Latest news with #Mongolia
The Australian
4 hours ago
- Business
- The Australian
Rio Tinto names Simon Trott as new CEO amid $11.5bn half-year profit
The Australian Business Network However, Stausholm, who hands over the business to his iron ore boss Simon Trott in coming weeks, says it's something bigger than that. 'We've been getting back the mojo,' Stausholm tells The Australian. When he steps down on August 24, the Rio boss wants to be remembered for the impact he had on cultural change and especially for rebuilding bridges after the external shock of the Juukan Gorge cave scandal. The lead up to the Juukan destruction represented a period where the miner had lost its way. 'We were on our knees,' he says. Then, the miner was increasingly run out of London, and the core of Rio's once-powerful operational managers were being sidelined. The structure of the business was a mess that hadn't been tackled, leading to complex shareholdings across some of its most important operations, like the giant copper mine in Mongolia. There's still a way to go, but Stausholm confronted some of Rio's darker cultural demons and spent much of his tenure presenting a miner who was serious about working with rather than against its partners. Stausholm, who has had top executive roles with Shell and Maersk before Rio, says the lesson is that once you get the right culture in place, this becomes the foundation to build out an entire business. 'You actually then start seeing better operational performance, better execution of projects, and for the financial community, suddenly you have a business that actually grows – consistently profitable growth,' he says. His comments came as Rio delivered first half underlying earnings of $US11.5bn ($17.7bn), this was down 5 per cent on softer iron ore prices, but slightly ahead of market expectations. However, the dividend of $US1.48 a share fell short of expectations. This weighed on the miners shares in London. Rebalancing Significantly, increased production and higher earnings from the in-demand copper and bauxite helped offset a 13 per cent drop in iron ore prices. Rio's cashflow was mostly flat at $US6.9bn. While the contributions move around on commodities prices, Rio's copper and aluminium businesses are now star performers, representing around 20 per cent of the company's cashflow each. Previously it was closer to 10 per cent. Iron ore still dominates at 55 per cent of cashflows. Earnings from aluminium jumped 50 per cent thanks to higher volumes and prices. Rio also disclosed it was hit with a $US321m tariff cost, thanks to Donald Trump, but tariffs are starting to become a net positive for the miner, given the jump in copper prices. 'When you look at other miners, basically none of them are growing, and we are growing (production). We've said long term, the next 10 years, we can grow 3 per cent a year, but the reality is, we grew 6 per cent in the first half, 13 per cent in this in the second quarter'. We're really unlocking growth here, right now, and that's just comes from these underlying things – you get it right with the people, and we are already blessed with amazing assets'. 'You have not seen the best yet'. Still, Stausholm's tenure was cut short by his board. Just weeks after the annual meeting in May, the miner announced Stausholm's sudden retirement and launched a search for his successor. Two weeks ago, Trott, an Australian, was named his successor. Stausholm's high cost growth agenda, including near $10bn bet on lithium and expanding aluminium, is thought to have sat uncomfortably with the board. Since May, Stausholm has declined to discuss his looming exit except to say he is 'very happy' the board has backed an internal successor. However, he defended broader criticism around costs. 'There were a lot of things that needed to be rebuilt,' particularly around relations with traditional landowners, he said. Rio's productivity improvement program, the Safe Operating System, has been a major investment underway for four years and this is now behind the rising volumes coming out of existing mines and downstream operations like aluminium. But the trick in any company is to balance the rising costs that come with growth, he concedes. Under Trott, the challenge for Rio will be around the execution of the slate of development projects it has in front of it. Like rival BHP, it's now moving into a period of increased capital spending of between $US10-11bn over the medium term on projects like Simandou iron ore in Guinea; expanding the Pilbara; building out aluminium capacity; and the battery minerals bets that include the acquisition of lithium major Arcadium and the development of the Rincon project in Argentina. In recent years Rio has been spending around $US6-7bn a year on capex. There was nothing in the recent results to suggest that Rio would be on a different track. Stausholm has a high conviction in the projects ahead of Rio, with the company now in a place where it is executing well. Nor is he phased on the current malaise in lithium prices, 'It doesn't really matter, to be quite frank, for us, because what matters for us is what is the lithium prize five years from now. What we're trying to be is countercyclical and think long term'. This is now all on Trott to deliver. Read related topics: Rio Tinto Eric Johnston Associate Editor Eric Johnston is an associate editor of The Australian. He has more than 25 years experience as a finance journalist, including a former business editor of The Australian. He has been business editor of The Sydney Morning Herald and The Age and financial services editor with The Australian Financial Review. His work has also appeared in The Wall Street Journal.
Yahoo
5 hours ago
- Politics
- Yahoo
The three major flaws in China's military
China's military is not a real army - it's the armed wing of the Chinese Communist Party. Ideology is paramount and corruption is endemic. Plus, the People's Liberation Army hasn't fought a war since 1979. Xi Jinping calls it 'the peace disease'. In episode two of this three-part series, Venetia Rainey looks at the PLA's weaknesses and how Chinese president Xi is trying to fix them, from endless purges of top generals to a specially built training centre in Mongolia and live-fire drills around Taiwan. This series on China's military dives into the strengths and weaknesses of China's military and its remarkable transformation over the last few decades from obsolete to world-class. How significant is China's military buildup? What does Xi Jinping's ongoing purge mean for the People's Liberation Army? And how likely is an invasion of Taiwan in the next few years? You can also listen to episode one about how China's military went from obsolete to world-class. As the US pivots to the Indo-Pacific and the threat of a truly global war looms, understanding the evolving role of China's military on the world stage has never been more important. Listen to Battle Lines using the audio player in this article or on Apple Podcasts, Spotify, YouTube, or your favourite podcast app. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Solve the daily Crossword
The Australian
2 days ago
- Business
- The Australian
AZ9 preps for more copper-nickel drilling
Asian Battery Metals outlines 29 modelled conductive plates across four target areas at the Oval project in Mongolia Six Priority-1 plates were identified with strong geophysical responses in favourable geological settings Follow-up drilling and downhole EM surveys will restart in two weeks Special Report: Ongoing ground-based EM surveying has revealed multiple conductive plates aligning with known structures at the Oval copper-nickel project in Mongolia, bolstering Asian Battery Metals' confidence ahead of more drilling. Asian Battery Metals' (ASX:AZ9) field crew has completed data acquisition of FLEM data using 18 loops of 400 m x 400 m and 2 loops of 1,000 m x 600 m, covering the initially planned areas of Oval and the expanded areas of Quartz Hill, MS1, and MS2. Using two different sets of loop configurations, 29 conductive plates have been identified at four distinct areas at just the halfway point of AZ9's SAMSON electromagnetic program. Three of the nine plates measured by the 1000m x 600m loops coincided with plates derived from interpretation of 400 x 400m loop measurements. A total of six Priority-1 FLEM plates were identified in the North Oval and Oval areas, exhibiting conductivities ranging from 5,000 to 60,000 Siemens, and modelled at subsurface depths between 38m and 101m from surface. Priority-1 plates represent the most prospective targets, defined by their strong spatial correlation with magnetic anomalies and favourable geological settings. These plates are also considered significant for their potential to extend known zones of massive sulphide mineralisation or highly mineralised gabbroic bodies intercepted in earlier drilling. South Area plate modelling In the South Area, a coincident elevated magnetic response, structural priority area and higher conductivity has been delineated in geophysical surveys. The trend observed in the geophysical datasets aligns closely with the Oval Ni-Cu mineralised intrusive body, pointing to the possibility of similar, offset, and buried mineralisation nearby. In the West area, gradient array IP survey data has outlined a northwest–southeast trending zone of low resistivity along a structurally controlled zone, with three FLEM plates modelled. Asian Battery Metals says these plates exhibit consistent alignment along the geophysical data's interpreted trend, which warrants further investigation. The company is currently expanding the EM survey in this area to verify whether these are valid conductive targets. More from AZ9: Critical Mongolian minerals potential growing at Oval 'Most compelling targets to date' Asian Battery Metals managing director Gan-Ochir Zunduisuren said the ongoing EM survey has delivered what the company hoped for – multiple shallow, coherent conductors that coincide with existing geological and geophysical datasets. 'These represent some of our most compelling targets to date, and we're excited to test them with drilling over the coming weeks,' he said. 'The SAMSON EM program has been expanded and will now focus on deeper zones and nearby structures similar to the Oval copper-nickel discovery.' The explorer is set to restart drilling in August, with further FLEM and MLEM surveys ongoing until mid-August. Discovery of Oval The Oval discovery was initially identified through drilling in October 2024 with further assay results in late 2024 and early 2025 confirming high-grade copper and nickel mineralisation. The 2024 exploration campaign unearthed an 8.8m intersection grading 6.08% copper, 3.19% nickel, 1.63g/t E3 and 0.11% cobalt from 107.2m after four years of systematic exploration and the help of the BHP Xplor program in 2023. This article was developed in collaboration with Asian Battery Metals, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
News.com.au
3 days ago
- Business
- News.com.au
Kristie Batten: Asian Battery Metals eyes scale-up of copper-nickel discovery
One of Australia's top mining journalists, Kristie Batten, writes for Stockhead every week in her regular column placing a watchful eye on the movers and shakers of the small cap resources scene. Asian Battery Metals (ASX:AZ9) believes it may have made a significant copper-nickel-platinum group element discovery at its Oval project in Mongolia. AZ9, which listed on the ASX last year, was previously focused on its more advanced graphite and lithium projects in Mongolia, though Oval was selected to be part of BHP's Xplor exploration accelerator in 2023. The company used the US$500,000 of funding provided by the program to drill Oval. In October 2024, AZ9 reported a hit of 8.8m at 6.08% copper, 3.19% nickel, 1.63 grams per tonne platinum, palladium and gold (E3) and 0.11% cobalt, or 12.57% copper equivalent from 107.2m. Since then, the company has been focused on expanding the scale of the discovery. Earlier this month, AZ9 reported an intersection of 8.7m at 2.44% copper, 1.52% nickel, 1.4g/t E3 and 0.06% cobalt from 112.8m, including 2m at 3.72% copper, 3.82% nickel, 1.65g/t E3 and 0.16% cobalt, 130m down-dip of a previous intercept. The results suggest semi-continuous mineralisation extends over 800m, including North Oval and the Oval gabbroic intrusion. Planning underway The recent focus for AZ9 has been electromagnetics to define targets for the next round of drilling. 'Electromagnetic is the go-to tool for this type of mineralisation, so we brought Gap Geophysics, the Australian company, to the field, and they are working currently,' AZ9 managing director Gan-Ochir Zunduisuren told Stockhead. 'Based on that work, we're hoping that we'll have multiple targets to drill on top of whatever we have from our ground EM work.' On Friday, AZ9 announced that the ground-based fixed loop electromagnetic survey at Oval was halfway through but had already resulted in 29 conductive plates being modelled across four target zones. Six priority one plates have been identified with strong geophysical responses. The focus of the remainder of the program is the deeper zones and step-out targets, including MS1, MS2 and Quartz Hill targets. Zunduisuren said the program to date had delivered the results the company were hoping for. 'I think the next stage of drilling is going to be quite instrumental for us,' he said. Drilling is set to resume in early August, while the first round of metallurgical test work results will also be released this quarter. 'The strategy for this year is to really show the size and the extent of the mineralisation to get the feeling of how large the potential is, and if we can get that by the end of the year, next year we're going to drill for a resource,' Zunduisuren said. 'We have very limited historic information. This is a brand new area, even in Mongolia, in the southwest part where we are working. 'I don't think there have been any historic magmatic mafic intrusion-related copper and nickel sulphide systems before, so this is brand new in this sense, so we really have to do everything from ground up. 'That's why we certainly believe that there is definitely a potential for camp-scale or clusters of orebodies within a few kilometres or a few tens of kilometres from each other.' Mongolia still emerging Despite Mongolia being home to Rio Tinto's massive Oyu Tolgoi copper-gold mine, Zunduisuren said it was still misunderstood as a destination. 'The last round of real investor interest was in the early 2000s,' he said. 'That's when we had a big flow of investment from Australia and Canada, especially in the gold space in Mongolia, and then the copper space. 'Knowing all the moving parts there, I think Mongolia will probably become quite interesting for investors over the next few years.' Zunduisuren said Mongolia was a mature mining destination with the right regulatory frameworks in place to support the industry. 'Infrastructure wise, it's vastly improved over the last 15 years,' he said. 'Just based on that, it's way better positioned to attract investment than 15 years ago.' The ASX's only other Mongolia-focused copper player, Xanadu Mines, is set to disappear shortly after accepting a $180 million takeover offer. Xanadu accepted the 8c per share offer – a 57% premium – and the acquirer Bastion Mining moved to compulsory acquisition on Friday. It will result in one less copper developer on the ASX, a space which is already reasonably thin. 'I think the key for larger institutional investors or corporates, they're definitely looking, of course, and observing how we progressing further,' Zunduisuren said. 'To really make their minds up, there's two things that need to be there. One is a quantity. The other is quantity. 'With our current results, we have shown there's definitely a quality of the product there, but we need to show the quantity and that's the whole strategy of this year's exploration.'
Yahoo
3 days ago
- Sport
- Yahoo
Ulaanbaatar Grand Slam Ends with Heavyweight Glory and Home Triumphs
It's the third and final day of the Ulaanbaatar Grand Slam and the heavyweights are ready to make their mark. At -90kg, Riku OKADA faced Umar BOZOROV. OKADA took the lead with a yuko score and managed to transition into a hold down - scoring ippon and securing his first gold medal on the World Judo Tour in confident style. IJF Head Referee Director Mr Armen BAGDASAROV awarded the medals. In the -78kg, European Champion Patricia SAMPAIO faced off against Mami UMEKI. SAMPAIO was looking good all day and the final was no different. Within the first minute she claimed the top spot on the podium - wasting no time. After a dominant day, she made her mark in Ulaanbaatar. Jenco Tour Bureau CEO Mrs Namuun BATTULGA awarded the medals. Now I'm feeling really happy, but I felt really tired but I said at the beginning of the day - today I'm tired so I need to do this quickly, I can't do golden score today, just throw and go away! Anton SAVYTSKIY faced Zsombor VEG at -100kg. SAVYTSKIY earned his second Grand Slam gold medal after dominating the contest. He scored a waza-ari and a yuko and held off VEG for the victory. Mongolia Member of Parliament Mr Tsogtbaatar DAMDIN awarded the medals. At +78kg, Lea FONTAINE faced Jinesinuer AYIMAN. In Golden Score, FONTAINE had the edge and secured a decisive yuko - enough to add another gold medal to her growing collection. Former President of Mongolia His Excellency Mr Enkhbayar NAMBAR awarded the medals. Gonchigsuren BATKHUYAG faced Artem ZOLOTUKHIN at +100kg. A yuko on the board was enough for the home hero to claim his gold medal. Mongolian State Commissioner of Physical Culture & Sports Mr Bilegt ERDENESAIKHAN awarded the medals. I'm very happy to have won this medal here in my home country. I'm also really grateful for the amazing crowd and all of my supporters. The home athletes shone bright in Ulaanbaatar, treating fans to a thrilling display of world-class judo. That wraps up an incredible Grand Slam here in Ulaanbaatar.
