Lower carbon emissions foot the bill as BHP Billiton and Peking University sign $7.3million deal
In a three-year partnership, BHP and Peking University will be investing US$7.3million to develop low carbon emission technology across multiple sectors, particularly the iron and steel industries.
BHP Billiton Chief Executive Officer, Andrew Mackenzie, said the program is part of the Company’s support for the development of low emissions technology across multiple sectors.
“The application of carbon capture, use and storage may prove to be important to reducing the volume of greenhouse gas emitted by the steel sector in China and elsewhere. However, investment in the technology is behind where it needs to be,” he said.
“As a major metallurgical coal and iron ore supplier, BHP Billiton has a role in working with our customers, industry and research institutions in China. The work to be undertaken through this agreement is a necessary first step to get the fundamentals right and accelerate CCUS development and deployment.”
President of Peking University, Professor Lin Jianhua, spoke highly of the partnership as PKU’s latest example in seeking solutions to challenges faced by the country and the world.
“We recognise the importance of international collaboration in addressing the global challenge of climate change. This new project will push forward the collaborative work on many fronts, help support China’s carbon reduction, as well as promote friendship and cooperation between China and Australia,” he said.
Barrick profit beats expectations as copper, gold prices up
Barrick Gold has reported a 78% jump in first-quarter profit, beating analyst expectations thanks to rising gold and copper prices, and said it was on track to meet annual forecasts.
Production in the second half is expected to be higher than the first, the gold miner said, thanks in part to the ramp-up of underground mining at the Bulyanhulu mine in Tanzania and higher expected grades at Lumwana in Zambia, reports Reuters
Barrick’s first-quarter gold production fell to 1.10 million from 1.25 million ounces due partly to lower grades at its Pueblo Viejo mine in Dominican Republic.
Adjusted profit surged 78% to $507mn in the quarter ended March 31, from $285mn a year earlier, and Barrick announced a 9 cent per share quarterly dividend.
Stronger prices helped boost Barrick’s revenue from its copper mines in Chile, Saudi Arabia and Zambia by 31% from the fourth quarter. Overall earnings per share were $0.29, ahead of analysts’ estimate of $0.27.
“We expect a positive stock reaction to the earnings beat and strong cash flow,” said Credit Suisse analysts.
Potential for South Africa merger
Barrick CEO Mark Bristow, who has championed mergers across the gold industry, said he backed the idea of South Africa-listed miners Goldfields and AngloGold Ashanti combining.
Speculation has been swirling around the two companies and Sibanye-Stillwater, whose CEO Neal Froneman floated the idea of a three-way merger.
“I’m a South African, and this country has such a great mining history and it would be great to see a real gold business come out of the many failed discussions that we’ve seen,” said Bristow.
Goldfields declined to comment. In a statement, AngloGold Ashanti said it was focused on delivering on its growth plan to unlock value from its portfolio of gold assets.
Bristow also said he had met with the Democratic Republic of Congo’s new mines minister and other officials and was continuing to work on getting $900mn belonging to its Kibali mine joint venture out of the country.
“We have a solution, it just needs to be sanctioned by the appropriate authorities which haven’t been around for a while,” he said, referring to a recent government overhaul by President Felix Tshisekedi.