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

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

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

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

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

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