dec-20      76,549
   Jan-20      87,444
    
           To China  To Hong    To India   To the     To
                     Kong                  U.S.       Britain
   Jan-21         0         28     38,696     16,666      5,216
   Dec-20         0        263     34,500     14,496        265
   Jan-20    17,000     23,583      8,541        574      6,344
    * Source: Swiss customs. Data subject to revision by source.
    
    
    

    
 (Reporting by Peter Hobson
Editing by David Goodman
)
  

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