south32
south32: to buy remaining 83% of arizona mining for $ 1. 75b
south32: to buy remaining 83% arizona mining stake for $ 1. 3bn
south32: arizona mining shares up on takeover offer by australian company south. .
south32 (souhy) presents at bank of america merrill lynch 35th annual global. .
south32 said it was
committed
to south africa' s
transformation agenda
.
south32 debuts as australia' s third - biggest miner with market value of $ 11. 3b
south32' s trading debut fell within aberdeen' s expectations. but given the commodity market, south32 investors had to be
prepared for volatility in the share price
, ms lopez said .
platts put all of these assertions to south32 and asked questions about the nature of the agency agreement, including the nature of the remuneration and other incentives for djj, and south32 declined to comment .
south32 has previously said its analysis of the new charter suggests historical transactions will continue to be recognised .
bad weather and challenging conditions at various operations impacted south32’s performance over the 2016 / 17 financial year .
in previous years, djj had an offtake agreement with south32 and its predecessor bhp billiton, along with trading house medima, which market sources said, gave buyers a choice of suppliers for south32' s products .
“we subsequently confirmed that there was no gas exceedance or breach of gas limits, ” the south32 asx statement said .
he said south32 would be culturally different from bhp billiton, primarily because it was smaller so it could be more nimble .
the latest incident was reported to the regulator about 7am on thursday, with south32 saying there were “no elevated gas levels” .
south32 missed its annual production guidance for worsley alumina, south african energy coal, australian manganese ore, silver and lead .
workers at south32’s appin mine have been evacuated again over gas problems, prompting the regulator to express concern about operating practices there .
shares in south32 were 8¢, or 2. 82 per cent, lower at $ 2. 76 at 10. 45am .
on monday, south32 said a review of the operation’s systems and operating practices were currently being undertaken to ensure its ongoing safety and reliability .
no re - entry to the mine can occur until the resources regulator is satisfied south32 has implemented revised control measures to ensure worker safety .
we are looking more at where south32 trades at from book value point of view – rather than its net present value ,
she said .
south32 was in the main a cost - out story and there was much new management could do internally before looking to m & a, she said .
south32 australia is committed to building strong relationships with our suppliers locally, domestically and globally to seek innovative solutions with a focus on safety, quality and cost .
the mine was most recently suspended in late june and remains suspended as south32 conducts a safety review, which analysts have said could take up to three months .
south32’s colliery has been slapped with another prohibition notice after the gas incident, which has been described by the company as “an issue with the gas extraction system” .
graham kerr, ceo - elect of south32, says the company will be culturally different from bhp billiton, primarily because it is smaller and could be more nimble .
there has been intense speculation that south32 could be a takeover target for mining deal makers mick davis of venture fund x2, and ivan glasenberg of trading giant glencore .
south32 highlighted a 2 per cent increase in total aluminium production for the year, driven by record performance at mozal aluminium, during a resurgence in the aluminium price .
gas has been an ongoing problem for south32 at appin, with methane buildups causing operations to be shut down in may, as well as in october last year .
south32’s june quarterly production report showed that aluminium annual production for fiscal 2017 rose 2 per cent and manganese ore production lifted by 5 per cent compared to fiscal 2016 .
michelle lopez, senior investment management at aberdeen asset management, says south32' s book valuation is attractive and it has no current plans to sell down the new vehicle .
local procurement is a key focus area for south32. we believe in empowering our local communities to be able to provide for as much of our supply chain as possible .
appin and the neighbouring dendrobium colliery generated a $ 471 million ($ 363 million), or about 12 percent of south32’s revenue, in the first half of 2017 .
while bhp had argued spinning off south32 would unlock value in bhp by making it a more streamlined company, investors didn' t appear to agree on monday; bhp shares fell 7. 3 per cent, or $ 2. 36, to $ 30. 13. bhp shareholders were gifted one south32 share for every share in bhp they own .
south32 withdrew staff from the mine on june 28 as a precautionary measure after a fault with the mine’s gas extraction system, the company said in a statement emailed to reuters .
bhp billiton was given a lukewarm reception from the market after spinning off south32 on monday, but investor says they will sit tight before making any big calls on the new company .
south32 has fallen just short of its full - year production guidance for all but three of its operations after forewarning a strong end to the year was needed to meet its targets .
cortexia' s own human factors and safety diagnostic was used to assist south32 in one of their major australian coal mines to identify areas of both strengths and weaknesses relative to other high reliability industries. cortexia' s diagnostic model was tailored to south32' s requirements and a series of over 35 intensive interviews were run with staff from management to the front line .
south32 ended monday with a market capitalisation of $ 10. 9 billion after making its debut in perth at $ 2. 13 a share, before closing at $ 2. 05 .
johannesburg - diversified metals and mining company, south32, said on monday that underground operations at the appin colliery, which forms part of its broader illawarra metallurgical coal operation, remained suspended .
south32 previously suspended operations at the mine last october, and again in may, owing to elevated gas concentrations and said in may that the stoppage would immediately hit sales because of low inventory levels .
given the scope of this review, an extended outage is now anticipated before production at illawarra metallurgical coal and be restored to historic levels. the dendrobium mine continues to operate ,
south32 said .
south32 said adverse weather affected development of new mining areas at the wolvekrans - middelburg complex in south africa, which led to a 9 per cent fall in the annual production of south african energy coal .
june 30 (reuters) - australian miner south32 ltd said on friday it has suspended operations at its appin coal mine on the order of a government regulator due to concerns over high gas levels in the mine .
“the regulator then issued a prohibition notice and expressed broader concern regarding the recent gas exceedance events and the operating practices of the illawarra metallurgical coal operation, ” south32 said in a statement to the australian securities exchange .
“while we didn’t achieve the level of consistency that we expect from our broader portfolio, our alumina, nickel and manganese operations finished the year on a strong note, ” south32 chief executive graham kerr said in a statement .
one of bhp billiton' s biggest shareholders, aberdeen asset management, says it will hold south32, and is unfazed by the fall in bhp' s share price in its first day of trade post the spin - off .
rbc capital markets analyst paul hissey said south32’s year had been marred by operational issues at illawarra and at the cannington silver, lead and zinc mine in queensland, with assets tending to fall short of guidance provided 12 months ago .
south32 warned the issues affecting production at illawarra, cannington and south african energy coal would continue to weigh on performance in the 2018 financial year. the company will provide guidance when it releases its full - year financial results in august .
south32 will produce aluminium, manganese, silver, zinc, lead, nickel, coking coal and thermal coal across a suite of assets, mainly in south africa and australia. its shares are likely to be heavily influenced by movements in commodity prices .
this comes after elevated gas concentrations were recorded at area 7 of south32' s appin mine in the southern coalfields of new south wales, australia, forcing the company to evacuate workers from an underground pit and suspend operations indefinitely pending the completion of an investigation .
as a result, south32 said the amount of production in its illawarra metallurgical coal sector – which is made up of appin and dendrobium mines – would be 10 percent below earlier expectations of 7. 9 million metric tonnes of coal in the year through june .
from south32' s perspective, the only thing i can think of is they get the biggest consumer of manganese alloys [ in north america ] on a plate, but at the risk of much lower prices than they would otherwise get ,
said the second trader .
a detailed assessment report was prepared highlighting the strengths and areas for improvement, along with a series of recommended strategic initiatives. a number of known and unknown issues were identified, with south32 now in a position to best target their initiatives in a cost effective and impactful manner with the support of cortexia .
a proposed exclusive agency agreement between australian manganese ore and alloys producer south32 and us - based david j. joseph & company, the raw materials arm of steelmaker nucor, has left many participants in the us ferroalloys market with a sense of consternation over what they believe creates significant conflicts of interest in the market .
south32, which had $ us1. 5 billion ($ 1. 9 billion) cash at the end of march, kicked off a $ us500 million buyback on april 19 and said as of june 30 it had spent $ us211 million purchasing shares at an average price of $ 2. 66 per share .
we remain committed to the country' s transformation agenda, with broad - based black economic empowerment entities having a 26 per cent equity interest in our south africa manganese mines and an 8 per cent equity interest in our south africa energy coal mines, which increases significantly when historic asset transactions are taken into account ,
south32 said .
sources said a steelmaker the size of nucor would want to keep all of its supply options open and not go with just one supplier .
even with the agency, if anything happens to south32' s production, they' d be foolish to put all their eggs in one basket, so they' re keeping their options open ,
said a second trader .
the agency would cover high - medium - and low - carbon ferromanganese and silicomanganese in north america, according to sources familiar with the matter. while south32 is one of the world' s largest manganese alloys producers, djj' s parent company nucor is the biggest consumer of these alloys in the us and north america, but djj also resells alloys and other raw materials to third - party steel mills .
most of us use the metals and minerals we mine every day, no matter who we are, or where we live. we play a big part in people’s everyday lives. our commodities
playing a key part in how the modern world works, we mine and produce commodities in a safe and sustainable way .
we invest in high - quality operations and have a significant presence in each commodity we produce. we are the world’s largest producer of manganese ore, a top producer of silver and one of the world’s largest ferronickel producers .
they power our homes, start our cars, build our roads, bridges, skyscrapers and hospitals and even make our coins and jewellery .
as part of our exploration activities we look to partner with junior explorers to allow us access to attractive opportunities. last year we entered into an agreement with tsx listed trilogy metals, to fund exploration of their high - grade copper resources in northwest alaska, collectively known as the upper kobuk mineral projects (ukmp). we will invest up to us $ 30 million over three years to explore, expand and advance the ukmp, and in particular to test the extension of the existing bornite deposit, with an option to form a 50 / 50 joint venture .
we continue to look for new opportunities to expand our horizons. we invest in exploration inside and outside of our portfolio, but making sure they match our capabilities. our exploration activities are carefully selected to have a high chance of success and are spread around the world, including places we have not operated in before .
we have a central marketing team that works across all our operations. marketing is managed out of singapore with support offices in london, south africa, and australia .
the marketing team works closely with our regions to make decisions on how to get our resource to market and is also responsible for commodity sales, purchasing of strategic raw materials and managing the delivery of commodities to customers .
however, it is understood bhp was pleased with trading on the day, given heavy falls across the resources sector and a 1. 33 per cent fall in the wider market .
today' s [ share price ] moves have not concerned us at all – we still think the long - term strategy is sound .
we plan to hold it for a while, there is quite a lot of upside .
​the company, led by former bhp chief financial officer graham kerr, instantly became australia' s third - largest miner by market value and sits in the top 50 companies by market capitalisation, behind its parent and rio tinto .
given how far commodity prices have already fallen, if valuations remain at this level, it looks reasonably attractive .
the cost - out story is what is going to drive it in the short term. longer - term we will be looking at how they can convert resources to reserves .
mr kerr said he wasn' t
too focused
on the new company' s share price .
what i will focus on is the things i can control – the safety, the volume, the costs, telling the investors the story, and the investors will put the appropriate price on the stock ,
mr kerr said .
i wouldn' t say i am unhappy but i am not really focused too much on it to be honest .
he laughed off questions about whether xstrata chief executive mick davis had been on the phone to talk about a deal .
​
i haven' t got my phone on me, but no ,
mr kerry said .
i think on all these things we will concentrate on what we can control. it sounds boring but the safety, the volume, the costs, the financial performance ,
mr kerr said .
we have spent a lot of time talking to our investors about the value proposition and i think it has been well received. you look at the vote for the demerger and the stock today is out there trading, so the market will make their assessment .
however, mr kerr has said the new company will be looking at its own opportunistic deals as it breaks away from its parent company .
we looked at the value when we did the demerger, we talked about it being about 10 per cent of the value, so you have to be a smaller, more nimble company .
the spin - off will be more diversified than bhp, with chief executive andrew mackenzie determined to simplify the business back to what he describes as its four
pillar
commodities of iron ore, petroleum, copper and coal, with a possible fifth pillar in potash .
our purpose is to make a difference by developing natural resources, improving people’s lives now and for generations to come. we are trusted by our owners and partners to realise the potential of their resources .
we are socially and environmentally responsible and through our actions we are creating a better future for our communities .
we base every decision on our values of care, trust, togetherness and excellence to meet the needs of today, without compromising the future .
we are delivering sector - leading value for our shareholders. our securities are listed and trade on the london stock exchange (lse) australian securities exchange (asx) and the johannesburg stock exchange (jse) .
our people are fundamental to our success. we' re creating a workplace where everyone is able to perform to their full potential every day .
we attract people with exceptional skills, who share our values and want to make a difference with the work they do .
as part of our team you will be brave enough to challenge yourself to be the best in what you do. we will help you stretch your capabilities, challenging you to constantly seek better ways to do things and taking advantage of every opportunity to let your career flourish .
we are a global resources company, producing products that are used in nearly every aspect of our daily lives .
our purpose is to make a difference by developing natural resources, improving people' s lives now and for generations to come. we are trusted by our owners and partners to realise the potential of their resources .
by investing in high - quality assets and maintaining financial discipline, we are unlocking value for our shareholders and global partners. we will constantly strive to improve our performance, through well - designed work and continuous learning .
we' re a global company, listed on three continents and with operations across five countries .
our leadership team reflects our international footprint, with directors based in africa and australia, and with decades of combined experience in resources, finance and corporate governance .
our operating model will guide us to deliver on our strategy and purpose, and to be a different kind of resources company .
we know we are as only as good as the people we hire. which is why our people are encouraged and supported to challenge the status quo and seek out smarter ways to do things .
we try to do things in a simpler, more sustainable way, with a relentless focus on improving the ways we work .
our people live and work in some of the world’s most unique and dynamic surrounds, but wherever they’re working we have put the right people in the right roles so they can carefully carry out their responsibility as custodians of community assets .
we believe in good corporate governance. to us this means promoting fairness, transparency and accountability across our company, and by setting out the rights and responsibilities of our board and management .
as part of our team you will be brave enough to challenge yourself and others to be the best in what matters. you will be a team player and be able to listen and learn from others .
on our side, we will encourage you to take advantage of every opportunity and let your career flourish .
we want to attract people who share our values and want to make a difference with the work they do .
our enterprise development programme provides selected local entrepreneurs with the necessary infrastructure and skill sets to develop into viable enterprises, who should be able to feed into our supply chain .
our supplier development programme grooms key local suppliers to meet our supply chain demand, while continuing to provide quality products and services .
. our buyers regularly access this portal to advertise opportunities and find new companies to supply us .
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raw materials buyers at steel mills outside of nucor have told s & p global platts they would either not buy from djj, or would do so reluctantly, because they fear purchasing agents within nucor would get to see how much third - party mills were paying for ferroalloys .
we have not bought ferroalloys from djj since it was acquired by nucor, because we view nucor as a competitor in several areas in which we operate and we do not want nucor to see what we are paying for raw materials - - period ,
said the purchasing agent at an alloy / specialty steelmaker .
this agency makes it worse because djj will have much more control over the alloys .
a second purchasing agent at a carbon steel producer echoed the view .
we' ve told them we' re not happy about this agreement and, ever since nucor bought djj, we' ve been reluctant to do business with them, because we' re not satisfied that nucor won' t see the prices we' re paying for alloys ,
the buyer said .
but a third purchasing agent for a steelmaker said he had no views
one way or the other
on the agency, or djj' s relationship with nucor .
we do buy from djj from time to time when they' re the lowest offer out there; sometimes they are, sometimes they' re not ,
the buyer said .
once i' ve made a purchase decision, it' s done and time to move on, so long as what i' ve bought arrives when we need it and it matches the spec we agreed to .
a fourth purchasing agent for a steelmaker with large flat - rolled operations in the us said he was not concerned by the agency because
i have no exposure to djj .
purchasing agents told platts that djj had first approached them during the summer months, saying it was considering taking on an agency, and some said they expressed concerns to the company at the time .
then we heard nothing until the conference [ cru ryan' s notes, last week of october ] and they told us they had got the agency, which was a surprise after we told them we didn' t view it favorably ,
the second purchasing agent said .
nucor acquired djj in 2008 for $ 1. 44 billion. ferroalloys is only one part of djj' s operations, which include ferrous scrap broking and scrap processing. it also operates in nonferrous scrap markets, including copper and aluminum .
on the supply side, manganese alloys producers and suppliers believe the agency makes an existing conflict of interest worse .
you' ve got the largest consumer of ferromanganese and silicomanganese in the country taking an agency with a vested interest in driving prices [ of manganese alloys ] down, when an agency is supposed to be about obtaining the highest price ,
said a representative from an overseas manganese alloys producer .
platts put this assertion and several other questions to djj, but in an emailed response, the company declined to comment .
so if we sell to nucor, djj gets to see the price - - and we know they do because djj issues the purchase order - - which means djj can then go and undercut me on a sale to another mill ,
the producer source added .
copies of purchase orders obtained by platts support this assertion. the pos are for transactions of different manganese alloys within the last six months to different nucor mills. the pos were issued by djj, showing details of the commodity, quantity, chemistry, delivery instructions to the nucor mill and the price agreed .
in one case, an internal nucor po was issued between a nucor mill and djj and a separate po was issued by djj to the trader for the same truckload of material, even though the trader said he dealt directly with the mill in negotiating the sale and at no time with djj .
in the other cases, the suppliers also said they never dealt with djj in the negotiations, only with the raw materials buyer at the nucor mill involved .
everyone' s worked around the conflict for the last few years, but with an agency, it changes ,
said a ferroalloys trader .
so if... i sell to a nucor mill, the pos come from djj with the quantities and prices on them. they know exactly what' s going on here; there are no chinese walls .
despite the agency agreement nucor put out requests for quotes last week for its 2017 annual requirements for high - medium - and low - carbon ferromanganese and silicomanganese .
the largest requirement is for nearly 99, 000 st of silicomanganese for 16 of nucor' s mills .
on high - carbon ferromanganese, the requirement is for just over 34, 000 mt for 13 of nucor' s mills .
the rfq for medium - carbon ferromanganese was for just over 15, 000 st for nine of its mills and the rfq for low - carbon ferromanganese covered just over 10, 500 st for seven mills .
none of the rfqs contained line item allocations for djj for resale. however, according to supply - side sales, previous long - term rfqs from nucor have contained such line items. all offers on the latest manganese alloys rfqs are due on november 28 .
the trader also said, before the agency agreement ,
we took the view when nucor acquired djj... we would not offer... to nucor and we' ve stuck to that, because we didn' t want djj reselling... and competing with us .
but another producer source said whether producers and suppliers offered to nucor would depend on market conditions .
it will be interesting to see... . now the market is turning and prices are moving higher, whether the other suppliers and producers hold their resolve and don' t offer [ to ] nucor, or else will only offer at inflated prices ,
the source said .
offering at inflated prices, the source suggested, could prevent djj from undercutting suppliers in competing for sales to steel mills outside of the nucor group .
platts also sought comment from nucor on these issues and, in particular, regarding the potential for conflicts of interest arising from the largest consumer of manganese alloys in north america entering into an agency agreement with one of the world' s biggest producers, and nucor failed to answer emailed questions or return phone calls seeking comment .
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the perth - based miner, which was spun out of bhp billiton in 2015, beat its guidance for its brazil alumina and cerro matoso nickel operations by 1 per cent and delivered on revised guidance for its troubled illawarra metallurgical coal operation .
but it fell just shy of guidance for its worsley alumina and australia manganese operations as well as revised guidance for its south africa energy coal and cannington silver, lead and zinc operations .
while we didn' t achieve the level of consistency that we expect from our broader portfolio, our alumina, nickel and manganese operations finished the year on a strong note ,
chief executive graham kerr said .
the miner warned in its march quarter report it required a strong final quarter from its suite of assets to meet its full - year cost guidance, after operational problems and wet weather hampered production in the march quarter .
the biggest slips in 2017 production compared to a year ago were silver and lead production, which fell 27 and 24 per cent respectively, and metallurgical coal, which fell 19 per cent year - on - year .
the reduction in metallurgical coal volumes was driven by ongoing operational issues at the illawarra operation in nsw .
work was suspended at the appin underground coal mine multiple times due to challenging ground conditions and elevated gas levels .
rbc capital markets analyst paul hissey said the full - year result was
marred
by the operational problems .
this result caps a year which was marred in some respects by operational issues at illawarra and cannington, with assets tending to fall short of guidance provided 12 months ago (in some cases, revised) ,
mr hissey said .
notwithstanding prices have been able to offset slightly lower volumes to deliver what should be a sound financial result .
mr hissey also suggested investors should
remain engaged given the balance sheet strength
and the potential for additional capital management .
the company said it would continue buying shares at a similar rate this financial year
assuming the on - market option remains an efficient mechanism
to return excess capital to shareholders .
south africa wants to increase the black ownership requirement for mining assets in the country to 30 per cent, from 26 per cent. but the move has been suspended following legal action by the country' s mining lobby .
in some cases, black investors have exited their investments in south african mining assets. under the previous rule, once the 26 per cent threshold had been met, selling down was not problematic but it remains unclear whether the old
once empowered, always empowered
principle will continue to apply .
it is the third suspension at the mine since last october over gas concerns, and the regulator said the colliery would remain closed until it was satisfied that it was safe .
it later found gas levels to be within safe limits and notified the new south wales department of planning and environment .
“whilst fy17 production should remain relatively unaffected (given the timing), this suspension will likely roll into fy18, ” royal bank of canada analyst paul hissey said in a research note .
it also cited difficulties with gas in the mine as the reason for a fall in output for the first half of 2017 .
the department said the mine was the subject of targeted regulatory attention “as a result of ongoing safety and compliance concerns” and the suspension would hold until any safety issues had been remedied .
the dendrobium colliery is still operating, the company said. ($ 1 = 1. 2990 australian dollars) (reporting by anusha ravindranath in bengaluru and tom westbrook in sydney; editing by richard pullin )
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illawarra metallurgical coal produces premium - quality, hard coking coal for steelmaking, with small amounts of energy coal as a by - product, from the bulli and wongawilli coal seams .
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but the resources regulator has said spoken out clearly, saying “ongoing safety and compliance concerns” meant that the colliery was the “subject of a targeted regulatory intervention” .
the company told the australian securities exchange that that operations had been suspended once again that day “as a precautionary measure” .
“the regulator then issued a prohibition notice and expressed broader concern regarding the recent gas exceedance events and the operating practices of the illawarra metallurgical coal operation. ”
a spokesman for the resources regulator said the incident related to “gas drainage plant failures” and “workers were withdrawn from underground in accordance with their ‘trigger action response plan’” .
“the prohibition notice will remain in place until mine safety inspectors are provided the procedures and conditions under which any re - entry will occur... and are satisfied additional and appropriate risk controls have been put into place to ensure workers at the mine are not exposed to risk, ” he said .
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cortexia is an australian human factors and safety consultancy delivering operational and bottom - line improvements for high - risk and high - reliability industries .
shares in south 32 have fallen after the diversified miner’s annual production of many commodities, including coal, dropped and the company missed its full - year production guidance on some of them .
but output for energy coal fell 8 per cent, metallurgical coal dropped 19 per cent, and manganese alloy was down 2 per cent .
nickel production fell one per cent, silver decreased by 27 per cent, lead was down 24 per cent, and zinc dropped 11 per cent .
on a quarterly basis, fourth - quarter production in all commodities lifted or was flat except for silver, lead and zinc, which were lower .
mr kerr said production at the appin metallurgical coal colliery in nsw’s illawarra region remains suspended while operations there are reviewed so that the mine can be restarted safely and reliably .
the nsw department of planning and environment has expressed concerns over gas levels and operating practices at the illawarra metallurgical coal operation .
but production of australian manganese ore fell because of heavy rainfall and tropical cyclone alfred .
the mozal aluminium smelter in mozambique achieved a record performance for the year, lifting production by 2 per cent .
“notwithstanding, prices have been able to offset slightly lower volumes to deliver what should be a sound financial result, ” mr hissey said in a research note .
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south32 is a base metal and coal mining company based in perth , western australia . it was spun out of bhp billiton on 25 may 2015 . the company is listed on the australian securities exchange with secondary listings on the johannesburg bourse and the london market . 
south32 is a base metal and coal mining company based in perth, western australia. it was spun out of bhp billiton on 25 may 2015. the company is listed on the australian securities exchange with secondary listings on the johannesburg bourse and the london market.
south32 is a base metal and coal mining company based in perth, western australia. it was spun out of bhp billiton on 25 may 2015. the company is listed on the australian securities exchange with secondary listings on the johannesburg bourse and the london market.