B08 Metal Ore Mining

CBA warns of $US80 iron ore price as China crisis deepens

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Original article by Alex Gluyas
The Australian Financial Review – Page: 26 : 18-Sep-24

Iron ore futures were trading at around $US92.50 per tonne on Tuesday, after falling below $US90 last week. The iron ore price has shed about 20 per cent since July, amid a rising global surplus of the steel input and growing concerns about the outlook for China’s property sector. Goldman Sachs now expects the iron ore price to test the $US85/tonne level in the December quarter, compared with its previous forecast of $US100. Meanwhile, Vivak Dhar from the Commonwealth Bank says the iron ore price could potentially fall to around $US80/tonne in the near-term.

CORPORATES
THE GOLDMAN SACHS GROUP INCORPORATED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Greatland Gold wants Telfer, but there may be a sting in the tailings

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Original article by Peter Ker
The Australian Financial Review – Page: 20 : 11-Sep-24

Greatland Gold has advised the London Stock Exchange that it is in exclusive talks to buy the Telfer gold mine in Western Australia. Greatland added that negotiations are advanced and a deal may be close. Newmont Corporation announced plans to divest Telfer in February. However, Greatland has indicated that any deal to acquire Telfer will be conditional on Newmont repairing leaks in two tailings dams at the mine. Production at Telfer was disrupted by remediation work at the dams earlier in 2024.

CORPORATES
GREATLAND GOLD PLC, NEWMONT CORPORATION – ASX NEM

Iron ore drops below $US90 in China’s contagion

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Original article by Alex Gluyas
The Australian Financial Review – Page: 25 : 10-Sep-24

The price of iron fell below $US90 per tonne on Monday; the steel input had not previously tested this level since November 2022, and it followed a fall of nearly 10 per cent in the previous week. Other commodities have also fallen sharply in recent times, including copper and Brent crude oil. The sell-off has been prompted by concerns about the outlook for the Chinese economy, and whether the official annual growth target of five per cent can be achieved. Damien Boey from Barrenjoey notes that financial markets are concerned that an economic slowdown in China could flow through to other countries.

CORPORATES
BARRENJOEY CAPITAL PARTNERS PTY LTD

China iron ore demand sliding: BHP

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Original article by Cameron England
The Australian – Page: 13 & 16 : 28-Aug-24

BHP has posted a 2023-24 statutory net profit of $US7.9bn, which is 39 per cent lower than previously. The result was marred by a $US2.7bn write down of its nickel assets in Western Australia and a $US3.8bn charge related to the Samarco tailings dam collapse in Brazil. BHP’s underlying profit was up two per cent to $US13.7bn, and revenue was three per cent higher at $US55.7bn. CEO Mike Henry says China’s steel production is expected to plateau in coming years, reducing demand for iron ore. Meanwhile, BHP has warned that labour costs will rise due to the federal government’s ‘same job, same pay’ industrial relations reforms, reducing Australia’s international competitiveness.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Fortescue insists spying on families wasn’t inappropriate

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Original article by Angelica Snowden
The Australian – Page: 13 & 16 : 21-Aug-24

Fortescue is being represented by Julian Cooke SC in its intellectual property dispute with ‘green iron’ start-up Element Zero. The company was founded by former Fortescue employees Bart Kolodziejczyk, Bjorn Winther-Jensen and Michael Masterman, allegedly using the iron ore miner’s intellectual property. Cooke has defenced Fortescue’s use of a private investigator to place the three executives and their families under surveillance, telling the Federal Court that there was a real risk that information pertaining to the pending court case could have been destroyed. The surveillance operation was followed by raids on the homes and business premises of the Element Zero directors

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

Mining giant BHP eyes Indonesia after nickel collapse

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Original article by Duncan Evans
The Australian – Page: 19 : 21-Aug-24

BHP is believed to be holding talks with the Indonesian government regarding an investment in the nation’s nickel industry. The Indonesia Nickel Mining Association’s secretary-general Meidy Katrin Lengkey says the discussions about "specific investment opportunities" have being going on for "several months". Indonesia’s move to ramp up its nickel production with Chinese backing contributed to BHP’s decision to mothball its nickel operations in Western Australia.

CORPORATES
BHP GROUP LIMITED – ASX BHP, INDONESIAN NICKEL MINING ASSOCIATION

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