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13.02.2020 (642 Clicks)

Limestone in Australia no Match for Keller Expertise

In Perth, Western Australia, Keller has expertly navigated difficult soil conditions to deliver a retaining wall and foundation works for a proposed luxury aged care facility. We speak to Project Manager Brad Clothier to find out more.

12.02.2020 (675 Clicks)

LKAB: Year-end Report 2019: Strong Earnings in an uncertain Market

Stable production and favourable market conditions enabled LKAB to increase its operating profit both for the quarter and for the full year, this despite lower delivery volumes. The market remains uncertain, however.

Sales for full-year 2019 increased to MSEK 31,260 (25,892) and operating profit strengthened to MSEK 11,788 (6,869), an increase of 72 percent. The improved earnings are mainly due to higher iron ore prices and a stronger dollar exchange rate. Lower sales had an adverse effect. Operating cash flow for the full year increased to MSEK 6,981 (3,386). The improvement is mainly due to the increase in profits and to lower levels of capital expenditure. Higher expenditure on urban transformation had a negative impact. Profit for the year amounted to MSEK 10,173 (5,274) and the Board is proposing to the Annual General Meeting an ordinary dividend amounting to MSEK 6,104 (3,164).

For the fourth quarter sales increased to MSEK 6,947 (6,911) and operating profit increased to MSEK 2,047 (1,900). The improved earnings are mainly a result of a stronger dollar exchange rate and lower costs for urban transformation provisions. Lower prices for highly upgraded iron ore products and lower delivery volumes during the quarter had an adverse effect.

“I am pleased that we are delivering strong earnings despite an uncertain market and despite making significant investments in both the ongoing urban transformation and our projects for the future. We cannot influence conditions in the market, but we can secure our own competitiveness. We are doing this by optimising production in existing structures while at the same time developing sustainable, efficient iron ore production for the future,” says Jan Moström, President and CEO of LKAB.

Price levels squeeze demand for highly upgraded iron ore

The global spot price for iron ore peaked at around USD 125/tonne during the summer. Levels then fell significantly following a slowdown in demand from the steel industry. Towards the end of the fourth quarter prices increased again and at the end of the year the price was USD 92/tonne.

During the quarter the average spot price for iron ore was USD 89 (72)/tonne. Pellet premiums reduced further and were at a lower level than during the fourth quarter of the previous year.

“The change in demand that we saw during the year meant that to some extent we had to redirect our volumes to new customers and markets. We were very successful in this. However, delivery volumes for the full year were at a somewhat lower level than in the previous year,” says Jan Moström.

Continued focus on production stability

Production was relatively stable during the year, particularly in the third and fourth quarters. However, at the start of the year production was negatively affected by minor operational disruption at the pelletising plants in Kiruna as well as extensive maintenance work at the pelletising plant in Svappavaara. Despite this, LKAB is equalling its production record from 2017 of 27.2 Mt on an annual basis. The improvement is a result of LKAB’s focus on production stability.

Investing for a future of sustainable mining

In parallel with the improvements being made within the existing structure, LKAB is working intensively on how the business will operate in the future. Together with customers and suppliers, long-term work is in progress to develop processes and technology for fossil-free steelmaking and for automated and sustainable mining.

LKAB issued a SEK 2 billion dual tranche green bond with a term of 5,25 years during the quarter. The bond is the company’s first green bond. The proceeds will be used by LKAB to invest in the transformation of itself into a sustainable mining company of the future.

During the quarter, LKAB announced a new Group structure with effect from 1 January 2020. The current three divisions – the Northern Division, Southern Division and Special Products Division – will instead be divided into two business areas, Iron Ore and Special Products. The Communications department will form a new unit called Communications and Climate. The change is a further step towards a more decentralised organisation.

About LKAB

LKAB is an international high-tech mining and minerals group that mines and upgrades the unique iron ore of northern Sweden for the global steel market. Sustainability is core to our business and our ambition is to be one of the industry’s most innovative, resource-efficient and responsible companies. The group had sales of about SEK 26 billion in 2018 and employs about 4,200 people in 12 countries. Other group business include industrial minerals, drilling systems, rail transport, rockwork services and property management.

Source: LKAB

                     

12.02.2020 (942 Clicks)

Herrenknecht: Students get Information at first Hand

The Max Planck High School in Lahr hosted the 2020 Engineer's Day last Thursday, February 6, 2020, the tenth time it has taken place. The half-day event gives pupils first-hand insight into and information about careers in engineering. The opening presentation was given by Artur Miller, project engineer at Herrenknecht AG.

11.02.2020 (674 Clicks)

Vision Zero: Healthy Working at Rema Tip Top

'Vision Zero. Zero accidents - healthy working!' | Goal: Working environment without accidents | Cooperation with the employers’ liability insurance association for Raw Materials and Chemical Industry

10.02.2020 (618 Clicks)

Samsung SDI and Glencore extend their long term strategic Cobalt Partnership

Glencore has today signed a five year agreement with Samsung SDI for the supply of cobalt hydroxide.

Under the terms of this supply contract, Glencore will provide up to 21,000 tonnes of cobalt contained in cobalt hydroxide between 2020 and 2024.

09.02.2020 (850 Clicks)

Cimic’S CPB Contractors selected for two regional Road Projects in Australia

Cimic Group company CPB Contractors has been selected to deliver upgrades to two major regional highway projects.

07.02.2020 (731 Clicks)

ReNew Canada releases Top 100 Infrastructure Project List

In January, ReNew Canada published its annual “Top 100: Canada’s biggest infrastructure projects” report, which features a list of the largest Canadian infrastructure projects currently underway.

07.02.2020 (733 Clicks)

Statement on Mining Safety Reviews

QRC has welcomed the release of the Brady Review into Mining and Quarrying fatalities and two University of Queensland expert legal assessments of coal mining and mining and quarrying legislation.

These reports represent a wealth of information that the resources industry can use to further enhance safety.

06.02.2020 (706 Clicks)

Genoa in Italy: Completion of Piers on West Side of Riverbed in Record Time

Workers have completed the installation of all the piers on the west side of the Polcevera riverbed in Genoa across which will stretch the bridge being built by PerGenova, a joint-venture between Salini Impregilo and Fincantieri. With the installation of Pier 1 to support a ramp of the A10 Highway, the number of piers completed has reached 15 out of a total of 18.

05.02.2020 (764 Clicks)

Balfour Beatty appoints new Managing Director to lead its regional Construction Business in the South of England

Balfour Beatty announced the appointment of Beth West as Managing Director of its regional construction business in the South of England.