Profits at mining giant Anglo American Plc fell 53% in 2009 as metals prices fell sharply as a result of the global economic downturn. The company also blamed falling demand, especially for its metallurgical coal and thermal coal.
The London-based firm reported full-year net profit of $2.42 billion, or $2.02 per share, compared with $5.22 billion, or $4.34 a share, in 2008.
Group revenue fell 25% to $24.6 billion from $32.9 billion.
Showing posts with label platinum. Show all posts
Showing posts with label platinum. Show all posts
Friday, February 19, 2010
Thursday, February 11, 2010
South Africa Mining Output Shows Fall For 2009
Figures released by the South African government show that mining production declined by 6.7% year-on-year in 2009. A rise in iron ore production of 13.1% was offset by a fall of 6.7% in diamonds. Gold production also fell.
The figures, prepared by Stats SA, added that the seasonally adjusted value of mineral sales at current prices for the three months ended November 2009 increased by 847.3 million rand - or 1.5% - compared with the previous three months. This was mainly due to increases in the sales value of Platinum Group Metals (PGMs) contributing 4.4 percentage points or 2.494 billion rand, gold (contributing 1.6 percentage points or 923.1 million rand) and manganese ore (contributing 1.3 percentage points or 730.2 million rand.
The figures, prepared by Stats SA, added that the seasonally adjusted value of mineral sales at current prices for the three months ended November 2009 increased by 847.3 million rand - or 1.5% - compared with the previous three months. This was mainly due to increases in the sales value of Platinum Group Metals (PGMs) contributing 4.4 percentage points or 2.494 billion rand, gold (contributing 1.6 percentage points or 923.1 million rand) and manganese ore (contributing 1.3 percentage points or 730.2 million rand.
Tuesday, February 2, 2010
African Rainbow To Boost Production At Khumani Iron Ore Mine
African Rainbow Minerals CEO Andre Wilkens said on Tuesday that the company is on track to boost production at its Khumani iron ore mine in South Africa by 2012.
Speaking to Reuters on the sidelines of the Mining Indaba conference in South Africa Mr Wilkens said "We are certainly on track for the first phase and the second phase (expansion) and see full production at the end of the year 2012, from 10 million tonnes per annum to 16 (mtpa),".
ARM has formed a joint venture with Vale to explore for copper in Zambia, and other minerals in the Democratic Republic of Congo, Namibia and Mozambique. Mr Wilkens said that the JV would be also be looking specifically at platinum in Zimbabwe.
Speaking to Reuters on the sidelines of the Mining Indaba conference in South Africa Mr Wilkens said "We are certainly on track for the first phase and the second phase (expansion) and see full production at the end of the year 2012, from 10 million tonnes per annum to 16 (mtpa),".
ARM has formed a joint venture with Vale to explore for copper in Zambia, and other minerals in the Democratic Republic of Congo, Namibia and Mozambique. Mr Wilkens said that the JV would be also be looking specifically at platinum in Zimbabwe.
Monday, February 1, 2010
Norilsk Expects To Report Profits Of $2 Billion
Vladimir Strzhalkovsky, chief executive of Russia’s Norilsk Nickel, said on Friday that the company expects to report net profit of about $2 billion in 2009, which has allowed it to pay down debts of $1.25 billion.
According to the transcript of a meeting between Mr Strzhalkovsky and Russian Prime Minister Vladimir Putin, Norilsk will invest $2 billion into its Russian plants although no timescale has been given. Norilsk increased salaries for its employees by 10 percent from 1 January.
In a separate development Norilsk has forecast increased nickel production of as much as 9 percent with output estimated at between 299,000 and 309,000 metric tonnes compared with 282,900 in 2009.
Copper output in 2010 is expected to fall to 393,000 to 398,000 metric tonnes, down from 402,000 tonnes last year.
Palladium output will be little changed at 2.73 to 2.805 million ounces, and platinum will fall 5 percent to 690,000 to 695,000 ounces.
Norilsk is the world's biggest nickel and palladium producer.
According to the transcript of a meeting between Mr Strzhalkovsky and Russian Prime Minister Vladimir Putin, Norilsk will invest $2 billion into its Russian plants although no timescale has been given. Norilsk increased salaries for its employees by 10 percent from 1 January.
In a separate development Norilsk has forecast increased nickel production of as much as 9 percent with output estimated at between 299,000 and 309,000 metric tonnes compared with 282,900 in 2009.
Copper output in 2010 is expected to fall to 393,000 to 398,000 metric tonnes, down from 402,000 tonnes last year.
Palladium output will be little changed at 2.73 to 2.805 million ounces, and platinum will fall 5 percent to 690,000 to 695,000 ounces.
Norilsk is the world's biggest nickel and palladium producer.
Saturday, December 12, 2009
SA Mining Output Down In October
South Africa's total mining production decreased in October, Statistics South Africa said on Thursday.
"Mining production for October 2009 decreased by 8.5 percent compared with October 2008," the Pretoria agency said.
In addition, the total value of mineral sales at current prices for the third quarter of 2009 decreased by 28.5 percent compared with the third quarter of 2008, it reported.
The major contributors to the decrease of 28.5 percent were platinum group metals, down 12.4 percent; coal, down 7.5 percent; and manganese ore, down 6.6 percent.
The minerals that made a substantial positive contribution to the change were iron ore, up 1.4 percent, and gold, up 1.1 percent.
Source: SAPA
"Mining production for October 2009 decreased by 8.5 percent compared with October 2008," the Pretoria agency said.
In addition, the total value of mineral sales at current prices for the third quarter of 2009 decreased by 28.5 percent compared with the third quarter of 2008, it reported.
The major contributors to the decrease of 28.5 percent were platinum group metals, down 12.4 percent; coal, down 7.5 percent; and manganese ore, down 6.6 percent.
The minerals that made a substantial positive contribution to the change were iron ore, up 1.4 percent, and gold, up 1.1 percent.
Source: SAPA
Wednesday, July 1, 2009
Sylvania, Ruukki Group Announce Merger
Finland wood and ferrochrome stock Ruukki Group on Tuesday jointly announced a friendly merger with London- and Australia-listed Sylvania, an operator that recovers platinum group metals (PGMs) and related metals from mine waste in South Africa. Sylvania separately has bids out for Australia-based SA Metals and Great Australian, which both have PGM and other interests in South Africa.
Source: Mineweb
Source: Mineweb
Wednesday, May 27, 2009
Ruuki May Sell Shares To South African Investors
Ruukki Group Oyj, the Finnish investment group, plans to buy platinum assets and may sell shares to investors in South Africa next year to fund acquisitions.
“We are actively pursuing discussions with several players,” Alwyn Smit, Espoo-based Ruukki’s chief executive officer, said in an interview yesterday. “We may well consider a capital raising next year when we list.”
Ruukki is spinning off its wood businesses to focus on natural resources. Many of its assets will be in South Africa, where the company plans a secondary listing in the first half next year, Smit said.
Ruukki is already buying South African ferrochrome producer Mogale Alloys Ltd. and part of that plant could be converted to process platinum ore, Smit said. South Africa is the largest producer of platinum, used in jewelry and autocatalysts.
“We’re looking for investments that will be cash generative in the relatively near term, and in the current market circumstances,” Smit said. “It’s a good time for us to be looking around,” he said, adding that several smaller mining companies are currently “struggling.”
While Ruukki, about 30 percent-owned by Kermas Ltd., has funds and no debt, an acquisition may trigger a capital increase, Smit said. The company may also consider other acquisitions in ferrochrome and nickel, both used in stainless steel.
Ruukki will boost chrome-ore production capacity at its Turkish operation by about 75 percent to 70,000 metric tons a year after last week approving a project to extract the metal from waste rock, Smit said. The plant would take nine or 10 months to build and production costs would be less than half current levels, he said.
Source: Bloomberg
“We are actively pursuing discussions with several players,” Alwyn Smit, Espoo-based Ruukki’s chief executive officer, said in an interview yesterday. “We may well consider a capital raising next year when we list.”
Ruukki is spinning off its wood businesses to focus on natural resources. Many of its assets will be in South Africa, where the company plans a secondary listing in the first half next year, Smit said.
Ruukki is already buying South African ferrochrome producer Mogale Alloys Ltd. and part of that plant could be converted to process platinum ore, Smit said. South Africa is the largest producer of platinum, used in jewelry and autocatalysts.
“We’re looking for investments that will be cash generative in the relatively near term, and in the current market circumstances,” Smit said. “It’s a good time for us to be looking around,” he said, adding that several smaller mining companies are currently “struggling.”
While Ruukki, about 30 percent-owned by Kermas Ltd., has funds and no debt, an acquisition may trigger a capital increase, Smit said. The company may also consider other acquisitions in ferrochrome and nickel, both used in stainless steel.
Ruukki will boost chrome-ore production capacity at its Turkish operation by about 75 percent to 70,000 metric tons a year after last week approving a project to extract the metal from waste rock, Smit said. The plant would take nine or 10 months to build and production costs would be less than half current levels, he said.
Source: Bloomberg
Tuesday, January 27, 2009
PGM Production Down At Crocodile River
Eastern Platinum confirmed yesterday (26th January) that production of platinum group metals (PGM) at its Crocodile River Mine in South Africa's North West Province decreased by around six per cent in the fourth quarter of 2008.
Statistics released by the company show that a total of 298,514 tonnes were processed for an output of 29,015 oz, compared to figures of 317,602 tonnes and 30,755 oz for the previous quarter.
The decline is being attributed to the fact that the number of milling and hoisting shifts between Q3 and Q4 fell by 12 per cent, mainly as a result of the statutory worker holiday period.
In addition, Eastern revealed that development meters were down by 18 per cent on a quarterly basis after the reduction in shifts and the planned cut in reserve development, which commenced in late November.
The latter includes suspending operations temporarily at the Crocette mine as the company looks to slash its costs and preserve cash against a backdrop of falling prices in PGM markets.
Eastern Platinum, which is based in Canada, was founded in 2003 and became South Africa's country's largest PGM producer in 2006.
Full report
Statistics released by the company show that a total of 298,514 tonnes were processed for an output of 29,015 oz, compared to figures of 317,602 tonnes and 30,755 oz for the previous quarter.
The decline is being attributed to the fact that the number of milling and hoisting shifts between Q3 and Q4 fell by 12 per cent, mainly as a result of the statutory worker holiday period.
In addition, Eastern revealed that development meters were down by 18 per cent on a quarterly basis after the reduction in shifts and the planned cut in reserve development, which commenced in late November.
The latter includes suspending operations temporarily at the Crocette mine as the company looks to slash its costs and preserve cash against a backdrop of falling prices in PGM markets.
Eastern Platinum, which is based in Canada, was founded in 2003 and became South Africa's country's largest PGM producer in 2006.
Full report
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