LITHIUM MINES AND MINING – WESTERN AUSTRALIA

MinRes chairman in line for $11m windfall

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Original article by Mark Wembridge
The Australian Financial Review – Page: 14 & 19 : 24-Sep-25

The annual salary of Mineral Resources’ non-executive chairman Malcolm Bundey comprises $750,000 in cash and shares. However, Bundey will also be entitled to 780,000 stock options, subject to approval by shareholders at the iron ore and lithium miner’s AGM in November. His stock options will vest between $30 and $40 a share, and they have an exercise price of $25.40. Bundey’s options will be worth about $11.39m if the company’s shares remain above $40 at certain points over the next three years. Mineral Resources’ shares are currently trading at around $40, having reached a low of $14 in April.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN

MinRes softens on exit of Ellison

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Original article by Brad Thompson
The Australian – Page: 13 & 19 : 9-Jul-25

Mineral Resources’ MD Chris Ellison had been expected to leave the iron ore and lithium miner by April 2026. However, the company has told investors that chairman Malcolm Bundey is reviewing its leadership transition plan, which was put in place in late 2024 after Ellison was embroiled in a tax evasion scandal. MinRes indicated that the review will take into consideration the best interests of shareholders. MinRes is also under scrutiny over its dealings with Kali Metals and a deal to award a contract to a company that has links to Ellison’s daughter.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, KALI METALS LIMITED – ASX KM1

Global Lithium AGM delayed to probe Chinese conspiracy

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Original article by Mark Wembridge
The Australian Financial Review – Page: 17 : 20-Nov-24

The Supreme Court of Western Australia has approved Global Lithium Resources’ application to postpone its annual general meeting until 14 February. The AGM was scheduled to be held in Perth today, but the company had sought a delay in order to give the Foreign Investment Review Board more time to investigate allegations regarding Chinese-born minority shareholder Liaoliang Zhu. It has been claimed that Zhu is using his push to gain a seat on Global Lithium’s board to gain "effective control" of the company’s Manna lithium project in WA.

CORPORATES
GLOBAL LITHIUM RESOURCES LIMITED – ASX GL1, SUPREME COURT OF WESTERN AUSTRALIA, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

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

Liontown’s first shipment sets sale for China

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Original article by Chris Herde, Valerina Changarathil
The Australian – Page: 16 : 1-Oct-24

Liontown Resources has advised that the inaugural shipment of spodumene concentrate from its Kathleen Valley lithium project left the Port of Geraldton on Friday. The shipment comprised 11,855 wet metric tonnes of concentrate and is en route to China. Liontown has produced 28,000 WMT of concentrate since production at Kathleen Valley commenced several months ago. Liontown posted a loss of $64.9m for the 2023-24 financial year on Friday, following a loss of $22.2m in 2022-23.

CORPORATES
LIONTOWN RESOURCES LIMITED – ASX LTR

Lithium rollercoaster decade: IGO

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 13-Sep-24

Data from S&P Global Platts shows that spodume was fetching $US730 per tonne on Wednesday, compared with a peak of more than $US8,000 in early 2023. IGO CEO Ivan Vella says investors should expect further volatility in the price of lithium over the long-term. Vella adds that battery minerals will continue to be the focus for IGO, which produces both lithium and nickel. However, IGO aims to diversify its operations by expanding into copper production; this will help offset the "extreme" volatility of the lithium sector and the structural changes in the nickel market caused by Indonesia’s move to ramp up production with Chinese backing.

CORPORATES
IGO LIMITED – ASX IGO, S&P GLOBAL PLATTS

Lithium prices have crashed this year, squeezing margins at Australian miners

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Original article by Clint Jasper
abc.net.au – Page: Online : 3-Sep-24

The lithium price peaked in 2022, but the battery mineral has fallen by about 50 per cent in the last 12 months. Demand for lithium remains strong, amid a growing consumer shift to electric vehicles and the push to decarbonise economies by transitioning to renewables such as wind and solar; however, this is being offset by rising global supply, which is expected to increase in coming years as more lithium mines commence production. Core Lithium put its Finnis mine into ‘care and maintenance’ mode earlier in 2024, while Mineral Resources is reducing its lithium output. In contrast, Pilbara Minerals aims to increase lithium production by 50 per cent over the next year: MD Dale Henderson says the long-term outlook for lithium is "fantastic".

CORPORATES
CORE LITHIUM LIMITED – ASX CXO, MINERAL RESOURCES LIMITED – ASX MIN, PILBARA MINERALS LIMITED – ASX PLS

Pilbara tips more lithium pressure

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Original article by Cameron England
The Australian – Page: 13 & 16 : 27-Aug-24

Pilbara Minerals has posted a 2023-24 underlying net profit of $318m, which is 86 per cent lower than previously; revenue fell by 69 per cent to $1.25bn. The company received an average realised price of $US1,176 per tonne for its spodumene concentrate, which is 74 per cent lower than the previous financial year. UBS is bearish about the outlook for lithium, forecasting that spodumene concentrate will average about $US770 a tonne over the next 12-18 months. Pilbara Minerals MD Dale Henderson says the company is well-placed to ride out the current downturn in the lithium price, contending that rivals with high-cost operations will be the most vulnerable.

CORPORATES
PILBARA MINERALS LIMITED – ASX PLS, UBS HOLDINGS PTY LTD

Lithium mine closures tip of iceberg as prices hit three-year low

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Original article by Alex Gluyas
The Australian Financial Review – Page: 29 : 27-Aug-24

Core Lithium, Albemarle and Arcadium Lithium are amongst the companies that have put projects on hold or scaled them back in response to the downturn in the price of the battery metal. The price of spodumene concentrate has fallen by 19 per cent so far in 2024, while carbonate prices in China are down 25 per cent. UBS analyst Lachlan Shaw says Core Lithium’s decision to place its Finniss project in ‘care and maintenance’ mode could be followed by similar action by rival producers if the spodumene price remains at the current level for some time. UBS has downgraded its share price targets for Pilbara Minerals and Mineral Resources; it also has a ‘sell’ recommendation on both stocks.

CORPORATES
CORE LITHIUM LIMITED – ASX CXO, ALBEMARLE CORPORATION, ARCADIUM LITHIUM PLC – ASX LTM, UBS HOLDINGS PTY LTD, PILBARA MINERALS LIMITED – ASX PLS, MINERAL RESOURCES LIMITED – ASX MIN