Rio Tinto (NYSE:RIO) reported it surpassed analysts' expectations for iron ore production in the third quarter, breaking its own quarter record in the segment, while also breaking quarterly production records for coking coal and alumina.
Iron ore production was up 10 percent, alumina 6 percent and coking coal 17 percent. Another metal gaining significantly was bauxite, which gained 17 percent in the same period.
The company said: "This quarter we achieved record production in iron ore, alumina and coking coal. Our investment in organic growth is gathering momentum. We approved more than $4 billion of capital projects during the third quarter, including investment towards the expansion of our Pilbara iron ore operations to 330 million tons per annum. This takes our total approvals this year to $5.5 billion and is consistent with our capex guidance of $13 billion over the 18 months to December 2011."
The bad news for the company was gold and copper production was down at a time when prices for both metals have been skyrocketing. Copper was down 19 percent and gold 33 percent in the third quarter.
Also slightly down was aluminum production, dropping 2 percent, and thermal coal production in Australia, which fell 14 percent.
Showing posts with label Bauxite. Show all posts
Showing posts with label Bauxite. Show all posts
Friday, October 15, 2010
Tuesday, June 29, 2010
Alcoa (NYSE:AA) Partner Ma’aden Secures $4.5 Billion in Financing
The board of directors of Saudi state metals producer Ma'aden, approved of $4.5 billion in financing for their joint venture project with Alcoa (NYSE:AA). This should cover the first phase of construction of the project.
About 60 percent of the needed capital for this stage of the project is reflected in the $4.5 billion, with the total cost coming in at $7.5 billion.
Overall costs for the entire project are estimated at $10.8 billion.
Alcoa owns a 25.1 percent stake in the project, while Ma'aden owns the other 74.9 percent.
About 60 percent of the needed capital for this stage of the project is reflected in the $4.5 billion, with the total cost coming in at $7.5 billion.
Overall costs for the entire project are estimated at $10.8 billion.
Alcoa owns a 25.1 percent stake in the project, while Ma'aden owns the other 74.9 percent.
Saturday, June 19, 2010
Alcoa (NYSE:AA) Starts Work on Saudi Industrial Complex
Billed ultimately as the largest fully integrated aluminum plant, Alcoa and partner, the Saudi Arabian Mining Co, have begun work on the Madden-Alcoa complex, breaking ground on Saturday.
Alcoa said in a statement, "Groundbreaking has now officially begun to pave the way for construction of the smelter and rolling mill that will serve the packaging and other industries."
Partner Maaden said that the goal is to become the "lowest-cost supplier of primary aluminum, alumina and aluminum products."
Included in the complex will be a alumina refinery, aluminum smelter and rolling mill at Ras Al-Zour, along with a bauxite mine at Ba'aitha.
Operations for the rolling mill and smelter are scheduled to start in 2013, with the mine and refinery projected to go onstream in 2014.
The cost of the joint venture between the two companies is $10 billion.
Alcoa said in a statement, "Groundbreaking has now officially begun to pave the way for construction of the smelter and rolling mill that will serve the packaging and other industries."
Partner Maaden said that the goal is to become the "lowest-cost supplier of primary aluminum, alumina and aluminum products."
Included in the complex will be a alumina refinery, aluminum smelter and rolling mill at Ras Al-Zour, along with a bauxite mine at Ba'aitha.
Operations for the rolling mill and smelter are scheduled to start in 2013, with the mine and refinery projected to go onstream in 2014.
The cost of the joint venture between the two companies is $10 billion.
Monday, May 24, 2010
Fluor (NYSE:FLR) Awarded Alcoa (NYSE:AA) Contract
Fluor (NYSE:FLR) has won approximate $3 billion in business from Alcoa (NYSE:AA) and Saudi Arabian Mining Co. in the $10.8 billion project to build an aluminum facility in Saudi Arabia.
Chief Operating Officer of Fluor, David Seaton, said, "The mining and metals sector continues to be a bright spot for Fluor."
Alcoa originally had a 40 percent stake in the project, but slashed it to 25.1 percent in the early part of 2010.
There will also be a bauxite mine brought on, which will generate an estimated 4 million tons a year. A refinery with with capacity for 1.8 million tons-a-year will also be part of the final project.
Fluor's place in the development will include procurement, construction management and engineering.
Chief Operating Officer of Fluor, David Seaton, said, "The mining and metals sector continues to be a bright spot for Fluor."
Alcoa originally had a 40 percent stake in the project, but slashed it to 25.1 percent in the early part of 2010.
There will also be a bauxite mine brought on, which will generate an estimated 4 million tons a year. A refinery with with capacity for 1.8 million tons-a-year will also be part of the final project.
Fluor's place in the development will include procurement, construction management and engineering.
Sunday, May 2, 2010
Vale (NYSE:VALE) Sells Aluminum Assets to Norsk Hydro
Vale (NYSE:VALE) (SAO:VALE5) has sold it aluminum assets to Norsk Hydro for $4.9 billion, setting up the company to supply raw materials for decades into the future with the significant new assets.
Norsk will take control of Paragominas, the third-largest bauxite mine in the world, and Brazil-based aluminum and alumina refining facilities.
They will also control the current 91 percent stake held by Vale in Alunorte, an 81 percent stake in an alumina refinery under development, and a 51 percent stake in the Albras aluminum. Alunorte is the largest alumina refinery in the world.
The reasoning behind Vales divesting of the properties is the increasing costs of energy in Brazil.
Norsk will take control of Paragominas, the third-largest bauxite mine in the world, and Brazil-based aluminum and alumina refining facilities.
They will also control the current 91 percent stake held by Vale in Alunorte, an 81 percent stake in an alumina refinery under development, and a 51 percent stake in the Albras aluminum. Alunorte is the largest alumina refinery in the world.
The reasoning behind Vales divesting of the properties is the increasing costs of energy in Brazil.
Monday, March 15, 2010
Alcoa (NYSE:AA) and Rio Tinto (LSE:RIO) CBG Strike Halted
Alcoa, Rio Tinto Avert Strike at CBG Project
Alcoa (NYSE:AA) and Rio Tinto (LSE:RIO) received good news at its Guinea CBG project, as the union there halted their intended strike on work conditions grievances.
Not all the workers followed the call for a strike, seemingly the reason it was halted in favor of continuing negotiations while the mine remained open.
The joint venture between Rio Tinto and Alcoa at the project should produce over 13 million tons of bauxite in 2010, eqaul to about 80 percent of all projected to come out of the country.
Alcoa (NYSE:AA) and Rio Tinto (LSE:RIO) received good news at its Guinea CBG project, as the union there halted their intended strike on work conditions grievances.
Not all the workers followed the call for a strike, seemingly the reason it was halted in favor of continuing negotiations while the mine remained open.
The joint venture between Rio Tinto and Alcoa at the project should produce over 13 million tons of bauxite in 2010, eqaul to about 80 percent of all projected to come out of the country.
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