|Bid||55.99 x 1800|
|Ask||0.00 x 1000|
|Day's Range||56.33 - 56.91|
|52 Week Range||29.78 - 56.91|
|Beta (5Y Monthly)||1.00|
|PE Ratio (TTM)||15.31|
|Forward Dividend & Yield||2.60 (4.57%)|
|Ex-Dividend Date||Mar 05, 2020|
|1y Target Est||N/A|
Mining companies need more skilled engineers if they are to meet strict new global safety standards for tailings dams aimed at preventing catastrophic failures like those in recent years that have killed hundreds of people and inundated nearby communities with mine waste. Experts said miners had not placed as much importance on tailings management, with little prestige attached to the unglamorous work of trekking to remote mine waste dams where engineers analyze the consistency of the slurry and verify the integrity of the structure. In Brazil, more than 250 people died in 2019 when the Vale SA's Brumadinho upstream tailings dam collapsed, flooding the nearby community with mine waste.
(Bloomberg) -- Authorities in Chile are cracking down on water use by mines in the driest desert on earth, threatening future supply in the top copper-producing nation.On Friday, Chile’s environmental agency SMA charged BHP Group’s Escondida for allegedly drawing more water than allowed for almost 15 years in a move that could result in the loss of its permit, closure or a fine. Just to the south, state-owned Codelco has suspended a planned expansion of its Salvador mine until it can resolve a suit filed by the State Defense Council against the project’s proposed use of water.Mines that dot the parched Atacama desert are coming under increasing scrutiny for their use of water, with lithium giant Soc. Quimica & Minera de Chile SA facing a Supreme Court ruling after community complaints. Even in central Chile, scare water supplies have restricted output at Anglo American Plc’s Los Bronces mine and Codelco’s El Teniente.At Escondida, the regulator accuses the world’s biggest copper mine of a serious decline in the water table, alleging the operation failed to lower extraction at four control points since 2005 and reached triple the acceptable threshold in 2019. BHP has 10 days to present a compliance program in response to the charge.Escondida rejected the allegations, saying in an emailed statement that it ceased extraction from aquifers at the end of 2019 and now runs exclusively with desalinated water.“Escondida has never exceeded the restriction of 25 centimeters established as maximum acceptable decrease of the aquifer level in the monitoring area of the wetlands of Tilopozo,” it said.The suit against Salvador’s expansion threatens future supply given the project is needed to replenish falling ore grades at Codelco’s smallest and least profitable operation.(Updates with comment from Escondida)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Australian mining giants Rio Tinto and Fortescue Metals Group have joined BHP Group in reporting record shipments of iron ore, the bulk of it to China, as an infrastructure and property construction boom in the world's second largest economy drives a rebound in steel production.The companies have reported record earnings on the back of the iron ore shipments, even though exports of other minerals like aluminium and copper remain in the doldrums as the coronavirus pandemic saps global demand.Australia's record iron ore exports to China, combined with a surge in shipments of coking and thermal coal, indicate trade in the key industrial ingredients has not suffered because of a diplomatic spat between the two countries.Rio Tinto reported on Thursday its iron ore shipments to China in the first half of the year rose 3 per cent compared to the same period a year-earlier.This pushed earnings up 2 per cent and allowed the Anglo-Australian miner to promise a US$2.5 billion dividend payout for shareholders.Announcing its fourth quarter fiscal results, Fortescue projected that iron ore shipments to China would rise 6 per cent to 178 million tonnes for the full financial year ended in June, exceeding its target of 177 million tonnes. Full-year results will be announced in a few weeks.The miner said exports were buoyed by strong Chinese steel production of 499 million tonnes in the first six months of the year, 1.4 per cent higher than the same period last year.Rio Tinto chief executive Jean-Sebastien Jacques said China had effectively absorbed the additional iron ore diverted from weaker steel markets in Europe and Asia."The main market for our high-quality iron ore is China, which compared to the broader global economy has recovered exceedingly well," Jacques said while announcing company results on Wednesday."China's steel production and demand for iron ore in 2019 was strong and this has continued despite disruptions in the first quarter."In 2020, [China's] crude steel production has again exceeded the 1 billion tonne annualised run rate and June production was a new all-time high record."Steel markets in Europe, the United States, Japan, South Korea and Taiwan were still weak, Rio Tinto said.BHP also said last week it had met production targets for iron ore, thanks to China's economic recovery."In China, blast furnace utilisation rates have increased from around 80 per cent earlier in February 2020 to above 90 per cent in June 2020," BHP said in its financial year review."We continue to believe that if China can avoid a second wave of Covid-19, steel and pig iron production can both rise in the 2020 calendar year versus the prior year."Rio Tinto said Australia's contract-based iron ore shipments were strong, despite impacts from the coronavirus outbreak, allowing it to outperform other major miners such as Vale in Brazil, which has suffered from production restrictions and delays.But Vale, which has recently suffered setbacks including the Brumadinho dam collapse at its Corrego do Feijao mine, also saw profit recover in the second quarter thanks to higher iron ore prices. It said on Wednesday it would pay dividends that have been suspended since the dam accident last January.The continued demand for iron ore in China means Rio Tinto is committed to developing new iron ore projects at Simandou blocks 3 and 4 in Guinea, along with Chinese partner Chinalco Mining and the country's government.The diversified miner said it had drawn up plans to commission China-based design institutes to update and re-engineer the infrastructure of the project, which was approved in 2010."The Chinese are pretty active and they want to see a pathway to develop the two blocks," Jacques said.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.