IRON ORE – WESTERN AUSTRALIA

Fortescue closer to decision on Iron Bridge magnetite project

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Original article by Tess Ingram
The Australian Financial Review – Page: 15 : 14-Sep-17

Fortescue Metals Group CEO Nev Power says the pure-play iron ore miner and its joint venture partners in the Iron Bridge magnetite project are likely to decide whether to proceed with it before the end of 2017-18. Power has indicated that Fortescue, Baosteel and Taiwan-based Formosa are still considering their options for developing the project. The second stage of the Iron Bridge project was initially slated to commence in 2015, and produce magnetite concentrate with an iron content of 68 per cent.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, SHANGHAI BAOSTEEL GROUP CORPORATION, FORMOSA GROUP, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, UBS HOLDINGS PTY LTD

Twiggy’s court win backfires on Fortescue

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Original article by Tess Ingram
The Australian Financial Review – Page: 3 : 6-Sep-17

Andrew Forrest was recently successful in obtaining a ruling from the High Court to prevent two firms from lodging mining applications over his Minderoo cattle station in Western Australia. The ruling caused concern that other mining applications previously made in WA may not be valid, including those made by Fortescue Metals Group, which was founded by Forrest. Records show that Fortescue has made applications for 16 mining leases since the High Court ruled in Forrest’s favour, with some applications appearing to be for existing Fortescue leases.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, HIGH COURT OF AUSTRALIA, YARRI MINING PTY LTD, WESTERN AUSTRALIA. DEPT OF MINES, INDUSTRY REGULATION AND SAFETY, ONSLOW RESOURCES LIMITED

Silvergrass mine will buff up Rio’s iron ore credentials, Jacques says

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Original article by Tess Ingram
The Australian Financial Review – Page: 15 : 31-Aug-17

Rio Tinto’s Silvergrass iron ore mine will eventually boast annual production of 20 million tonnes. The mine was officially opened on 30 August, and Rio Tinto CEO Jean-Sebastien Jacques stressed the importance of Silvergrass in maintaining the quality of the company’s "Pilbara Blend" as Chinese steel mills’ demand for higher-quality iron ore increases. Jacques has also indicated that Rio Tinto will consider the future of its stake in the Grasberg copper and gold mine when Freeport-McMoRan concludes negotiations with the Indonesian Government over the mine’s ownership structure.

CORPORATES
RIO TINTO LIMITED – ASX RIO, FREEPORT-McMORAN COPPER AND GOLD INCORPORATED, FORTESCUE METALS GROUP LIMITED – ASX FMG, ROY HILL HOLDINGS PTY LTD, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET

Atlas maps out port route to beef up exports

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Original article by Tess Ingram
The Australian Financial Review – Page: 26 : 30-Aug-17

Atlas Iron has posted a 2016-17 net profit of $A48m, and its iron ore shipments totalled 14.4 million tonnes. Atlas forecasts that its shipments for 2017-18 will be within the range of nine to 10 million tonnes, and MD Cliff Lawrenson says the company will seek to utilise more of its capacity at the Utah Point bulk handling facility. This would allow Atlas to reduce its production costs, which averaged $A53 per tonne in 2016-17 and are forecast to be between $A54 and $A58 in 2017-18.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, PILBARA MINERALS LIMITED – ASX PLS

FMG powers up with plan to grow, cut debt

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Original article by Tess Ingram
The Australian Financial Review – Page: 11 & 16 : 22-Aug-17

Fortescue Metals Group shareholders will receive a 2016-17 full-year dividend of $A0.45 per share, compared with $A0.15 for the previous financial year. The pure-play iron ore miner has increased its net profit from $US985m in 2015-16 to $US2.1bn for 2016-17, while revenue was 19 per cent higher at $US8.4bn and underlying earnings rose 48 per cent to $US4.7bn. Meanwhile, Fortescue reduced its net debt from $US5.2bn to just $US2.6bn in 2016-17. Fortescue intends to increase its iron ore capital expenditure in 2017-18, while it looking to expand into commodities such as gold and copper.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, UBS HOLDINGS PTY LTD, ALLERON INVESTMENT MANAGEMENT LIMITED

FMG in iron price talks amid volatility

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Original article by Paul Garvey
The Australian – Page: 20 : 9-Aug-17

Fortescue Metals Group CEO Nev Power says the pure-play iron ore miner has held talks with steel mills and industry associations about addressing recent volatility in the price of the steel input. However, he says there is unlikely to be any support for a return to the fixed pricing system. Power adds that speculative futures trading has been a major contributor to the iron ore price volatility.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, DIGGERS AND DEALERS FORUM, EASTERN GOLDFIELDS LIMITED – ASX EGS, NORTHERN STAR RESOURCES LIMITED – ASX NST, GALAXY RESOURCES LIMITED – ASX GXY, GENERAL MINING CORPORATION LIMITED

Anglo American vows to halve costs using technology

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Original article by Paul Garvey
The Australian – Page: 20 : 8-Aug-17

Tony O’Neill of Anglo American says the company will seek further productivity gains via technological innovation, after lifting productivity by 70 per cent over the last 4-5 years. O’Neill has outlined some of these technologies at the annual Diggers & Dealers forum, but he noted that securing regulatory permits is the main hindrance to adopting some of the innovations. Meanwhile, Roy Hill Holdings has advised that iron ore shipments from its namesake mine totalled 4.45 million tonnes in June 2017, and shipments had averaged 2.8 million tonnes during the first half of the calendar year.

CORPORATES
ANGLO AMERICAN PLC, ROY HILL HOLDINGS PTY LTD, DIGGERS AND DEALERS FORUM, FORTESCUE METALS GROUP LIMITED – ASX FMG, RIO TINTO LIMITED – ASX RIO

Fortescue digs in for mighty cost challenge

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Original article by Tess Ingram
The Australian Financial Review – Page: 15 : 28-Jul-17

Fortescue Metals Group shipped 170 million tonnes of iron ore in 2016-17, and the pure-play miner anticipates similar volumes in 2017-18. Fortescue has reported an average C1 cash cost of $US12.82 per tonne for 2016-17, including $US12.16 a tonne in the June quarter, and it has targeted a cash cost of $US11 to $US12 per tonne for 2017-18. CEO Nev Power says Fortescue also aims to achieve productivity and efficiency gains, while he has flagged a further reduction in its debt.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, CITIGROUP PTY LTD, MERRILL LYNCH (AUSTRALIA) PTY LTD, RBC CAPITAL MARKETS

Historic native title ruling: Fortescue up for ‘astronomical’ sum

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Original article by Andrew Burrell
The Australian – Page: 1 & 6 : 21-Jul-17

Fortescue Metals­ Group has advised that a native title ruling is unlikely to affect production at its Solomon iron ore mine in Western Australia’s Pilbara region. The Federal Court has ruled that the Yindjibarndi people are entitled to exclusive native title rights over a large area of land in the state, including the site of the Solomon mine. The Yindjibarndi could potentially be entitled to compensation of around $A100m for royalties from the mine. Fortescue shares closed 3.5 per cent lower at $A5.19 in response to the judgment.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, YINDJIBARNDI ABORIGINAL CORPORATION, FEDERAL COURT OF AUSTRALIA, WIRLU-MURRA YINDJIBARNDI ABORIGINAL CORPORATION, RIO TINTO LIMITED – ASX RIO

Rio lowers iron ore production guidance

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Original article by Paul Garvey
The Australian – Page: 19 : 19-Jul-17

Rio Tinto has advised that its iron ore output in the Pilbara is now likely to be about 330 million tonnes in calendar 2017, compared with previous guidance of between 330 million and 340 million tonnes. It has cited factors such as inclement weather and rail maintenance work for the revised production forecast. Rio Tinto’s Pilbara iron ore shipments totalled 154.3 million tonnes in the first half. Meanwhile, Citigroup expects Rio Tinto’s full-year dividend to rise from $US1.70 per share in 2016 to $US2.42 in 2017.

CORPORATES
RIO TINTO LIMITED – ASX RIO, CITIGROUP PTY LTD, COAL AND ALLIED INDUSTRIES LIMITED, YANCOAL AUSTRALIA LIMITED – ASX YAL, GOLDMAN SACHS AUSTRALIA PTY LTD