MAGNETITE – WESTERN AUSTRALIA

Rinehart boosts stake in $5b WA magnetite project

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 17-Jul-24

Hancock Prospecting has increased its stake in the Mt Bevan magnetite project in Western Australia’s Yilgarn region by 21 per cent. The Gina Rinehart-controlled company now has a 51 per cent stake in Mt Bevan, which is expected to boast annual production of 12 million tonnes of magnetite with an iron content of 70 per cent. A spokesman for Hancock says there is no certainty that the project will proceed, citing factors such as the federal government approvals process. The other shareholders in Mt Bevan are Legacy Iron Ore and Hawthorn Resources.

CORPORATES
HANCOCK PROSPECTING PTY LTD, LEGACY IRON ORE LIMITED – ASX LCY, HAWTHORN RESOURCES LIMITED – ASX HAW

Fortescue to stem pipeline cash flow

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Original article by Nick Evans
The Australian – Page: 16 : 1-Mar-21

Fortescue Metals Group recently stated that it is likely to release a final cost figure for its troubled Iron Bridge magnetite project within three months. The pure-play iron ore miner advised that preliminary figures show that the project will cost about $US3bn, compared with initial estimates of $US2.6bn. Fortescue is also believed to be considering a ‘build-own-operate-transfer’ model for water infrastructure associated with the Iron Bridge project, whereby other companies would bear the cost of building the water network and eventually sell it back to Fortescue.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

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

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

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

Gindalbie ‘at risk’ of collapse

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Original article by Paul Garvey
The Australian – Page: 18 : 13-Jan-16

The future of Gindalbie Metals is uncertain following Ansteel’s decision to cease providing funding for the Karara magnetite ore mine in Western Australia. The Chinese group has a 52 per cent stake in the mine, which has a workforce of 1,000. Gindalbie has advised that there now are doubts about its ability to continue as a going concern, prompting its shares to fall to a record low of $A0.08 on 12 January 2016. The stock traded at $A1.40 in 2011, when the iron ore price was around $A180 per tonne.

CORPORATES
GINDALBIE METALS LIMITED – ASX GBG, ANSHAN IRON AND STEEL COMPANY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Fears grow for 1000 mine jobs

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Original article by Barry FitzGerald
The Australian – Page: 17 : 11-Jan-16

Shares in Gindalbie Metals went into a trading halt in the week ended 8 December 2016, ahead of an announcement regarding the Karara magnetite mine. Gindalbie has a 47.84 per cent stake in the Western Australian mine, which is operating at a loss due to the downturn in the iron ore price. China-based Ansteel owns 52.16 per cent of the mine, and its continued support will be essential for the mine to remain open.

CORPORATES
GINDALBIE METALS LIMITED – ASX GBG, ANSHAN IRON AND STEEL COMPANY, KARARA MINING LIMITED, BC IRON LIMITED – ASX BCI, GRANGE RESOURCES LIMITED – ASX GRR

FMG defends plan to expand

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Original article by Peter Ker, Shaun Drummond
The Australian Financial Review – Page: 19 : 21-May-15

Fortescue Metals Group’s Peter Meurs says encouraging results from the first stage of a magnetite project in Western Australia may prompt it to proceed to the next stage. The Iron Bridge joint venture has initially targeted two million tonnes of magnetite ore, and Meurs believes that this could be increased to 20 million tonnes. He has refuted suggestions that this would add to the global oversupply of iron ore, arguing that the bulk of iron ore exported from Australia is haematite ore.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, SHANGHAI BAOSTEEL GROUP CORPORATION, FORMOSA HA TINH STEEL CORPORATION, GRANGE RESOURCES LIMITED – ASX GRR, MINERALS COUNCIL OF AUSTRALIA, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, CHINA INTERNATIONAL TRUST AND INVESTMENT CORPORATION, ANSHAN IRON AND STEEL COMPANY, GINDALBIE METALS LIMITED – ASX GBG