IRON ORE – WESTERN AUSTRALIA

Iron ore shipments drop 8.6pc as Fortescue Metals Group starts $500m buyback

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Original article by Rushil Dutta
The West Australian – Page: Online : 26-Oct-18

Pure-play iron ore miner Fortescue Metals Group still expects its 2018-19 production to be within the range of 165 million to 173 million tonnes. This is despite its shipments for the first quarter falling by 8.6 per cent year-on-year to 40.2 million tonnes. Fortescue has also advised that its cash production costs rose by nine per cent in the September quarter, to an average of $US13.19 per wet metric tonne. Costs for the full year are expected to be within its previous guidance of $US12 to $US13 per wet metric tonne.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

BHP digs deep to make new Pilbara mine female friendly

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Original article by Brad Thompson
The Australian Financial Review – Page: 17 : 26-Oct-18

BHP Billiton has awarded about $1.5 billion worth of contracts associated with its new South Flank iron ore mine in the Pilbara. BHP has required contractors to demonstrate their track record with regard to gender and cultural diversity when bidding for South Flank contracts, as part of its push for the project to have a gender-balanced workforce. Women comprise about 35 per cent of workers at South Flank, which is slated to commence production in 2021.

CORPORATES
BHP BILLITON LIMITED – ASX BHP

Frustrated CITIC drags WA into Palmer stoush

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Original article by Brad Thompson
The Australian Financial Review – Page: 20 : 23-Oct-18

CITIC is pursuing Federal Court action in a bid to end the long-running stand-off with Clive Palmer’s Mineralogy over the Sino Iron magnetite project in Western Australia. China-based CITIC is seeking new approvals for the project, as well as additional land to use for tailings and waste storage. Perth-based subsidiary CITIC Pacific Mining has argued that the additional approvals are needed to allow mining and processing at the site to continue. CITIC’s claims have been disputed by Mineralogy.

CORPORATES
CITIC LIMITED, MINERALOGY PTY LTD, SINO IRON PTY LTD, CITIC PACIFIC MINING MANAGEMENT PTY LTD, KOREAN STEEL PTY LTD, FEDERAL COURT OF AUSTRALIA, SUPREME COURT OF WESTERN AUSTRALIA

BHP dials down copper target after unplanned outages

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Original article by Peter Ker
The Australian Financial Review – Page: 19 & 24 : 18-Oct-18

BHP Billiton’s production report for the September quarter shows that the resources giant has scaled back its forecast for copper output in 2018-19. BHP expects full-year production to be within the range of 1.62 million to 1.705 million tonnes, compared with previous guidance of 1.67 million to 1.77 million tonnes. The downgrade has been attributed to disruptions at the Olympic Dam mine in South Australia and the Spence project in Chile. Meanwhile, BHP’s iron ore shipments totalled 69.42 million tonnes during the quarter, and the company still expects Pilbara iron ore volumes of 273 million to 283 million tonnes for the full year.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, UBS HOLDINGS PTY LTD, RBC CAPITAL MARKETS

Local miners struggle to keep pace with Vale

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Original article by Peter Ker
The Australian Financial Review – Page: 16 : 17-Oct-18

Rio Tinto’s iron ore shipments from the Pilbara totalled 81.9 million tonnes in the September quarter, compared with 88.5 million in the June quarter. Rio Tinto has attributed the fall in shipments to factors such as maintenance work and the death of a worker at one of its mines. BHP Billiton and Fortescue Metals Group are also tipped to report lower iron ore export volumes for the quarter. Meanwhile, Brazilian rival Vale has reported record third-quarter production of 104.9 million tonnes, while its sales rose by nine per cent to 84 million tonnes.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, VALE SA, ROY HILL HOLDINGS PTY LTD, MINERAL RESOURCES LIMITED – ASX MIN, ATLAS IRON LIMITED – ASX AGO, RBC CAPITAL MARKETS

Fortescue in $500m share buy-back

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Original article by Brad Thompson
The Australian Financial Review – Page: 25 : 12-Oct-18

Shares in Fortescue Metals Group closed nearly 2.5 per cent higher at $3.76 on 11 October, after the pure-play iron ore miner announced plans to repurchase $500m worth of its shares. Peter O’Connor of Shaw & Partners has welcomed the share buyback, which has coincided with the recent rise in the price of lower-grade iron. Fortescue is expected to launch the buyback following the release of its quarterly results in late October.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, SHAW AND PARTNERS LIMITED, RBC CAPITAL MARKETS, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Pilbara mine investment to create hundreds of jobs

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Original article by Hamish Hastie
The Sydney Morning Herald – Page: Online : 2-Oct-18

The mine life of the Robe River iron ore joint venture will be extended after Rio Tinto and its partners in the project announced plans to develop up to five new deposits. Rio Tinto, Mitsui and Nippon Steel & Sumitomo Metal Corporation will invest a combined $US1.55bn ($2.14bn) to expand the West Angelas and Robe Valley mines. Rio Tinto, which has a 53 per cent stake in the joint venture, will contribute $US820m ($1.13m). The expansion is expected to create up to 1,200 jobs.

CORPORATES
RIO TINTO LIMITED – ASX RIO, MITSUI AND COMPANY LIMITED, NIPPON STEEL AND SUMITOMO METAL CORPORATION, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, BHP BILLITON LIMITED – ASX BHP

Gina Rinehart’s Hancock Prospecting again lifts Atlas Iron offer to $427m

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Original article by Stuart McKinnon
The West Australian – Page: Online : 27-Sep-18

Hancock Prospecting hopes to secure control of Atlas Iron with another revised takeover offer. Atlas shareholders will receive $0.046 per share if Hancock gains acceptances for 87 per cent of the iron ore miner’s stock. Hancock recently increased its offer to $0.0445 per share, which enabled it to lift its stake in Atlas to 77.06 per cent. The latest offer is slated to close on 2 October. Iron ore rival Fortescue Metals Group has an 11.4 per cent stake in Atlas.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, HANCOCK PROSPECTING PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, MINERAL RESOURCES LIMITED – ASX MIN

Fortescue flags earlier start for higher grade iron ore exports

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Original article by Peter Ker
The Australian Financial Review – Page: 19 : 21-Sep-18

Pure-play iron ore producer Fortescue Metals Group has advised that it will begin exporting ore with an iron content of 60.1 per cent in December. Fortescue had previously expected to begin shipments of the higher-grade West Pilbara Fines product during the first half of 2019. Fortescue’s new Eliwana mine will be a key source of the new iron ore blend, and the company expects annual shipments of West Pilbara Fines to be around 40 million when production at Eliwana begins. Fortescue has forecast that it will export 5-10 million tonnes of West Pilbara Fines in 2018-19.

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

Ellison puts halt to speculation of BCI bid

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Original article by Brad Thompson
The Australian Financial Review – Page: 20 : 28-Aug-18

BCI Minerals plans to divest its iron ore assets in the Pilbara in order to focus on its salt and potash assets. Mineral Resources MD Chris Ellison has indicated that the company will not bid for the BCI assets, which could fetch around $100m, preferring to focus on its existing Pilbara assets. Mineral Resources recently secured a joint venture agreement regarding Brockman Mining’s Marillana project, while it bought the Koolyanobbing mine from Cleveland-Cliffs earlier in 2018.

CORPORATES
BCI MINERALS LIMITED – ASX BCI, MINERAL RESOURCES LIMITED – ASX MIN, BROCKMAN MINING LIMITED – ASX BCK, CLEVELAND-CLIFFS INCORPORATED, ATLAS IRON LIMITED – ASX AGO, WROXBY PTY LTD