IRON ORE – WESTERN AUSTRALIA

Fortescue upbeat as cash rolls in

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Original article by Nick Evans
The Australian – Page: 16 : 1-May-20

Fortescue Metals Group has advised that it ended March with a net cash position for the first time since it commenced iron ore exports in 2008. It had a net cash position of $US100m, compared with net debt of $US2.9bn previously. Fortescue’s production report for the March quarter also shows that its shipments rose by 10 per cent to 42.3 million tonnes during the period. It now expects total shipments of up to 177 million for 2019-20; its previous guidance was for export volumes of up to 175 million tonnes.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

BHP aims to lift Pilbara exports

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Original article by Nick Evans
The Australian – Page: 20 : 29-Apr-20

BHP’s iron ore export capacity at Port Hedland is currently 290 million tonnes per annum, but the resources group will seek approval to lift this by up to 40 million tonnes. This could increase BHP’s revenue from its Pilbara operations by around $5bn a year, based on the current iron ore price of around $US80 per tonne. Hayden Bairstow of Macquarie says BHP could increase its Pilbara exports to 300mtpa without the need for ‘material’ capital expenditure. Fortescue Metals Group has also flagged plans to increase its Pilbara export volumes.

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

BHP iron ore shipments steady as Vale falls short

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Original article by Peter Ker
The Australian Financial Review – Page: 23 : 21-Apr-20

BHP will release its quarterly update on 21 April, and analysts estimate that its Pilbara iron ore shipments totalled 68 million tonnes in the first three months of 2020. This means BHP should be on track to achieve its full-year guidance for iron ore exports. Fortescue Metals Group also seems set to achieve record export volumes for the year. Brazilian iron ore giant Vale recently advised that it produced 59.6 million tonnes of iron ore fines in the March quarter, which is well below its revised target of 68-73 million tonnes.

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

Rio Tinto flies in 700 miners to beat lockdown

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Original article by Nick Evans
The Australian – Page: 16 : 7-Apr-20

Rio Tinto has advised that about 700 of the fly-in, fly-out workers at its Pilbara iron ore mines will temporarily relocate to Western Australia following the state’s decision to close its borders. Rio Tinto workers will be required to remain on site for 14 days in compliance with the state’s quarantine rules, as well as coronavirus lockdown rules when they are not working. BHP has also relocated about 300 FIFO workers to WA during the pandemic.

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

Iron ore mining giants in virus vigil over fly-in, fly-out workforce

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Original article by Brad Thompson
The Australian Financial Review – Page: 22 : 5-Mar-20

Fortescue Metals Group has asked all employees who have travelled overseas to remain at home for 14 days before returning to work. One employee was quarantined at the Christmas Creek iron ore mine after reporting flu-like symptoms following a trip to Bali, and Fortescue has confirmed that they have tested negative for the virus. BHP and Rio Tinto are also actively taking measures to protect their workforces from the coronavirus at their iron ore mines.

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

Forrest boosts his stake in Fortescue

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Original article by Melissa Yeo
The Weekend Australian – Page: 24 : 29-Feb-20

Fortescue Metals Group has advised that chairman and founder Andrew Forrest bought more than 22 million shares in the pure-play iron ore miner between 20 and 27 February. Forrest paid some $242m to lift his stake in Fortescue from 30 per cent to about 36 per cent. Forrest will receive $828m in dividends for the first half of 2019-20 after Fortescue recently announced an interim dividend of $0.76 per share.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Forrest’s payout tops $2bn as Fortescue’s profit rises

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Original article by Nick Evans
The Australian – Page: 19 : 20-Feb-20

Fortescue Metals Group has posted a 2019-20 interim net profit of $US2.5bn ($3.7bn), which is 281 per cent higher than previously. The pure-play iron ore miner has reported underlying EBITDA of $US4.2bn and revenue of $US6.5bn for the half-year. Fortescue’s shipments totalled 88.6 million tonnes for the period, and its average realised price for the steel input was 73 per cent higher than the previous corresponding period. Shareholders will receive an interim dividend of $0.76 per share, boosting the wealth of founder Andrew Forrest.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Cyclone hits Pilbara iron ore mines

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Original article by Peter Ker
The Australian Financial Review – Page: 4 : 10-Feb-20

Tropical Cyclone Damien has been downgraded to category 1 status after crossing the coast of Western Australia. Iron ore mines in the Pilbara are bracing for heavy rain, with the airport that services Fortescue Metals Group’s Solomon mining hub having received more than 200 millimetres of rain in just 24 hours. Rio Tinto’s iron ore ports at Dampier remained closed on 9 February, although Port Hedland reopened on the previous day.

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

Chinese conglomerate isolates 20 workers at Pilbara iron ore mine

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Original article by Brad Thompson
The Australian Financial Review – Page: Online : 5-Feb-20

Twenty workers at Citic Pacific’s Sino Iron magnetite project in Western Australia have been placed in quarantine for 14 days, due to concern about the coronavirus. The Chinese company says the move to isolate the workers is a precautionary measure, as they had visited China since 17 January. The company adds that the health and wellbeing of its employees and contractors is its main priority.

CORPORATES
CITIC LIMITED, SINO IRON PTY LTD, MINERALOGY PTY LTD

Flu or no, Fortescue eyes export record

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Original article by Peter Ker
The Australian Financial Review – Page: 23 : 31-Jan-20

Fortescue Metals Group’s iron ore shipments from the Pilbara topped 88.6 million tonnes in the first half of 2019-20. A similar performance in the second half would see the group beat its previous full-year record of 170.4 million tonnes. CEO Elizabeth Gaines says the pure-play miner has not yet received any requests from steelmakers in Hubei to delay shipments, despite the temporary closure of the province’s ports due to the coronavirus outbreak.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG