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☆ European markets flat with earnings and the Middle East in focus
▼ + stars: | 2023-10-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were muted on Tuesday, with corporate earnings season getting underway as investors continue to assess the turmoil in the Middle East. The European blue chip index closed Monday's session 0.2% higher, but futures point to marginal declines at Tuesday's open. U.S. stock futures were slightly lower in early premarket trade as third-quarter earnings season gathers momentum. Ericsson, Rio Tinto and Publicis are among the major European companies set to announce quarterly results on Tuesday, before Wall Street titans Bank of America and Goldman Sachs report ahead of the market open stateside. The ZEW economic sentiment index for the euro zone is due at 10 a.m. London time on Tuesday.

Persons: Goldman Sachs, Joe Biden, Antony Blinken Organizations: Ericsson, Rio Tinto, Wall Street titans Bank of America, Investors, Israel Locations: Asia, Pacific, Gaza . U.S, U.S, London

☆ These 'magic seven' global stocks pay a 7.8% dividend yield on average, Berenberg says
▼ + stars: | 2023-10-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Investors searching for income in today's volatile markets may want to look at the "magic seven" U.K. stocks identified by Berenberg. "The U.K. equity market is cheap," Berenberg analysts Jonathan Stubbs and Leoni Externest said in a note to clients on Oct. 13. "The median U.K. dividend yield is back to 3.6% and close to the highs of last year (3.8%)." Berenberg's analysis shows dividend yields above 4.5% have resulted in median returns near 30% for Rio Tinto, with a more-than-90% success rate. Aviva The insurer's 7.8% dividend yield has rebounded from below 2% during Covid-19.

Persons: Berenberg, Jonathan Stubbs, Leoni Externest Organizations: Tobacco, Rio Tinto, Aviva, Legal, General, British Locations: London, Rio, British, U.S, Germany, Rio Tinto

☆ Rio Tinto cuts Canada iron ore production estimate on extended plant outage
▼ + stars: | 2023-10-16 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

REUTERS/Chris Helgren/File PhotoThe world’s biggest iron ore producer expects an iron ore output of 9.3 million to 9.8 million tons (mt) from its Iron Ore Company of Canada (IOC) business, down from 10.0 to 11.0 mt previously projected. Rio reported a 1.2% rise in its third-quarter iron ore shipments, as it ramped up production at the Gudai-Darri mine. It shipped 83.9 mt of iron ore from Pilbara in the September quarter, compared with 82.9 mt a year earlier. The miner, which generates 70% of its profit from its iron ore operations, saw prices of the commodity improve as top consumer China stepped up its stimulus efforts. Rio realised a 5% increase in mined copper output to 169,000 tons, reflecting a ramp-up of high-grade underground Oyu Tolgoi mine and higher feed grades at Escondida.

Persons: Chris Helgren, Rio, ”, Kyle Rodda Organizations: Reuters, Rio Tinto, Developers Association of Canada, REUTERS, Iron Ore Company, Canada, IOC, “, Capital.com Locations: Rio, Toronto , Ontario, Canada, Northern Quebec, Pilbara, China, Escondida

Used copper wires are seen in a recycling company in Thoerishaus near Bern July 3, 2011. Copper producers increasingly want to share the risk and costs of projects, and the sector has already seen a jump in M&A activity, which more than doubled year-on-year to $14.24 billion in 2022. Miner and trader Glencore (GLEN.L) has been approached by potential investors in its Argentine copper projects Minera Agua Rica Alumbrera (Mara) and El Pachon, two sources said. According to Argentine government data, the projects could produce a combined 435,000 tonnes of copper a year. Both sources declined to be named because the information is not public.

Persons: Ruben Sprich, Glencore, Mara, El, Canada's Lundin, Jack Lundin, Lundin, Hudbay, EY, Paul Mitchell, Farid Dadashev, Clara Denina, Divya Rajagopal, Julian Luk, Veronica Brown, Jan Harvey Organizations: REUTERS, Sumitomo Metal Mining, Sumitomo, Reuters, BHP Group, BHP, Santo Domingo, Hudbay, Capstone, Taca Taca, Global Mining, Metals, RBC Capital Markets, Thomson Locations: Thoerishaus, Bern, Miner, Agua Rica, Argentine, Josemaria, Chile, Santo, Arizona, Rio Tinto's, Peru, Argentina

☆ Aboriginal elders suspend Rio Tinto site survey over heritage concerns
▼ + stars: | 2023-10-09 | by ( Melanie Burton | ) www.reuters.com time to read: +3 min

A combination image shows the Nammuldi rock shelter before (L) and after a mine blast by Rio Tinto in the Pilbara region of Western Australia, August 6, 2023. "Assessments found no structural damage to the rock shelter itself, and no damage to cultural materials," Cecile Thaxter, a Rio Tinto vice president, said in a webcast on Monday. A Rio Tinto spokesman did not immediately respond to a request for comment. The dispute comes as investors and automakers are increasingly scrutinising human rights and heritage protection in their assessments of Australian mines. However, Western Australia is set to overturn its 2021 Aboriginal cultural heritage protection laws, introduced on July 1, due to opposition from landowners.

Persons: Cecile Thaxter, Muntulgura, Dawn Hughes, Rio, Hughes, Melanie Burton, Sonali Paul Organizations: Rio Tinto, REUTERS, Rights, Aboriginal Corporation, Reuters, Tinto, Thomson Locations: Rio, Pilbara, Western Australia, Rio Tinto

☆ Rio Tinto Says No Damage to Aboriginal Rock Shelter Structure From Aug. 6 Blast
▼ + stars: | 2023-10-09 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

MELBOURNE (Reuters) - Global miner Rio Tinto has found no damage to the structure of a rock shelter at an Aboriginal heritage site in Western Australia that was impacted by blasting at its Nammuldi iron ore operations, it said after a visit over the weekend. Rio Tinto employees and representatives from the Muntulgura Guruma people visited the site last weekend, where a blast on Aug. 6 led to the fall of a Pilbara scrub tree and one square metre of rock from the overhang of a rock shelter estimated to have been inhabited over 40,000-50,000 years. "Assessments found no structural damage to the rock shelter itself, and no damage to cultural materials," Cecile Thaxter, Rio Tinto Iron Ore Vice President said in a webcast on Monday. Rio's destruction of rock shelters at Juukan Gorge in 2020 prompted a global outcry, the departure of top executives and a parliamentary enquiry that recommended an overhaul of Australia's Aboriginal heritage protection laws. Nevertheless, Western Australia is set to overturn its 2021 Aboriginal cultural heritage protection laws, introduced on July 1 after the destruction of the Juukan Gorge shelters.

Persons: Cecile Thaxter, Wintawari, Rio, Melanie Burton, Sonali Paul Organizations: MELBOURNE, Rio Tinto, Tinto, Rio Tinto Iron Ore, Aboriginal Corporation Locations: Western Australia, Rio

☆ Rio’s latest rock shelter damage highlights need for Aboriginal Voice, advocates say
▼ + stars: | 2023-10-03 | by ( Melanie Burton | ) www.reuters.com time to read: +5 min

Rio's destruction of rock shelters at Juukan Gorge in 2020 prompted a global outcry, the departure of top executives and a parliamentary enquiry that recommended an overhaul of Australia's Aboriginal heritage protection laws. Reaction to the incident has been more muted compared to the outrage over the Juukan Gorge rock shelters so far. VOICE FOR HERITAGELooming over the incident is Australia’s upcoming Indigenous Voice referendum set for Oct. 14 that would create a panel to advise parliament on issues affecting the Aboriginal and Torres Straits Islands communities. "It's hard to think of a more compelling practical example of the need for an Indigenous Voice in the mining policy debate," he said. A spokesperson for the state department regulating Aboriginal heritage protection said it was in contact with Rio Tinto but it was not investigating the latest incident.

Persons: Rio, Simon Trott, Warren Entsch, Rio shouldn't, Morgan Stanley, James Fitzgerald, Jamie Lowe, WGAC, Melanie Burton, Lincoln Organizations: Rio Tinto, REUTERS Acquire, Aboriginal Corporation, ABC, Reuters, Aboriginal, Torres Straits, Australasian Centre, Corporate, Indigenous, Title, Guruma Aboriginal Corporation, Thomson Locations: Rio, Pilbara, Western Australia, MELBOURNE, Western Australia’s, Juukan

☆ Rio’s Latest Rock Shelter Damage Highlights Need for Aboriginal Voice, Advocates Say
▼ + stars: | 2023-10-02 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +5 min

By Melanie BurtonMELBOURNE (Reuters) - Damage caused to an Aboriginal rock shelter by mining giant Rio Tinto in August underscores the need for better heritage protection laws and a greater say for Indigenous groups promised in this month's Voice referendum, advocates say. Rio's destruction of rock shelters at Juukan Gorge in 2020 prompted a global outcry, the departure of top executives and a parliamentary enquiry that recommended an overhaul of Australia's Aboriginal heritage protection laws. "Regrettably, it seems as though Rio's blast management plan has failed on this occasion leaving the Muntulgura Guruma People to pick up the pieces," said Wintawari Guruma Aboriginal Corporation (WGAC), which represents the Muntulgura, in a statement. A spokesperson for the state department regulating Aboriginal heritage protection said it was in contact with Rio Tinto but it was not investigating the latest incident. Should the Department receive a complaint from Wintawari Guruma Aboriginal Corporation, it will act immediately to investigate."

Persons: Melanie Burton MELBOURNE, Rio, Simon Trott, Warren Entsch, Rio shouldn't, Morgan Stanley, James Fitzgerald, Jamie Lowe, WGAC, Melanie Burton, Lincoln Organizations: Rio Tinto, Aboriginal Corporation, ABC, Reuters, Aboriginal, Torres Straits, Australasian Centre, Corporate, Indigenous, Title, Guruma Aboriginal Corporation Locations: Rio, Western Australia’s, Juukan, Western Australia

☆ Copper is critical to energy transition. The world is falling way behind on producing enough
▼ + stars: | 2023-09-27 | by ( Bob Woods | ) www.cnbc.com time to read: +8 min

watch nowIn the meantime, copper customers, in anticipation of shortages, are either delaying clean energy projects or reducing their need for copper, an economic principle known as demand destruction. Among other actions, it would dismantle most of the clean energy projects initiated by the Biden Administration. At that point, the consensus was that there would be a major copper supply response. That's presented the industry with a whole new era of copper demand, Adkerson said. China's economy has slowed, while those in the U.S. and Europe are striving to transition to clean energy.

Persons: Wood Mackenzie, Nick Pickens, we've, we're, Tesla, eyeing, Rishi Sunak, Richard Adkerson, he's, Adkerson, That's, Clayton Walker, Matt Murphy, Murphy, Walker Organizations: Polska Miedz SA, Bloomberg, Getty, EV, P, International Energy Agency, Heritage Foundation, Republican, Biden Administration, Phoenix, Resources, Freeport, Afp, Rio, Barclays, Rio Tinto, Caterpillar Locations: Glogow, Poland, Wood, EVs, McMoRan, Freeport, China, U.S, Europe, Papua, Freeport's Indonesia, Rio Tinto, Mongolia, Salt Lake City , Utah, Indonesia, Rio

☆ European shares slide as firmer yields, China woes weigh
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 25, 2023. REUTERS/Staff/file photo Acquire Licensing RightsSummaryCompanies STOXX 600 down 0.7%Sept 26 (Reuters) - European shares extended losses on Tuesday as elevated bond yields pressured the rate-sensitive technology sector, while weakness in China-exposed stocks persisted on slowdown jitters in the world's second-largest economy. The pan-European STOXX 600 (.STOXX) shed 0.7% by 0710 GMT, as the benchmark 10-year Bund yield hit its highest level since 2011. Technology stocks (.SX8P), whose valuations come under pressure as yields rise, slid nearly 2% to lead sectoral losses. China-exposed luxury stocks such as LVMH (LVMH.PA) and Richemont (CFR.S) weakened 1.5% and 2.5%, respectively, amid lingering concerns over the crisis-hit Chinese property sector.

Persons: Bansari Mayur, Sherry Jacob, Phillips Organizations: REUTERS, Staff, Technology, Rio Tinto, Energy Resources of Australia, Thomson Locations: Frankfurt, Germany, China, Northern Territory, Bengaluru

☆ New research may offer clue in search for rare pink diamonds
▼ + stars: | 2023-09-19 | by ( Katie Hunt | ) edition.cnn.com time to read: +4 min

CNN —Pink diamonds are extremely rare and coveted — a now-closed mine in Australia has been the source of 90% of the colored gemstones. The Argyle diamond mine is located in the remote Kimberley region in the far northeast of Western Australia. At Argyle, this process occurred around 1.8 billion years ago when Western Australia and Northern Australia collided, turning the once-colorless diamonds pink hundreds of miles below Earth’s crust. Pink diamonds from the Argyle diamond mine were formed when an ancient supercontinent was breaking up into fragments, according to a new study. This chain of events, according to the study, suggested that the junctures of ancient continents may be important for finding pink diamonds — and may guide exploration for other deposits.

Persons: ”, Hugo Olierook, Curtin, John de Laeter, Murray Rayner, Murray Rayner Supercontinents, Argyle, ” Olierook, “ Organizations: CNN, Western, Argyle, Nature Communications, Northern Australia, Rio Tinto, “ Argyle Locations: Australia, Argyle, Perth, Kimberley, Western Australia, Northern

☆ Rio Tinto shoulders Simandou iron ore bill as Chinese funds delayed - sources
▼ + stars: | 2023-09-18 | by ( Clara Denina | ) www.reuters.com time to read: +3 min

The Anglo-Australian miner owns two of four Simandou mining blocks as part of its Simfer joint venture with China's Chalco Iron Ore Holdings (CIOH) and the government of Guinea, where the mine is located. CIOH is 75% held by Aluminum Corporation of China (Chinalco) and 20% by Baowu Steel Group, with China Railway Construction Corporation (CRCC) and China Harbour Engineering Company (CHEC) each holding 2.5%. Simandou's other two blocks are owned by the Winning Consortium Simandou (WCS), made up of Singapore-based Winning International Group, Weiqiao Aluminium - part of the China Hongqiao Group (1378.HK) - and United Mining Suppliers. Rio earmarked $800 million for its share of the development in 2023 and around $2 billion a year in 2024 and 2025. Reporting by Clara Denina; Additional reporting by Felix Njini and Amy Lv; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, CIOH, CHEC, Simandou, Raphael Gnambalamou, Clara Denina, Felix Njini, Amy Lv, Jan Harvey Organizations: Rio Tinto, Developers Association of Canada, REUTERS, Ore Holdings, CIOH, Aluminum Corporation of China, Baowu Steel, China Railway Construction Corporation, China Harbour Engineering Company, Weiqiao, China Hongqiao, HK, United Mining Suppliers, Thomson Locations: Rio, Toronto , Ontario, Canada, Simandou, Guinea, China, Singapore

☆ Investors glimpse opportunity in Europe's unloved mining shares
▼ + stars: | 2023-09-15 | by ( Samuel Indyk | ) www.reuters.com time to read: +6 min

The metals and mining sector is typically used as a proxy for equity investors in Europe to gain exposure to China, given it is the world's largest commodities consumer, and it has sunk along with China's growth expectations. But Beijing in recent weeks has taken targeted steps towards supporting key pockets of its economy, lifting the mining sector off its 31-month lows. In the last month, the mining index has risen nearly 10% compared with a gain of just 2.5% for the wider STOXX 600. Sweeney says this wide range of measures could be a catalyst for an upturn in the metals and mining sector. "Obviously, the 800-pound gorilla from a primary metal demand perspective is China," Peter Mallin-Jones, mining analyst at UK investment bank Peel Hunt, said.

Persons: Ints, Nathan Sweeney, multiasset, Sweeney, LSEG, Peter Mallin, Peel Hunt, Jones, Daniel Major, Marlborough Investment Management's Sweeney, Samuel Indyk, Amanda Cooper, Elaine Hardcastle Organizations: REUTERS, Equity, Marlborough Investment Management, Miners, London Metal, Morningstar, UBS, Rio Tinto, BHP Group, Major, Marlborough Investment, Thomson Locations: Garpenberg, Sweden, China, LONDON, Europe, Beijing, Singapore, India, Indonesia, Malaysia, Nigeria, United States, Rio, Antofagasta, Rio Tinto, Marlborough

☆ European stocks higher in busy week for global economic data; miners up 2.7%
▼ + stars: | 2023-09-11 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets climbed Monday morning, kicking off a busy week of economic data releases around the world. Basic resources gained 2.7%, as stocks including Anglo American and Rio Tinto traded higher following gains in metals prices. European marketsInvestors are looking forward to key U.S. inflation data in the week ahead, with the latest consumer price index due Wednesday and producer price index Thursday. The readings come after a string of stronger-than-expected economic data points last week renewed worries that the U.S. Federal Reserve could raise rates more than previously expected. Asia-Pacific markets are also gearing up for big data releases this week.

Persons: Brendan McDermid Organizations: Rio Tinto, Investors, U.S . Federal, Traders, Reuters, Central Bank's Locations: London, Europe, Asia, Pacific, India, China

☆ Decarbonisation in mining still a long way off
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

Engineering student Mark Peirce from the School of Mines poses for a portrait in the college's experimental mine in Idaho Springs, Colorado, U.S., December 9, 2021. As metals are used across many different industries that serve customers across various geographies, it is difficult for mining companies to account for the whole supply chain. The International Council on Mining and Metals , whose members include around 25 mining companies, on Thursday published guidance for all mining companies on how to account and report their Scope 3 - or indirect - emissions "to try and answer the problem of patchy data to make companies report consistently," its CEO Rohitesh Dhawan said at the conference. Scope 1 refers to a company's direct emissions, Scope 2 to indirect emissions from purchased energy while Scope 3 refers to all other indirect emissions, for example from a company's third-party suppliers. Mining companies have set targets to decarbonise and mostly aim to reach net zero by 2040 and 2050, but some are struggling to keep up.

Persons: Mark Peirce, Kevin Mohatt, Virginia Dundas, Dundas, Rohitesh Dhawan, Rio, Adam Matthews, Clara Denina, Elaine Hardcastle Organizations: School of Mines, REUTERS, Reuters IMPACT, Council, Mining, Metals, Rio Tinto, Church of, Pensions, Thomson Locations: Idaho Springs , Colorado, U.S, Virginia, London

☆ Analysis-Lithium buyers eye cheaper early-stage deals in Australia
▼ + stars: | 2023-08-22 | by ( Melanie Burton | Scott Murdoch | ) www.reuters.com time to read: +6 min

So I think there’s going to be some opportunistic acquisitions.”There is already evidence of frenzied deal activity involving pre-producing companies. Develop Global, a base metals explorer backed by diversified miner Mineral Resources, last month proposed to acquire lithium developer Essential Metals for A$152.6 million ($97.98 million). “Even though battery chemistry is evolving and impacting certain metals, lithium is a mainstay and the demand story remains robust. The battery metals landscape, and lithium in particular, looks poised for further M&A activity,” said Gavi Friedland, head of metals and mining at Goldman Sachs in Australia & New Zealand. Mineral Resources is deciding whether to build an Australian lithium battery chemical plant, while Albemarle is expanding production at its Kemerton hydroxide plant and SQM is also building a lithium hydroxide plant.

Persons: Ivan Alvarado, acquirers, ”, Kaan, “, Gavi Friedland, Goldman Sachs, Guy Alexander, Buyers, Japan’s Idemitsu, Delta, Tony Chong, Squire Patton Boggs, Jakob Stausholm, Stausholm, ” Dale Henderson Organizations: MELBOURNE, REUTERS, Chile, Albemarle Corp, RBC, Develop, Mineral Resources, Metals, Minerals, Liontown Resources, Climate Capital, Consultancy, EV, Goldman, New Zealand, Resources, ”, Rio Tinto, Patriot Metals, Canada, Reuters Locations: Albemarle Chile, Chile, Australia, Sydney, Andover, Albemarle, Perth, China, U.S, Rio, Canada, Quebec

[1/2] A general view shows the brine pools of Albemarle Chile lithium plant placed on the Atacama salt flat, Chile, May 4, 2023. "It seems like the cheapest way to get lithium units is via the drill bit," said analyst Kaan Peker of RBC in Sydney. "Even though battery chemistry is evolving and impacting certain metals, lithium is a mainstay and the demand story remains robust. The battery metals landscape, and lithium in particular, looks poised for further M&A activity,” said Gavi Friedland, head of metals and mining at Goldman Sachs in Australia & New Zealand. Mineral Resources is deciding whether to build an Australian lithium battery chemical plant, while Albemarle is expanding production at its Kemerton hydroxide plant and SQM is also building a lithium hydroxide plant.

Persons: Ivan Alvarado, acquirers, Kaan, ”, Gavi Friedland, Goldman Sachs, Guy Alexander, Buyers, Japan's Idemitsu, Delta, Tony Chong, Squire Patton Boggs, Jakob Stausholm, Stausholm, Dale Henderson, Melanie Burton, Veronica Brown Organizations: REUTERS, Chile, Albemarle Corp, RBC, Develop, Mineral Resources, Metals, Minerals, Liontown Resources, Climate Capital, Consultancy, EV, Goldman, New Zealand, Resources, Tinto, Patriot Metals, Canada, Reuters, Thomson Locations: Albemarle Chile, Chile, MELBOURNE, Australia, Sydney, Andover, Albemarle, Perth, China, U.S, Canada, Quebec

☆ China's economy is teetering — and these European companies are among the most at risk
▼ + stars: | 2023-08-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Several signals from China this week suggest that European companies with close ties to the world's second-largest economy may face difficulties in the coming months. "BMW has the highest China exposure among European OEMs [original equipment manufacturers] — we prefer a higher US exposure (which Mercedes has). Methodology: Revenue data by geography was available only for 422 out of the 600 companies on the Stoxx Europe 600 index. FactSet data relies primarily on geographical sales data disclosures from companies directly. When this is not available, FactSet applies a proprietary algorithm to estimate the percentage revenue exposure.

Persons: Mercedes, Daniel Schwarz Organizations: JPMorgan, Eurostat, CNBC, Mining, Rio Tinto, UBS, RBC, Porsche, BMW, Volvo Locations: China, China's, Wall Street, Europe, Mining London, American, Swiss

☆ Europe Is Embarking on a Mining Renaissance. Winning Over Locals Is Proving a Challenge.
▼ + stars: | 2023-08-10 | by ( Yusuf Khan | ) www.wsj.com time to read: +12 min

“It’s definitely a [mining] renaissance,” said Rebecca Campbell, global mining and metals lead at law firm White & Case. “We’re trying to foster a permitting landscape that is both efficient and responsible.”In Europe, the mining renaissance comes after years of nearly no new mining activity on the continent. Left: A layer of spodumene within the host rock that Savannah Resources intends to mine. Savannah Resources, which has set up two offices in the municipality, has said it would strictly avoid that and instead build reservoirs to store rain water. That view is echoed by Savannah Resources.

Persons: COVAS, Portugal —, Barroso, BEL, mina ”, ”, Nelson Gomes, Covas, Alex Gorman, “, Nelson, YUSUF KHAN, “ It’s, Rebecca Campbell, ” “, Jayni Hein, Hein, “ We’re, Peel Hunt’s Gorman, Dale Ferguson, Gomes, Jessica Polfjärd, Polfjärd, Ana Fontoura Gouveia, Fontoura, ” Fontoura, Yusuf Khan Organizations: COVAS DO BARROSO, Associação, Peel, Vulcan Energy Resources, Adriatic Metals, White, Covington, Burling, Environmental, Council, Savannah Resources, Sustainable Business, Sweden’s Moderate Party, Serra Locations: Portugal, Porto, Boticas, Covas, It’s, Europe, Germany, Sweden, Bosnia, Finland, Greece, U.S, Savannah, London, spodumene, Serbia, China, yusuf.khan

An employee of a private security company stands in front of the logo of commodities trader Glencore during the company's annual shareholder meeting in Cham, Switzerland May 24, 2017. Analysts at Deutsche Bank had expected half-year earnings of $9.9 billion, while Citi's estimate was $11.4 billion. The company announced additional returns of around $2.2 billion, including a $1 billion special dividend and a $1.2 billion share buyback programme that will run until February 2024. Glencore in June offered to buy Teck's coal business as a standalone unit, having been rebuffed twice in its $22.5 billon bid to combine the two companies. As part of the deal, Glencore would spin-off and merge its thermal coal business with Teck's steelmaking coal one to form a separate New York-listed company.

Persons: Arnd, Glencore, Gary Nagle, Nagle, MARA, didn't, Bunge, Clara Denina, Pratima Desai, Kirsten Donovan Organizations: REUTERS, Canada's, Canada's Teck Resources, Tinto, Teck Resources, Deutsche Bank, Citi, U.S, Thomson Locations: Cham, Switzerland, Canada's Teck, Teck, China, New York, London, U.S

☆ Western Australia to overturn 2021 Aboriginal heritage protection laws
▼ + stars: | 2023-08-08 | by ( Melanie Burton | ) www.reuters.com time to read: +1 min

Aboriginal groups' members take part in a protest against what they say is a lack of detail and consultation on new heritage protection laws, after the Rio Tinto mining group destroyed ancient rock shelters for an iron ore mine last year, in Perth, Australia August 19, 2021. Courtesy Gabrielle Timmins/Kimberley Land Council/Handout via... Read moreMELBOURNE, Aug 8 (Reuters) - Western Australia will overturn its 2021 Aboriginal cultural heritage protection laws, set out after the destruction of the 46,000-year-old Juukan Gorge rock shelter after community uproar, the state's premier said on Tuesday. Instead, the state government will restore and amend 1972 legislation to ensure the protection of important sites, Cook said. "These are simple and effective amendments that will prevent another Juukan Gorge from happening," he said. Reporting by Melanie Burton; Editing by Kim Coghill, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Gabrielle Timmins, Read, Rio, Cook, Melanie Burton, Kim Coghill, Robert Birsel Organizations: Kimberley Land, ., Rio Tinto, Thomson Locations: Rio Tinto, Perth, Australia, Kimberley, MELBOURNE, Western Australia, . Farmers

REUTERS/David GrayLONDON, Aug 3 (Reuters) - Rio Tinto (RIO.L) is finding out just how hard it is to produce low-carbon aluminium. The company's biggest carbon headache is its aluminium business, which last year accounted for 21.1 million metric tons of carbon emissions out of a group total of 30.3 million metric tons. The pilot plant will produce around 6,000 metric tons of alumina per year while cutting carbon dioxide emissions by about 3,000 metric tons per year. Capacity at the low-carbon AP60 smelter, also in Quebec, will be expanded by 160,000 metric tons per year, with commissioning expected in 2026. Rio is investing heavily in recycled aluminium, which can be remelted using just 5% of the power needed to produce virgin metal.

Persons: David Gray, Rio, we're, Jakob Stausholm, Peter Cunningham, Jan Harvey Organizations: Rio Tinto, REUTERS, David Gray LONDON, Queensland Aluminium, Japan's Sumitomo Corp, International Aluminium Institute, Alcoa, Giampaolo, Reuters, Thomson Locations: Rio, Gove, Darwin, Australia's Northern, Pacific, Queensland, Australia, Portland, U.S, Canada, Quebec, North

☆ Major global firms warn of slow China sales as post-pandemic surge fades
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +4 min

Aug 2 (Reuters) - From consumer goods giant Unilever (ULVR.L) to automaker Nissan (7201.T) and machinery maker Caterpillar (CAT.N), global firms have warned of slowing earnings in China as the world's second-largest economy loses its post-pandemic bounce. A continued rebound has been limited to a handful of sectors such as dining and luxury goods, driving double-digit China sales growth for the likes of Starbucks (SBUX.O) and LVMH (LVMH.PA). Volkswagen (VOWG_p.DE) cut its full-year sales target last week due to a sales dip in China, its top market. "Unfortunately, our (China) sales outlook is now falling far below our production capacity," Nissan CEO Makoto Uchida said last week. "We mentioned during our last earnings call that we expected sales in China to be below the typical 5% to 10% of our enterprise sales.

Persons: Graeme Pitkethly, we're, Makoto Uchida, Jim Umpleby, Jacob Stausholm, Louis Vuitton, Tiffany, Jean, Jacques Guiony, Mimosa Spencer, Sophie Yu, Brenda Goh, Richa Naidu, Melanie Burton, Daniel Leussink, Victoria Waldersee, Miranda Murray, Rishav Chatterjee, Deborah Sophia, Ananya Mariam Rajesh, Yuvraj Malik, Miyoung Kim, Christopher Cushing Organizations: Unilever, Nissan, Caterpillar, Starbucks, Procter, Gamble, L'Oreal, Global, Volkswagen, Samsung, SK Hynix, Apple, Rio Tinto, Tinto, Yum, HK, KFC, Kailyn, Thomson Locations: China, KS, Rio, Yum China, Kailyn Rhone, New York, Paris, Beijing, Shanghai, London, Melbourne, Tokyo, Victoria, Berlin, Bengaluru

☆ Banks to fuel boom in UK Plc regular dividend payouts
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

The estimate from financial services company Computershare is 2.7 billion pounds higher than its April forecast and reflects improved profit prospects across the rate-sensitive industry. Computershare's latest quarterly Dividend Monitor showed bank payouts rose 61% on an underlying basis to around 7.8 billion pounds in the second quarter. The sector is set to raise headline payouts by over 3 billion pounds this year. That estimate is 1 billion pounds more than what it forecast three months ago. In the second quarter, UK dividends rose 3.5% on an underlying basis, but fell 9% to 32.8 billion pounds on a headline basis, it said.

Persons: Computershare, Rio, Danilo Masoni, Amanda Cooper, David Evans Organizations: MILAN, HSBC, Bank of England, Rio Tinto, Tobacco, Thomson

LONDON, July 27(Reuters Breakingviews) - The world is getting hotter, but when it comes to achieving net zero investors are cooling. Glencore (GLEN.L), the $75 billion Swiss group that is one of the world’s biggest coal miners, makes an interesting case study for what’s changed. Either way, the plan raises the prospect of Glencore bulking up in coal before offloading some or all of the enlarged business. True, a listing of Glencore’s enlarged coal business might not happen for a few years. While prices have now more than halved, Glencore‘s coal business would still make $9 billion in EBITDA in 2023 if they averaged $200 a tonne.

Persons: what’s, Glencore, Gary Nagle, Nagle, Teck, wouldn’t, There’s, Wael Sawan, Larry Fink, underwhelmed, ” Nagle, Glencore’s, George Hay, Karen Kwok, Peter Thal Larsen, Aditya Munjuluru Organizations: Reuters, Resources, Teck Resources, Bluebell Capital Partners, Investment, International Energy Agency, Reuters Graphics Reuters, Rio Tinto, BHP, GQG Partners, Capital Research Group, BlackRock, Vanguard, Services, Saudi, Aramco, United Nations, of, Pensions, Shell, Financial Times, “, Melbourne Mining, Capital Partners, Thomson Locations: Glasgow, Ukraine, EBITDA, American, U.S, Glencore, London, New York, Europe, Melbourne

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