COMPANY RESULTS – AUSTRALIA

Rio iron exports up as Mongolia bites

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 14 : 17-Jan-24

Rio Tinto’s production report for the December quarter shows that its Pilbara mines shipped 86.25 million tonnes of iron ore in the final three months of 2023, and 338.1 million tonnes in the calendar year. The resources giant is targeting shipments of between 323 million and 338 million tonnes in 2024. Rio Tinto also advised that shipments of its benchmark ‘Pilbara blend’ product fell by five per cent year-on-year, while export volumes for its lower grade SP10 ‘fines’ were 56 per cent higher; the company expects SP10 shipments to remain high until its new mines come into production. Meanwhile, Rio Tinto says it has received a new claim for unpaid taxes by the Mongolian government regarding the Oyu Tolgoi copper mine.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Rinehart’s Hancock Prospecting’s $5b profit

roymorgansocial Leave a comment

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

Rio Tinto boosts its shipments

roymorgansocial Leave a comment

Original article by Glen Norris
The Australian – Page: 16 : 18-Oct-23

Rio Tinto has advised that its Pilbara iron ore shipments for the September quarter totalled 83.9 million tonnes, which is one per cent higher year-on-year. However, iron ore production was down one per cent at 83.5 million tonnes. Rio Tinto expects its iron ore shipments for calendar 2023 to be at the upper end of its initial full-year guidance of 320 to 335 million tonnes. Meanwhile, Rio Tinto’s aluminium and bauxite production rose by nine per cent and two per cent respectively year-on-year.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Rio beats weather, tops iron ore export record

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 17 : 21-Apr-23

Rio Tinto has advised that its flagship Pilbara operations produced 79.2 million tonnes of iron ore during the March quarter, which is 11 per cent higher than the same period in 2022. The resources group drew upon its stockpiled iron ore to increase its shipments by 16 per cent year-on-year to 82.54 million tonnes; this eclipsed Rio Tinto’s previous first-quarter record of 80.31 million tonnes, which was set in 2018. Rio Tinto will be on track to meet its full-year export guidance of 320-335 million tonnes if this rate of shipments is sustained for the rest of the year. The first quarter of a calendar year tends to be the weakest for Australian miners, as export volumes are often disrupted by adverse weather events.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Lynas stockpiling on threat of Malaysia disruption

roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 15 : 28-Feb-23

Lynas Rare Earths has reported its results for the first half of its financial year, reporting revenue of $370 million for the period, up from $314.8 million. Net profit fell from $156.9 million to $150.1 million, while EBITDA came in at $189 million. With its Malaysian cracking and leaching plant under threat of closure as from 1 July, Lynas indicated it is stockpiling processed material for use at its rare earth oxide refinery in Malaysia, while at the same time hoping to get its cracking and leaching plant in Western Australia up and running in time to avoid any disruptions to operations at its rare earth oxide refinery.

CORPORATES
LYNAS RARE EARTHS LIMITED – ASX LYC

KIIS FM boss plays down Seven West tie-up talk

roymorgansocial Leave a comment

Original article by Zoe Samios
The Age – Page: Online : 22-Feb-23

Listed media group HT&E has posted a statutory loss of $176.3m for calendar 2022. The result was marred by a $249.9m impairment charge on the value of its radio business. However, underlying EBITDA and revenue both rose by 53 per cent, to $91.8m and $344.9m respectively. There has been recent media speculation of a potential merger with Seven West Media, but HT&E CEO Ciaran Davis says he has not heard from Seven. He adds that HT&E would be an "absolute prime target" in the event of further consolidation in the media sector. Davis has also indicated that HT&E may look at divesting its Hong Kong-based Cody outdoor advertising firm later in 2023.

CORPORATES
HT&E LIMITED – ASX HT1, SEVEN WEST MEDIA LIMITED – ASX SWM, CODY

Evolution puts mill expansion on table

roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 14 : 25-Jan-23

Evolution Mining produced 166,404 ounces of gold during the December quarter, which is three per cent higher than the previous three months. Production at the flagship Cowal mine in NSW rose by 33 per cent to 76,676 ounces, although output at the Red Lake mine in Canada fell by 30 per cent to 24,960 ounces. Meanwhile, CEO Lawrie Conway says Evolution has completed a feasibility study on the proposed expansion of the processing plant at its Mungari mine in Western Australia; the company’s board will consider the proposal in February. The expansion was put on hold in mid-2022 due to concerns about rising construction costs and a labour shortage in WA.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN

Santos pumps up the sales volume with record year

roymorgansocial Leave a comment

Original article by Perry Williams
The Australian – Page: 15 : 20-Jan-23

Oil and gas producer Santos has advised that its total output for calendar 2022 was 103.2 million barrels of oil equivalent. This was at the lower end of its full-year guidance, but 12 per cent higher than the previous year. Production fell by two per cent quarter-on-quarter in the final three months of 2022 after a gas leak forced the temporary closure of the John Brookes platform in November; it is not expected to resume production before the end of January, which has prompted Santos to slightly downgrade its production guidance for 2023. Meanwhile, Santos’s revenue rose by 65 per cent to a record $US7.8bn ($11.2bn) in 2022.

CORPORATES
SANTOS LIMITED – ASX STO

BHP hits iron ore production record

roymorgansocial Leave a comment

Original article by Danielle Le Messurier, Gerard Cockburn
The West Australian – Page: Online : 20-Jan-23

BHP has advised that its iron ore production in the Pilbara rose by three per cent in the December quarter, to 74.3 million tonnes. Iron ore output rose to a record high of 146.4 million tonnes in the first half of 2022-23, as production at the South Flank mine ramped up. However, shipments from the Pilbara fell slightly compared with the same period in 2021-22. BHP still expects iron ore production for the full year to be within the range of 249-260 million tonnes. Meanwhile, BHP has warned that production costs are rising at both its iron ore operations and its Queensland and NSW coal mines.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Rio’s big new mine to hit full speed

roymorgansocial 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