B08 Metal Ore Mining

Fortescue ‘portrayed former execs as dishonest’, court told

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Original article by Angelica Snowden
The Australian – Page: 13 & 16 : 20-Aug-24

Element Zero is seeking to have search orders awarded to Fortescue in May by Federal Court judge Melissa Perry thrown out; Parry granted the orders on the back of allegations that former Fortescue executives who are now directors of Element Zero had stolen Fortescue’s intellectual property. In trying to convince Federal Court judge Brigitte Markovic that the orders granted by Parry should be thrown out, the Element Zero directors told the court on Monday that Fortescue had sought to portray them as ‘shady actors’ who were seeking to steal its ‘green iron secrets’ so as to justify its request for the orders, which saw it raid their homes and offices.

CORPORATES
FORTESCUE LIMITED – ASX FMG, ELEMENT ZERO PTY LTD, FEDERAL COURT OF AUSTRALIA

Gold miner says $1b project unviable after Plibersek intervention

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 20-Aug-24

Regis Resources has indicated that it will consider all legal options after federal Environment Minister Tanya Plibersek effectively blocked its McPhillamy gold and silver project in NSW. Plibersek contended that her decision to place heritage protections over the headwaters of the Belubula River will only impact the proposed site of the mine’s tailings dam, and will not prevent the project from proceeding. However, Regis argues that there are no viable alternative sites for the tailings dam; the company adds that the approvals process would have to be restarted if it seeks a new site for the dam, which could delay the project by 5-10 years.

CORPORATES
REGIS RESOURCES LIMITED – ASX RRL, AUSTRALIA. DEPT OF CLIMATE CHANGE, ENERGY, THE ENVIRONMENT AND WATER

Rio readies WA copper stake for sale

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 14-Aug-24

Rio Tinto has indicated that it is open to all potential options for its Winu copper project in Western Australia’s Paterson Province. However, selling a stake in Winu is said to be its preferred option; Winu boasts copper grades of 0.45 per cent, compared with 1.89 per cent at the Resolution project in the US, and Rio Tinto believes that Winu may be of a more suitable size and scale for a small or mid-tier miner. Newmont Corporation is also seeking a buyer for its Telfer gold and copper mine in the region.

CORPORATES
RIO TINTO LIMITED – ASX RIO, NEWMONT CORPORATION – ASX NEM

Slow approvals a barrier to next Australian mining boom: report

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Original article by Tom Rabe
The Australian Financial Review – Page: 7 : 13-Aug-24

A Climate Energy Finance report has stated that Australia has the potential to double its iron export value to $250 billion by producing green iron, but that its potential is being hampered by slow environmental approval processes. The report urges Australia to follow the lead of Europe and introduce "overriding public interest principles" into environmental approvals processes, stating this would help to fast track the renewable energy infrastructure that is viewed as critical to the development of a green steel industry in Western Australia’s north-west.

CORPORATES
CLIMATE ENERGY FINANCE

Steel carnage to sink iron ore below $US90

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Original article by Alex Gluyas
The Australian Financial Review – Page: 29 : 13-Aug-24

The iron ore price is now about 30 per cent below its January peak, although the steel input is still trading at around $US100 per tonne. However, Robert Rennie of Westpac contends that problems within the steel industry means that the iron ore price should be around the mid-to late-$US80 level at present. He says it is only a matter of time before the "absolute carnage" in the steel industry is reflected in the iron ore price. Chinese steel mills’ margins have fallen sharply, and a MySteel survey has found that just five per cent of them were profitable last week. Further production cuts may be looming, which would dampen demand for iron ore.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, MYSTEEL.COM LIMITED

MinRes job cuts add to thousands lost in WA’s mining sector route

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 7-Aug-24

A spokesman for Mineral Resources has confirmed that the iron ore and lithium producer will reduce its head count, although the bulk of the job cuts will be at its Perth head office. Mineral Resources has not disclosed the extent of the job losses, although it is believed to be about 100. The move follows the company’s recent decision to mothball its high-cost iron ore mines in Western Australia’s Yilgarn region and a delay in the expansion of the Wodgina lithium mine. WA’s mining sector has already been hit by massive job losses in the nickel industry in 2024.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN

New iron ore mine to start producing in 2025

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Original article by Tim Bond
Australian Resources & Investment – Page: Online : 30-Jul-24

Fenix Resources is in the process of launching its third iron ore mine in Western Australia’s mid-west, with the Beebyn-W11 mine due to commence production in early 2025. Located 20 km from Fenix’s existing Iron Ridge mine and just over 500 km from the Geraldton Port, Beebyn-W11 has a maiden ore reserve of 10 million tonnes at 62.2 per cent iron. It will have an estimated mine life of seven years and slated annual production of around 1.5 million dry metric tonnes, with Fenix forecasting annual EBITDA of $47.9 million.

CORPORATES
FENIX RESOURCES LIMITED – ASX FEX

How the west was formed – new study reveals age of Australia’s ancient iron ore deposits

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Original article by Peter de Kruijff
abc.net.au – Page: Online : 24-Jul-24

Western Australia’s mining industry has been a key source of the nation’s economic wealth, particularly iron ore mines in the Pilbara. A research team has concluded that these iron ore deposits formed between 1.4 and 1.1 billion years ago during the formation of a supercontinent called Rodinia; their findings are based on analysis of drill cores supplied by Rio Tinto from nine deposits in the Pilbara’s Hamersley province. The team’s findings have been published in the Proceedings of the National Academy of Science; lead author Liam Courtney-Davies says the research could assist mining companies in locating high-grade ore resources in the Pilbara.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Rinehart boosts stake in $5b WA magnetite project

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 17-Jul-24

Hancock Prospecting has increased its stake in the Mt Bevan magnetite project in Western Australia’s Yilgarn region by 21 per cent. The Gina Rinehart-controlled company now has a 51 per cent stake in Mt Bevan, which is expected to boast annual production of 12 million tonnes of magnetite with an iron content of 70 per cent. A spokesman for Hancock says there is no certainty that the project will proceed, citing factors such as the federal government approvals process. The other shareholders in Mt Bevan are Legacy Iron Ore and Hawthorn Resources.

CORPORATES
HANCOCK PROSPECTING PTY LTD, LEGACY IRON ORE LIMITED – ASX LCY, HAWTHORN RESOURCES LIMITED – ASX HAW

Rio Tinto says all systems go for Simandou

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Original article by Nick Evans
The Australian – Page: 15 & 18 : 17-Jul-24

Rio Tinto has advised that the Simandou iron ore project has received final approval from the Guinean and Chinese governments. Rio Tinto is investing $US6.2bn in the development of mine, port and rail infrastructure at the Simandou project, while its share of annual production will be about 27 million tonnes. Meanwhile, Rio Tinto has indicated that a Pilbara iron ore train derailment in May affected shipments and production during the June quarter; the company shipped 158.3 million tonnes of iron ore in the first half of 2024, which will require a big increase in the second half to meet its full-year guidance of 323 to 338 million tonnes.

CORPORATES
RIO TINTO LIMITED – ASX RIO