US Economy 'Holding Up Relatively Well,' IG Australia Says
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
27 minutes ago
- Yahoo
Peabody Energy terminates acquisition agreements with Anglo American
Peabody Energy has called off its planned acquisition of Anglo American's steelmaking coal (SMC) assets, citing a material adverse change (MAC) linked to unforeseen challenges at the Moranbah North Mine. The cancellation comes after an ignition event at the mine nearly five months ago, with the cause still undetermined and no clear timeline for resuming sustainable longwall production. Peabody president and CEO Jim Grech said: 'The two companies did not reach a revised agreement to cure the MAC that compensated Peabody for the material and long-term impacts of the MAC on the most significant mine in the planned acquisition. 'Peabody has chosen to terminate the transaction and will continue to execute our plans to create substantial value from our diversified global asset portfolio.' The acquisition, initially set to conclude in April 2025, faced uncertainty as Anglo American reported monthly holding costs of $45m at Moranbah North. The mine's projected output of 5.3 million tonnes (mt) of saleable production in 2025 remains in limbo, with no schedule for the return of longwall production at the anticipated volumes and costs. Anglo American CEO Duncan Wanblad said: 'We are confident in our belief that the event at Moranbah North in March does not constitute a MAC under the sale agreements with Peabody. Our view is supported by the lack of damage to the mine and equipment, as well as the substantial progress made with the regulator, our employees and the unions, and other stakeholders as part of the regulatory process towards a safe restart of the mine. "In fact, just in the last week we achieved a further important milestone, with our workforce signing off the risk assessment that underpins the restart strategy. We are therefore very disappointed that Peabody has decided not to complete the transaction. 'Despite our strongly held view, we believe that it would have been better for all parties to avoid a legal dispute," he said. Wanblad also emphasised that the company has put in considerable work and demonstrated considerable adaptability to reach an agreement with Peabody, suggesting changes and technical alternatives. However, following Peabody's choice to back out of the deal, the company's attention is now on safely resuming operations at Moranbah North and maximising the value from its entire SMC portfolio. Wanblad added: 'We continue to reserve our rights under the definitive agreements, we are confident in our legal position and will shortly initiate an arbitration to seek damages for wrongful termination." Furthermore, Peabody has also terminated a related sale agreement with PT Bukit Makmur Mandiri Utama for the Dawson Mine. Peabody is committed to distributing 65–100% of its available free cash flow to its shareholders, mainly via share repurchases, while also seeking organic growth through its vast asset base and upholding a robust balance sheet through strict capital management. "Peabody Energy terminates acquisition agreements with Anglo American" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
27 minutes ago
- Yahoo
Inspiring women in mining: Patience Mpofu, Insight Mining Experts
After more than 30 years working in mining and sustainability, Dr Patience Mpofu is an undisputed industry veteran – but she never planned it this way. 'Mining chose me,' says Mpofu, adding, with a grin, 'but I fell in love with mining.' After gaining an undergraduate degree in chemistry in South Africa, Mpofu obtained her first job in the industry as a research chemist at Impala Platinum. Not long after she was sponsored by Anglo Platinum to work on a tailings-focused sustainability project funded by the Australian Mining Industry Research Association. The role brought Mpofu to Australia, now her home, and where she went on to complete a PhD in mineral processing. It was only then, she says, that she realised mining's unequivocal impact on 'planet and people – including myself'. Mpofu was hooked by the potential to create a positive impact, even if she was often intimidated by being the only woman in the lab or field. 'The overalls never fit properly and there were never any women's toilets onsite,' she says. Supporting sustainability Inspired by these early roles – and subsequent senior ones at Anglo American, Lonmin (now Sibanye Stillwater) and South32 – Mpofu's focus nowadays is on championing sustainability and supporting women in climbing the ranks. Among the many positions she now holds, Mpofu is the CEO and founder of Insight Mining Experts, which supports miners with their environmental, social and governance (ESG) goals and conducts sustainability research. 'I was reflecting on my career, and I realised I had been working more on sustainability than anything else,' muses Mpofu. It is not just about the environment but also understanding communities' needs, she explains. 'Even at Lonmin [as senior manager for businesses development and strategy], I was doing transactions, but it was also about sustainability because we decided to give equity to employees and support local communities. When you start thinking, how do we ensure our communities are part of what we are doing? That is sustainability.' That role was a 'learning curve' for Mpofu – and where she decided this was an area she wanted to focus on. Later, at mining and metals company South 32, she was promoted to vice-president of corporate affairs and sustainability. Today, through her consultancy, Mpofu focuses on promoting circularity within the industry. 'If we start at the beginning where we hit the rock, then I think we can change the narrative about the mining industry; we need to start thinking about how we are designing the mine of the future and make sure we close the loop,' she says. Overcoming tailings management challenges Mofu says many of the issues the mining industry faces are tied to the fact it is still dumping waste. 'People see that waste; we are not leveraging all the ways we can to create value, employment and empowered communities,' Mpofu says. Insight Mining Experts was recently involved in an UpLink innovation challenge on circularity in the mining sector where start-ups could showcase their work. The consultancy participated because, Mpofu says: 'I am passionate about using innovation to change the industry – the projects are phenomenal. That is the next stage for us, to showcase what these people are doing and how mining companies can really embrace or support them.' For tailings management, where she had an early focus, does she think the industry has made progress? 'Absolutely,' she says, 'particularly in Australia.' Last year, Insight Mining Experts completed a report on Australia ESG performance of which she says it is a leader 'in certain areas'. While there has been notable progress in areas such as dewatered tailings and processing plants, Mpofu caveats this optimism by adding: 'Is it enough? No, we need to do more.' A huge challenge is legacy tailings that are "just sitting there". 'I was in Zambia recently working on an EU circularity project, mining has been [stopped] for decades, and the tailings are still there; they are huge. When people say mining is dirty it is because that is what they see.' Championing women in mining Another key challenge – and passion – for Mpofu is getting more woman into the mining industry. She has had her fill of 'being the only one in the room to look like me'. 'It is difficult when you probably don't laugh at the same jokes as your peers, superiors or subordinates. You want your sisters in there.' 'It has changed a bit, but not as much as we move upwards. It can be lonely. Sometimes you are misunderstood, sometimes you feel you are not enough,' she adds. In her career, Mpofu says she has never tried to hide her femininity. At times those qualities helped her to rise up the ranks. Her empathetic leadership style saw her promoted at Lonmin. She became a senior manager there when the company was negotiating with unions after the Marikana massacre, where 34 miners were killed by the South African Police Service. 'We had to negotiate with the same communities that were not happy, but I think coming in with an empathetic leadership style took me to the next level, including being vice-president,' she says. Luck has also played a role. When Mpofu joined Anglo Platinum, the organisation had a terrible safety record and changed its senior leadership team. This included eventually hiring the company's first and only female CEO, Cynthia Carroll, who "fundamentally changed everything". 'I was lucky that we went through a very strong cultural change in a very short space of time. I was at the peak of my career, and I worked for an organisation that was very good. In general, I was lucky I had some of the most amazing bosses in my early careers,' Mpofu reflects. However, there were times when she felt "excluded from certain conversations" and considered moving out of the sector. 'In hindsight I realised it takes two. Some people think 'my work will do the talking', and that was me, but the lesson was realising you also need to speak to people and say, 'this is what I want'. It is never just about what you deliver; there are people who never delivered, but they had senior roles.' She stresses the point: 'If senior leadership is sitting with talent management and they don't know you; it becomes difficult for them to advocate for you – I was lucky enough to have mentors, champions of female leadership and sponsors.' Becoming a mentor However, more needs to be done to attract women to the mining sector and make the workplace more inclusive. This is something Mpofu has made a personal mission. During lockdown Mpofu wrote the Amazon best-selling book Unleashing My Superpowers, a memoir and manual for women working in male-dominated industries. Today, she offers CEOs and executives leadership coaching and diversity and inclusion workshops. 'Many people ask me, 'if I want to move into the mining industry, what can I actually do?' And I say 'it depends', but I always encourage women to go into STEM [science, technology, engineering and mathematics] because if you are in STEM, it is easier for you to rise because there are not many women there,' she advises. Mpofu also suggests looking at careers that are becoming more prominent, such as a sustainability analyst or practitioner or working with AI. "Those are the careers of the future,' she says. Additionally, join groups (such as Women in Mining NSW/WA), try to understand what the industry is and find a mentor, then a sponsor, and as you rise, a coach, she advises. Mpofu also has a son and knows it can be a struggle for mothers in the mining industry. 'Sometimes I had to travel far, and then my son, who was going to pick him up? It was really hard.' This is possibly a reason why she moved into corporate when she did, she says. 'At least now there is work from home, maternity and paternity leave, it is getting better, but I think more can still be done.' Excited about the future of mining Mpofu, who is a non-executive director at Orion Minerals, says some of the challenges that exist within the mining industry today include the fact that it has lost some of its stock exchange value to Big Tech; squeezed margins; high capital costs and long lead times have put investors off. 'But we can be clever and more innovative, we can take the mining industry to the next level,' she says. Mpofu believes technology will be the gamechanger. 'Going forward, innovation will be so critical," she says. "There are opportunities with AI; look at what KoBold Metals is doing. Exploration is one area where it is absolutely transformational, then companies are going back into tailings to mine – all possible because of technology. 'There are legacies of the mining sector, but we need to start looking futuristically, harnessing innovation and technology, and saying it is for everybody. 'We cannot leave women and girls behind when the mining sector is making strides and it is changing the world," she concludes. "Let's make our environment inclusive for everybody.' "Inspiring women in mining: Patience Mpofu, Insight Mining Experts – Australia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
30 minutes ago
- Associated Press
TerraQuip Drilling Equipment Announces Major Milestone with Over 100 Units Supplied Across Australia and New Zealand
TerraQuip Drilling Equipment reaches a key milestone, having successfully supplied over 100 units of IMT, Marini, and Klein rigs to contractors in Australia and New Zealand. Australia, August 20, 2025 -- TerraQuip Drilling Equipment Celebrates Growth and Expansion in Australia and New Zealand TerraQuip Drilling Equipment, a leading supplier of hydraulic piling rigs in Australia and New Zealand, has marked a significant milestone in its journey by surpassing 100 units of IMT, Marini, and Klein drilling rigs sold and serviced. This achievement underscores TerraQuip's rapid growth since its inception, positioning the company as a trusted partner for piling contractors in the region. Founded just seven years ago, TerraQuip began with almost no equipment in Australia. Today, the company is a key player in the market, providing contractors with a comprehensive range of high-quality drilling rigs and unmatched customer support. The company's growth is driven by its focus on offering not only top-tier equipment but also industry-leading service and support. Extensive Equipment Range and International Expertise At the core of TerraQuip's success is its exclusive partnership with leading manufacturers of drilling equipment, including IMT, Marini, and Klein Pumps. TerraQuip is the authorized dealer for these globally recognized brands across Australia and New Zealand, offering a range of equipment suited to various drilling needs, from compact piling rigs to hydraulic and rotary drilling rigs. IMT, known for its hydraulic piling rigs, maintains a strong presence in the US, Europe, and Asia. TerraQuip's collaboration with IMT allows the company to bring state-of-the-art equipment and technology to local contractors, ensuring access to efficient and high-performance machinery. This partnership, along with TerraQuip's tailored solutions, helps fill a critical gap in the Australian and New Zealand markets, where demand for reliable, high-quality equipment continues to grow. Industry-Leading Service and Support A key differentiator for TerraQuip is its commitment to service excellence. The company not only supplies high-quality equipment but also offers comprehensive support through factory-trained technicians who are well-versed in the demands of the drilling industry. TerraQuip's Service & Support team ensures that customers receive the best advice and after-sales service, making sure equipment is well-maintained and performs optimally over time. This attention to detail and focus on customer satisfaction has earned TerraQuip a reputation for reliability and expertise. The company offers ongoing training, technical support, and access to parts, ensuring contractors can trust TerraQuip to meet their needs long after the sale is complete. A Family-Owned Business Delivering Tailored Solutions As a family-owned business, TerraQuip prides itself on providing prompt, personalized service that's often not found in larger corporations. The company's experienced sales team works closely with contractors to identify the right equipment, whether for new or used machinery, ensuring that each client receives a solution that fits their specific project requirements. This commitment to customer service and tailored solutions is central to TerraQuip's philosophy. With over 100 units sold across three of the most respected brands in the industry, TerraQuip has proven itself to be a trusted partner for contractors seeking reliable equipment and unmatched service. Looking Ahead: Future Growth and Expansion With a growing fleet of IMT, Marini, and Klein rigs and an expanding customer base, TerraQuip Drilling Equipment is poised for further growth in Australia and New Zealand. The company remains dedicated to providing contractors with the best equipment and service in the industry. As the company looks to the future, it aims to continue expanding its offerings and providing innovative solutions that help contractors succeed. TerraQuip's success in the region is a testament to its ability to adapt and thrive in a competitive market. As the demand for high-quality drilling rigs continues to grow, TerraQuip's role as a reliable equipment supplier will only strengthen, ensuring that contractors across Australia and New Zealand have access to the tools they need to succeed. About TerraQuip Drilling Equipment TerraQuip Drilling Equipment is an Australian supplier of hydraulic piling rigs, rotary drilling rigs, and associated equipment. The company is the exclusive authorized dealer of IMT, Marini, and Klein Pumps, offering both new and used equipment sales. With a focus on service excellence and a customer-centric approach, TerraQuip provides tailored solutions to meet the specific needs of piling contractors across Australia and New Zealand. The company also offers industry-leading service and support, with factory-trained technicians available to ensure optimal equipment performance. Media Contact Mike Dobrota Founder, TerraQuip Drilling Equipment Email: [email protected] YouTube Instagram LinkedIn Facebook Contact Info: Name: Mike Dobrota Email: Send Email Organization: TerraQuip Drilling Equipment Website: Release ID: 89167776 If there are any deficiencies, discrepancies, or concerns regarding the information presented in this press release, we kindly request that you promptly inform us by contacting [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our dedicated team is committed to addressing any identified issues within 8 hours to guarantee the delivery of accurate and reliable content to our esteemed readers.
