B08 Metal Ore Mining

Protect critical minerals: Lynas

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Original article by Matt Bell
The Australian – Page: 13 & 16 : 5-Dec-23

Lynas Rare Earths CEO Amanda Lacaze says Australia should not give up control of its mineral firms, particularly those involved in the supply of critical minerals. She was speaking at the Australian British Chamber of Commerce’s ‘Rare Earth and Lithium – The Australian Advantage’ event, while Pilbara Minerals CEO Dale Henderson told the event that the recent decision by the US Department of Energy to bar lithium companies with substantial Chinese ownership from getting access to US grants was "not good news".

CORPORATES
LYNAS RARE EARTHS LIMITED – ASX LYC, AUSTRALIAN-BRITISH CHAMBER OF COMMERCE, PILBARA MINERALS LIMITED – ASX PLS, UNITED STATES. DEPT OF ENERGY

First strike at Fortescue over exec pay

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Original article by Nick Evans
The Australian – Page: 13 & 16 : 22-Nov-23

More than 52 per cent of votes cast at Fortescue Metals Group’s annual meeting on Tuesday rejected the iron ore miner’s remuneration report. Fortescue could potentially face a board spill if more than 25 per cent of shareholders vote against the report again in 2024. Major proxy advisory firms had recommended voting against the report, citing concerns such as discretionary payments to several former executives. Meanwhile, Fortescue has announced plans to build a $US550m ‘green’ hydrogen plant in Arizona and a $US150m hydrogen plant at Gladstone in Queensland. It will also build a $US50m commercial ‘green’ iron plant at its Christmas Creek iron ore mine in the Pilbara.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Pilbara train drivers to strike

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Original article by Ewin Hannan
The Australian – Page: 4 : 21-Nov-23

BHP’s iron ore operations in Western Australia’s Pilbara region face disruption due to industrial action by train drivers from Friday. Almost 400 train drivers who are members of the Mining & Energy Union are set to impose bans on the use of BHP’s mobile rostering app, as part of the long-running negotiations for a new enterprise agreement. A BHP spokesman has stated that the company has put forward "a good and comprehensive offer" which recognises the important contribution that the rail team makes to its iron ore business. It will be the first protected industrial action in the Pilbara since 2008. Meanwhile, the MEU’s demerger from the CFMEU will formally take effect from 1 December.

CORPORATES
BHP GROUP LIMITED – ASX BHP, MINING AND ENERGY UNION, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Telfer ‘a strategic asset for Newmont

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Original article by Nick Evans
The Australian – Page: 16 : 8-Nov-23

Newmont Corporation’s CEO Tom Parker has emphasised that the US-based company is committed to retaining its secondary listing on the Australian sharemarket. He has also downplayed speculation that the Telfer gold and copper mine in Western Australia is among the assets that Newmont will divest following its acquisition of Newcrest Mining. He has highlighted the strategic potential of Telfer and its associated infrastructure in the northern Pilbara region. Parker adds that Newmont has moved quickly to appoint its own managers to all of Newcrest’s operating mines, while Newcrest’s top executives have left the company.

CORPORATES
NEWMONT CORPORATION – ASX NEM, NEWCREST MINING LIMITED

Iron ore tipped to hit $US130 a tonne this year

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Original article by Joanne Tran
The Australian Financial Review – Page: 23 : 2-Nov-23

Citigroup says there is potential for the Chinese government to provide further support for the nation’s property sector, after policymakers recently issued an additional one trillion yuan ($217.8 billion) worth of central government bonds. The firm contends that the iron ore price could rally if China pursues further stimulus in order to "engineer" a strong start to 2024. Citi has upgraded its short-term price forecast for the steel input from $US100 per tonne to $US120/tonne, but adds that further Chinese stimulus measures could see it test the $US130/tonne level by the end of 2023.

CORPORATES
CITIGROUP INCORPORATED

Rinehart’s Hancock Prospecting’s $5b profit

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Original article by Brad Thompson
The Australian Financial Review – Page: 13 : 1-Nov-23

Hancock Prospecting has reported an annual profit of $5.04bn for the year to 30 June, compared with $5.81bn in the previous financial year. The result was marred by lower iron ore prices, with Hancock holding controlling stakes in both Roy Hill and Atlas Iron. Hancock also receives royalties from the Hope Down iron ore mines that are operated by Rio Tinto, and which are the subject of a long-running legal dispute with Wright Prospecting. Meanwhile, Hancock has warned that Australia’s international competitiveness in the resources sector is being undermined by red tape and the amount of time it takes to get projects approved.

CORPORATES
HANCOCK PROSPECTING PTY LTD, ROY HILL HOLDINGS PTY LTD, ATLAS IRON LIMITED, RIO TINTO LIMITED – ASX RIO

Miners fret over US nickel deal

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Original article by Brad Thompson
The Australian Financial Review – Page: 17 : 30-Oct-23

Australian nickel producers such as BHP, Chalice Mining and Wyloo Metals are concerned that Indonesian rivals will be given access to subsidies via the Biden administration’s Inflation Reduction Act. Wyloo CEO Luca Giacovazzi contends that a US free-trade agreement on nickel with Indonesia would make it difficult to justify investing in Australian and Canadian nickel mines, due to the higher cost of production. Several US senators have backed the Australian miners’ stance, noting amongst other things that Chinese interests control much of Indonesia’s nickel production.

CORPORATES
BHP GROUP LIMITED – ASX BHP, CHALICE MINING LIMITED – ASX CHN, WYLOO METALS PTY LTD

Rinehart’s war chest full for lithium spree

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Original article by Brad Thompson
The Australian Financial Review – Page: 27 & 28 : 28-Oct-23

The owners of the Roy Hill iron ore mine received $2.25bn in dividends in the year to 30 September, and an additional $800m in October. Gina Rinehart’s Hancock Prospecting was paid almost $2.14bn in dividends, as the largest shareholder in the Roy Hill project. Roy Hill has posted a full-year net profit of $2.7bn, compared with $3.16bn previously, while it shipped a record 63.3 million tonnes of iron ore. The remaining mine life of the existing Roy Hill resource is estimated to be less than 10 years, and Hancock Prospecting is ramping up its investment in the lithium sector. It has built an 18 per cent stake in takeover target Azure Minerals, having previously taken a 19.9 per cent stake in Liontown Resources.

CORPORATES
ROY HILL HOLDINGS PTY LTD, HANCOCK PROSPECTING PTY LTD, AZURE MINERALS LIMITED – ASX AZS, LIONTOWN RESOURCES LIMITED – ASX LTR

Why Rhodes Ridge is Rio’s silver bullet

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Original article by Nick Evans
The Australian – Page: 15 & 19 : 23-Oct-23

Rhodes Ridge has long been considered as the best iron ore deposit in Western Australia’s Pilbara region, but for a while it was regarded as the most heavily litigated mining deposit in the world. However, it is now being hailed as Rio Tinto’s ‘silver bullet’, as it will end Rio’s reliance on its network of 17 mines across the Pilbara that it uses to produce the differing ore types that make up its ‘flagship’ Pilbara Blend; it can also be serviced by Rio’s existing infrastructure, doing away with the need to build new rail infrastructure.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Fortescue on track to hit 2030 greening target

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 18-Oct-23

Fortescue Metals Group director Larry Marshall says he agreed to join the iron ore producer’s board in August after being satisfied that the target of decarbonising its mining operations by 2030 is achievable. Marshall adds that the technology that is needed to decarbonise mining is in place and simply needs to be built. Solar and wind power will be a key focus of Fortescue’s decarbonisation strategy; the company estimates that it will require 1,000 megawatts of capacity of both forms of renewal energy.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG