IRON MINES AND MINING – WESTERN AUSTRALIA

Rio Tinto digs deep for local rail

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Original article by Tom Rabe
The Australian Financial Review – Page: 6 : 14-Jun-23

Rio Tinto has struck a deal to buy 100 new locally-manufactured iron ore rail cars at a cost of $150m. The resources group typically purchases such rolling stock from China; Simon Trott, the head of its iron ore division, says that while rail cars that are made in Western Australia will cost more, it makes sense to support local manufacturing. The rail cars will initially be made by Gemco Rail in Perth, but production will eventually shift to a manufacturing and maintenance hub in the Pilbara. Trott adds that supply disruptions caused by the COVID-19 pandemic highlighted the value of local manufacturing.

CORPORATES
RIO TINTO LIMITED – ASX RIO, GEMCO RAIL PTY LTD

Three years on, Rio Tinto says Juukan disaster remains a deep stain

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Original article by Nick Toscano
Brisbane Times – Page: Online : 25-May-23

Wednesday marked the third anniversary of Rio Tinto’s ill-fated destruction of ancient Indigenous rock shelters at Juukan Gorge in the Pilbara. Rio Tinto’s actions attracted global condemnation, a federal parliamentary inquiry and the resignation of senior executives such as former CEO Jean-Sebastien Jacques. Rio Tinto’s current chairman Dominic Barton says Juukan Gorge is a deep stain on the company’s history that it has to deal with. Restoring trust with Indigenous communities and improving Rio Tinto’s cultural heritage processes have been top priorities for the company’s current leadership team.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Rio beats weather, tops iron ore export record

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Original article by Peter Ker
The Australian Financial Review – Page: 17 : 21-Apr-23

Rio Tinto has advised that its flagship Pilbara operations produced 79.2 million tonnes of iron ore during the March quarter, which is 11 per cent higher than the same period in 2022. The resources group drew upon its stockpiled iron ore to increase its shipments by 16 per cent year-on-year to 82.54 million tonnes; this eclipsed Rio Tinto’s previous first-quarter record of 80.31 million tonnes, which was set in 2018. Rio Tinto will be on track to meet its full-year export guidance of 320-335 million tonnes if this rate of shipments is sustained for the rest of the year. The first quarter of a calendar year tends to be the weakest for Australian miners, as export volumes are often disrupted by adverse weather events.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Elders’ heartbreak at Fortescue mine brawl

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Original article by Paul Garvey
The Australian – Page: 7 : 8-Mar-23

The Federal Court has been told that Fortescue Metals Group iron ore mining operations in the Pilbara have split the Yindjibarndi people and resulted in an ongoing feud between them. The Yindjibarndi Aboriginal Corporation was granted exclusive native title rights in 2017 to the land that now comprises Fortescue’s Solomon mining hub. Yindjibarndi elders Margaret Read and Tootsie Daniel have told the Federal Court that their people became divided following the formation of a breakaway group called the Wirlu-Murra Yindjibarndi Aboriginal Corporation, which has since secured lucrative contracts at the Solomon hub. They also expressed their anguish over the impact that mining has had on the Yindjibarndi people’s land.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, YINDJIBARNDI ABORIGINAL CORPORATION, WIRLU-MURRA YINDJIBARNDI ABORIGINAL CORPORATION

BHP hits iron ore production record

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Original article by Danielle Le Messurier, Gerard Cockburn
The West Australian – Page: Online : 20-Jan-23

BHP has advised that its iron ore production in the Pilbara rose by three per cent in the December quarter, to 74.3 million tonnes. Iron ore output rose to a record high of 146.4 million tonnes in the first half of 2022-23, as production at the South Flank mine ramped up. However, shipments from the Pilbara fell slightly compared with the same period in 2021-22. BHP still expects iron ore production for the full year to be within the range of 249-260 million tonnes. Meanwhile, BHP has warned that production costs are rising at both its iron ore operations and its Queensland and NSW coal mines.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Rio’s big new mine to hit full speed

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Original article by Peter Ker
The Australian Financial Review – Page: 17 : 18-Jan-23

Rio Tinto has advised that it expects iron ore shipments from the Pilbara in calendar 2023 to be within the range of 320 million to 335 million tonnes. This is in line with its 2022 guidance; its shipments for the year were at the bottom end of this range, at 321.6 million tonnes. Meanwhile, Rio Tinto has indicated that its new Gudai-Darri iron ore mine is expected to reach its maximum capacity of 43 million tonnes a year on a "sustained basis" at some stage in 2023. BHP and Fortescue Metals Group are slated to release their quarterly iron ore export data in coming days.

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

Fortescue’s finance boss wants time with family

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 18 : 11-Jan-23

Fortescue Metals Group’s outgoing chief financial officer Ian Wells says that having the opportunity to contribute to the iron ore miner has been a privilege. He will leave Fortescue on 31 January after nearly 13 years at the company, including five years as CFO. Wells says he is looking forward to spending some time with his family and friends. He adds that Fortescue is in a strong position to deliver on its short, medium and long-term growth options, including the Iron Bridge magnetite project and the Fortescue Future Industries subsidiary’s clean energy projects.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, FORTESCUE FUTURE INDUSTRIES PTY LTD

Fortescue top dogs continue their exodus

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Original article by Peter Ker
The Australian Financial Review – Page: 12 & 14 : 10-Jan-23

Fortescue Metals Group has advised that CFO Ian Wells will step down on 31 January in order to "pursue other opportunities". Adrian Prendergast of Morgans says the short notice period is unusual for Fortescue, given that it typically requires key executives to give six months’ written notice. Wells is the ninth senior executive to leave Fortescue in the last two years, and his departure follows the recent resignation of Guy Debelle as CFO of the Fortescue Future Industries clean energy subsidiary. George Boubouras of K2 Asset Management says further executive turnover at Fortescue is possible when Fiona Hick takes up the role of CEO at its mining division in February.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG,FORTESCUE FUTURE INDUSTRIES PTY LTD,MORGANS FINANCIAL LIMITED,K2 ASSET MANAGEMENT HOLDINGS LIMITED – ASX KAM

Juukan Gorge community back mining model

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 14-Dec-22

Rio Tinto and the Puutu Kunti Kurrama and Pinikura people are close to finalising a co-management agreement for the Brockman 4 iron ore mine in the Pilbara. PKKP Aboriginal Corporation chairman Burchell Hayes believes that such agreements could provide stronger protection for heritage sites than federal and state laws. He adds that the federal government did not adequately consult with traditional owners regarding proposed legislation that is designed to protect heritage sites. The legislation arose from a parliamentary inquiry into Rio Tinto’s destruction of ancient Indigenous rock shelters at Juukan Gorge as part of an expansion of the Brockman 4 mine.

CORPORATES
RIO TINTO LIMITED – ASX RIO, PKKP ABORIGINAL CORPORATION

Debelle steps down as Fortescue CFO in latest reshuffle

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Original article by Brad Thompson
The Australian Financial Review – Page: 14 & 18 : 24-Nov-22

Fortescue Metals Group has appointed Felicity Gooding as the interim chief financial officer at its clean energy subsidiary, Fortescue Futures Industries. This follows Guy Debelle’s decision to step down as CFO; he took up the role in March following his retirement from the Reserve Bank of Australia, where he had been the deputy governor. Debelle is still recovering from injuries sustained in a bike accident in August, and says this means he cannot do justice to the role of CFO. He will instead join FFI’s board of directors.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, FORTESCUE FUTURE INDUSTRIES PTY LTD, RESERVE BANK OF AUSTRALIA