IRON MINES AND MINING – WESTERN AUSTRALIA

Fortescue pledge to hammer costs

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Original article by Amanda Saunders
The Australian Financial Review – Page: 15 : 18-Feb-15

Australian-listed Fortescue Metals Group has posted a 2014-15 interim net profit of $US331m, which is 81 per cent lower than previously. The group received an average of $US66 per tonne for its iron ore in the half-year, compared with the benchmark price of $US82. CFO Stephen Pearce says Fortescue hopes to reduce its cash costs to $US20 per tonne in the next 15 months. Shareholders will received a half-year dividend of $A0.03

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, VALE SA

Roy Hill delays put schedule in doubt

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Original article by Tess Ingram
The Australian Financial Review – Page: 15 : 16-Feb-15

The Roy Hill iron ore project in Western Australia is slated to commence shipments in September 2015. However, CEO Barry Fitzgerald has conceded that some elements of the $A10bn project have been hit by delays. A series of safety problems since mid-2014 have contributed to the delays, and some analysts believe that the project will not reach full capacity for some time

CORPORATES
ROY HILL HOLDINGS PTY LTD, WESTERN AUSTRALIA. DEPT OF MINES AND PETROLEUM, PATERSONS SECURITIES LIMITED, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES

Atlas boss backs royalty easing

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Original article by Paul Garvey
The Australian – Page: 19 : 21-Jan-15

Atlas Iron has advised that it lost around $US3 for each tonne of iron ore that it shipped in the December 2014 quarter, due to the sharp decline in the price of the steel input. MD Ken Brinsden has welcomed the Western Australian Government’s temporary measure of a 50 per cent rebate on iron ore royalties for smaller producers. He adds that the royalty relief should boost Atlas’s quarterly cash flow by about $A8m in 2015

CORPORATES
ATLAS IRON LIMITED – ASX AGO, FORTESCUE METALS GROUP LIMITED – ASX FMG

Mine probe over poisoned fruit

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Original article by Alex Massey
The West Australian – Page: 17 : 19-Dec-14

Western Australian police are investigating allegations that fruit supplied to workers at the Roy Hill iron ore mine was poisoned. A contractor on the site reported that a piece of fruit he was eating looked discoloured and had a bad taste, although he suffered no ill-effects. Several workers have claimed that the fruit was laced with cyanide, which is not used at the site, although police have yet to confirm the nature of the chemical involved

CORPORATES
ROY HILL IRON ORE PTY LTD, WESTERN AUSTRALIAN POLICE SERVICE, WESTERN AUSTRALIA. DEPT OF HEALTH

Court dismisses Palmer’s attempts to thwart Citic

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Original article by Paul Garvey
The Australian – Page: 20 : 12-Dec-14

Supreme Court of Western Australia (WA) judge James Edelman has ruled in a matter that forms part of the wider and drawn-out legal battle between Chinese state enterprise Citic Pacific and the Mineralogy vehicle of federal MP Clive Palmer. The latter had sought to have declared invalid two environmental permits held by Citic for the Sino Iron joint venture in WA. This was rejected by the court, and Edelman also criticised Mineralogy for attempting to drag out the proceedings even further

CORPORATES
MINERALOGY PTY LTD, CITIC PACIFIC LIMITED, SINO IRON PTY LTD, SUPREME COURT OF WESTERN AUSTRALIA, WESTERN AUSTRALIA. DEPT OF ENVIRONMENT REGULATION

Shock exit by Fortescue execs stokes job cut fears

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Original article by Paul Garvey
The Australian – Page: 22 : 4-Dec-14

In a surprise move, Fortescue Metals Group (FMG) has announced the departures of high-ranking executives from the iron ore mining group. Director of developments Peter Meurs, director of health, safety, environment and security Isak Buitendag, director of shared services Peter Thomas and senior manager Kevin McCafferty have all stepped down. The news has sparked fears about job security among FMG staff, given the recent rapid fall of the iron ore price. On 3 December 2015 FMG stock gained $A0.14 to close at $A2.71

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, WORLEYPARSONS LIMITED – ASX WOR, WESTOZ FUNDS MANAGEMENT PTY LTD

Test for Rio spending

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Original article by Peter Ker
The Australian Financial Review – Page: 20 : 28-Nov-14

Paul Young of Deutsche Bank believes that Rio Tinto’s investor briefing on 28 November 2014 will include plans to proceed with the Silvergrass iron ore mine in Western Australia. He expects Rio’s board to approve the greenfields mine during the December quarter, despite its recent moves to reduce capital expenditure. Rio aims to increase annual iron ore exports from 290 million tonnes to 360 million. Silvergrass is expected to boost output to about 330 million tonnes

CORPORATES
RIO TINTO LIMITED – ASX RIO, DEUTSCHE BANK AG, GLENCORE PLC, AUSTRALIA. DEPT OF INDUSTRY. BUREAU OF RESOURCES AND ENERGY ECONOMICS, CLSA AUSTRALIA PTY LTD, DOMINION DIAMOND CORPORATION

MinRes close to mothballing iron ore mines

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Original article by Tess Ingram
The Australian Financial Review – Page: 13 & 20 : 21-Nov-14

The price of iron ore is currently trading at around $US70.20 per tonne, its lowest level in more than five years. Mineral Resources MD Chris Ellison says the group will suspend production at its iron ore mines in Western Australia if the price falls below its cash costs. He adds that it is very close to this point. Ellison forecasts that the iron ore price will trade within a range of $US75-$US85 per tonne over the next several years

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, BC IRON LIMITED – ASX BCI, IRON ORE HOLDINGS LIMITED

Roy Hill the target as Rinehart kids chase Gina’s assets

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Original article by Leo Shanahan, Andrew Burrell
The Australian – Page: 8 : 20-Nov-14

The private Hancock Prospecting vehicle of mining heiress Gina Rinehart owns 70% of the major Roy Hill iron ore project in Western Australia. It has become the subject of the latest court action against Rinehart by her two oldest children, after a previous case relating to her role as trustee of the $A4bn billion Hope Margaret Hancock Trust. Following the lifting of a suppression order by Federal Court judge Peter Jacobson, it has emerged that John Hancock and Bianca Rinehart now dispute their mother’s ownership of the Hope Downs, Mulga Downs and Roy Hill tenements

CORPORATES
HANCOCK PROSPECTING PTY LTD, ROY HILL IRON ORE PTY LTD, MULGA DOWNS IRON ORE PTY LTD, HOPE DOWNS IRON ORE PTY LTD, HOPE MARGARET HANCOCK TRUST, FEDERAL COURT OF AUSTRALIA, THE HANCOCK FAMILY MEMORIAL FOUNDATION LIMITED, HANCOCK RESOURCES LIMITED, SUPREME COURT OF NEW SOUTH WALES, MARUBENI CORPORATION, CHINA STEEL CORPORATION, POSCO

Palmer cut $6m pre-poll cheque

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Original article by Hedley Thomas
The Australian – Page: 8 : 31-Oct-14

Chinese state enterprise Citic Pacific is suing private vehicles of iron ore joint venture partner Clive Palmer over alleged unauthorised access to an account and the withdrawal of a total $A12,167,065. Evidence tendered to the Supreme Court of Queensland shows some of the funds were channelled to the Media Circus Network public relations firm during the federal election campaign of the Palmer United Party. The latest document lodged by the defence indicates that a cheque for $A6m was written by Palmer personally

CORPORATES
CITIC PACIFIC LIMITED, PALMER UNITED PARTY, SINO IRON PTY LTD, MEDIA CIRCUS NETWORK PTY LTD, SUPREME COURT OF QUEENSLAND, COSMO DEVELOPMENTS PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MINERALOGY PTY LTD, KOREAN STEEL PTY LTD