IRON ORE – WESTERN AUSTRALIA

Fortescue racks up $350m drill bill in net zero emissions push

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Original article by Brad Thompson
The Australian – Page: 13 & 19 : 16-Apr-25

Pure-play iron ore miner Fortescue expects the deployment of electric drill rigs at its Pilbara mines to reduce diesel fuel usage by about 35 million litres per year and carbon dioxide emissions by more than 90,000 tonnes. Fortescue will pay about $350m for 50 electric drill rigs that are manufactured by Sweden-based Epiroc. Fortescue has also commenced construction of a 190-megawatt solar farm at its Cloudbreak mine, as part of its strategy to achieve a net-zero emissions target of 2030. The Cloudbank solar farm will boast almost double the capacity of Fortescue’s only existing solar farm.

CORPORATES
FORTESCUE LIMITED – ASX FMG

Barnett: secret Chevron deal never meant to cover iron ore

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Original article by Brad Thompson
The Australian – Page: 13 & 16 : 15-Apr-25

US energy giant Chevron could potentially gain up to $1bn from an infrastructure levy via a confidential deal with the Western Australian government. Mineral Resources is challenging a decision to impose the levy for exporting iron ore via the Chevron-built Port of Ashburton and a shipping channel that was dredged as part of its Wheatstone LNG project. Chevron subsequently transferred ownership of the port and shipping channel to the government, but retained the right to receive a levy for their use. Former WA premier Colin Barnett says Chevron is entitled to such revenue, but he contends that the figures being mooted are excessive because nobody had expected iron ore to be shipped from Ashburton.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, CHEVRON CORPORATION

Nuclear power ‘not cool’, declares Forrest, as iron ore threat looms

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Original article by Brad Thompson
The Australian – Page: 15 : 11-Apr-25

Mining magnate and philanthropist Andrew Forrest has told a business breakfast in Perth that nuclear power is not the best energy option for Australia. Amongst other things, he questioned why taxpayers should fund nuclear power stations via the Coalition’s plans if the private sector is not willing to take on the "massive risk". The founder of Fortescue also warned that Australia’s iron ore industry is facing challenges such as the low grade and high impurities of Pilbara iron ore, as well as imminent competition from the higher-grade ore that will soon be produced in Africa.

CORPORATES
FORTESCUE LIMITED – ASX FMG

Unions to target MinRes after milestone BHP win

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 11 : 8-Apr-25

The push to reunionise the Pilbara has received a boost after BHP agreed to commence enterprise bargaining negotiations for electrical workers at its mines in Western Australia. The Electrical Trades Union’s state branch says BHP’s decision to formally concede that a majority of its power workers want an enterprise agreement is a "massive win". The ETU has submitted a separate application to the Fair Work Commission for an order requiring BHP to bargain on behalf of its rail signal technicians in WA. Unions are also targeting rival iron ore producers Rio Tinto and Mineral Resources.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ELECTRICAL TRADES UNION, AUSTRALIA. FAIR WORK COMMISSION, RIO TINTO LIMITED – ASX RIO, MINERAL RESOURCES LIMITED – ASX MIN

Juukan payments stay secret

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Original article by Peter Ker
The Australian Financial Review – Page: 3 : 1-Apr-25

The Juukan Gorge Legacy Foundation has been given permission by the Australian Charities & Not-For-Profits Commission to redact most of the information from its annual accounts. The Foundation was established by Rio Tinto and the Puutu Kunti Kurrama and Pinikura people in 2023 as part of an agreement to remedy the iron ore miner’s destruction of Indigenous heritage at Juukan Gorge in 2020, with the Foundation receiving a multimillion-dollar payment from Rio each year. Confirming that the Australian Charities and Not-For-Profits Commission had given it permission to redact its accounts, a Foundation spokesman said it was done to "avoid pricing heritage destruction".

CORPORATES
JUUKAN GORGE LEGACY FOUNDATION, AUSTRALIAN CHARITIES AND NOT-FOR-PROFITS COMMISSION, RIO TINTO LIMITED – ASX RIO

FIRB blamed as iron ore deal collapses

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Original article by Brad Thompson
The Australian – Page: 18 : 26-Feb-25

Iron ore hopeful CZR Resources’ directors have endorsed a takeover offer from Fenix Resources which is priced at $0.85 per share. This will increase to $0.98 if Fenix gains acceptances for 75 per cent of CZR’s shares before 21 March. CZR announced the bid from Fenix after abandoning a deal to sell its 85 per cent stake in the Robe Mesa deposit in the Pilbara to Miracle Iron Resources, which is owned by a Chinese company. CZR cited delays in gaining Foreign Investment Review Board approval for the decision to walk away from the Miracle Iron deal. Veteran prospector Mark Creasy is the major shareholder in CZR; he also owns a 15 per cent stake in the Robe Mesa project.

CORPORATES
CZR RESOURCES LIMITED – ASX CZR, FENIX RESOURCES LIMITED – ASX FEX, MIRACLE IRON RESOURCES, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Red Hawk backs $254m Fortescue takeover bid

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Original article by Giuseppe Tauriello
The Australian – Page: 16 : 29-Jan-25

Red Hawk Mining’ board has unanimously endorsed a $254m takeover offer from pure-play iron ore miner Fortescue. The off-market cash bid values Red Hawk at $1.05 per share, although this will rise to $1.20 if Fortescue secures at least 75 per cent of the target’s shares by 4 February. Fortescue says its offer represents a ‘significant and attractive premium’ for Red Hawk shareholders, while Red Hawk’s ND Steven Michael describes the offer as an ‘attractive outcome’ for the company’s shareholder. Red Hawk’s Blacksmith iron ore project is located near Fortescue’s Solomon hub.

CORPORATES
FORTESCUE LIMITED – ASX FMG, RED HAWK MINING LIMITED – ASX RHK

Fortescue posts record tonnes amid tariff threat

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Original article by Elouise Fowler
The Australian Financial Review – Page: 13 : 24-Jan-25

Pure-play iron ore miner Fortescue has advised that its shipments from the Pilbara rose to a record 97.1 million tonnes in the first half of 2024-25. This includes 49.4 million tonnes in the three months to 31 December. Fortescue has maintained its full-year guidance of 190-200 million tonnes. Fortescue’s shares have shed four per cent in recent days, amid fears that the tariff policies of US President Donald Trump will dampen the Chinese steel industry’s demand for iron ore.

CORPORATES
FORTESCUE LIMITED – ASX FMG, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

MinRes admits it failed to disclose related-party transactions

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Original article by Mark Wembridge
The Australian Financial Review – Page: Online : 13-Nov-24

Iron ore and lithium producer Mineral Resources has conceded that transactions involving a British Virgin Islands-registered company should have been disclosed to investors at least two years ago. MinRes has acknowledged that the deals with Far East Equipment Holdings were related-party transactions and therefore should have been disclosed before June 2022. The deal for Far East to sell mining equipment to MinRes at inflated prices was part of a tax evasion scheme that has embroiled MD Chris Ellison. The contracts with Far East were made prior to MinRes listing on the sharemarket in 2006.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, FAR EAST EQUIPMENT HOLDINGS

Ellison’s delayed exit will harm undervalued MinRes share price

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Original article by Mark Wembridge, Tom Rabe, Peter Ker
The Australian Financial Review – Page: 13 & 17 : 6-Nov-24

Sources close to Mineral Resources have suggested that MD Chris Ellison may continue to be either directly or indirectly involved with the company after he steps down within the next 18 months. Bradley Watson from Bell Potter notes that Ellison is the largest shareholder in MinRes, and there could be speculation about the future of his stake in the company when he leaves. Other market observers believe that the relatively long leadership transition could weigh on the company’s share price.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, BELL POTTER SECURITIES LIMITED