Latest news with #AngloAmerican
BBC News
14 hours ago
- General
- BBC News
Petition urges council to reopen Whitby cliff lift
More than 4,500 people have signed a petition to save Whitby's cliff lift, which has been closed since service was shut after the discovery of structural corrosion and North Yorkshire Council has since requested £600,000 to start "necessary works" at the site including a proposal to fill in the Trumper, a councillor for the Whitby West ward, said he started the petition to "see how passionate people were" about Battersby, the council's corporate director for environment, said the cost of repairing the lift would be "significant" and may not permanently fix the problem. Council documents said there was "no consultation proposed in relation to the decision to infill the cliff lift".However, Trumper said he hoped there would be a "proper public consultation" to ensure that "members of the community can basically say what they want to happen"."It's important for people to have their say, and the petition is basically highlighting just how important it is to the community," he said he had spoken with the mining company Anglo American, which had "confirmed that it is willing to send its specialists, with the council's permission, to carry out a further investigation to see if the work to repair the lift could be done at a more efficient price". Linda Wild, a member of Whitby Town Council, said closing the lift permanently would "cut off anyone who's not 100% fit or has young children"."I know elderly people who have got chalets down there and they can't go," she said."There are so many people from the community who don't normally comment who are coming forward about the lift."A free replacement bus service has been running between the lift and the promenade during summer the arrangements are under review after the council said operating costs were high and too few people were using the bus, according to the Local Democracy Reporting Service. Listen to highlights from North Yorkshire on BBC Sounds, catch up with the latest episode of Look North.
Bloomberg
a day ago
- Business
- Bloomberg
Anglo's South African Iron Ore Unit Says Rail Snags Stabilize
Anglo American Plc 's South African iron ore unit said the state-owned logistics company which transports its output has stemmed a deterioration in performance that's constrained the miner's sales. 'Where we were previously seeing a significant decline in performance levels, we are now seeing more stability,' Kumba Iron Ore Ltd. Chief Executive Mpumi Zikalala said on Tuesday.
Business Recorder
a day ago
- Business
- Business Recorder
Kumba Iron Ore half-year profit flat despite increased sales
Anglo American's South African unit Kumba Iron Ore said on Tuesday its half-year profit was flat despite a 3% increase in sales, as weak global steel demand impacted prices. Kumba reported headline earnings per share of 22.26 rand ($1.24) in the six months to June 30, compared to 22.27 rand during the same period last year. The company said its average realised free-on-board export price was $91 per wet metric ton (wmt) during the six months, 6% lower than $97 per wmt previously. Iron ore dips on higher inventories Soft domestic steel demand and a weak property sector in major iron ore importer China pushed prices lower during the period, Kumba said. The company declared an interim dividend of 16.60 rand.
The Advertiser
a day ago
- Business
- The Advertiser
Miners given redundancy notices at Dartbrook underground coalmine
A number of miners at the Dartbrook underground coal mine in the Upper Hunter awoke today to an email from the mine's administrators saying they were being made redundant. The miners, some of whom have worked at the mine for 14 months, said they were owed up to $20,000 and would be forced to seek new employment as they await their entitlements. In early July, the mine was placed in the hands of receivers and managers Ben Campbell and David McGrath of FTI Consulting. A spokesperson for FTI Consulting said "A number of redundancies have been made to match the operational requirements of the Dartbrook Coal Mine. While this wasn't an easy decision, it was necessary to ensure that operations at Dartbrook continue and are placed onto a sustainable financial footing." It is believed that between 40 and 50 miners were working the pit, some with contractors and others employed full-time with Dartbrook. Meetings between the mine's managers and staff took place last week, with the miners saying the redundancy notices were not unexpected. One of the Hunter-based contractors still working at the mine is Jim Eastley, CE Mining, Jerrys Plains. His company is operating the coal washery and handling plant, with coal still being extracted and processed. He said he was owed $560,000 but since July 3 his work payments at the mine have been guaranteed by the administrators. "I haven't heard lately what's happening but at least we are working are our payments are guaranteed. Hopefully we will recovery our outstanding debt," he said. Currently owned by Australian Pacific Coal (AQC), the mine was put into care and maintenance by its previous owner, Anglo American, in 2006 after multiple workplace accidents and low coal prices. image In 2015, coal entrepreneur Nathan Tinkler spearheaded AQC's successful asset purchase, with the new owners beginning the long process of bringing the mine back into production, including gaining planning approval. Despite community opposition, the Independent Planning Commission approved an amended application to reopen the mine in 2019. The mine underwent a restart capital program and resumed underground mining operations in 2024. However, in June this year, it was reported the company had been issued with a notice of default by senior lender Vitol, a Singapore-based commodities giant. It is understood AQC failed to meet its obligations for the $174 million loan from Vitol and this has led to the appointment of receivers and administrators. Dartbrook coal mine. Image: Australian Pacific Coal. When he was appointed Ben Campbell, Receiver and Manager, said, "The Dartbrook Coal Mine produces high-quality thermal coal for both domestic and export markets." As to who would buy the mine? The thermal coal price is at a four-year low, open-cut mining is prohibited at the site, and one of the world's leading underground miners, Anglo American, could not successfully operate the venture A number of miners at the Dartbrook underground coal mine in the Upper Hunter awoke today to an email from the mine's administrators saying they were being made redundant. The miners, some of whom have worked at the mine for 14 months, said they were owed up to $20,000 and would be forced to seek new employment as they await their entitlements. In early July, the mine was placed in the hands of receivers and managers Ben Campbell and David McGrath of FTI Consulting. A spokesperson for FTI Consulting said "A number of redundancies have been made to match the operational requirements of the Dartbrook Coal Mine. While this wasn't an easy decision, it was necessary to ensure that operations at Dartbrook continue and are placed onto a sustainable financial footing." It is believed that between 40 and 50 miners were working the pit, some with contractors and others employed full-time with Dartbrook. Meetings between the mine's managers and staff took place last week, with the miners saying the redundancy notices were not unexpected. One of the Hunter-based contractors still working at the mine is Jim Eastley, CE Mining, Jerrys Plains. His company is operating the coal washery and handling plant, with coal still being extracted and processed. He said he was owed $560,000 but since July 3 his work payments at the mine have been guaranteed by the administrators. "I haven't heard lately what's happening but at least we are working are our payments are guaranteed. Hopefully we will recovery our outstanding debt," he said. Currently owned by Australian Pacific Coal (AQC), the mine was put into care and maintenance by its previous owner, Anglo American, in 2006 after multiple workplace accidents and low coal prices. image In 2015, coal entrepreneur Nathan Tinkler spearheaded AQC's successful asset purchase, with the new owners beginning the long process of bringing the mine back into production, including gaining planning approval. Despite community opposition, the Independent Planning Commission approved an amended application to reopen the mine in 2019. The mine underwent a restart capital program and resumed underground mining operations in 2024. However, in June this year, it was reported the company had been issued with a notice of default by senior lender Vitol, a Singapore-based commodities giant. It is understood AQC failed to meet its obligations for the $174 million loan from Vitol and this has led to the appointment of receivers and administrators. Dartbrook coal mine. Image: Australian Pacific Coal. When he was appointed Ben Campbell, Receiver and Manager, said, "The Dartbrook Coal Mine produces high-quality thermal coal for both domestic and export markets." As to who would buy the mine? The thermal coal price is at a four-year low, open-cut mining is prohibited at the site, and one of the world's leading underground miners, Anglo American, could not successfully operate the venture A number of miners at the Dartbrook underground coal mine in the Upper Hunter awoke today to an email from the mine's administrators saying they were being made redundant. The miners, some of whom have worked at the mine for 14 months, said they were owed up to $20,000 and would be forced to seek new employment as they await their entitlements. In early July, the mine was placed in the hands of receivers and managers Ben Campbell and David McGrath of FTI Consulting. A spokesperson for FTI Consulting said "A number of redundancies have been made to match the operational requirements of the Dartbrook Coal Mine. While this wasn't an easy decision, it was necessary to ensure that operations at Dartbrook continue and are placed onto a sustainable financial footing." It is believed that between 40 and 50 miners were working the pit, some with contractors and others employed full-time with Dartbrook. Meetings between the mine's managers and staff took place last week, with the miners saying the redundancy notices were not unexpected. One of the Hunter-based contractors still working at the mine is Jim Eastley, CE Mining, Jerrys Plains. His company is operating the coal washery and handling plant, with coal still being extracted and processed. He said he was owed $560,000 but since July 3 his work payments at the mine have been guaranteed by the administrators. "I haven't heard lately what's happening but at least we are working are our payments are guaranteed. Hopefully we will recovery our outstanding debt," he said. Currently owned by Australian Pacific Coal (AQC), the mine was put into care and maintenance by its previous owner, Anglo American, in 2006 after multiple workplace accidents and low coal prices. image In 2015, coal entrepreneur Nathan Tinkler spearheaded AQC's successful asset purchase, with the new owners beginning the long process of bringing the mine back into production, including gaining planning approval. Despite community opposition, the Independent Planning Commission approved an amended application to reopen the mine in 2019. The mine underwent a restart capital program and resumed underground mining operations in 2024. However, in June this year, it was reported the company had been issued with a notice of default by senior lender Vitol, a Singapore-based commodities giant. It is understood AQC failed to meet its obligations for the $174 million loan from Vitol and this has led to the appointment of receivers and administrators. Dartbrook coal mine. Image: Australian Pacific Coal. When he was appointed Ben Campbell, Receiver and Manager, said, "The Dartbrook Coal Mine produces high-quality thermal coal for both domestic and export markets." As to who would buy the mine? The thermal coal price is at a four-year low, open-cut mining is prohibited at the site, and one of the world's leading underground miners, Anglo American, could not successfully operate the venture A number of miners at the Dartbrook underground coal mine in the Upper Hunter awoke today to an email from the mine's administrators saying they were being made redundant. The miners, some of whom have worked at the mine for 14 months, said they were owed up to $20,000 and would be forced to seek new employment as they await their entitlements. In early July, the mine was placed in the hands of receivers and managers Ben Campbell and David McGrath of FTI Consulting. A spokesperson for FTI Consulting said "A number of redundancies have been made to match the operational requirements of the Dartbrook Coal Mine. While this wasn't an easy decision, it was necessary to ensure that operations at Dartbrook continue and are placed onto a sustainable financial footing." It is believed that between 40 and 50 miners were working the pit, some with contractors and others employed full-time with Dartbrook. Meetings between the mine's managers and staff took place last week, with the miners saying the redundancy notices were not unexpected. One of the Hunter-based contractors still working at the mine is Jim Eastley, CE Mining, Jerrys Plains. His company is operating the coal washery and handling plant, with coal still being extracted and processed. He said he was owed $560,000 but since July 3 his work payments at the mine have been guaranteed by the administrators. "I haven't heard lately what's happening but at least we are working are our payments are guaranteed. Hopefully we will recovery our outstanding debt," he said. Currently owned by Australian Pacific Coal (AQC), the mine was put into care and maintenance by its previous owner, Anglo American, in 2006 after multiple workplace accidents and low coal prices. image In 2015, coal entrepreneur Nathan Tinkler spearheaded AQC's successful asset purchase, with the new owners beginning the long process of bringing the mine back into production, including gaining planning approval. Despite community opposition, the Independent Planning Commission approved an amended application to reopen the mine in 2019. The mine underwent a restart capital program and resumed underground mining operations in 2024. However, in June this year, it was reported the company had been issued with a notice of default by senior lender Vitol, a Singapore-based commodities giant. It is understood AQC failed to meet its obligations for the $174 million loan from Vitol and this has led to the appointment of receivers and administrators. Dartbrook coal mine. Image: Australian Pacific Coal. When he was appointed Ben Campbell, Receiver and Manager, said, "The Dartbrook Coal Mine produces high-quality thermal coal for both domestic and export markets." As to who would buy the mine? The thermal coal price is at a four-year low, open-cut mining is prohibited at the site, and one of the world's leading underground miners, Anglo American, could not successfully operate the venture
Daily Maverick
a day ago
- Business
- Daily Maverick
Valterra's maiden post-Anglo results underwhelm, but rising PGM prices bode well
The Valterra demerger from Anglo was a fairly straightforward process and the company looks ready to carve out its own destiny. The De Beers disposal will be much more challenging. Valterra Platinum's maiden interim results hardly shot the lights out, but rising platinum group metals prices (PGM) bode well for it as a standalone business outside the Anglo American stable. Indeed, with PGM prices once again on the boil, Anglo may yet rue its decision to demerge its platinum arm as it pivots to a sharper focus on copper, iron ore and fertiliser minerals. Valterra completed its demerger from Anglo in late May as the PGM market was showing the signs of an upturn. But the rally was not completely reflected in its results, which were hampered by an extreme flooding event at its Amandelbult operation – the weather is having a material impact on many a mining company these days. The company took a R4.6-billion hit from that deluge, but expects to get most of the money back from insurance. It also had a hit of R1.4-billion in one-off demerger-related costs – lawyers and bankers don't come cheap. Headline earnings per share tanked 81% to R4.73 per share. But the future, while perhaps not bright enough to don shades at this point, looks promising as the sun once again rises on the PGM industry. Perky prices Prices in the year to date have been perky. Platinum is up over 50% to more than 10-year highs, palladium is 35% higher, and rhodium is fetching 42% more. 'We have guided for a 15% increase in production in the second half, and we will be delivering that into buoyant prices,' CEO Craig Miller told Daily Maverick. 'We have been saying for quite some time that the market is in a deficit, that supply is relatively tight and that demand is robust. And that really played out in June and now July. The basket price in July is 20% higher than where it was in the second quarter.' Several factors explain this rebound from depressed prices that in recent years slashed the profits of PGM producers. These include the supply constraints that Miller mentioned, spurred in part by a collapse of the PGM recycling industry, which has also been battered by low prices. There have also been shifting demand patterns. Record gold prices have seen the jewellery industry switch to lower-priced platinum, while sales of hybrid vehicles – which actually require more PGMs than internal combustion engine vehicles – are gaining traction. For the second half of the year, Valterra will be able to bank on the recovery at Amandebult and higher grades from its cash-spinning Mogalakwena operation. The Valterra demerger from Anglo was also a fairly straightforward process, and the company looks ready to carve out its own destiny. Anglo will be releasing its interim results on Thursday and should provide an update then on its plans to dispose of diamond giant De Beers. The PGM sector has had a rough ride in recent years, but producers of natural diamonds face an existential crisis from the surge in lab-grown gems and changing consumer patterns.
