IRON MINES AND MINING – AUSTRALIA

Atlas Iron needs to diversify, says new chief Lawrenson

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Original article by Tess Ingram
The Australian Financial Review – Page: 25 : 27-Apr-17

Atlas Iron MD Cliff Lawrenson says the proposed Corunna Downs mine remains the junior iron ore producer’s main priority. He adds that Atlas will seek to lift annual production to around 10-15 million tonnes over the long-term, but he notes that the company may need to diversify its operations to ensure that it avoids the financial problems that nearly caused its collapse in 2014. Rival iron ore producers BC Iron and Mount Gibson Iron are actively seeking to diversify.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, BC IRON LIMITED – ASX BCI, MOUNT GIBSON IRON LIMITED – ASX MGX, KALIUM LAKES LIMITED – ASX KLL, PILBARA MINERALS LIMITED – ASX PLS

Big miners defy iron ore price slide to hold firm

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Original article by Matt Chambers
The Australian – Page: 20 : 20-Apr-17

The iron ore price has shed 33 per cent in the last month, and it has now fallen to a six-month low. However, ratings agency Standard & Poor’s has upgraded its average price forecast for 2017 from $US55 per tonne to $US66. The firm has also upgraded Rio Tinto’s "A-" credit rating from "stable" to "positive", and flagged the potential for a further upgrade within 12-18 months. Shares in Australia’s three largest iron ore producers were resilient in local trading on 19 April, despite the falling iron price.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, STANDARD AND POOR’S FINANCIAL SERVICES LLC, NIKKO ASSET MANAGEMENT GROUP, MERRILL LYNCH (AUSTRALIA) PTY LTD, FREEPORT-McMORAN COPPER AND GOLD INCORPORATED

Iron ore discounts take toll on Atlas

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Original article by Paul Garvey
The Australian – Page: 20 : 19-Apr-17

Iron ore miner Atlas Iron achieved an average price of $A62 per tonne in the March 2017 quarter, which is well below the average benchmark index price for the period. The company was affected by rising Chinese demand for higher grade ore, which widened the gap between the benchmark price and the lower-grade ore produced by Atlas. Adverse weather conditions in the Pilbara also resulted in Atlas’s shipments falling to 3.2 million tonnes, down from four million tonnes for the same period in 2016.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, FORTESCUE METALS GROUP LIMITED – ASX FMG, RIO TINTO LIMITED – ASX RIO, CITIGROUP PTY LTD, THE STEEL INDEX LIMITED

Mining exports reignite boom

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Original article by Paul Garvey
The Australian – Page: 19 & 32 : 3-Feb-17

Data from the Australian Bureau of Statistics shows that the value of coal and metals exports reached a new monthly high of $A13.4bn in December, compared with just $A6.4bn in January 2016. The value of coal exports rose to $A5.7bn, which is the highest level since November 2008. Iron ore exports topped $A7.7bn, which is the second-highest monthly total on record. BHP Billiton and Rio Tinto are tipped to post bumper half-year and full-year profits in coming weeks.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, WHITEHAVEN COAL LIMITED – ASX WHC, RESOLUTE MINING LIMITED – ASX RSG, NEW SOUTH WALES MINERALS COUNCIL, DEUTSCHE BANK AG

Cashed-up Atlas cuts its debt by $54m

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Original article by Paul Garvey
The Australian – Page: 17 : 6-Jan-17

Atlas Iron has repaid $A54 million in debt. The Australian-listed mining company benefited from rising iron ore prices. Its cash reserves are now at $134 million. Atlas Iron’s improving financial situation is reflected in its share price. The stock has risen from $A0.009 in October 2016 to $A0.027 on 5 January 2017.

CORPORATES
ATLAS IRON LIMITED – ASX AGO

Rio iron ore growth slows on China move

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Original article by Peter Ker
The Australian Financial Review – Page: 17 & 23 : 25-Nov-16

Rio Tinto CEO Jean Sebastien Jacques says uncertainty regarding the Chinese Government’s restructuring of state-owned enterprises means that China’s steel production is now unlikely to peak at one billion tonnes per year. He also notes that China’s iron ore production is believed to have risen to between 260 and 270 million tonnes a year, and the supply-demand equation would be significantly changed if China’s annual output reached full capacity of 400 million tonnes. Meanwhile, Rio Tinto may not achieve its annual export target of 360 million tonnes before 2019, although it expects shipments in 2017 to be between 330 million and 340 million tonnes.

CORPORATES
RIO TINTO LIMITED – ASX RIO, VALE SA, UBS HOLDINGS PTY LTD, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Newman takes aim at Grylls tax proposal

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 18 : 23-Nov-16

Former Queensland premier Campbell Newman has expressed concern about a proposed rise in Western Australia’s iron ore levy. He rates the sovereign risk level of the proposal by WA National Party leader Brendon Grylls as being "eight out of 10". In contrast, Campbell considers his government’s changes to coal royalty rates in 2012 as a four out of 10 in terms of sovereign risk. Coal producers will pay the highest coal royalty rate under Newman’s three-tier system for the first time, following the rally in coal prices.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Atlas highly vulnerable to iron ore price decline

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Original article by Tess Ingram
The Australian Financial Review – Page: 21 : 1-Sep-16

Atlas Iron has reported net loss of $A159 million for 2015-16. The company lost $A1.38 billion in 2014-15. Revenue increased nine per cent to $A785.8 million. Auditor KPMG warned that Atlas Iron’s future is uncertain to such an extent that the group’s "ability to continue as a going concern" may be under question. At the end of June 2016, Atlas had debt of $A182.2 million and cash of $A80.9 million.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, McALEESE LIMITED – ASX MCS, KPMG AUSTRALIA PTY LTD

Fortescue welcomes plans on China steel

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Original article by Tess Ingram, Peter Ker
The Australian Financial Review – Page: 20 : 4-Aug-16

Fortescue Metals Group CEO Nev Power says proposed mergers between large state-owned Chinese steel-makers would benefit the global iron ore industry. He notes that it is in Fortescue’s interests for buyers of its iron ore to have increased profitability and efficiency. Power adds that Rio Tinto’s move to ramp up investment in its Silvergrass iron ore mine had been expected, as the resources giant needs the additional output to maintain production of its premium "Pilbara blend".

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, RIO TINTO LIMITED – ASX RIO, WUHAN IRON AND STEEL (GROUP) COMPANY LIMITED, SHANGHAI BAOSTEEL GROUP CORPORATION, DIGGERS AND DEALERS FORUM, EVOLUTION MINING LIMITED – ASX EVN, HEBEI JINXI IRON AND STEEL COMPANY LIMITED, SHOUGANG GROUP

Australia overdue a big minerals find: Rio Tinto

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Original article by James Thomson
The Australian Financial Review – Page: 16 : 2-Aug-16

Rio Tinto’s head of exploration, Stephen McIntosh, is among the speakers at the annual Diggers & Dealers Forum on 2 August 2016. He will outline Rio’s plans to team up with smaller resources groups to find the next big minerals deposit in Australia, noting that the nation’s last major Tier 1 discovery was more than two decades ago. He will also stress the need for regulatory reform to reduce the compliance burden for exploration projects. Meanwhile, BC Iron has posted a 2015-16 net loss of $A80m and revenue of $A151.3m.

CORPORATES
RIO TINTO LIMITED – ASX RIO, DIGGERS AND DEALERS FORUM, BC IRON LIMITED – ASX BCI, FORTESCUE METALS GROUP LIMITED – ASX FMG