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If correct, then more the reason why it’s a good move, AAL going greener and by disposing of less valuable assets.
Don’t get too excited .
Speaking at a Bank of America Merrill Lynch global metals, mining and steel conference on Tuesday, he noted that thermal coal assets in SA and Colombia delivered just 1% of the group’s earnings before interest, tax, depreciation and amortisation
Smart move IMO, should boost the SP once confirmed:
“very resourceful, efficient, well managed”
A coronial inquest into the death of a central Queensland miner who suffocated on lethal gas has found operator Anglo American's record keeping was "grossly deficient" and his death could have been avoided.
Father-of-two Paul McGuire died after accessing an underground area filled with methane
Coroner David O'Connell found failures in the mine's job card system
Six coal miners and two quarry workers have been killed on Queensland mine sites since 2018
The company was at the centre of another major incident earlier this month, when five workers were injured in an underground explosion at its Grosvenor mine, which is also in the Bowen Basin.
Electrician Paul McGuire was sent to an underground area of the Grasstree coal mine near Middlemount in May 2014 to calibrate a gas monitor.
But the mine's electronic job card system sent the 34-year-old to an out-of-date location.
An inquest held in Mackay in February heard that Mr McGuire opened a hatch to the sealed room and suffocated on methane gas in a disused area known as a "goaf".
The father-of-two died almost instantly.
AAL is also certainly my top pic in the mining sector, great company, very resourceful, efficient, well managed, and further more IMHO, currently much undervalued:
MELBOURNE, May 20 (Reuters) - Australia’s Queensland state passed new mine safety laws on Wednesday that would see company executives jailed for up to 20 years if workers die due to criminal negligence, following a spate of mine deaths.
The legislation extended industrial manslaughter laws to the mining sector, as part of a package of safety and other reforms for an industry that employees 50,000 people in the state.
“This offence sends the clear message to employers and senior officers that the safety and health of their workers is paramount,” the state’s mines minister Anthony Lynham said in a statement.
“In the past two years we’ve had eight workers die, and a gas explosion in an underground coal mine has put five miners in hospital. It’s not acceptable,” he said.
Four of the five workers injured in the explosion at Anglo American’s Grosvenor coal mine on May 6 are still in a critical condition.
Anglo American declined to comment on the new legislation. The Grosvenor mine remains closed while the company and regulators investigate the incident.
The reforms, due to come into effect from July, include the establishment of a new health and safety regulator, and require people in critical safety roles in coal mines to be employees, not contract workers, to help them raise safety issues.
Last I heard it was stopped !
From the AGM Q&As
"What plans does Anglo American have to bring the Woodsmith mine into production? To what extent do they mirror and differ from the Sirius Minerals strategy and when is first Polyhalite production?
In the first two years under Anglo American’s ownership, we expect development work to be broadly in line with the revised development plan for the project, although we intend to update the development timeline, optimise mine design and ensure appropriate integration with our own operating standards and practices. During this period and subject to the update, development work of approximately US$300 million per year is expected. We will firm up the mine design and timing as we do our update work and we will provide updates in due course."
anyone know how we are doing with the tunnelling at Woodsmith?
Queensland has launched an independent mine safety Board of Inquiry into a coal mine explosion that caused serious injuries to five miners at Anglo American’s Grosvenor mine outside Moranbah last week. Mines Minister Dr Anthony Lynham said the board will be led by a retired judge or Queens Counsel and will be able to conduct public hearings, call witnesses and make broad inquiries, findings and recommendations relating to the explosion. He said “Last week’s underground gas explosion is something the industry has not experienced for more than quarter of a century. An underground gas explosion in a coal mine is simply unacceptable in the 21st century. The last mine gas explosion occurred at Moura No 2 in 1994, which killed 11 people. “The inquiry reports that followed those tragedies recommended safety measures that still protect mine workers today and that have no doubt prevented further incidents and saved lives over the past two decades. This latest board of inquiry is an opportunity to continue this government’s sweeping reforms to protect mine workers.”
The Platinum supply may loose momentum, however it which means when the car factories start up in earnest the price will rocket, and so will profits.
Fortunately for Anglo the downtime at the converter plant coinsided with a complete loss of demand due to Covid19, so much less of a loss then originally thought.
You must be making yourself really Ill searching every day cor anything negative to post. Your post about the Norwegian fund affected all miners.
Please keep posting , I love a good laugh as the share price keeps making me richer.
JOHANNESBURG - Platinum-mining supply was expected to lose its momentum this year due to the shutdowns to control the Covid-19 spread and repairs to the converter plant owned by Anglo American Platinum (Amplats), the World Platinum Investment Council (WPIC) said in a report published on Friday.
WPIC chief executive Paul Wilson said domestic platinum-mining supply would likely fall by 753 000 ounces this year, with at least 500 000 ounces of the reduction due to repair downtime at the Amplats converter plant, and the balance due to Covid-19-?related mining industry shutdowns.
“Mining shutdowns to prevent the spread of Covid-19 are expected to reduce platinum-mine supply by 253 000 ounces in 2020, yet this reduction will be eclipsed by the smelting outage, reducing refined platinum production in 2020 by 500 000 ounces,” Wilson said, adding that primary platinum mining and primary smelting was not affected by the outage.
Wilson said mining output built up during the converter-repair downtime was expected to take nearly two years to be processed at existing facilities.
Very nice. I see my Rios and Shell are both up by around 8% as well.
Gertfrobe I am an adult and I take responsibility for my mistakes so I am happy to acknowledge that having looked back through the last 10 pages or so of postings in this board you do not seem to be among those who have made posts about the Australian management at Sirius that are obviously racially vilifying. So I apologise sincerely. Let's leave it at that for both our sakes.
I trust you will see now how annoying it is in this day and age when people like you toxify the internet by trying to get up other people's noses by posting incessant negative sh*t on public forums. People eventually lose patience with that sort of crap and bite back.
Again, for your sake and everyone else's it is now well past time for you to leave this board and find something more productive to do with your time and money. I will now do the same.
Again best wishes with your finances.
“In this day and age there are plenty of people who would take some of your posts to their local police. Fortunately for you: a. I imagine there are very few people who even read a board like this any more; and b. most Australians can let that sort of sh*t slide.“
Growup please provide the time and date of this post.
Gertfrobe I also meant to add - politely I would advise you not to post further comments on this board or elsewhere that refer to the Australian management team at Sirius in terms which could be viewed as involving racial vilification of Australians. In this day and age there are plenty of people who would take some of your posts to their local police. Fortunately for you: a. I imagine there are very few people who even read a board like this any more; and b. most Australians can let that sort of sh*t slide.
Gertfrobe I would like to debate your posts.
Seriously, get some help and leave this board. If you are reduced to spending your days cutting and pasting every negative headline you can find about AAL on this board, which you have been doing now incessantly for months, you are obviously unhealthily fixated on the loss you incurred in Sirius.
You said a while back that the loss you incurred was not significant relative to your overall wealth. If so, why are you still attacking AAL in this manner? AAL is not to blame for your loss. AAL gave you something. The ONLY alternative was insolvency and complete wipe out. As an AAL shareholder I am appalled that AAL has purchased Sirius. It looks to me to be a pure money pit that is liable to compromise AAL shareholder returns for many years.
I don't want you to think that I am minimising or mocking the impact that your failed investment in Sirius has had on you. Losing a substantial portion of your net wealth on a bad investment is obviously likely to be a serious life trauma for most people, but trolling AAL shareholders on a board like this is not a sensible or productive way to deal with it.
I told you 6 weeks ago to stop being angry and get even. If you have any sense you would have used to last 6 weeks to increase your wealth vastly by hoovering up good assets at distressed prices.
As to the substance of your post. Is it acceptable? The market obviously thinks so because AAL is currently up over 9% on the day and up roughly 50 per cent since it bottomed in late March, when a** clowns like you were mocking me for being an AAL shareholder and crowing about how you were going to buy AAL when it hit £2 a share. Did you buy at under £11 when I told you to? Didn't think so. Plenty of people were obviously happy to take AAL shares off the Norwegian sovereign wealth fund in recent weeks at an absurd discount to value after those idiots decided to dump it for daft pc reasons. Good luck to Norway and its people if they are so wealthy that they can afford to dump assets in this way.
Sincerely I wish you all the best with moving on from Sirius but lease, there is no need for you to keep posting what you perceive to be negative AAL headlines on this board. It helps no one, least of all you. We can all use Google.
Captain Stanley would you like to debate any of my posts on AAL ?
Do you believe a gas explosion in an AAL coal mine in 2020 is acceptable ?
Still bitter about SXX Gertfrobe?
How's the AngloAmerican bashing/therapy going?
Perhaps try to move on?
Reuters Reuters13 May 2020
OSLO (Reuters) - Norway's $1 trillion sovereign wealth fund said on Wednesday it was excluding Glencore
MELBOURNE (Reuters) - Australia’s Queensland on Monday ordered an independent enquiry into an explosion at a coal mine run by Anglo American in the state that last week critically injured five workers.
The accident took place 15 months after another Anglo American worker was killed at a nearby mining complex and comes just months after a review called for tighter regulation of the sector that has seen at least 48 deaths since 2000.
The probe will be led by a retired judge or Queens Counsel who will be able to conduct hearings, call witnesses and make broad inquiries relating to the blast, state mines minister Anthony Lynham said.
“An underground gas explosion in a coal mine is simply unacceptable in the 21st century,” Lynham said in a statement.
“This latest board of inquiry is an opportunity to continue this government’s sweeping reforms to protect mine workers.”
Miners remained in critical condition after suffering burns to their upper bodies and airways following the blast, local media reported.
If you don't buy Chinese Bellers, it'll sadly hit your wallet too, well price to be paid I guess
Causal this accident happened yesterday ,the five miners were badly injured .
The mine is now closed.
That's why Gretforbe they bought SXX-https://seekingalpha.com/news/3571343-anglo-seeks-to-spin-off-south-african-coal-operations?utm_medium=email&utm_source=seeking_alpha&mail_subject=aaukf-anglo-seeks-to-spin-off-south-african-coal-operations&utm_campaign=rta-stock-news&utm_content=link-3
AN explosion at a coal mine run by Anglo American in Australia’s Queensland state has injured five people and halted production, said Reuters citing the UK-listed mining group.
Those hurt in the accident at Anglo’s Grosvenor metallurgical coal mine in central Queensland’s Bowen Basin have been transported to hospital, and all of their families have been contacted, said Anglo American in a statement.
“All remaining on site personnel have been accounted for. The mine is in the process of being evacuated and operations stopped,” it said.