See http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=143022&sn=Detail&pid=92730.

See http://www.mining.com/2011/12/06/anglo-american-oks-1-7-billion-queensland-project-to-triple-its-australia-met-coal-output/

According to a recent survey, billions of dollars have been wiped off the bank accounts of Australia’s richest individuals – especially those who profit from the mining industry.

Nonetheless, they’re far from being completely down, Down-Under. Gina Rinehart clings on as Australia’s richest woman (and the richest woman in global mining), despite her personal wealth reducing by around A$1.6 billion over the past six months.

Glencore’s Ivan Glasenberg still has an A$6.6 billion share of the London-listed giant commodities trader/mining company, although it’s fallen in value by over 25% since May.

(Also mentions BHP Billiton, Rio Tinto and Xstrata.)

See http://www.minesandcommunities.org/article.php?a=11365.

Kallis outlined his vision for a $1.5 billion clean energy precinct in the outback of South Australia that would take advantage of the unique combination of geothermal, solar and wind energy resources, the intersection of major gas pipelines, and the proximity of the world’s largest mine and other major developments.

The big opportunity is, of course, to service the massive energy demands of BHP Billiton’s proposed Olympic Dam expansion – which could be more than 700MW at that site alone – as well as other mine proposals or expansions.

See http://www.climatespectator.com.au/commentary/cheap-and-green-energy-miners.

(The Olympic Dam mine is, of course, anything but clean – see http://www.foe.org.au/anti-nuclear/issues/oz/u/roxby/BHP%20Alt%20AR%202011%20-%20Dirty%20Energy.pdf.)

Scandalously, Swedish law does not recognise the right of its indigenous peoples to block mineral development when it goes against their interests. However, revised OECD Guidelines for Multinational Corporations (2011) do insist that financial institutions undertake a risk-based “human rights due diligence” study of any project they may support.

In the light of this, the Saami Council’s chief lawyer has urged Canaccord Financial (main backer of Scandinavian Resources) to visit the communities “in order to understand the severity of the human rights breaches concerned and why the communities will never consent to Scandinavian Resource proposed mining activities”.

Scandinavian Resources will be exhibiting at the Mines and Money conference in London on 6 December.

Meanwhile, a UK-based mining company, Beowulf, has also been accused of violating international conventions by  encroaching on Saami territory – as well as breaching its own pretended “ethical guidelines”.

See http://www.minesandcommunities.org/article.php?a=11325&l=1

See http://af.reuters.com/article/metalsNews/idAFL4E7N10GR20111201.

Uranium producers in Australia include BHP Billiton and Rio Tinto.

See http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=139608&sn=Detail&pid=92730.

Rio Tinto’s shutdown of its aluminium smelter at Lynemouth in Northumberland, in north east England, announced recently, marks the start of the company’s attempt to reap some dividend for, arguably, the worst business decision taken in the company’s history – the acquisition of Alcan in 2007.

It’s hardly an auspicious beginning to  Rio Tinto’s attempt to sell off 13 of its aluminium-related assets  in its newly-packaged Pacific Aluminium. “Under performing” is something of a euphemism to describe just what these assets are worth.

Matt Chambers pointed out last month in The Australian that: “What remains to be seen is whether Rio can sell the four smelters and the Gove [bauxite and alumina] operations in a trade sale, is forced to split them up or floats them on the stock exchange.”

The split up has begun with the Lynemouth closuree – leaving over 500 workers on the scrap heap (nice timing Albanese, just as the UK government issues the worst ever unemployment figures for 17 years!)

Although it looks certain that no one will now purchase the Lynemouth plant – except in a “fire sale” of individual lots – the related coal fired/biomass power plant, which supplied not only the smelter but the national grid, is a different matter.

(As a wikipedia entry points out in an intelligent summary of the status of this power plant: “It is the most thermally efficient coal-fired power station in the UK. Two separate wind farm plans currently have permission to be built near the station…In 2009, Alcan announced that they hope to fit the station with carbon capture and storage technology. In 2011, it was announced that the power station may be converted to burn biomass only, in a bid to avoid government legislation”. (See http://en.wikipedia.org/wiki/Lynemouth_power_station.)

As for the other dozen assets within Pacific Aluminium, it’s anyone’s guess as to who might be interested in taking them over, though Glencore (never one to neglect opportunities afforded by buying at the lower end of the market and integrating the assets within its own global strategy) might be a front runner.

It seems unlikely that Rio Tinto would go for an IPO – and if so, even more unlikely that it would try for a primary listing on the London Stock Exchange (especially since, following the Lynemouth closure, public and investor opinion in the UK isn’t going to be that favourable. (The ASX would be the obvious target.)

At any rate, one is left with the firm impression that Rio Tinto, extremely well-cashed up as it is, doesn’t care particularly about what happens to these assets, nor the workforces at them.

“No doubt there will be plenty of analysis in the world’s press about the Rio decision” a well-informed commentator said, “and most of it should be positive. Rio gets back to doing what it does best, digging”.

And the company has shown no sign that it wants to shed its bauxite mining  operations in northern Queensland.

However,  the Gove operations  are important for that particular enterprise – and Gove, at least at present, seems part of the Pacific Aluminium deal.

Another commentator makes the important point of  “disagree[ing] that it’s a good thing for Rio to get back to digging things out of the ground.  With 80% of their earnings coming from iron ore, the divestment of aluminium increases their dependency, or the risk factor for RT’s shareholders.”

Put bluntly – the company made an almighty hash of acquiring Alcan’s primary operations  in the first place; and it looks to be almost as messy a job to dispose of them.

See:

Rio Shutdown, http://www.businessspectator.com.au/bs.nsf/Article/Rio-Tinto-aluminium-Spotless-Pacific-Equity-Partne-pd20111117-NNRE3?OpenDocument&src=sph

Rio Tinto in no hurry on $3bn smelter sale, http://www.theaustralian.com.au/business/opinion/rio-tinto-in-no-hurry-on-3bn-smelter-sale/story-e6frg9if-1226169154465

Pacific Aluminium, http://az-china.com/blackchinablog/?p=1725 and http://az-china.com/blackchinablog/?p=1742

To read the alternative report, see http://bhpbillitonwatch.files.wordpress.com/2011/11/bhpb_report_sml.pdf.

Among London-listed mining companies affected are Anglo American, BHP Billiton, Rio Tinto and Xstrata.

See http://www.reuters.com/article/2011/11/08/us-australia-carbon-idUSTRE7A60PO20111108.

See http://www.mining.com/2011/11/02/rio-tinto-boosts-driverless-truck-fleet-for-use-in-pilbara/.

LMN member group Partizans notes that in the past, Rio Tinto seemed to favour eliminating workers by having them shot: Sir Auckland Geddes, Rio Tinto chairman, said to shareholders at its 1937 London AGM: “Since the [Rio Tinto] mining region [in Andalusia]  was occupied by General Franco’s forces, there have been no further labour problems…Miners found guilty of troublemaking are court-martialled and shot” [“Plunder!”, published byPartizans, London and Christchurch, 1991, page 8].

See http://www.businessspectator.com.au/bs.nsf/Article/Anglo-American-may-pull-investments-jobs-pd20111101-N7Q4J?opendocument&src=rss.

See http://coal.energy-business-review.com/news/bhp-billiton-approves-development-of-australian-coal-mine-011111.

See http://www.smh.com.au/environment/conservation/part-of-proposed-national-park-handed-over-for-mining-20111016-1lrp4.html.

Ranger mine owner seeks $A500 million for next stage development
Energy Resources of Australia Ltd, operator of the world class Ranger uranium project in Australia’s Northern Territory, has put out the bowl to shareholders seeking to raise A$500 million (US$505.9 million). The company, controlled by Rio Tinto, has announced a fully underwritten 12 for seven renounceable entitlement at an issue price of A$1.53 (US$1.548) per share. Rio Tinto said it is committed to taking up its 68.4% entitlement and indicated it would participate in sub-underwriting the retail entitlement offer. See http://www.mineweb.com/mineweb/view/mineweb/en/page72103?oid=137387&sn=Detail&pid=92730.

Go-ahead for UK nuclear programme
The Fukushima disaster provides no reason to restrict UK nuclear reactors or stop building new ones, the official nuclear regulator has concluded. Dr Mike Weightman, the UK’s chief nuclear inspector, found no fundamental weaknesses in the current licensing regime or safety principles. The government commissioned the report after events in March damaged Japan’s Fukushima Daiichi plant. See http://www.bbc.co.uk/news/science-environment-15256981.

Protest against nuclear plant in England
A quiet country road in Somerset was the setting for a 250 strong blockade as activists gathered to oppose the construction of Hinkley C – the first new nuclear power station to be built in the UK for over twenty years, part of government plans for up to ten in total. The project is backed by French energy corporation EDF.
See http://stophinkley.org/StopPress.htm.

10,000 protesters lay siege to Indian nuclear plant site
The agitation against Kudankulam Nuclear Power Plant near Tirunelveli in Tamil Nadu state reached a feverish pitch recently with more than 10,000 activists laying siege to all the entry points to the project site. See http://www.dnaindia.com/india/report_10000-protesters-lay-siege-to-tamil-nadu-nuclear-plant-site_1598354.