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[gibbs1] 17/10/2020 07:41

Codelco launches first electric mining truck for local industry

Published by Jessica Casey, Editorial Assistant
Global Mining Review, Friday, 16 October 2020 16:30

The El Teniente Division of Codelco with the presence of the Minister of Mining, Baldo Prokurica, the Minister of Economy, Lucas Palacios, the Executive President of Codelco, Octavio Araneda, and the CEO of Engie Chile, Axel Levêque, has debuted the first electric mining truck in Chile's mining industry.

The mining equipment comes from German brand Scharf and will operate within this operations’ centre in a joint project with the Engie company, which will be in charge of data monitoring and load management. It is the first versatile electrical equipment to cover extensive stretches, both outside and inside the El Teniente underground mine.

The new truck, an equipment for mining use adapted with a 100% electric power train which helps move all of the diesel, is due to begin its industrial test stage in which it is planned to validate its operation in terms of power, resistance and energy consumption in underground mine and high mountain industrial road conditions.

Prokurica commented: “We want to congratulate the effort that the administration of Octavio Araneda, Codelco's Executive President, is making with electromobility. It is a commitment that Chile has made and that demonstrates it by being one of the countries that has more electric vehicles in collective locomotion. Its incorporation into mining also generates important benefits. Electromobility is pure Chile because the vehicles have 4 times more copper and use lithium batteries that contain cobalt.”

Given that this type of truck is one of the most used vehicles in the national mining industry – only Codelco has more than 1300 diesel version mining trucks – this experience will promote a market for the development of this type of low-emission equipment.

“At Codelco, we are taking the first steps in a great revolution that is taking place worldwide, which is electrification. We have defined a path towards increasing the incorporation of electric energy. We have a road map for underground mining projected to 2030, in which the majority of production equipment will be electric. Codelco is transforming itself and an important part of that process is innovation and technological development that goes hand in hand with sustainability,̶1; added Araneda.

“Mining activity has been one of the engines that has sustained our economy in these difficult months. Without stopping, even increasing its production; with strict compliance with the established protocols, the sector has managed to push the car of our economy. When things they are done well, with the commitment of the companies and their workers, we can get ahead,” said Palacios, highlighting the leading role of the main Chilean state company and of the entire mining industry in the reactivation of the economy, which around the world has been hit by the current health crisis. Codelco’s annual investment in structural projects is US$20 000 million (2019 – 2028), generating employment and extending the useful life of its deposits between 40 – 50 years.

Currently, a large part of the electromobility solutions available in the market are not necessarily designed for large mining conditions, so it is necessary to develop pilot experiences to collect operational data and strategic designs that allow determining the requirements for a future massive implementation in tasks.

“We are focused on developing solutions that contribute to greener and carbon-neutral mining. Our relationship with Codelco is long-standing and we have always been co-designing energy alternatives to make your business more efficient and sustainable. Today we advance in this pioneering pilot in mining operations, which we are betting will open doors for a new phase of green mobility in the industry” added Leveque.

Autonomy, recharging times, vehicle wear, user experience and driving safety are some of the aspects that will be monitored during the 12 months that are contemplated for the industrial test of this truck, in order to determine and identify the conditions that allow scaling this type of technology in the state company.

In 2018 Codelco began the development of electromobility pilots with a pioneering plan for testing electric vehicles in service in the Northern District. This programme made it possible, for the first time, to face electric vehicles in real conditions of a mining operation in order to validate technological, business and sustainability variables, in addition to understanding the technology and identifying the challenges to extrapolate, incorporate and scale it to other processes . The positive results obtained led the company to advance in two lines: passenger transport and equipment in operating areas.

Codelco was the first mining company in Chile to test an electric bus in its operations, both in the El Teniente Division and the Chuquicamata Division, which allowed the incorporation of buses for the transport of passengers in different geographical conditions, from the arid and wide desert to the roads. mountain ranges with high slopes and cold in the central zone. In addition, due to the complexity and specificity of underground mining, the state-owned mining company worked on the transformation of the first electric minibus from diesel equipment, a vehicle that has operated inside the El Teniente underground mine.

[adrian j boris] 14/10/2020 08:31

Engie : Deutsche Bank keeps HOLD with target at 13 EUR.

[waldron] 11/10/2020 08:24

The politics of climate change have also changed the market calculus about when Nord Stream 2 will be needed. When the pipeline was planned, natural gas was widely seen as the fuel that would replace coal and sit alongside wind and solar power in Europe’s energy mix. Since then, the cost of renewables plummeted, weakening the case for any fossil fuels. At the same time, there is growing environmental opposition against building new gas infrastructure, especially when Europe is aiming to cut net fossil fuel emissions to zero by 2050.

Germany and Russia are the countries most interested in the project because it will increase gas supply and improve liquidity at the continental trade hubs, in addition to generating profits for energy companies throughout the region. Gazprom owns the Baltic Sea pipeline project. Half of its 9.5 billion-euro ($11.2 billion) cost is being financed by Germany’s Uniper SE, Wintershall AG, Engie, Royal Dutch Shell Plc, and Austria’s OMV AG.

A further delay gives time for markets to adjust to cooler weather and the pandemic’s impact on gas demand. There is a chance that this winter will be much tighter than last year, with La Nina generating below-normal temperatures in Europe, particularly in the fourth quarter, according to Giacomo Masato, an analyst at MarexSpectron.

Europe can cope without Nord Stream 2 flows this winter, but with further economic growth demand may well emerge in the coming years to support the pipeline, according to Julien Hoarau, gas market analyst at Engie EnergyScan. For now, natural gas demand is estimated to stay flat for at least the next five years, according to the International Energy Agency.

“Overall, there’s no physical risk at first glance, but further delays in the delivery of Nord Stream 2 should not be neutral in terms of wholesale gas prices in Europe,” said Hoarau. “We could see a stronger call on storages to balance European gas systems. Higher LNG imports could be required as well.”

[waldron] 09/10/2020 18:02

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Eni
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Total
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Engie
12.14 +0.08%

Orange
9.436 +2.88%


Bp
222.1 +0.57%

Vodafone
111.16 -0.05%

Royal Dutch Shell A
1,016.4 +2.09%



Royal Dutch Shell B
978.9 +2.06%

TULLOW(TLW)
18.65 GBX +2.78%

[ariane] 07/10/2020 15:28

Gazprom hit with $7.6B fine from Polish regulator over Nord Stream pipeline
Oct. 7, 2020 8:18 AM ET|About: Public Joint Stock Company ... (OGZPY)|By: Carl Surran, SA News Editor

Poland's antitrust agency slaps a $7.6B fine on Gazprom (OTCPK:OGZPY) for building the Nord Stream 2 gas pipeline to Germany, saying the project hurts Polish consumers and increases Europe’s dependence on Russian imports.

The pipeline may lead to "serious consequences for Poland's and the EU's economy" by limiting the range of supplies and increase gas prices for consumers, Poland's Office of Competition and Consumer Protection says.

The regulator also imposes fines on Nord Stream 2 partners including Engie (OTCPK:ENGIY), Uniper (OTC:UNPPY), BASF's (OTCQX:BASFY) Wintershall, OMV (OTCPK:OMVJF) and Royal Dutch Shell (RDS.A, RDS.B).

The pipeline is in its final stages of construction and is due to transport Russian natural gas across the Baltic Sea bed to Germany and western Europe, bypassing traditional transit routes through Ukraine and Poland.

The project has been highly controversial, even more so following the poisoning of Russian opposition leader Alexey Navalny.

[ariane] 07/10/2020 14:30

07/10/2020 1:43pm
Dow Jones News

Royal Dutch Shell (LSE:RDSA)
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Wednesday 7 October 2020
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--Poland's anti-monopoly office fines Russian giant for undertaking work without consent

--Gazprom said it will appeal the fine

--Shell, Uniper and OMV disagree with regulator's findings



By Anthony O. Goriainoff, Giulia Petroni and Adria Calatayud



Poland's anti-monopoly office UOKiK said Wednesday that it had imposed a 29 billion-zloty ($7.58 billion) fine on Gazprom PJSC related to the building of the Nord Stream 2 gas pipeline.

UOKiK said the Russian energy giant was one of six companies working on the gas pipeline fined for undertaking work "without the required consent of the president of UOKiK."

The regulator also imposed fines amounting to PLN234 million on France's Engie SA, Germany's Uniper SE and Wintershall AG, Austria's OMV AG, and Anglo-Dutch oil major Royal Dutch Shell PLC.

The Polish watchdog said the entities concerned are obliged to terminate the agreements for financing the project, which was intended to increase Russia's gas export capacity via the Baltic Sea.

The Polish anti-monopoly authority said the companies concluded--without permission to establish a joint venture--a number of agreements concerning the pipeline's financing and a number of other authorizations, such as, for instance, the ability to interfere with the operation of NS2.

UOKiK said that in 2016 its president voiced concerns regarding the plan and noted that the planned transaction could lead to the restriction of competition and presented its reservations. The companies then withdrew the application, meaning in practice that they were prohibited from performing the merger, the regulator said.

The regulator said information surfaced shortly thereafter stating that the companies had signed an agreement for the financing of the gas pipeline.

"Therefore, proceedings against Gazprom and its five trading partners regarding the execution of the transaction without obtaining approval from the authority were initiated," the regulator said.

"The financial penalties imposed are intended not only to convince the parties involved to observe the law, but also to discourage other players from attempting similar behaviors that violate anti-monopoly regulations in the future," UOKiK president Tomasz Chrostny said.

Gazprom said it disagrees with the fine because it didn't violate Polish antitrust laws. The company said it will appeal the fine.

"The decision of UOKiK violates the principles of legality, proportionality and fair trial, and the unprecedented amount of the fine indicates a desire to oppose the implementation of the Nord Stream 2 project by any means," the company said Wednesday, according to Russian state news agency TASS.

Uniper said it is considering a possible appeal against the UoKiK decision, as it doesn't share the assessment presented by regulator. A decision can take up to four or five years and, depending on the decisions, fines wouldn't be due until then, the German energy company said.

Uniper said the agreements concluded between the Nord Stream 2 financial investors and Gazprom aren't a joint venture but financing agreements, and that financing agreements don't constitute a notifiable concentration under Polish merger control law.

Spokespeople for Shell and OMV said they are reviewing the UoKiK's decision.

"We strongly disagree with UOKiK's decision," a Shell spokesperson said.

OMV said it is of the clear opinion that it has complied with all applicable laws.

Engie and Wintershall didn't immediately respond to requests for comment.



Write to Anthony O. Goriainoff at [e-mail]



(END) Dow Jones Newswires

October 07, 2020 08:28 ET (12:28 GMT)

[grupo] 06/10/2020 08:37

Veolia Environnement SA said late Monday that it has acquired a 29.9% stake in Suez SA from Engie SA at a price of 18 euros ($21.16) a share, paving the way for a takeover of the water-and-waste management rival.

The French company said it would guarantee job security for all of Suez's employees in France and that infrastructure fund Meridiam would acquire Suez's French water-activities arm in order to preserve competition.

Veolia reiterated its intention for a full takeover, saying it aims to file a voluntary public takeover bid for the remaining Suez share capital.

The offer price will match the price of EUR18 a share it offered to Engie, subject to adjustments, in a deal that would value Suez at EUR11.31 billion.

"This offer will not be launched without first having obtained a favorable opinion from the board of directors of Suez, with which Veolia wishes to resume discussions as of tomorrow [Tuesday]," said Veolia's Chief Executive Antoine Frerot.

The filing is expected to take place at the latest when Veolia obtains the necessary regulatory approvals, in particular in competition matters, within 12 to 18 months. The company, however, said it could file the offer at any time before the authorizations.

"Suez takes note of the purchase by Veolia of 29.9% of its capital in a hostile manner and under unprecedented and irregular conditions," the company said on Tuesday. "The group...will use all the means at its disposal to protect the interests of its employees, its customers and all its stakeholders, in particular to ensure equal and fair treatment of all its shareholders and avoid a creeping takeover or de facto control."



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

October 06, 2020 02:28 ET (06:28 GMT)

[grupo] 05/10/2020 18:06

Engie to Study Veolia Bid for Suez Stake as Ardian Drops Out

Francois de Beaupuy, Bloomberg News








A pedestrian passes a Veolia Environnement SA garbage truck in Paris. Photographer: Nathan Laine/Bloomberg

A pedestrian passes a Veolia Environnement SA garbage truck in Paris. Photographer: Nathan Laine/Bloomberg , Photographer: Nathan Laine/Bloomberg

(Bloomberg) -- French private-equity firm Ardian SAS won’t make an immediate offer to buy most of Engie SA’s stake in Suez SA, leaving the French water and waste utility facing a hostile takeover from Veolia Environnement SA.

Engie’s board, which has already said it’s happy with Veolia’s 3.4 billion-euro ($4 billion) bid for its 29.9% stake in Suez, is due to meet later Monday to consider the proposal. The offer expires in a few hours, and the French government, which owns 24% of Engie, has signaled it would back only a friendly takeover deal amid job concerns, raising doubts about the outcome of the board meeting.

Suez, which had been pushing a offer from Ardian as an alternative to Veolia’s approach, reiterated in a statement on Monday that it still considers any bid from its French rival to be hostile. Suez last month created a so-called poison pill in a bid to make antitrust issues more difficult for its suitor.

“In order to preserve the interest of all its shareholders and stakeholders, the board confirms that it will put all the means at its disposal to avoid a creeping takeover or de facto control,” Suez said in the statement.

Suez’s shares fell 3% to 15.59 euros at 4:16 p.m. in Paris after Ardian pulled out, opened the doors for a potentially prolonged and acrimonious takeover saga. Veolia declined 1.1% while Engie slid 0.2%.

The acquisition fight started at the end of August, when Veolia offered to buy the Engie stake in Suez. That would eventually pave the way for a full takeover as Veolia attempts to cement its global leadership in environmental services.

Hostile Takeover

Veolia, which raised its bid to 18 euros a share on Sept. 30 from an earlier 15.50 euros, said on Sunday it won’t pursue a hostile takeover if it acquires the stake from Engie. The company said it was providing such a guarantee following demands from Engie’s board.

In the event of a deal, Veolia would need to address antitrust issues, which it has said could take as many as 18 months. It plans to sell Suez’s French water activities, and has offered to offload some other international water assets to a single buyer. Overall revenue of these assets would amount to 5 billion euros, including 2.2 billion euros for the French water holdings, Veolia said in a statement Sunday.

The government has tried and failed to broker an end to hostilities in recent weeks. It’s been pushing Veolia to sell more water assets to a single buyer with a view to keeping a sizable rival to Veolia in that domain.

In a letter to Veolia Chief Executive Officer Antoine Frerot, Suez Chairman Philippe Varin said Sunday that the company “showed goodwill and worked hard to find a solution that could be acceptable to everyone,” but Veolia’s proposal fell short of preserving two French global players in environmental services.

Ardian decided not to make an offer to leave room for ongoing talks, the Paris-based fund said in a statement Monday. The private equity firm had worked on an offer backed by Suez’s employees and its board, that would require six weeks of due diligence.

(Updates with details of Engie board meeting, Ardian’s comments from the second paragraph.)

[grupo] 05/10/2020 16:02

Suez Board Supports Ardian's Decision Not to Submit Offer, Still Considers Veolia's Approach Hostile -- Update
05/10/2020 3:29pm
Dow Jones News

Engie (EU:ENGI)
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Monday 5 October 2020
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By Olivia Bugault



-Suez's board has said that it still sees Veolia's approach for it as hostile

-Ardian said won't submit an offer for a stake in Suez in order to allow time for discussions

-Veolia said Sunday that it won't launch a hostile takeover bid for Suez



Suez SA's board of directors confirmed on Monday that it still considers Veolia Environnement SA's approach to be hostile, but agrees with private-equity firm Ardian's decision not to make an offer for a stake in the water and waste-management company.

Veolia said in late August that it intended to buy a 29.9% stake in Suez held by Engie SA, which would be a first step before taking full control of the company. Suez rejected the bid and has been in a dispute with rival utility company Veolia since then.

"In order to preserve the interest of all its shareholders and stakeholders, the board confirms that it will put all the means at its disposal to avoid a creeping takeover or de facto control," Suez said.

Suez's board reiterated its view on Veolia's approach after Veolia said Sunday that "it unconditionally commits not to file a hostile takeover bid following the sale of the shares held by Engie in Suez."

In Monday's statement, Suez criticized Engie's board for not taking into consideration and discussing an option other than Veolia's bid.

Last week, Engie's board welcomed Veolia's improved bid of 18 euros ($21.09) a share for a 29.9% stake in Suez held by the company. Veolia initially proposed a bid of EUR15.50 a share.

"In the current climate, the board agrees with Ardian's decision that it is not appropriate to make any offer to Engie," Suez said Monday.

French private-equity firm Ardian informed Engie of its interest in buying the stake in Suez last week but said Monday that it won't submit an offer for the moment.

"Following the expression of its interest, Ardian worked on an offer supported by Suez employees and its board, and requiring six weeks of due diligence," Ardian said Monday. "However, Ardian, faithful to its principles of non hostile negotiations, has decided not to submit an offer to allow time for ongoing discussions," it said.



Write to Olivia Bugault at [e-mail]



(END) Dow Jones Newswires

October 05, 2020 10:14 ET (14:14 GMT)

[maywillow] 05/10/2020 11:34

Don't Miss Total In The Sell-Off Of The Energy Sector

Oct. 5, 2020 5:22 AM ET|

Aristofanis Papadatos

Summary

The entire energy sector is going through a fierce sell-off due to the pandemic, in contrast to the rest of the market, which is hovering around its all-time highs.

Total is by far the most resilient oil major during downturns.

It exhibited superior results in the downturn of the energy sector between 2014 and 2016 and in 2019. Moreover, it is the only profitable oil major this year.

Total is likely to offer exceptional risk-adjusted returns off its current price.


Final thoughts

The entire energy sector has been beaten to the extreme due to the pandemic. As a result, Total has become grossly undervalued and hence those who purchase it now are likely to be highly rewarded in the long run, when the dust settles and the panic subsides. The other oil majors have plunged much more than Total and thus they may offer greater returns, particularly if the energy market enjoys a swift recovery. However, conservative investors should probably select Total for its resilience in the event of a prolonged downturn. In this way, they will be able to remain patient much more readily throughout the ongoing downturn.

[adrian j boris] 04/10/2020 09:00

There is disagreement as to how long it will take for oil to recover and whether it ever will. The lockdowns and other restrictions may have changed patterns of behaviour for the foreseeable future, although we will only know once we're on the other side of the pandemic. Energy companies, it would appear, are not waiting to find out.

Professor Paul Stevens, from the UK's Chatham House, spoke to CGTN about the situation.

[waldron] 02/10/2020 17:23

Brent Crude Oil NYMEX 39.69 -3.03%
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[grupo] 02/10/2020 07:59

thenational.ae


Engie given more time to weigh up $4bn offer for Suez stake

Suez has opposed Veolia's proposal and backed an alternative approach from private equity firm Ardian SAS

A sign above Veolia's headquarters in Paris. The company has bid $4bn to buy a stake in Suez from Engie. Engie has been given longer to consider the offer and has received interest from rival bidders. Bloomberg
A sign above Veolia's headquarters in Paris. The company has bid $4bn to buy a stake in Suez from Engie. Engie has been given longer to consider the offer and has received interest from rival bidders. Bloomberg

Engie pushed back the deadline for accepting Veolia's €3.4 billion ($4bn) bid for most of its stake in Suez, though there was little sign the delay would ease the tensions between the French corporate giants.

The extension to October 5 gives Veolia extra time to formalise talks with Suez, potentially allowing for a friendlier acquisition. But Suez has shown scant inclination to engage in discussions, saying on Thursday it backed an alternative approach from private equity firm Ardian SAS – one that Engie has already brushed aside.

The wrangling over the sale of the 29.9 per cent stake – and eventual planned takeover – has continued for a month, with Veolia pushing to create a waste and water utility with more than €40bn in sales, while Suez has done all it can to thwart the proposal. The French government, which holds 24 per cent of Engie, has appealed for calm as it seeks to avoid an acrimonious acquisition battle between two of the nation’s largest companies.


Veolia on Wednesday raised its bid by 16 per cent and offered employment guarantees in an effort to persuade Engie to sell the Suez shares. Engie’s board said the new price was in line with expectations, but it was still unwilling to go through with the deal.

“There is room for discussion,” Engie chairman Jean-Pierre Clamadieu told reporters late on Wednesday. “We wish that both parties take the opportunity of this period to talk so that conditions of a friendly offer be met.”

Suez has fought hard to rebuff the approach. Last week it sought to frustrate Veolia’s plans by creating a so-called poison pill, making antitrust issues more complicated for its suitor. The utility has also attempted to assemble a competing offer for Engie’s stake.

Ardian said on Thursday it had sent Engie a letter of intent to buy the Suez shares, and planned to put together a group of public and private investors – mostly French – to submit a friendly takeover offer. While Suez’s board supported the move, Mr Clamadieu said that Engie had received only a vague expression of interest, which lacked a price, details of the bidders or their funding. The time for considering rival offers has passed, he said.

Veolia said on Wednesday it would make a tender offer for the remainder of Suez’s shares if Engie accepted its bid, but only on a friendly basis. The company proposed a period of six months for negotiations between the two sides to reach an agreement. If talks fail after that time, Veolia would present its offer direct to all shareholders, chief executive Antoine Frerot said.

Updated: October 1, 2020 09:36 PM