B08 Metal Ore Mining

Morgan unveils processing advance for Titan’s balls of nickel

roymorgansocial Leave a comment

Original article by Paul Garvey
The Australian – Page: Online : 9-Sep-19

Comet Minerals announced in 2016 that it had detected a unique type of mineralisation at its Titan nickel project in Nigeria. Hugh Morgan, the former WMC Resources boss who heads up Comet Minerals, has told the recent Africa Down Under conference that another of his firms has developed a processing technique that will enable Comet Minerals to recover 100 per cent of nickel from the mineralisation at Titan. He said the technique has been successfully tested on gold and copper mineralisation, and that it does not involve any toxic reagents.

CORPORATES
COMET MINERALS, WMC RESOURCES LIMITED

Fears for Aussie miners in growing terror hot spots

roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 23 : 6-Sep-19

Resolute Mining MD John Welborn agrees with Defence Minister Linda Reynolds that there are increased terrorism risks for Australian mining companies operating in West Africa. Reynolds was while speaking at the Africa Downunder mining conference in Perth. Resolute has mines in Mali, Senegal and Ghana, and Wellborn says the terrorism risk is getting worse, particularly in Mali where its main operations are located. Wellborn also contends that China is "stealing the march" on the US and Australia when it comes to investing in Africa.

CORPORATES
RESOLUTE MINING LIMITED – ASX RSG, AUSTRALIA. DEPT OF DEFENCE

Glencore beats ATO in transfer pricing battle

roymorgansocial Leave a comment

Original article by John Durie
The Australian – Page: 20 : 4-Sep-19

The Australian Taxation Office may appeal a Federal Court ruling in favour of mining giant Glencore over a transfer pricing dispute. The case centred on the price that Glencore’s offshore trading arm paid for copper from its Cobar mine in New South Wales. The ATO contended that the transaction should have been done at arm’s length. The ruling may have implications for other transfer pricing investigations being undertaken by the ATO.

CORPORATES
GLENCORE PLC, GLENCORE AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, FEDERAL COURT OF AUSTRALIA

Push to break China metals dominance

roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 17 & 20 : 3-Sep-19

A new report from the Department of Industry notes that Australia is one of the six leading sources of so-called critical minerals, such as rare-earth elements, cobalt, niobium, antimony, magnesium and tungsten. Cobalt and niobium are the only two minerals identified by the Department for which China is the major supplier and processor. Resources Minister Matt Canavan has highlighted the growth opportunities for Australia in terms of global supply of critical minerals. However, commodity prices and production costs will be the key issues for Australian miners.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, LYNAS CORPORATION LIMITED – ASX LYC

Miners weigh lowering hurdle on projects

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 18 : 2-Sep-19

Alumina CEO Mike Ferraro says mining companies should not be rigid about the rate of return they expect from an investment. A rate of return of 15 per cent has become the minimum requirement for most large mining corporations when deciding whether to proceed with a project, but there are signs that some are prepared to go below this rate of return due to very low interest rates. Newcrest Mining CEO Sandeep Biswas says he would be more willing to accept lower rates of return on new projects than on expansions of existing ones.

CORPORATES
ALUMINA LIMITED – ASX AWC, NEWCREST MINING LIMITED – ASX NCM, OZ MINERALS LIMITED – ASX OZL, FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP GROUP LIMITED – ASX BHP

Nickel group eyes better off-take deals

roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 29 : 30-Aug-19

Independence Group has posted a 2018-19 net profit of $76.1m, which is 44 per cent higher than previously. The nickel and gold producer’s revenue rose by two per cent to $792.9m, while shareholders will receive a final dividend of $0.08 per share. Independence Group has allocated $66m for exploration in 2019-20, with the aim of extending the mine life of its Nova nickel project and finding new deposits in Western Australia’s Fraser Range.

CORPORATES
INDEPENDENCE GROUP NL – ASX IGO, GLENCORE PLC, NICKEL WEST, BHP GROUP LIMITED – ASX BHP, ANGLOGOLD ASHANTI LIMITED – ASX AGG, RBC CAPITAL MARKETS

OZ confident of bouncing back from trade war hit

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 21 : 29-Aug-19

Copper and gold producer OZ Minerals has posted a 2019 interim net profit of $43.9m, which is 65 per cent lower than previously. The result was marred by factors such as a fall in the copper price, lower sales volumes and increased investment in exploration. OZ has ramped up investment in its Carrapateena mine, which is slated to commence production of copper concentrate in the final quarter of 2019. OZ shareholders will receive an interim dividend of $0.08 per share.

CORPORATES
OZ MINERALS LIMITED – ASX OZL, SANDFIRE RESOURCES NL – ASX SFR

Northern Star buys explorer, eyes Superpit

roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 22 : 28-Aug-19

Gold miner Northern Star Resources has posted a 2018-19 net profit of $154.7m, down from $194.1m previously, while EBITDA was eight per cent higher at $479.7m. Meanwhile, Northern Star Resources has offered $0.33 per share to take full control of Echo Resources, in which it has a 21.7 per cent stake. Echo’s assets include the Yandal gold project in Western Australia and the Bronzewing processing plant. Northern Star Resources has also indicated that it may be open to bidding for the Kalgoorlie Superpit.

CORPORATES
NORTHERN STAR RESOURCES LIMITED – ASX NST, ECHO RESOURCES LIMITED – ASX EAR, BARRICK GOLD CORPORATION, NEWMONT MINING CORPORATION

Forrest reaps $1bn in dividends

roymorgansocial Leave a comment

Original article by John Stensholt, Nick Evans
The Australian – Page: 17 & 20 : 27-Aug-19

Fortescue Metals Group has posted a record net profit of $US3.2bn ($4.7bn) and revenue of $US10bn for 2018-19. The pure-play iron ore miner’s net debt was $US2.1bn at the end of the financial year, while its cash holdings totalled $US1.9bn. Shareholders will receive a final dividend of $0.24 per share and a full-year payout of $1.14 a share. Fortescue chairman Andrew Forrest will be paid $1.24bn in dividends for the full year, including about $261m from the final dividend. Fortescue expects its iron ore shipments for 2019-20 to be within the range of 170-175 million tonnes, at an average price of $US13.25-$US13.75 per tonne.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, VALE SA

FMG’s dilemma as record profit meets price fall

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 17 : 26-Aug-19

Fortescue Metals Group is forecast to post a record underlying profit of $US3.03bn ($4.49bn) for 2018-19, following a rally in the iron ore price during the financial year. Some analysts expect the pure-play miner to announce a final dividend on 26 August, despite the recent fall in the iron ore price and the fact that Fortescue’s interim dividend was well within its stated target of paying 50-80 per cent of its net profits in dividends.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP GROUP LIMITED – ASX BHP, UBS HOLDINGS PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, ILUKA RESOURCES LIMITED – ASX ILU