MINE RUNNER Personnel Carrier |
- MINE RUNNER Personnel Carrier
- Chinese demand for Australian commodities not about to 'decline drastically' – Fitch
- Gold drops 2% as Fed reduces monthly bond purchases to $55 billion
- JPMorgan gets $3.5bn after Mercuria buys its commodities unit
- Ottawa reshuffle: Canada gets new Minister of Natural Resources
- MMG confirms negotiations with Glencore over Las Bambas; no guarantee of agreement
| Posted: 19 Mar 2014 05:51 PM PDT Thornbury, Ontario, Canada – March 4, 2014 – Breaker Technology's MINE RUNNER All Purpose Vehicle is a modern day solution for a future focused mining operation, aimed at safety, lower emissions, and increased productivity. Engineered from the ground up to be a leader in personnel safety and operational flexibility. Standard on the Mine Runner is a rigorously tested and independently certified ROPS/FOPS operator cabin. "The ever increasing payload requirements and tramming distances have exceeded the capabilities of the typical re purposed highway 4×4 style truck. Unlike many over the road type vehicles being modified for use underground, the Mine Runner is purpose designed and built for the underground environment," say Andy Jackson, BTI Engineering Project Leader, Mobile Equipment Systems. Both the primary braking (service brakes) and the secondary braking (emergency brakes) have been designed and tested to meet and exceed the CSA Braking Standard and Performance for Underground Mining Machines. CAN/CSA – M424.3-M90. Powered by our innovative "Hydraulic Wheel Drive" or "HWD" fluid controlled power train, the Mine Runner is capable of easy customization to a optional configurations without hindering performance or longevity of components. BTI – Breaker Technology is a manufacturer of quarry, construction and mining equipment. We specialize in rockbreaker systems, hydraulic breakers, demolition attachments and a full line of rugged, low profile mining vehicles. Well-recognized as a leader in global mining and quarry markets, BTI offers unparalleled experience and product support. For more information visit our web site www.rockbreaker.com  |
| Chinese demand for Australian commodities not about to 'decline drastically' – Fitch Posted: 19 Mar 2014 03:26 PM PDT China's stockpiles of iron ore won't hurt Australian miners, ratings agency Fitch predicts. "The fundamentals underpinning China's demand for key commodities from Australia remain unchanged," Fitch wrote on its website this week. Australian iron ore miners have been struggling with negative market sentiment as iron ore inventory at China's major ports reached a two-year high, hitting 105 million tonnes as of March 7, 2014. Lower GDP forecasts in China and weak commodity prices have contributed to uncertainty among coal and copper miners as well. China is Australia's biggest customer for these commodities. "We believe a combination of seasonal and one-off factors have clouded market conditions, and Chinese demand for Australian commodities is not about to decline drastically," the ratings agency wrote. The Chinese government's crackdown on pollution has extended the seasonal slow down as steel-makers are forced to upgrade their plants to meet environmental standards. Fitch expects China's steel production to pick up over the next few months now that Lunar New Year festivities are over. But while the agency believes that Chinese demand for commodities will keep rising in absolute terms, and that China's strong construction industry continue boosting Australian iron ore exports, the "extent of each year's incremental demand is likely to decline progressively." "Fitch is cautious that China's incremental demand for commodities (including iron ore) may have peaked – and will not revisit the 2008 to 2013 level that was fuelled by China's economic stimulus." |
| Gold drops 2% as Fed reduces monthly bond purchases to $55 billion Posted: 19 Mar 2014 01:52 PM PDT The gold price extended its losses on Wednesday after the US Federal Reserve announced that it would cut its monthly bond purchases from $65 billion to $55 billion. By late-afternoon the precious metal was trading at $1,329 per ounce, a 2% drop on the previous day, and its lowest point so far this month. Following a meeting of the Federal Open Market Committee (FOMC) on Wednesday, the Fed wrote in a statement that since its last meeting in January "labor market indicators were mixed but on balance showed further improvement." "The unemployment rate, however, remains elevated. Household spending and business fixed investment continued to advance, while the recovery in the housing sector remained slow. Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable." The gold price has been dropping over the past three days after the situation in Ukraine simmered, lowering demand for gold as a safe-haven asset. This week's sharp drop is inconsistent with steady gains seen since the beginning of the year. And the precious metal is still doing much better today than it was at the end of 2013 when it fell below $1,200 an ounce. Many traders were expecting the Fed to reduce stimulus spending this month, which is probably why the yellow metal didn't drop as much on Wednesday as it did when the Fed was just hinting at a possible tapering of its bond-buying program last summer. The US government has been buying billions of dollars worth of mortgage-backed securities and longer-term Treasury securities each month since 2008 when the financial crisis hit. Gold soared as investors lost confidence in the US economy and dollar. But ever since the Fed announced last year that it would look at reducing its bond-buying program, the gold market has been unstable, shedding 28% of its value last year. |
| JPMorgan gets $3.5bn after Mercuria buys its commodities unit Posted: 19 Mar 2014 12:02 PM PDT  JPMorgan spent five years and billions of dollars building the banking world's biggest commodity desk. JPMorgan Chase & Co (NYSE:JPM), the largest US bank, has finally gotten rid of its physical commodities unit, scoring a $3.5 billion deal with Geneva-based trading house Mercuria. Pushed by higher capital levels and tougher regulation, the US financial giant joins other banks such as Barclays and Deutsche Bank in a retreat that seems to mark the end of an era in which global investment banks rushed to take advantage of the commodity prices boom. The all-cash deal, expected to close in the third quarter of the year, propels Mercuria into the elite club of global commodity giants, alongside Glencore Xstrata (LON:GLEN), Vitol and Trafigura. The unit, put up for sale last year amid rising political and regulatory pressure on banks to go back to their core business, is considered one of the most powerful oil and metals desks on Wall Street. "Our goal from the outset was to find a buyer that was interested in preserving the value of JPMorgan's physical business," said in a statement Blythe Masters, head of JPMorgan's global commodities business. "Mercuria is a global leader in the commodities markets and an excellent long-term home for these businesses." The financial institution, which spent five years and billions of dollars building the banking world's biggest commodity desk, added it would still provide traditional banking activities in commodities markets, including financial products and the vaulting and trading of precious metals. Image from WikiMedia Commons |
| Ottawa reshuffle: Canada gets new Minister of Natural Resources Posted: 19 Mar 2014 11:44 AM PDT Canada's Minister of Natural Resources Joe Oliver will leave his post to take on a new position as Finance Minister. Oliver will replace Jim Flaherty who resigned on Tuesday. Ontario Conservative MP Greg Rickford, Minister of Federal Economic Development Initiative in Northern Ontario (FedNor), will take over as Minister of Natural Resources. In his last position Rickford was responsible for developing the Ring of Fire region – a massive mineral deposit in northern Ontario. A lack of funding and infrastructure have stalled development; mining company Cliffs Natural Resources suspended its project last year while federal and provincial governments struggle to agree on who should inject more cash. As Minister of Natural Resources Oliver was a great proponent of oil sands development. He defended Canada's limits on foreign purchases in Alberta's oil sands and fought off European criticism of the oil sands' environmental impacts. He's also been a strong advocated for the proposed Keystone XL pipeline, travelling to Washington several times to lobby for the project. The pipeline requires a Presidential Permit in order to carry oil from the border in Montana to Steel City, Nebraska. Rickford was also the Minister of State for Science and Technology. Conservative MP Ed Holder will replace him in this position. Prime Minister Stephen Harper had this to say: "Our Government remains focused on creating jobs, growth and long-term prosperity for all Canadians. Mr. Oliver, Mr. Rickford and Mr. Holder bring with them a wealth of skills, knowledge and experience, and I am confident that they will deliver results and provide strong leadership in these important portfolios." |
| MMG confirms negotiations with Glencore over Las Bambas; no guarantee of agreement Posted: 19 Mar 2014 10:56 AM PDT Australia-based MMG, the offshore arm of China Minmetals Corp, confirmed on Wednesday that it is negotiating with Glencore Xstrata (LON:GLEN) over the acquisition of the Las Bambas copper project in Peru. This is the first statement in which MMG has confirmed its intention to buy Las Bambas. Several media outlets speculated on the matter over the past few days and MMG halted trading on the Hong Kong exchange on Tuesday. MMG also noted that the two parties have not yet struck a deal and cautioned that "there is no assurance" that an agreement will be reached. The company is bidding for the project through a consortium with GUOXIN International Investment Corporation, a financial investment company registered in Hong Kong, and CITIC Metal, a subsidiary of state-owned investment firm CITIC Group. Glencore must sell Las Bambas by September in order to satisfy Chinese regulator demands. When the firm acquired Xstrata in May 2013, China's Ministry of Commerce insisted that it sell the $5.2 billion project over fears that the new mining giant would dominate global copper supply. Las Bambas is now in full construction phase and is set to produce 400,000 tonnes of copper per year starting in 2015. |
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