Mining

Rio Tinto Limited successfully completes A$2,871 million off-market buy-back

Rio Tinto has successfully completed its off-market buy-back, achieving its share purchase target of approximately 41.2 million Rio Tinto Limited shares, for a total consideration of A$2,871 million (US$2,081 million1). The Buy-Back Price was A$69.69 per Share which represented a discount of 14 per cent to the Market Price2. Rio Tinto chief executive J-S Jacques said “We are delighted to be returning US$2.1 billion to our Rio Tinto Limited shareholders through this off-market buy-back. Strong demand has enabled us to return the maximum amount, and at a discount of 14 per cent. The remaining US$1.1 billion of funds will be returned through our ongoing buy-back of Rio Tinto plc shares. In 2018 we have announced cash returns to shareholders of US$6.4 billion. Our strategic focus, with disciplined allocation of capital, is ensuring that we continue to deliver superior returns to our shareholders in the short, medium and long term.” The Rio Tinto Limited Buy-Back was announced to the Australian Securities Exchange (“ASX”) on 20 September 2018 as part of a US$3.2 billion share buy-back programme (the “Programme”), returning the post-tax proceeds from the sale of coal assets in 2018 to Rio Tinto shareholders. Rio Tinto Limited bought back 41,198,134 Shares, at an aggregate cost of A$2,871 million (US$2,081 million). This represents 9.99 per cent of Rio Tinto Limited’s issued ordinary shares (or 2.41 per cent of the Rio Tinto Group’s issued ordinary shares3). Following completion, Rio Tinto Limited’s issued share capital will stand at 371,216,214 shares. The portion of the Programme relating to the on-market buy-back of Rio Tinto plc shares will now total a maximum amount of US$1,119 million and will commence on 28 February 2019 and will be completed no later than 28 February 2020. All shares purchased will be cancelled. Due to the significant oversubscription for the […]

Rio Tinto’s vision of ‘mining as manufacturing’ comes a step closer

What is manufacturing? It could be said to be a series of discrete often automated operations, co-ordinated and linked by sensors and data, to create an efficient and seamless production and logistics process from raw material to product. Rio has for many years been pursuing a vision of mining as just such a thing – a factory if you like, just a very de-centralised one. Thus drill hole creation at its Pilbara mines are an automated process, the drilling begun or ‘pulled’ through the system by the requirements of specific ships approaching Port Hedlend to pick up blended iron ores for individual customers. Just as cars are built for specific customers, ore is only mined when sold. The company has been automating key elements of the iron ore production chain – automated mine trucks, ore crushers, ore blenders, ship loaders etc…..and now the company has run its first driverless train. (see story) All this is controlled from a single centre located from Perth. Ultimately the company sees its Port Hedland operation working like a well oiled Toyota factory – a series of standardised operations, linked by logistics, centrally controlled and making only product that customers have already bought. An exciting concept – maybe our definitions are more out of date than we think.

Konecranes units and onsite maintenance scales new heights at Sino Iron

In the picture: One of the 125 Konecranes units assisting in the smooth running of CITIC Pacific Mining’s Sino Iron project One of Australia’s largest crane installations at CITIC Pacific Mining’s Sino Iron project is benefiting from the safety, efficiency and reliability of Konecranes CXT and SM cranes. Konecranes supplied a total of 125 units – a mixture of CXT wire rope hoists and SM winches from 1.5 tons -125 tons lifting capacity to the Sino Iron project, Australia’s largest magnetite mining and processing operation located at Cape Preston, 100 kilometres south west of Karratha in WA’s Pilbara region. The SM winches, in 75t and 125t options, are generally used for process related tasks in the ball mills, aggregate mills and magnetic separators, such as loading new balls into the mill. The CXT monorail hoists handle the comparatively lighter loads and are generally performing non-process related tasks such as service and maintenance. Konecranes’ world leading safety and efficiency technology is backed by local knowledge and support with over 31 sales and service locations across Australia and New Zealand. “The Konecranes units certainly benefit our operations, particularly where there’s no pedestrian access,” says Mr Alan Shepley, Senior Coordinator, Maintenance Services, CITIC Pacific Mining. Konecranes has just recently completed the assembly and installation of several new 75t and 125t SM cranes for the concentrator at Sino Iron. Konecranes Branch Manager for North West WA, Mr Steven Greenshields said the operation went very smoothly. “It has to date been a safe and highly successful build and install carried out by a professional and competent on-site install team.” To provide further support to the Sino Iron project, Konecranes has two technicians permanently stationed on site for 12 hours a day, every day of the year to perform service and maintenance on all the cranes, […]

Avoid the damage and disruption in mineral processing by unchecked vibration

In the picture: Marsh Mellows from Air springs Supply, an engineered solid rubber alternative to coil springs Vibration and noise are old enemies at mine, quarry and mineral processing sites, hazards that have been pushed into the spotlight in recent years by concerns both about worker safety and about plant efficiency and reliability. Vibration occurs in all rotating or reciprocating machinery as a result of forces generated within it. Sometimes the vibration is intended – as in vibrating screens and vibrating conveyor sections, for example – and sometimes it is caused by imbalances in rotors, bearings, springs and gears as vibration migrates from the source to surrounding structures and wear-prone components. If vibration is left unchecked, the consequences can include: – Breakdowns and downtime including Bearing failures, metal spring cracking and collapse, metal structure cracking and weaknesses potentially leading to unexpected plant shutdowns. – Operator fatigue and noise nuisance (NVH – noise, harshness and vibration is increasingly a factor in workers compensation issues) – Energy waste due to kinetic energy required for vibration – Interference with nearby computer, electrical and electro-magnetic equipment, potentially leading to production disruption. A simple, robust and effective means of solving vibration and isolation problems created by such equipment is provided by Marsh Mellow® springs, which are fabric-reinforced solid rubber isolators used for quiet isolation of machinery vibration and for general shock absorption throughout industry. The cylindrical springs, developed by Firestone – the world’s biggest producer of air springs for isolation and actuation – are used world-wide as an alternative to metal coil springs for applications involving quarries and mineral processing as well as building, construction, computer, electrical and electronic equipment including motors, gearboxes, compressors, conveyors, materials handling machinery and shock absorbers. Marsh Mellows give consistent performance regardless of changing loads, while offering high lateral stability […]