BHP moves to protect heritage sites in Pilbara

Original article by Paul Garvey
The Australian – Page: 15 & 20 : 18-Sep-20

BHP’s Australian head of minerals Edgar Basto has appeared before a parliamentary inquiry into Rio Tinto’s destruction of ancient rock shelters at Juukan Gorge. He said the resources giant is engaging with traditional owners with regard to its $US3.4bn ($4.7bn) South Flank iron ore project in the wake of the incident. BHP was given approval under Western Australia’s Aboriginal Heritage Act to destroy 40 Aboriginal heritage sites just days after Rio Tinto’s blasting at Juukan Gorge in May. However, BHP has already agreed to change its plans for South Flank to protect at least 10 of the sites.

CORPORATES
BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Fortescue to deliver Forrest record pay-out

Original article by Peter Ker
The Australian Financial Review – Page: 13 : 24-Aug-20

The consensus of analysts polled by Bloomberg is that Fortescue Metals Group will post a record underlying profit of $US4.7bn ($6.6bn) for 2019-20, and a final dividend of $0.90 per share. Fortescue founder Andrew Forrest is set to receive more than $1bn in dividends for the second half, and about $1.85bn for the full year. This compares with a total distribution of $1.24bn in 2018-19. Forrest and his wife are significant donors to a range of philanthropic causes via their Minderoo Foundation.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, MINDEROO FOUNDATION

Rio in Pilbara royalties scandal

Original article by Nick Evans
The Weekend Australian – Page: 19 & 22 : 8-Aug-20

Rio Tinto has advised directors of the Gumala Aboriginal Corporation that royalties from the Yandicoogina iron ore mine in the Pilbara have been underpaid for a number of years. The resources giant has paid the GAC some $40m plus interest to cover the underpayments, but the GAC is said to have requested a full audit of Rio Tinto’s royalty payments and access to the underlying data that it uses to calculate regular payments. The Yandicoogina land use agreement was signed in 1997.

CORPORATES
RIO TINTO LIMITED – ASX RIO, GUMALA ABORIGINAL CORPORATION

Iron ore war rages as BHP ramps up

Original article by Nick Evans
The Australian – Page: 13 & 19 : 22-Jul-20

BHP has advised that production at its Pilbara iron ore mines rose to a record 281 million tonnes in 2019-20, while shipments totalled 283.3 million tonnes. BHP has forecast that its iron ore shipments for 2020-21 will be within the range of 276 to 286 million tonnes. BHP’s average realised price for iron ore rose by 16 per cent in 2019-20 to $US77.36 a wet metric tonne, excluding shipping costs. Meanwhile, Brazilian rival Vale has reported iron ore output of 25.1 million tonnes for June, and it still expects full-year production of between 310 and 330 million tonnes.

CORPORATES
BHP GROUP LIMITED – ASX BHP, VALE SA

Up $11bn, Forrest has a profitable pandemic

Original article by John Stensholt
The Australian – Page: 15 : 22-Jul-20

The share price of pure-play iron ore miner Fortescue Metals Group has more than doubled since March. Its market capitalisation topped $51bn on 21 July, making it one of the 10 biggest companies on the Australian sharemarket. Fortescue’s founder Andrew Forrest is now estimated to have total wealth of about $20bn, with the value of his stake in the company having increased by more than $11bn since the coronavirus-induced sharemarket rout in mid-March. Forrest and his wife are also high-profile philanthropists, having donated more than $2bn to their Minderoo charitable foundation.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, THE MINDEROO FOUNDATION PTY LTD

Fortescue rides iron ore boom

Original article by Nick Evans
The Australian – Page: 13 & 16 : 14-Jul-20

Data from Port Hedland shows that its iron ore export volumes rose to a record 51.8 million in June, and 281 million tonnes in the year to date. This is six per cent higher than the same period in 2019, and Glynn Lawcock of UBS says Fortescue Metals Group may exceed its guidance of 175 to 177 million tonnes for 2019-20. He adds that the strength of the iron ore price and high shipping volumes could see Fortescue announce a final dividend of $0.98 per share, compared with the consensus forecast of $0.80.

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

Elizabeth Gaines – the driving force behind Fortescue Metals Group

Original article by Rachel Pupazzoni
abc.net.au – Page: Online : 29-Jun-20

Pure-play iron ore miner Fortescue Metals Group is seeking to diversify its operations under current CEO Elizabeth Gaines, who took the helm in 2018. This could include exploring for minerals such as copper and gold in South America and hydrogen in Western Australia. Gaines grew up in Halls Creek in the Kimberley region of WA, which has a large indigenous population. Her father was a local school headmaster, who actively sought to ensure that indigenous people were integrated into the broader community. Fortescue founder Andrew Forrest adopted a similar policy of full integration at the world’s fourth-biggest iron ore miner, where indigenous people account for 15 per cent of its Pilbara workforce.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Fortescue fast-tracks carbon-cutting plan

Original article by Nick Evans
The Australian – Page: 15 : 17-Jun-20

Fortescue Metals Group has announced a revised target of 2040 to achieve net-zero operational carbon emissions. The pure-play iron ore miner also aims to reduce its scope 1 and scope 2 emissions from existing operations by 26 per cent over the next decade. However, Fortescue has not set any emission reduction targets for its Iron Bridge magnetite project, advising that it will outline separate targets for the project when it becomes operational in mid-2022. Fortescue continues to resist setting scope 3 emission reduction targets.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Heritage site row forces BHP to hold fire on $5b project

Original article by Brad Thompson
The Australian Financial Review – Page: 17 & 22 : 12-Jun-20

BHP has halted plans to destroy indigenous heritage sites as part of its development of the US3.6 billion ($5.2 billion) South Flank iron ore mine in Western Australia. The mine is slated to produce 80 million tonnes of ore per annum, with the WA government having given BHP permission to proceed with destruction of the sites in May. BHP has indicated that it will not disturb any of the sites in question until it has had more talks with the Banjima people. The traditional owners had welcomed the opportunities afforded by the development of the South Flank mine when a comprehensive agreement on its development was signed in 2015.

CORPORATES
BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Iron ore exporters flag $21b tax boost from port

Original article by Brad Thompson
The Australian Financial Review – Page: 3 : 10-Jun-20

A report produced by ACIL Allen Consulting has assessed the economic contribution of the Port Hedland export hub. It estimates that the port and its supply chain injected some $54bn into the Western Australian economy in 2019 and supported one in every 12 jobs in the state. The report forecasts that iron ore production linked to Port Hedland will top 547.5 million tonnes in 2022-23, compared with 524.9 million tonnes in 2019-20. It also estimates that increasing shipments via Port Hedland would boost government revenue from taxes and royalties by $21bn over the next decade.

CORPORATES
ACIL ALLEN CONSULTING PTY LTD, PORT HEDLAND INDUSTRY COUNCIL, PILBARA PORTS AUTHORITY, BHP GROUP LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, ROY HILL HOLDINGS PTY LTD