Rio’s big new mine to hit full speed

January 18, 2023roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 17 : 18-Jan-23

Rio Tinto has advised that it expects iron ore shipments from the Pilbara in calendar 2023 to be within the range of 320 million to 335 million tonnes. This is in line with its 2022 guidance; its shipments for the year were at the bottom end of this range, at 321.6 million tonnes. Meanwhile, Rio Tinto has indicated that its new Gudai-Darri iron ore mine is expected to reach its maximum capacity of 43 million tonnes a year on a "sustained basis" at some stage in 2023. BHP and Fortescue Metals Group are slated to release their quarterly iron ore export data in coming days.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG

Fortescue’s finance boss wants time with family

January 11, 2023roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 13 & 18 : 11-Jan-23

Fortescue Metals Group’s outgoing chief financial officer Ian Wells says that having the opportunity to contribute to the iron ore miner has been a privilege. He will leave Fortescue on 31 January after nearly 13 years at the company, including five years as CFO. Wells says he is looking forward to spending some time with his family and friends. He adds that Fortescue is in a strong position to deliver on its short, medium and long-term growth options, including the Iron Bridge magnetite project and the Fortescue Future Industries subsidiary’s clean energy projects.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, FORTESCUE FUTURE INDUSTRIES PTY LTD

Fortescue top dogs continue their exodus

January 10, 2023roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 12 & 14 : 10-Jan-23

Fortescue Metals Group has advised that CFO Ian Wells will step down on 31 January in order to "pursue other opportunities". Adrian Prendergast of Morgans says the short notice period is unusual for Fortescue, given that it typically requires key executives to give six months’ written notice. Wells is the ninth senior executive to leave Fortescue in the last two years, and his departure follows the recent resignation of Guy Debelle as CFO of the Fortescue Future Industries clean energy subsidiary. George Boubouras of K2 Asset Management says further executive turnover at Fortescue is possible when Fiona Hick takes up the role of CEO at its mining division in February.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG,FORTESCUE FUTURE INDUSTRIES PTY LTD,MORGANS FINANCIAL LIMITED,K2 ASSET MANAGEMENT HOLDINGS LIMITED – ASX KAM

New mining boss plots further evolution

January 4, 2023roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 13 & 16 : 4-Jan-23

Lawrie Conway has formally succeeded Jake Klein as MD of Evolution Mining, although the latter will remain at the gold miner in the role of executive chairman. Conway joined Evolution’s board in 2011, having previously worked for BHP and Newcrest Mining. He was appointed to the role of chief financial officer in 2014, and Evolution subsequently capitalised on a sharp downturn in the gold price to make a series of acquisitions that catapulted it into the ranks of mid-tier gold producers. Evolution’s internal growth plan will be Conway’s immediate priority; however, further acquisitions could also be on the agenda, as he expects global gold miners to divest some assets in coming years.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN,BHP GROUP LIMITED – ASX BHP,NEWCREST MINING LIMITED – ASX NCM

Dividend looms in BHP-OZ takeover

December 23, 2022roymorgansocial Leave a comment

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

BHP and OZ Minerals signed a scheme implementation deed on Thursday, concluding a takeover bid that began in August. OZ shareholders will vote on the deal in late March or early April, while the $9.6bn takeover will also require regulatory approval in Brazil and Vietnam. An independent expert’s report will also have to conclude that the deal is in the best interests of OZ shareholders, who will receive $28.25 per share. OZ will be able to use its franking credits to pay a dividend of up to $1.75 per share before the takeover is finalised; however, any dividend will reduce the price that investors will receive for their shares.

CORPORATES
BHP GROUP LIMITED – ASX BHP, OZ MINERALS LIMITED – ASX OZL

Many mining stocks overvalued, warns UBS

December 14, 2022roymorgansocial Leave a comment

Original article by Tom Richardson
The Australian Financial Review – Page: 27 : 14-Dec-22

Shares in BHP have gained 36 per cent in US dollar terms since the end of October. However, UBS analyst Lachlan Shaw says the firm believes that the stock has risen too quickly in a short period of time. UBS has a ‘sell’ rating on BHP and rival iron ore producers Rio Tinto and Fortescue Metals Group. The firm also expects the iron ore price to trade at around $US100 a tonne over the first half of 2023, compared with about $US112/tonne at present; it is then forecast to fall to around $US95 a tonne in the December 2023 quarter. UBS is more upbeat about commodities such as gold, coal, zinc and lithium.

CORPORATES
BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, UBS HOLDINGS PTY LTD

Juukan Gorge community back mining model

December 14, 2022roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 14-Dec-22

Rio Tinto and the Puutu Kunti Kurrama and Pinikura people are close to finalising a co-management agreement for the Brockman 4 iron ore mine in the Pilbara. PKKP Aboriginal Corporation chairman Burchell Hayes believes that such agreements could provide stronger protection for heritage sites than federal and state laws. He adds that the federal government did not adequately consult with traditional owners regarding proposed legislation that is designed to protect heritage sites. The legislation arose from a parliamentary inquiry into Rio Tinto’s destruction of ancient Indigenous rock shelters at Juukan Gorge as part of an expansion of the Brockman 4 mine.

CORPORATES
RIO TINTO LIMITED – ASX RIO, PKKP ABORIGINAL CORPORATION

Rinehart shakes up Hancock leadership

December 7, 2022roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 17 : 7-Dec-22

Hancock Prospecting has unveiled changes to the leadership structure of its core iron ore business that will take effect from 30 January. The dual CEO structure for Roy Hill and Atlas Iron will be abolished, with Roy Hill CEO Gerhard Veldsman to assume responsibility for Hancock’s entire iron ore operations. Atlas Iron’s current CEO Sanjiv Manchanda will take up a new role as CEO of growth projects at Hancock, while Roy Hill’s inaugural CEO Barry Fitzgerald will become technical director for iron ore.

CORPORATES
HANCOCK PROSPECTING PTY LTD,{SPAC}ROY HILL HOLDINGS PTY LTD,{SPAC}ATLAS IRON LIMITED

Debelle steps down as Fortescue CFO in latest reshuffle

November 24, 2022roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 14 & 18 : 24-Nov-22

Fortescue Metals Group has appointed Felicity Gooding as the interim chief financial officer at its clean energy subsidiary, Fortescue Futures Industries. This follows Guy Debelle’s decision to step down as CFO; he took up the role in March following his retirement from the Reserve Bank of Australia, where he had been the deputy governor. Debelle is still recovering from injuries sustained in a bike accident in August, and says this means he cannot do justice to the role of CFO. He will instead join FFI’s board of directors.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, FORTESCUE FUTURE INDUSTRIES PTY LTD, RESERVE BANK OF AUSTRALIA

Forrest’s Fortescue joins rare earth race

November 23, 2022roymorgansocial Leave a comment

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

Fortescue Metals Group’s executive chairman Andrew Forrest has told its AGM that the company aims to expand into critical minerals. He said Fortescue has "kicked off a global stream of work" in South America aimed at securing access to critical minerals such as rare earths. He added that rare earths will be critical to Fortescue Future Industries’ projects in manufacturing, renewables and hydrogen. Forrest also said that Fortescue is close to gaining a preliminary mining licence for the Belinga iron ore project in Gabon, and that it plans to commence drilling early in 2023.