IRON MINES AND MINING – WESTERN AUSTRALIA

Mining giant charges dropped over harassment documents

roymorgansocial Leave a comment

Original article by Aaron Bunch
WAtoday – Page: Online : 19-Dec-23

Fortescue Metals Group has released a statement in which it emphasises that the health and safety of its staff are the highest priority. This follows a decision by WorkSafe Western Australia to drop legal action against the iron ore miner over its failure to supply documents relating to alleged sexual harassment incidents at its Christmas Creek, Solomon and Cloudbreak mines. Fortescue has agreed to provide funding for programs arising from the recommendations of the Enough is Enough report on sexual misconduct in WA’s mining industry.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, WESTERN AUSTRALIA. DEPT OF CONSUMER AND EMPLOYMENT PROTECTION. WORKSAFE

Iron ore giants place bets on Gabon, Pilbara

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 20 : 6-Dec-23

Fortescue Metals Group has shipped the first iron ore from its Belinga project in Gabon, just 10 months after it signed a mining convention with the African nation’s former government. Meanwhile, Rio Tinto has advised that it will spent $110m on a pre-feasibility study for the Rhodes Ridge iron ore mine in the Pilbara region, and an additional $400m on exploration drilling between 2024 and 2028. Rhodes Ridge is estimated to contain 6.8 billion tonnes of ore at an average grade of 61.6 per cent iron content, including 600 million tonnes at 63.9 per cent iron content. Rio Tinto expects production to start in 2030.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, RIO TINTO LIMITED – ASX RIO

First strike at Fortescue over exec pay

roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 13 & 16 : 22-Nov-23

More than 52 per cent of votes cast at Fortescue Metals Group’s annual meeting on Tuesday rejected the iron ore miner’s remuneration report. Fortescue could potentially face a board spill if more than 25 per cent of shareholders vote against the report again in 2024. Major proxy advisory firms had recommended voting against the report, citing concerns such as discretionary payments to several former executives. Meanwhile, Fortescue has announced plans to build a $US550m ‘green’ hydrogen plant in Arizona and a $US150m hydrogen plant at Gladstone in Queensland. It will also build a $US50m commercial ‘green’ iron plant at its Christmas Creek iron ore mine in the Pilbara.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Pilbara train drivers to strike

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian – Page: 4 : 21-Nov-23

BHP’s iron ore operations in Western Australia’s Pilbara region face disruption due to industrial action by train drivers from Friday. Almost 400 train drivers who are members of the Mining & Energy Union are set to impose bans on the use of BHP’s mobile rostering app, as part of the long-running negotiations for a new enterprise agreement. A BHP spokesman has stated that the company has put forward "a good and comprehensive offer" which recognises the important contribution that the rail team makes to its iron ore business. It will be the first protected industrial action in the Pilbara since 2008. Meanwhile, the MEU’s demerger from the CFMEU will formally take effect from 1 December.

CORPORATES
BHP GROUP LIMITED – ASX BHP, MINING AND ENERGY UNION, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

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

Rinehart’s war chest full for lithium spree

roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 27 & 28 : 28-Oct-23

The owners of the Roy Hill iron ore mine received $2.25bn in dividends in the year to 30 September, and an additional $800m in October. Gina Rinehart’s Hancock Prospecting was paid almost $2.14bn in dividends, as the largest shareholder in the Roy Hill project. Roy Hill has posted a full-year net profit of $2.7bn, compared with $3.16bn previously, while it shipped a record 63.3 million tonnes of iron ore. The remaining mine life of the existing Roy Hill resource is estimated to be less than 10 years, and Hancock Prospecting is ramping up its investment in the lithium sector. It has built an 18 per cent stake in takeover target Azure Minerals, having previously taken a 19.9 per cent stake in Liontown Resources.

CORPORATES
ROY HILL HOLDINGS PTY LTD, HANCOCK PROSPECTING PTY LTD, AZURE MINERALS LIMITED – ASX AZS, LIONTOWN RESOURCES LIMITED – ASX LTR

Why Rhodes Ridge is Rio’s silver bullet

roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 15 & 19 : 23-Oct-23

Rhodes Ridge has long been considered as the best iron ore deposit in Western Australia’s Pilbara region, but for a while it was regarded as the most heavily litigated mining deposit in the world. However, it is now being hailed as Rio Tinto’s ‘silver bullet’, as it will end Rio’s reliance on its network of 17 mines across the Pilbara that it uses to produce the differing ore types that make up its ‘flagship’ Pilbara Blend; it can also be serviced by Rio’s existing infrastructure, doing away with the need to build new rail infrastructure.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Fortescue on track to hit 2030 greening target

roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 18-Oct-23

Fortescue Metals Group director Larry Marshall says he agreed to join the iron ore producer’s board in August after being satisfied that the target of decarbonising its mining operations by 2030 is achievable. Marshall adds that the technology that is needed to decarbonise mining is in place and simply needs to be built. Solar and wind power will be a key focus of Fortescue’s decarbonisation strategy; the company estimates that it will require 1,000 megawatts of capacity of both forms of renewal energy.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

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

Moody’s warns on Fortescue executive churn

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 12 : 20-Sep-23

Ratings agency Moody’s has reaffirmed its ‘Ba1’ credit rating for iron ore miner Fortescue Metals Group. However, Moody’s has warned that the high level of turnover within Fortesue’s executive ranks in the last several years could adversely affect the company’s credit rating. The firm also notes that the high level of stock ownership by Fortescue chairman Andrew Forrest increases governance risks, while it adds that looming final investment decisions on five clean energy projects may put further pressure on Fortescue’s balance sheet.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, MOODY’S INVESTORS SERVICE INCORPORATED