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The Profitable and Untethered March to Global Resource Dominance!
Athens Journal of Business and Economics X Y GlencoreXstrata… The Profitable and Untethered March to Global Resource Dominance! By Nina Aversano Titos Ritsatos† Motivated by the economic causes and effects of their merger in 2013, we study the expansion strategy deployment of Glencore International plc. and Xstrata plc., before and after their merger. While both companies went through a series of international acquisitions during the last decade, their merger is strengthening effective vertical integration in critical resource and commodity markets, following Hymer’s theory of internationalization and Dunning’s theory of Eclectic Paradigm. Private existence of global dominant positioning in vital resource markets, posits economic sustainability and social fairness questions on an international scale. Glencore is alleged to have used unethical business tactics, increasing corruption, tax evasion and money laundering, while attracting the attention of human rights organizations. Since the announcement of their intended merger, the company’s market performance has been lower than its benchmark index. Glencore’s and Xstrata’s economic success came from operating effectively and efficiently in markets that scare off risk-averse companies. The new GlencoreXstrata is not the same company anymore. The Company’s new capital structure is characterized by controlling presence of institutional investors, creating adherence to corporate governance and increased monitoring and transparency. Furthermore, when multinational corporations like GlencoreXstrata increase in size attracting the attention of global regulation, they are forced by institutional monitoring to increase social consciousness. When ensuring full commitment to social consciousness acting with utmost concern with regard to their commitment by upholding rules and regulations of their home or host country, they have but to become “quasi-utilities” for the global industry. -
The Value of E-Procurement Models in B2b Exchanges - an Australian Experience
THE VALUE OF E-PROCUREMENT MODELS IN B2B EXCHANGES - AN AUSTRALIAN EXPERIENCE DOUGLAS THOMSON and MOHINI SINGH School ofBusiness Information Technology, RMIT University, Australia Abstract: This paper presents a theoretical e-procurement model that was developed for a large multinational Australian corporate as a business plan as the company moves from traditional paper and EDI based processes to e-procurement. The model provides a framework for optimising e-procurement processes while enhancing interrelationships between buyers and sellers. The multi disciplinary framework is based on value propositions specific to a single corporate, or to a buyer consortium using e-markets to facilitate B2B exchanges. The e-markets that facilitated the B2B exchanges or that were set up to facilitate the B2B exchanges comprised many founding shareholder enterprises, some of whom are both buyers and sellers in the B2B exchange arena. The impact of the model on e-procurement, the role of e-markets and resulting issues after implementation are discussed in this paper. The values of e-procurement models in B2B exchanges have also been highlighted. The model presented in this paper provides the framework for optimising these systems and processes and their relationships using e-enablement of the procurement process. 1. INTRODUCTION Corporates around the world are implementing e-business, and are looking for guidance as to how this may be best achieved. Australian businesses have variously considered the adoption of the Internet as a pervasive tool for communication, research and as a medium of business. These changes have created competitive global pressures which are intense, but are aided by an improved ability to cope with complexity through use of The original version of this chapter was revised: The copyright line was incorrect. -
Carta De Codelco
Codelco Investor Presentation February 2014 Copyrights © 2011 CODELCO-CHILE. Todos los Derechos Reservados. CopyrightsCopyrights © 20112010 by CODELCO--CHILE. All Rights Reserved. 1 Codelco´s Highlights Industry Overview Operating & Financial Review Development Plan Update & Outlook Copyrights © 2011 CODELCO-CHILE. Todos los Derechos Reservados. CopyrightsCopyrights © 20112010 by CODELCO--CHILE. All Rights Reserved. 2 Codelco At a Glance World Largest Copper Producer: 10% of Market Share Copper Reserves and Sep 2013 Financial Results Resources (million US$) (million mft) Pre-Tax Profit 2,672 Geological Resources 339.5 EBITDA 4,194 Mineral Resources 131.9 EBITDA Margin 38.5% Reserves 63.6 Sep 2013 Production* Credit Ratings (thousand mft) S&P AA- Stable Copper 1,310 Moody‟s A1 Negative World largest copper producer Fitch A+ Stable Molybdenum 16.2 2nd world largest moly producer DBRS A Stable *: Includes 49% share in El Abra and 20% in Anglo American Sur Copyrights © 2011 CODELCO-CHILE. Todos los Derechos Reservados. CopyrightsCopyrights © 20112010 by CODELCO--CHILE. All Rights Reserved. 3 Codelco: Sales Breakdown Sales Breakdown by Product – Sep 2013 Sales Breakdown by Region (mft) – Sep 2013 100% US$ millions 2013 % 1% 1% 13% 10% Copper 10,128 92.9% 90% Molybdenum 378 3.5% 10% 80% 12% Other Products (anodic slimes, 395 3.6% 70% 18% sulfuric acid, etc.) 15% Total 10,901 100% 60% 50% 18% 20% Copper Sales Breakdown (mft) – Sep 2013 40% Refined Copper 80% 30% Concentrate 20% - Cathodes 74% - Anodes/Blister 6% 20% 41% 40% 10% 0% Sep-13 Sep-12 China Asia (exc. China) Europe Source: Codelco North America South America Oceania Copyrights © 2011 CODELCO-CHILE. -
The Mineral Industry of Chile in 2014
2014 Minerals Yearbook CHILE U.S. Department of the Interior October 2017 U.S. Geological Survey THE MINERAL INDUSTRY OF CHILE By Susan Wacaster Chile’s position in the world’s mineral economy was that of a accounted for by the mining sector—4.9% by state-owned leading producer of copper, gold, iodine, lithium, molybdenum, Corporación National del Cobre (CODELCO) and 5.1% by natural nitrates, rhenium, silver, and zinc. In 2014, Chile private mining operations. The mining sector’s contribution to continued to be the world’s leading producer of mined copper, Government revenue between 2003 and 2013 averaged about accounting for 31% of the total; iodine, 66%; and rhenium, 20% annually but had been decreasing since 2008. The decrease 56%. Chile was the world’s second-ranked producer of lithium, was directly related to a downturn in international prices for accounting for 36% of total mine production after Australia copper. Since 2012, the average annual rate of growth of the (with less than a 1% difference), and mined boron (ulexite), price of refined copper on both the London Metal Exchange accounting for 10% of total production after Turkey (which and the New York Metal Exchange decreased by an average accounted for 70% of world production). Chile was the world’s annual rate of 8%. In turn, the average annual rate of growth third-ranked producer of molybdenum, accounting for 17% of of copper mine production in Chile increased by 3% per year. world production after China (37% of world production) and Mining sector activities contributed significantly to other the United States (24%); and the fifth-ranked producer of mined economic sectors in Chile. -
Telfer W with Pr 800,000 Copper Signific Resourc
4420 Newcrest Cover 04 6pp 16/9/04 9:52 AM Page 2 Telfer will be the largest gold mine in Australia, with projected annual production of more than 800,000 ounces of gold and 30,000 tonnes of copper for 24 years, positioning Newcrest as a significant and profitable Australian-based resources business. Newcrest Mining Limited Newcrest – The Sustainable Section 5 Resource Business 1 Sustainability and People 38 Section 1 Health and Safety 40 Our Results 2 Environment 42 Human Resources 43 Performance in Brief 2 Chairman’s Review 4 Section 6 ABN: 20 005 683 625 ABN: Managing Director and Corporate Governance 44 Chief Executive Officer’s Report 5 Board of Directors 45 Newcrest Senior Management 10 Corporate Governance 46 Financial Report 11 Section 7 Section 2 Concise Annual Report 2004 Financials 49 Operations 12 Directors’ Report 50 Cadia Valley Operations 14 Management Discussion and Analysis Ridgeway Gold/Copper Mine 14 of the Financial Statements 56 Cadia Hill Gold/Copper Mine 16 Statement of Financial Performance 58 Toguraci Gold Mine 19 Statement of Financial Position 59 Section 3 Statement of Cash Flows 60 Projects 22 Notes to the Concise Financial Report 61 Directors’ Declaration 68 Telfer Gold/Copper Project 24 Independent Audit Report 69 Cracow 26 Cadia East 28 Shareholder Information 70 Boddington Expansion Project 29 Five Year Summary 72 Section 4 Corporate Directory IBC Exploration 30 Strategy and Review 32 Mineral Resources and Ore Reserves 34 Newcrest Mining Limited Newcrest ABN: 20 005 683 625 Notice of Meeting Notice is hereby given that the 24th Annual General Newcrest Mining Limited Meeting will be held at the Hyatt Regency Hotel, Concise Annual Report 2004 99 Adelaide Terrace, Perth, Western Australia on Wednesday 27 October 2004 at 9.30am. -
Chapter 8: Colombia
8 Colombia 8.1 Summary of Coal Industry 8.1.1 ROLE OF COAL IN COLOMBIA Coal accounted for eight percent of Colombia’s energy consumption in 2007 and one-fourth of total exports in terms of revenue in 2009 (EIA, 2010a). As the world’s tenth largest producer and fourth largest exporter of coal (World Coal, 2012; Reuters, 2014), Colombia provides 6.9 percent of the world’s coal exports (EIA, 2010b). It exports 97 percent of its domestically produced coal, primarily to the United States, the European Union, and Latin America (EIA, 2010a). Colombia had 6,746 million tonnes (Mmt) of proven recoverable coal reserves in 2013, consisting mainly of high-quality bituminous coal and a small amount of metallurgical coal (Table 8-1). The country has the second largest coal reserves in South America, behind Brazil, with most of those reserves concentrated in the Guajira peninsula in the north (on the country’s Caribbean coast) and the Andean foothills (EIA, 2010a). Its reserves of high-quality bituminous coal are the largest in Latin America (BP, 2014). Table 8-1. Colombia’s Coal Reserves and Production – 2013 Anthracite & Sub-bituminous & Total Global Indicator Bituminous Lignite (million Rank (million tonnes) (million tonnes) tonnes) (# and %) Estimated Proved Coal 6,746.0 0.0 67469.0 11 (0.8%) Reserves (2013) Annual Coal Production 85.5 0.0 85.5 10 (1.4%) (2013) Source: BP (2014) Coal production for export occurs mainly in the northern states of Guajira (Cerrejón deposit), Cesar, and Cordoba. There are widespread small and medium-size coal producers in Norte de Santander (metallurgical coal), Cordoba, Santander, Antioquia, Cundinamarca, Boyaca, Valle del Cauca, Cauca, Borde Llanero, and Llanura Amazónica (MB, 2005). -
Investor Presentation
Southern Copper Corporation November, 2018 0 I. Introduction 1 Safe Harbor Statement This presentation contains certain statements that are neither reported financial results nor other historical information. These estimates are forward-looking statements within the meaning of the safe-harbor provisions of the securities laws. These forward-looking estimates are subject to risk and uncertainties that could cause actual results to differ materially from the expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Southern Copper’s (SCC) ability to control or estimate precisely, such as future market conditions, commodity prices, the behavior of other market participants and the actions of governmental regulators. Readers are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date of this presentation. SCC does not undertake any obligation to publicly release any revision to these forward-looking estimates to reflect events or circumstances after the date of this presentation. 2 Corporate Structure 100.0% (*) AMERICAS MINING CORPORATION 88.9% (*) Public Float 11.1% (*) 99.29 % 99.96 % SCC Peru Branch Minera Mexico (*) As of September 30, 2018 3 Copper – The Best Fundamental Story in Commodities Solid Fundamentals Copper Consumption by Region ► Copper has the best fundamentals in the basic materials space: ― Expect 2.8% copper demand growth. 2018 demand driven by strong U. S. economic growth. ― Expect supply growth of 2% due to lack of projects. About 1/3 of world supply will discuss labor conditions. ― Our basic scenario does not consider an escalation of U.S. -
Peñasquito Site Tour
Peñasquito Site Tour FEBRUARY 2020 PEÑASQUITO SITE TOUR 2.27.2020 Cautionary Statement CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS: This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” “target,” “indicative,” “preliminary,” or “potential.” Forward-looking statements in this presentation may include, without limitation, (i) estimates of future production and sales, including production outlook, average future production, upside potential and indicative production profiles; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of project spend, budget estimates, sustaining capital and -
Contents Codelco – 1.7MT Steady – Sum 1.7MT 2020 – GROWTH 1.7MT
Expected forward production per copper miner Contents Codelco – 1.7MT steady – sum 1.7MT 2020 – GROWTH 1.7MT ....................................... 2 BHP – 1.7MT – 3.4 MT – growth 3.4MT ............................................................................ 4 Rio Tinto – 0.4MT = 3.8MT – growth 3.8MT ...................................................................... 4 Glencore – 1.4MT down to 1.3 MT long term – 2020=5.2MT, 2024=5.1MT ...................... 4 FCX – 1.5MT – growing to 1.9 2022 = 6.7 MT later 7.1 MT ............................................... 4 Anglo American0.8 – +0.45MT by 2023 – 7.5MT – later 8.35MT ...................................... 5 Antofagasta – 0.7MT, going to 1MT 2025 – 8.3MT later 9.35 MT ...................................... 5 Norilsk 0.5 – stable – 8.8 MT – 9.85 MT .............................................................................. 5 First quantum 0.7MT – 0.7MT – 9.5MT later 10.55MT ....................................................... 5 Sourhern copper 1MT – 2025 1 MT – 2027 1.7MT – 10.5MT – 11.55 MT by 2025. 2027 12.35 MT................................................................................................................................ 5 Teck 0.3 MT + 0.3 by 2023 – 10.8MT – 2023 12.15 MT ..................................................... 5 Barrick Gold – 0.15 rest included with Zaldivar for Antofagasta – 0.15 = 10.95/12.3 MT .. 6 Newcrest mining – 0.1 growth Wafi Golpu – 11.05/12.4 MT ............................................... 6 Seabridge gold KSM project ................................................................................................. -
Emerging Players in Global Mining Public Disclosure Authorized Public Disclosure Authorized
Extractive Industries and Development48882 Series #5 June 2009 Public Disclosure Authorized Emerging Players in Global Mining Public Disclosure Authorized Public Disclosure Authorized Dr. David Humphreys The World Bank 1818 H Street, N.W. Washington, D.C. 20433 USA www.worldbank.org/ogmc (OR /oil OR /gas OR /mining) Public Disclosure Authorized www.ifc.org/ogmc (OR /oil OR /gas OR /mining) World Bank Group’s Oil, Gas, and Mining Policy Division Oil, Gas, Mining, and Chemicals Department A joint service of the World Bank and the International Finance Corporation The Oil, Gas, and Mining Policy Division series publishes reviews and analyses of sector experience from around the world as well as new findings from analytical work. It places particular emphasis on how the experience and knowledge gained relates to developing country policy makers, communities affected by extractive industries, extractive industry enterprises, and civil society organizations. We hope to see this series inform a wide range of interested parties on the opportunities as well as the risks presented by the sector. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors and should not be attributed in any manner to the World Bank or its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use. Extractive Industries -
The Weir Minerals Mill Circuit Solution Optimise Operations and Minimise Downtime
THE WEIR MINERALS MILL CIRCUIT SOLUTION OPTIMISE OPERATIONS AND MINIMISE DOWNTIME motralec 4 rue Lavoisier . ZA Lavoisier . 95223 HERBLAY CEDEX Tel. : 01.39.97.65.10 / Fax. : 01.39.97.68.48 Demande de prix / e-mail : [email protected] www.motralec.com Decreasing throughput. Interrupted fl ow. Unrealised potential. When your job is to micromanage movement, your equipment must function seamlessly. You depend on each piece of your circuit to work as one. You demand reliable starts and continuous “ We view our products in the same way The Weir Minerals Mill Circuit Solution is a combination of as our customers, seeing them not in processing—anything less than swift and steady is unacceptable. fi ve performance-leading brands, each with an exceptional isolation, but as part of a chain. In doing success record. KHD® high pressure grinding rolls, Warman® pumps, this, we recognise that a chain—the Vulco® wear resistant linings, Cavex® hydrocyclones and Isogate® valves create the solution you can count on to deliver more durability, customer’s process—is only as strong as improved throughput and less downtime. You can also count on its weakest link. This philosophy ensures technically led and quality assured complete management service that we address the areas that cost the throughout the life of your operation. Why the Weir Minerals Mill Circuit Solution? customer time and money. Our specialist We know that vital factors, including water levels, play a approach to these critical applications Because you’re only as strong as your weakest link. critical role in throughput and output. Weir Minerals offers means that all our development time and Floway® vertical turbine pumps, which work seamlessly in the circuit effort ensures that we deliver maximum For more than 75 years Weir Minerals has perfected the delivery and support of mill for many types of applications. -
A Leading Integrated Marketer and Producer of Commodities
Glencore Preliminary Results 2011 5 March 2012 Ivan Glasenberg Chief Executive Officer I 1 2011 highlights . Solid underlying profit highlighting the diversity and growth in Glencore’s businesses – Adjusted EBIT(1) up 2% to $5.4bn (Industrial up 18%, Marketing up >10% excluding Agricultural Products) – Glencore net income(1) up 7% to $4.1bn . Strong operating cash flow of $3.5bn(2) up 6% . Robust balance sheet with close to $7bn committed liquidity(3) provides security and opportunities – FFO to Net debt at 27% – S&P and Moody’s investment grade credit ratings improved in July(4) . Final dividend of $0.10 per share (total dividend of $0.15 per share) . Growth projects overall on track to time and budget Notes: (1) Pre other significant items. (2) Funds from operations. (3) Cash and undrawn committed facilities. (4) Moody’s Baa2 (stable), S&P BBB (stable). Following announcement of Xstrata merger, both agencies have flagged possible upgrade potential. I 2 2011 operating performance – Marketing activities Metals & Marketing activities delivered consistent results over 2011, generating Adjusted EBIT of $1.2bn, 11% lower than 2010 Minerals Marketed volumes were 5,652k MT Cu equivalent, 4% lower than 2010 Decline in performance partly due to lower profits from the ferroalloys and zinc/copper departments (which performed strongly in 2010 when physical purchasing and restocking in Asia was particularly intensive), offset by higher profits in the alumina/aluminium department where arbitrage opportunities were more favourable Energy Energy