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Anglo Takes Axe to Spending, New Projects
Anglo takes axe to spending, new projects
MINING giant Anglo American will slash its 2009 capital expenditure by more than half and defer new projects in the face of the rapid decline in commodities prices and demand.
The United Kingdom-based company said it intends to reduce its 2009 capex to $US4.5 billion ($A6.4 billion).
Thus capex includes $1.3 billion of stay-in-business spending, lower than 2008 levels, the company said today when announcing its business-wide spending review.
The massive scale-back in capex will be achieved by rescheduling the company’s development projects for 2009. No new projects will go ahead unless these development projects are at an advanced stage and expected to perform strongly in the near term.
“We have taken decisive action as a result of the fast changing economic climate,” Anglo chief executive Cynthia Carroll said in a statement.
In coal, Anglo said it was anticipating further reduced demand from steelmakers and it had curtailed plans to grow its metallurgical coal production rates by 10%.
The miner also warned should steel demand fall further, it would respond with “further adjustments” to its metallurgical coal production rates.
Total coal production will be below 2008 levels, and capital expenditure on coal will be reduced to just $400 million.
In the other key steelmaking area, iron ore, Anglo American continues to ramp up production at the Kumba iron ore operation, however, spending on capital has been cut to $900 million.
The Minas-Rio project in Brazil will now be held off for 6-12 months, with first iron ore due in late 2011.
The miner will maintain base metal production at 2008 levels, except in copper, which will be 5% higher after de-bottlenecking at Collahuasi.
However, expansion at the Los Bronces copper mine in Chile will be delayed for eight months, and at the Barra Alto nickel mine in Brazil for a year.
In platinum – where Anglo is the world’s largest producer – demand has suffered “materially” as car sales plunge in developed countries.
The company intends to produce 2.4 million ounces of refined platinum in 2009.
Capex for the precious metal has been dropped to $900 million.
Despite all the doom and gloom, the company said it still believed the medium to long-term outlook was positive for its core commodities. However, the miner also said its 2010 spending was under review.
The miner also pointed out its debt loading was a manageable $11 billion, giving a gearing level of around 30% – one of its largest competitors, Rio Tinto, has been punished by equity markets in Europe and Australia, and spurned by one-time suitor BHP Billiton, for its massive debt position.
About the Author
http://www.cnmining.org/news/?id=824
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Can I kayak up to Nunavut from James Bay starting in Ottawa?
What if I drive up Matagami, Quebec and go north on the road to James Bay and then bring a bicycle and a kayak?
Then park the car at James Bay and then bring up loads of bags of Cheese crackers and water to last me weeks. And strap a kayack and bicycle to the top of the car?
And then strap the bicycle to the back of the Kayack when I get to James Bay, leaving the car in James Bay?
And then row my way into Nunavut? And then when I get to Nunavut, leave the kayak on the shore and take the ores with me.
And then ride the wet soaked up bike through the roadless terrain to get to Iqaluit?
Can this trip to Canada be done?
Well I'll have to row a bit into the Hudson Bay. But would this be an interesting Canadian trip?
I would fly up to Iqaluit but it costs too much. I want to save money by biking and kayaking up.
The furthest North you can possibly drive in Quebec is a town called Chisasibi. For directions from Ottawa see http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=ottawa,+on+to+chisasibi,+qc&sll=53.703211,-78.368225&sspn=0.778791,2.466431&g=chisasibi,+qc&ie=UTF8&z=5 .
From there, you could kayak out into Hudson Bay, all the way up to the Arctic Ocean, and along to Iqaluit. I wouldn't really recommend biking, since there really aren't any roads and you might get lost, but I suppose it would be possible to dock at the edge of the island away from Iqaluit.
See Iqaluit on the map here: http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=iqaluit&sll=62.0936,-67.027588&sspn=2.463255,9.865723&ie=UTF8&ll=59.998986,-73.608398&spn=10.551085,39.462891&t=h&z=5&iwloc=A
Well, it sounds like it would be a very exciting, interesting, and unique adventure, but it would probably take you weeks to months to kayak all the way from Chisasibi to Iqauilt, so I'd recommend a slightly larger boat, that you could keep supplies in, and sleep in. I guess people have kayaked all the way across the Atlantic before, but I dunno...the Arctic is a pretty wild ocean...just do lots of research and know well what you're getting in to before departing.