B08 Metal Ore Mining

Iron ore miners dig in for fight over capacity at Port Hedland

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Original article by Brad Thompson
The Australian Financial Review – Page: 18 : 23-Nov-20

Iron ore producers Mineral Resources, BHP, Fortescue Metals Group and Hancock Prospecting have been asked to contribute to an independent review to determine the maximum capacity of Port Hedland. The Western Australian government wants the review to be completed by December, and it comes after the mining companies rejected the government’s call for a $10 billion outer harbour to be constructed at Port Hedland. Growth plans outlined by the four companies amount to output of at least 690 million tonnes per annum, while the government believes that Port Hedland’s maximum capacity could be pushed to around 650 million tonnes.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, BHP GROUP LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, HANCOCK PROSPECTING PTY LTD

Forrest unveils ambitious Fortescue renewables plan

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Original article by Brad Thompson
The Australian Financial Review – Page: 14 & 18 : 12-Nov-20

Fortescue Metals Group has outlined plans to become a major player in the energy sector via a massive investment in renewables. Fortescue chairman Andrew Forrest had told the pure-play iron ore miner’s AGM that it will initially aim to produce 235 gigawatts of energy via renewables, as it transition to an "renewables and resources" company. Meanwhile, CEO Elizabeth Gaines has stressed the importance of Australia’s trading relationship with China.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Turquoise Hill rebels against Rio’s pressure

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Original article by Peter Ker
The Australian Financial Review – Page: 20 : 6-Nov-20

Canada-based Turquoise Hill Resources has commenced arbitration proceedings against Rio Tinto over a disagreement regarding financing options for the expansion of the Oyu Tolgoi copper mine in Mongolia. Rio Tinto has pushed for Turquoise Hill to finance a cost blowout at the project via a capital raising rather than by taking on additional debt. Rio Tinto has a 50.79 per cent stake in Turquoise Hill.

CORPORATES
RIO TINTO LIMITED – ASX RIO, TURQUOISE HILL RESOURCES LIMITED

Gina Rinehart’s wealth soars as Hancock Prospecting reports $4b profit

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Original article by Nick Toscano
The Sydney Morning Herald – Page: Online : 5-Nov-20

Hancock Prospecting has reported a 2019-20 after-tax profit of $4bn, compared with $2.6bn previously. The company benefited from the strong price of iron ore during the financial year. Hancock’s iron ore assets include the Roy Hill mine and a 50 per cent stake in the Hope Downs joint venture. Hancock also controls Atlas Iron, which operates the Mt Webber iron ore mine in the Pilbara. Meanwhile, Hancock has paid a maiden dividend of $475m and repaid a $US7.2bn ($10.1bn) debt some four months ahead of schedule.

CORPORATES
HANCOCK PROSPECTING PTY LTD, ATLAS IRON LIMITED

Big investors challenge miners over traditional owner consent

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Original article by Peter Ker
The Australian Financial Review – Page: 20 : 30-Oct-20

AustralianSuper and CBus are among the Australian investor signatories to an open letter to the world’s major mining companies. The letter was written in response to Rio Tinto’s destruction of ancient indigenous rock shelters at Juukan Gorge and subsequent revelations regarding its deficiencies in managing the controversy. The letter asks mining companies to assess the "genuineness" of the consents they have secured from traditional owners, and asks how they are managing cultural heritage risks. Apart from Rio, recipients of the letter with Australian mines include BHP, Newcrest, Evolution Mining, Fortescue Metals Group and OZ Minerals.

CORPORATES
AUSTRALIANSUPER PTY LTD, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, NEWCREST MINING LIMITED – ASX NCM, EVOLUTION MINING LIMITED – ASX EVN, FORTESCUE METALS GROUP LIMITED – ASX FMG, OZ MINERALS LIMITED – ASX OZL, SOUTH32 LIMITED – ASX S32, NORTHERN STAR RESOURCES LIMITED – ASX NST, SARACEN MINERAL HOLDINGS LIMITED – ASX SAR

South32 aims for next mine to be carbon-neutral

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 28-Oct-20

Diversified miner South32 may aim for its new Hermosa mine in Arizona to be carbon neutral from the outset. Initial production at the zinc, lead and silver project is some years away, and South32 MD Graham Kerr notes that it is much easier to build a new mine that is carbon neutral than to retrofit an existing one to solely use renewable energy. South32 has commenced discussions with energy utilities about supplying electricity to the mine, and Kerr says it could potentially be powered completely or almost only via renewables.

CORPORATES
SOUTH32 LIMITED – ASX S32

OZ Minerals adds glowing copper to golden outlook

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Original article by Nick Evans
The Australian – Page: 19 : 23-Oct-20

OZ Minerals produced 23,873 tonnes of copper in the September quarter, compared with 24,577 tonnes in the three months to June. Gold output also fell slightly, to 66,746 ounces. OZ has upgraded its full-year guidance for gold production to between 242,000 and 259,000 ounces, with production at its Prominent Hill mine in South Australia expected to be 10,000 to 15,000 ounces higher than previously forecast. Full-year copper production is expected to be in line with earlier guidance. OZ shares closed 5.3 per cent higher at 15.97 on 22 October.

CORPORATES
OZ MINERALS LIMITED – ASX OZL

We’ll give you more of Pilbara spoils: Rio

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Original article by Paul Garvey
The Australian – Page: 7 : 15-Oct-20

Rio Tinto has committed to ensuring that indigenous peoples get a better deal under its revised land use agreements in the Pilbara. Rio Tinto has responded to the global condemnation over its destruction of ancient rock shelters at Juukan Gorge by vowing to ensure that traditional owners receive a greater share of the economic benefits arising from its iron ore projects in the region. Rio Tinto has also advised that it will reassess all of its activities that could potentially have an impact on indigenous heritage sites.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Industry on a high as Diggers & Dealers conference kicks off in Kalgoorlie

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Original article by Nick Evans
The Australian – Page: 16 : 12-Oct-20

The annual Diggers and Dealers conference will commence in Kalgoorlie on 12 October and is being held at a time of great optimism within the minerals sector. A number of major discoveries have been made by both large and small companies in the past two years, including Rio Tinto’s Winu discovery and De Grey Mining’s new gold project in Western Australia’s Pilbara region. The conference’s opening comes just days after Northern Star Resources and Saracen Mineral Holdings announced a $16 billion merger.

CORPORATES
DIGGERS AND DEALERS FORUM, RIO TINTO LIMITED – ASX RIO, DE GREY MINING LIMITED – ASX DEG, NORTHERN STAR RESOURCES LIMITED – ASX NST, SARACEN MINERAL HOLDINGS LIMITED – ASX SAR, NEWCREST MINING LIMITED – ASX NCM, ALKANE RESOURCES LIMITED – ASX ALK, CHALICE GOLD MINES LIMITED – ASX CHN, STAVELY MINERALS LIMITED – ASX SVY, ST BARBARA LIMITED – ASX SBM, REGIS RESOURCES LIMITED – ASX RRL, SILVER LAKE RESOURCES LIMITED – ASX SLR, RAMELIUS RESOURCES LIMITED – ASX RMS, GOLD ROAD RESOURCES LIMITED – ASX GOR, BELLEVUE GOLD LIMITED – ASX BGL, ENCOUNTER RESOURCES LIMITED – ASX ENR, IGO LIMITED – ASX IGO, BHP GROUP LIMITED – ASX BHP

Resource exports face $40bn hit

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Original article by Jared Lynch
The Australian – Page: 13 & 16 : 28-Sep-20

Australia’s resources and energy exports rose to a record $290bn in 2019-20, driven by a rally in the iron ore price. However, the Department of Industry’s latest Resources and Energy Quarterly report forecasts that the nation will export just $256bn worth of commodities in 2020-21. The total value of resources and energy exports in 2021-22 is forecast to be $252bn. The Department expects a pullback in the iron ore price to around $US85 a tonne by the end of 2020-21; iron ore shipments are expected to fall to $80bn, after reaching a record $102bn in 2019-20. Meanwhile, gold export earnings are forecast to reach a record $31bn in 2020-21.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE, ENERGY AND RESOURCES