Tag Archives: boss

Iron ore boss bullish in spite of ten-year low price tag plunge

Posted December 04, 2015 23:00:34

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The boss of iron ore at Rio Tinto is remaining bullish on extended-term demand for the commodity regardless of its price tag threatening to plunge beneath $ 40.

The iron ore price is edging close to a drop into the $ 30 variety, hitting a fresh ten-year low of $ 40.70 nowadays.

But Rio Tinto iron ore chief executive Andrew Harding mentioned the price tag had not “fallen off a cliff”, but was rather reflecting its extended-term typical.

“In reality what we’ve noticed, instead of a cliff which implies a plateau of permanently higher rates and then suddenly it disappeared, we in fact climbed a hill gradually and we’ve run down the other side in recent years,” he said.

“So that’s what the history is like, it’s not saying we’ve fallen off a cliff.

“The market’s really operating how markets constantly do in any commodity, not just mining, supply will follow demand, it does not pace perfectly with demand … it’s often bumpy.”

Mr Harding was speaking at an occasion to a crowd of junior miners, which are feeling the heat of tumbling prices.

The organization, along with its rival BHP Billiton have been accused of driving down the cost by adding provide to an already gutted marketplace, but both businesses have denied the claim.

Chinese steel mill demand causing price fluctuation

Mr Harding said the brief-term price tag weakness is being triggered by the purchasing behaviour of Chinese steel mills.

“The restocking in China usually happens about this time of year, and that is not operating at the rate that folks would have expected,” he said.

“Medium to extended-term very great, but we will be in volatile times as supply and demand in the close to-term come towards a balance.”

“Lengthy term, which is what you happen to be actually interested in lengthy-life mining operations … what is the world going to be like 15, 20, 30 years out?”

BHP Billiton iron ore chief executive Jimmy Wilson agreed.

“The iron ore price these days, … we’ve said for a long period of time that the price curve will flatten and rates will go up and down,” Mr Wilson stated.

The predicament is far more testing for the smaller Fortescue Metals Group (FMG), which has a wafer-thin margin at existing costs.

“We will have some struggles for some time, and no-one’s a good predictor of the iron ore value,” FMG executive director Peter Meurs said.

Regardless of the difficult conditions, Rio has not ruled out giving the green light to new greenfields mine Silvergrass, which would have the capacity to generate 21 million tonnes of iron ore a year.

Mr Harding stated new mines had been committed to on their lengthy-term worth.

“When you develop a mine, you happen to be not creating it for the day, it’s a multi-decade commitment, so what you’re interested in is how the cash flows play out over the extended term,” he mentioned.

The board will make a final investment decision on the Silvergrass mine next year.

Subjects: iron-ore, wa

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Olympic boss John Coates ’embarrassed’ by Rowing Australia oversight

Posted December 04, 2015 00:45:35

Australian Olympic Committee boss John Coates has admitted to becoming embarrassed by the sports body he when presided more than.

Speaking to ABC NewsRadio Mr Coates defended a controversial requirement for sports to compel their athletes to forego their legal “proper to silence” or miss selection for the 2016 Rio Olympic Games.

The provision is contained in the 2015 Anti Doping Policy sent by ASADA for adoption by all sports but early this week it was discovered Rowing Australia had uploaded the current version of the policy, minus the essential provision that states:

“The frequent law privileges against self-incrimination … are abrogated by this post.”

Mr Coates stated as soon as he was alerted to the omission he contacted Rowing Australia to ask why they had been the only Olympic sport not to have adopted the provision.

“Yeah, I rang them. I stated ‘do you know you did not do this,’ and they got the shock of their life,” he stated.

“It was a private embarrassment to me due to the fact I’m a former president of that physique and a former honorary secretary.”

It was place down to “administrative error”.

Mr Coates, who is also a vice president of the International Olympic Committee, is identified to support a hardline method to doping in sport and during a Senate inquiry in 2013 referred to as for criminal sanctions to be imposed against athletes who withheld details from the ASADA investigators.

Even though ASADA was offered a quantity of coercive powers, athletes having to forego the appropriate to silence was not 1 of them.

By inserting it into the Anti-Doping Policy template though, at the request of the Australian Olympic Committee, ASADA now has that energy.

Mr Coates said clean athletes had been happy to comply with a quantity of intrusions in order to shield sport from doping.

He described the intrusions — such as becoming accessible at any time for drug testing — as “element of the privilege of being an Olympian, part of the privilege of participating in the sport”.

“If it really is good adequate for ASIC (Australian Securities Investment Commission) to have these quite exact same coercive powers even when they may possibly self-incriminate and lead to economic penalties and to criminal sanctions, jail terms … in order to preserve the financial integrity of our financial markets, our position is it really is also great adequate to preserve the integrity of sport,” he stated.

Nevertheless, where ASIC has been provided that power via legislation, ASADA has not.

Mr Coates was asked to comment on the concerns of athletes and player unions who have spoken out publicly against the abrogation of the appropriate to silence.

“These are the unions who are not elected representatives of the athletes,” he mentioned, “I know who they are.”

He was asked no matter whether he thought players or athletes must not have union bodies representing them.

“I feel our position is that all bodies ought to have athletes representatives on their board who are elected by the athletes themselves,” Mr Coates said.

“That is the case with the Athletes Commissions in the national federations and the Australian Olympic Committee.

“It is not some other self-appointed physique that goes out and negotiates wages and other matters for them.”

Subjects: rowing, sport, australia

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Sentence provided to ex-Bega Cheese boss doesn’t reflect seriousness of crimes, court told

By Ursula Malone

Posted December 02, 2015 17:45:29

The 13-year maximum sentence given to former Bega Cheese boss Maurice Van Ryn was “manifestly inadequate” and failed to reflect the seriousness of his child sexual assault crimes, the Court of Appeal has heard.

Van Ryn was sentenced to 13 years in jail, with a non-parole period of seven years, right after pleading guilty to the abuse of nine boys and girls among 2003 and 2014 on the New South Wales South Coast.

Appearing for the crown in the Court of Appeal, Sally Dowling SC stated the sentencing judge erred in not taking into account proof of grooming.

She said the offences had been not a “brain snap” as Van Ryn had claimed throughout the trial.

Rather, she said, there was a “modus operandi” whereby Van Ryn enticed youngsters with gifts of income and sweets.

In one case she stated the successful businessman had taken a boy on an overnight trip to Canberra, throughout which he gave him alcohol and showed him pornography before sexually assaulting him.

“In my submission, the causes for rejecting a finding of grooming are totally unconvincing and not supported by the evidence,” Ms Dowling mentioned.

His offending, she said, was premeditated and cynical.

Many of Van Ryn’s victims and their families listened in the public gallery as the crown challenged the sentencing judge’s obtaining that Van Ryn had shown “deep contrition”.

“He consistently minimised and downplayed his function. The obtaining of deep contrition was not appropriately obtainable,” the crown submitted.

Appearing for Van Ryn, Stephen Odgers SC said the sentence imposed was the proper a single.

He stated while on the face of it the sentence appeared to be lenient, it was his submission that the Court of Appeal would not be happy it was inadequate.

He stated Van Ryn was taking drugs to minimize his sex drive and his testosterone levels had dropped down virtually to practically nothing.

Mr Odgers said his client’s willingness to submit to this remedy was proof of his contrition.

“It was open to the judge to conclude he was most likely to be able to maintain that regime and it was likely he would not reoffend,” he mentioned.

The panel of 3 judges adjourned to think about the appeal and was expected to provide its choice in the new year.

Topics: crime, law-crime-and-justice, courts-and-trials, bega-2550, nsw

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NBN boss insists roll-out on track, despite poor quality Optus network

Posted November 25, 2015 18:21:17

Internet LAN cables Photo: Leaked reports show the Optus network is not fit for the NBN and it could delay the Australia-wide roll out. (Reuters)

The National Broadband Network (NBN) says its long-range plans remain on track, regardless of leaked documents displaying significant issues about the state of the Optus cable network.

The NBN is considering whether it should replace the hybrid-fibre coaxial (HFC) network at a price of up to $ 375 million.

Leaked briefing notes published by Fairfax Media show NBN considered the Optus network — which it purchased for $ 800 million in August — was “not completely match for goal”, and that some gear would need to have to be replaced.

Issues were also raised more than a quantity of Optus nodes oversubscribed in a quantity of neighbourhoods.

The notes indicated about 470,000 premises could want to be reconnected to accommodate the NBN.

The sale of the Optus HFC network was a crucial portion of the NBN roll out.

The Federal Government has promised it will decrease the all round price of the scheme.

NBN says its met all its targets

In a statement, NBN said its corporate strategy accounted for the “ebbs and flows” expected in a project of this scale.

“NBN has met or exceeded all targets over the previous 18 months and we remain confident in our long-range strategy and the various methods we have in location to manage the danger.”

The network also claimed it had not located any “unexpected technical concerns” as component of its HFC trial at Redcliffe in Queensland, which covers 4,500 premises.

Labor’s communications spokesman Jason Clare said the Optus issues showed there would be additional delays and cost blow-outs.

“This is far more proof of the absolute mess that Malcolm Turnbull has created with his second-price NBN,” Mr Clare mentioned in a statement.

Prime Minister Malcolm Turnbull — who when served as communications minister — defended the NBN roll-out, claiming beneath Labor there would be more delays.

“It will be completed for $ 30 billion much less and amongst six and eight years sooner than it would have been, had Labor’s original plan been continued,” Mr Turnbull told Query Time on Wednesday.

“It was a shockingly reckless failure of policy and method.”

Topics: internet-technology, turnbull-malcolm, federal-government

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