B08 Metal Ore Mining

BHP looks to SA copper growth

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Original article by Nick Evans
The Australian – Page: 16 : 19-Jun-24

BHP executive Anna Wiley has indicated that the resources giant has largely ‘ bedded down’ its acquisition of OZ Minerals for $9.7bn in 2023. The asset president for BHP’s copper operations in South Australia says it is now pushing ahead with plans to expand these operations, including the potential to increase copper production in SA to around 700,000 tonnes per year. BHP recently abandoned a takeover bid for Anglo American which was prinarily aimed at securing the latter’s copper assets.

CORPORATES
BHP GROUP LIMITED – ASX BHP, OZ MINERALS LIMITED, ANGLO AMERICAN PLC

Sagging iron ore prices weigh on local bourse

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Original article by David Rogers
The Australian – Page: 23 : 13-Jun-24

The iron ore price reached a two-month low of $US103.35 per tonne earlier this week, weighing on the Australian sharemarket and the nation’s largest mining companies. Vivek Dhar from the Commonwealth Bank says the downturn in the iron ore price is probably due to ongoing concerns about China’s property market, despite recent government stimulus measures. Dhar believes that the iron on price will not rise sustainably above $US110 per tonne unless the Chinese government pursues additional infrastructure stimulus measures.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Microwave the way for Rio Tinto to go low-carbon

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Original article by Peter Ker
The Australian Financial Review – Page: 19 : 5-Jun-24

Rio Tinto will invest $215m in a microwave facility at its BioIron project in Western Australia. The plant is slated to produce one tonne of direct reduced iron per hour, and is part of the resources group’s push to reduce the carbon-intensity of steel-making. The BioIron plant will use microwave technology rather than traditional blast furnaces to produce steel, using a combination of Pilbara iron ore and biomass waste. Rio Tinto executive Simon Trott says the plant has been specifically designed for Pilbara iron ores.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Dutton’s views on tax credits wrong: MinRes

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Original article by Brad Thompson
The Australian Financial Review – Page: 13 : 22-May-24

Treasury modelling suggests that mining companies could receive $17.6bn worth of production tax credits over 14 years for the downstream processing of critical minerals. Opposition leader Peter Dutton has labelled the budget measure as "billions for billionaires" and committed to vetoing the policy. However, Mineral Resources’ MD Chris Ellison believes that Dutton will eventually realise that he is wrong to oppose a policy that will support projects that will contribute revenue for more than five decades. Meanwhile, Mineral Resources has begun loading the first shipment of iron ore from its Onslow Iron Project in the West Pilbara; work on the project started less than a year ago.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, LIBERAL PARTY OF AUSTRALIA

BHP runs down clock on $64b Anglo deadline

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 21-May-24

The UK’s Takeovers Code requires BHP to make a formal and binding takeover offer for Anglo American by 22 May. However, there is now a high probability that BHP will abandon its proposed bid, given that the target has rejected BHP’s improved offer of 0.8132 of its share for every Anglo American share. Meanwhile, media reports in the UK have indicated that two major Anglo American shareholders are willing to accept a simpler offer from BHP that does not involve breaking up the company.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC

Lithium miners plead foreign entity case to US

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Original article by Peter Ker
The Australian Financial Review – Page: 16 : 21-May-24

Australian miners are seeking access to lucrative subsidies available under the US Infrastructure Investment and Jobs Act and the Inflation Reduction Act. However, critical minerals that are "subject to the control" of Russia, China, Iran and North Korea are not eligible for the subsidies, as the US considers those countries to be "foreign entities of concern". This has led to concern that two of Australia’s biggest lithium mines, Greenbushes and Mt Marion, will be ineligible for the subsidies as they are 26 per cent and 50 per cent owned by Chinese companies Tianqi and Ganfeng respectively. The other 50 per cent of Mt Marion is owned by Australia’s Mineral Resources, and Tim Picton from MinRes believes it would be "counter-intuitive" for product from Mt Marion to be viewed as subject to the control of a foreign entity of concern.

CORPORATES
TIANQI LITHIUM CORPORATION, GANFENG LITHIUM COMPANY LIMITED, MINERAL RESOURCES LIMITED – ASX MIN

Toronto tempts Aussie miners

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Original article by Glenda Korporaal
The Australian – Page: 15 : 20-May-24

About 21 Australian mining companies are currently listed on the Toronto Stock Exchange; however, the TSX’s Dean McPherson says this could quickly increase to around 30, as more companies in the local mining sector recognise the benefits of raising capital in North America. The TSX is the third-largest stock exchange in North America, with a total market capitalisation of $4.65 trillion and about 3,500 listed companies; in contrast, the Australian Stock Exchange boasts a total market capitalisation of $2.7 trillion and about 2,200 listed companies. Both bourses have traditionally had a heavy weighting towards the resources sector.

CORPORATES
TORONTO STOCK EXCHANGE, ASX LIMITED – ASX ASX

Inside Anglo chief’s rush to split company

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Original article by Peter Ker
The Australian Financial Review – Page: 36 & 37 : 20-May-24

Anglo American’s CEO Duncan Wanblad has downplayed suggestions that the restructuring proposal that he announced last week was in direct response to BHP’s takeover approach. He contends that Anglo American has merely brought forward a strategic plan that was already being prepared. However, some senior executives at Anglo American were surprised by Wanblad’s announcement of the restructuring. They include Daniel van der Westhuizen, who heads the group’s Australian arm; five coking coal mines in Queensland are among the assets that Anglo American had earmarked for sale, and Wanblad indicated that the company had already received bids for these mines.

CORPORATES
ANGLO AMERICAN PLC, ANGLO AMERICAN AUSTRALIA LIMITED

Toronto tempts Aussie miners

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Original article by Glenda Korporaal
The Australian – Page: 15 : 20-May-24

About 21 Australian mining companies are currently listed on the Toronto Stock Exchange; however, the TSX’s Dean McPherson says this could quickly increase to around 30, as more companies in the local mining sector recognise the benefits of raising capital in North America. The TSX is the third-largest stock exchange in North America, with a total market capitalisation of $4.65 trillion and about 3,500 listed companies; in contrast, the Australian Stock Exchange boasts a total market capitalisation of $2.7 trillion and about 2,200 listed companies. Both bourses have traditionally had a heavy weighting towards the resources sector.

CORPORATES
TORONTO STOCK EXCHANGE, ASX LIMITED – ASX ASX

Inside Anglo chief’s rush to split company

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Original article by Peter Ker
The Australian Financial Review – Page: 36 & 37 : 20-May-24

Anglo American’s CEO Duncan Wanblad has downplayed suggestions that the restructuring proposal that he announced last week was in direct response to BHP’s takeover approach. He contends that Anglo American has merely brought forward a strategic plan that was already being prepared. However, some senior executives at Anglo American were surprised by Wanblad’s announcement of the restructuring. They include Daniel van der Westhuizen, who heads the group’s Australian arm; five coking coal mines in Queensland are among the assets that Anglo American had earmarked for sale, and Wanblad indicated that the company had already received bids for these mines.

CORPORATES
ANGLO AMERICAN PLC, ANGLO AMERICAN AUSTRALIA LIMITED