News Wrap

IN THIS morning’s News Wrap: Axiom Mining ups raising thanks to nickel price surge; Iron ore futures surge higher on China factory data; and Rio Tinto claims success in cloud transformation.

Lou Caruana

Axiom Mining ups raising thanks to nickel price surge

Hard on the heels of Independence Group's decision to tap into the surge in the price of nickel by raising funds via a share market placement, minnow Axiom Mining has followed suit as it prepares to launch production at the end of the year, according to the Sydney Morning Herald.

Axiom has its foot on ready to mine acreage in the Solomon Islands which it hopes can take advantage of the supply interruption for laterite nickel shipped to China.

Iron ore futures surge higher on China factory data

Bruised in 2013, beaten in 2014 and then battered in 2015, iron ore is now battling back, according to the Australian Financial Review.

Futures in China surged on Monday above the closing high seen during the height of a speculative boom in April as factory gauges signalled stimulus continues to bolster manufacturing in the top producer.

The September contract jumped 5.5% to 486.5 yuan ($US73) a tonne on the Dalian Commodity Exchange, topping the April close of 474 yuan to end at the highest level since February 2015.

Rio Tinto claims success in cloud transformation

Mining giant Rio Tinto and its technology services partner Accenture have claimed success on an ambitious program to shift its core systems to a new cloud-based delivery model, despite insiders claiming the project was late and causing “chaotic” problems and unplanned outages, according to the AFR.

Rio Tinto went live last week with its plans for a so-called “as-a-service” model for delivering its numerous enterprise systems, which means it will pay for the capacity it uses, rather than flat rates for software licences, and will have capacity scaled up and down as required.

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