Fortescue Metals addresses allegations of unsafe working conditions |
- Fortescue Metals addresses allegations of unsafe working conditions
- Israel's diamond exports rising while industry battles legislators
- BP sees growth in energy demand slowing, emissions rising 29% by 2035
- Turquoise Hill jumps 10% on robust production numbers
- NASA wants your name in its first asteroid mission, leaving in 2016
- Canada to US: Get us out of Keystone limbo
| Fortescue Metals addresses allegations of unsafe working conditions Posted: 16 Jan 2014 04:31 PM PST Fortescue Metals is defending itself against allegations that its Christmas Creek mine is unsafe. In December, after two deaths over a period of six months, the West Australian Department of Mines and Petroleum (DMP) ordered the iron ore miner to tighten safety procedures at all of its operations. In August an electrician in his 20s died at Christmas Creek. In October a worker was seriously injured after being "pinned in the rear truck's cabin for more than five hours," ABC News reported. Then last month, 33-year-old contractor died while doing maintenance on a surface miner overnight. Following the latest fatality, the DMP suspended surface mining operations at Christmas Creek in order to carry out an investigation. At the time, a union representative told Business Spectator reporters that his union had recently received complaints over Fortescue's mine, including anonymous emails. Mining Australia recently reported on four safety incidents at Christmas Creek that all occurred within one week. DMP told repoters that investigations are underway. Fortescue doesn't like what it's hearing and the company's CEO has published a video on YouTube addressing the concerns. In the video, Nev Power refers to "uninformed public comment" about safety and says that he "wants to make it clear" that "safety is core" to everything that happens at the company. "Recent serous incidents at Christmas Creek are totally unacceptable," Power says, adding that it would be "irresponsible" of him or "anyone else to comment publicly on any individual incident until formal findings are handed down."
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| Israel's diamond exports rising while industry battles legislators Posted: 16 Jan 2014 03:37 PM PST Israel's polished diamond exports rose by 12% over the past year, after a 23% dip in 2012, the Israeli Diamond Industry announced on Thursday. The country's trade in polished precious stones brought in $6.2 billion – $1 billion less than in 2011, a record year for polished diamond exports. Rough diamond exports totalled $2.9 billion, compared to $2.8 billion in 2012. The US is still Israel's biggest customer with 37% of the market, followed by Hong Kong, Switzerland, Belgium and then India. "The global diamond industry faced serious economic challenges in 2013 – high rough diamond prices, a slowdown in Asian markets and a reduction in credit," Moti Ganz, Chairman of the Israel Diamond Institute said in a statement. "Despite that, the Israeli Diamond Industry was able to achieve significant growth through creativity and resourcefulness." In an interview posted on the organization's website, Israel's Diamond Controller Shmuel Mordechai said that while exports have recovered somewhat from last year, profitability is still suffering. "The percentage of profits has dropped, and it may be that some of the firms experienced losses," Mordechai said. The industry also faces a dilemma because while the price of uncut stones rose "dramatically … there was no corresponding increase in the prices of polished diamonds," Mordechai explained. Israeli diamond traders have also been fighting lawmakers that are introducing anti-money laundering legislation. "We hope that the continued advancing of the restriction will happen in lockstep with the industry, but if it doesn't, it will happen in any case without the industry's approval," Mordechai said. The restrictions are currently being drafted and are part of a broader move to make Israel's diamond industry more transparent, especially in regards to 'blood diamonds.' Moredechai recently told Haaretz that within a year gemological labs will have to be licensed and adhere to a set of standards for determining the origin of the stones. Israel is a big player in the global diamond industry; the country's Diamond Exchange is the largest of its kind in the world. |
| BP sees growth in energy demand slowing, emissions rising 29% by 2035 Posted: 16 Jan 2014 12:42 PM PST Energy giant BP has some predictions on the future of energy. The news isn't great for coal, oil or the environment. In its fourth annual Outlook report, BP forecasts that growth in energy demand will start slowing, especially for oil and coal. The overall increase in energy demand is still massive though. "Energy consumption is expected to rise by 41 per cent from 2012 to 2035 – compared to 55 per cent over the last 23 years," the report reads. Unsurprisingly, emerging economies will lead the way. According to BP, these countries will contribute 95% to growth in energy demand over the next two decades. "Energy use in the advanced economies of North America, Europe and Asia as a group is expected to grow only very slowly – and begin to decline in the later years of the forecast period," BP writes. Breakdown Oil and coal will see the slowest growths in demand, 0.8% and 1.1% per year respectively. China and India will be the biggest consumers of both these fuels. If BP's predictions are accurate, natural gas will be the fastest growing fossil fuel, with demand rising at an average of 1.9% a year. Non-OECD countries will be responsible for the bulk of increases in consumption. Shale gas, with its growing popularity in Europe and North America, will meet 46% of the rise in gas demand. The story is even brighter for renewables. According to BP, renewables will "continue to be the fastest growing class of energy, gaining market share from a small base as they rise at an average of 6.4% a year to 2035." "While the OECD economies have led in renewables growth, renewables in the non-OECD are catching up and are expected to account for 45% of the total by 2035. Including biofuels, renewables are expected to have a higher share of primary energy than nuclear by 2025," researchers wrote. Emissions As for emissions, things are also looking up, in the literal sense. "Global carbon dioxide emissions are projected to rise by 29%, with all of the growth coming from the emerging economies," the study reads. On a positive note, BP Chief Economist Christof Rühl said that the "process shows the power of economic forces and competition … people are finding ways to use energy more efficiently because it saves them money. This is also good for the environment – the less energy we use the less carbon we emit." |
| Turquoise Hill jumps 10% on robust production numbers Posted: 16 Jan 2014 12:28 PM PST Shares in Turquoise Hill (TSE:TRQ) rose sharply on Thursday after the company announced strong growth in output and improving grades at its massive Oyu Tolgoi copper and gold mine in Mongolia. By midday Turquoise Hill stock was changing hands at $4.29, up 10.6% on the day, bringing its year-to-date gains to more than 21%. The Vancouver-based company said in a statement Oyu Tolgoi produced 76,700 tonnes of copper in concentrates during 2013, after fourth quarter production surpassed Q3 by 8%. Gold in concentrate output rose 18% to 74,000 ounces. 208,000 ounces of silver were produced. Mill head grades improved across the board as did recovery rates with copper recovery jumping from 73% in the first half of last year to 86%, but the company said shipments are "not yet aligned with production rates" and it has been building inventories. Full year 2014 output targets – 150,000 to 175,000 tonnes of copper in concentrates and 700,000 to 750,000 ounces of gold in concentrates – have not been revised. Turquoise Hill owns a 66% interest in Oyu Tolgoi in the Gobi Desert close to Mongolia's border with China with the government of the Asian nation holding the rest. Turquoise Hill is controlled by Anglo-Australian giant Rio Tinto (LON:RIO). Talks between Rio and the Mongolian government on the underground expansion of the $6.6 billion mine and the reworking of the initial Oyu Tolgoi deal signed in 2009 is ongoing. |
| NASA wants your name in its first asteroid mission, leaving in 2016 Posted: 16 Jan 2014 11:10 AM PST  Deadline to participate is Sept. 30 this year. For over two years some loaded business figures and even governments have been taking about mining asteroids, space travelling and building human settlements in other planets. Now the US National Aeronautics and Space Administration (NASA) is inviting people to have their name on a spacecraft headed to the asteroid Bennu in 2016. The names, etched on a "Messages to Bennu!" microchip, will travel on the OSIRIS-REx spacecraft, which will eventually spend its time orbiting the sun. Its main mission, however, is to collect at least 60 grams of material from Bennu's surface and return it to Earth in 2023 in a sample return capsule. Anyone wishing to participate in "Messages to Bennu!" should submit their name online no later than Sept. 30 at: http://planetary.org/bennu "You'll be part of humankind's exploration of the solar system –How cool is that?" said in a statement Bill Nye, chief executive officer of The Planetary Society, the organization collecting and processing the entries. Participants who "follow" or "like" the mission on Facebook will receive updates on the location of their name in space from launch time until the asteroid samples return to Earth in 2023. Facebook fans also will be kept apprised of mission progress and late-breaking news through regular status updates. Scientists have said asteroid mining is a necessity as many metals that underpin our modern economy are quickly being depleted. Without any new technological advances, metals like zinc and gold are expected to run out in 100 years, they claim. So far there are at least two asteroid mining companies —Planetary Resources and Deep Space Industries —and the US National Aeronautics and Space Administration (NASA)looking into the feasibility of the extraterrestrial endeavour. Earlier this week, however, a study from Harvard-Smithsonian Center for Astrophysics brought rain to everyone's parade, highlighting just how problematic this space mining/travelling business could be. Image from by NASA's Marshall Space Flight Center/via Flickr |
| Canada to US: Get us out of Keystone limbo Posted: 16 Jan 2014 10:48 AM PST The Canadian government made another highly-publicized push for a decision on the Keystone XL pipeline in Washington on Thursday. Foreign Affairs Minister John Baird told the US Chamber of Commerce that even a 'no' would be better than more delays, the Globe and Mail reported. "The time for a decision on Keystone is now, even if it's not the right one," Baird said. "We can't continue in this state of limbo." The minister told reporters on Wednesday that he thinks the US will soon make a decision, the Canadian Press reported. With the construction season approaching, Baird expressed concern over construction worker jobs. "The last thing that we want to see is unemployed construction workers sitting at home waiting for the call." The project could put "hundreds and thousands of people" to work in Canada and the US, Baird said. The minister will meet with US Secretary of State John Kerry later this week. The Keystone pipeline will "obviously be on the agenda," he said. If approved, the Keystone XL pipeline will transport crude from Canada's oil sands to Texas refineries. The Canadian government has been one of the industry's biggest supporters, dishing out $24 million for an advertising campaign promoting the oil sands. But TransCanada, the company behind the proposed pipeline, recently said that if the pipeline isn't approved, it will look at building rail infrastructure to transport Canada's crude. Railways are considered by many – including TransCanada CEO Russ Girling – a more dangerous form of transportation than pipelines. |
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