MINING CORPORATIONS – AUSTRALIA

Rio must buy Glencore whole: shareholders

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 21-Jan-26

Some of Glencore’s biggest shareholders have stated that Rio Tinto must agree to buy the entire company rather than merely its most desirable assets, such as its copper and zinc mines. Rio Tinto is unlikely to want to retain Glencore’s coal assets if the proposed merger goes ahead, given that it exited the sector about eight years ago. However, some Glencore shareholders have warned that they are unlikely to support Rio Tinto’s bid if it seeks to ‘cherry-pick’ the company’s assets. The investors also contend that Rio Tinto will need to offer a takeover premium if its management team led by CEO Simon Trott is to run the merged group.

CORPORATES
RIO TINTO LIMITED – ASX RIO, GLENCORE PLC

Standoff with China buyer is hurting iron ore prices: BHP

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Original article by Brad Thompson
The Australian – Page: 13 & 19 : 21-Jan-26

BHP has advised that its iron ore division achieved an average realised price of $US84.71 per tonne in the December quarter. This is four per cent higher than the same period in 2024, although it represents a large discount to the benchmark price. BHP is continuing to hold talks with state-run iron ore trader China Mineral Resources Group on annual contract terms, and BHP has acknowledged that the long-running dispute has affected the price it receives for the iron ore it ships from the Pilbara. BHP has also advised that the first stage of its Jansen potash project in Canada is now expected to cost $US8.4bn ($12.5bn); this compares with a previous forecast of between $US7bn and $US7.4bn.

CORPORATES
BHP GROUP LIMITED – ASX BHP, CHINA MINERAL RESOURCES GROUP COMPANY LIMITED

Rio Tinto boss delivers snub to Davos

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Original article by Brad Thompson
The Australian – Page: 13 & 14 : 20-Jan-26

Rio Tinto’s former CEO Jakob Stausholm attended the last three World Economic Forums in Davos. However, the resources group will not be represented at the 2026 event; current CEO Simon Trott and his executive team are believed to be focusing on operational matters and the proposed merger with Glencore. Meanwhile, BHP CEO Mike Henry and Fortescue’s executive chairman Andrew Forrest are amongst the mining industry leaders who will address the WEF. Glencore CEO Gary Nagle will also be at Davos, and he is expected to advocate the merits of the proposed merger with Rio Tinto.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, FORTESCUE LIMITED – ASX FMG, GLENCORE PLC

BHP considering its options amid mega-merger talks

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Original article by Mark Wembridge, Tom Rabe
The Australian Financial Review – Page: 15 : 13-Jan-26

BHP has declined to comment on speculation about its possible response to the renewed merger between Rio Tinto and Glencore. Romano Sala Tenna from Katana Asset Management says it could make more sense for BHP to merge with Glencore, given that both companies have significant coal assets and Rio Tinto has completely exited that sector. He adds that growing global sovereign risk means that achieving scale in the mining sector also makes sense. MKI Global Partners’ CEO Mark Kelly in turn notes that BHP is seeking to reduce its reliance on iron ore for export earnings.

CORPORATES
BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, KATANA ASSET MANAGEMENT LIMITED, MKI GLOBAL PARTNERS

BHP closes in on CBA’s crown as ASX king

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Original article by Cecile Lefort
The Australian Financial Review – Page: 21 : 13-Jan-26

Shares in BHP have risen by 30 per cent in the last six months, lifting its market capitalisation to $236bn. The resources giant is now just 8.5 per cent shy of the Commonwealth Bank of Australia’s market cap of $258bn, and a continued strong run could see it reclaim the title of the ASX’s biggest company. CBA’s shares peaked at $192 in mid-2025; Peter Gardner from Plato Investment Management believes that CBA is still a bit overvalued at its current price of about $154 per share. Meanwhile, BHP has been buoyed by strong commodity prices, which has prompted investors to rebalance their portfolios in favour of mining companies rather than banks.

CORPORATES
BHP GROUP LIMITED – ASX BHP, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PLATO INVESTMENT MANAGEMENT LIMITED

Labor warms to mining merger

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Original article by Brad Thompson
The Australian – Page: 13 & 14 : 13-Jan-26

The proposed merger between Rio Tinto and Glencore would require regulatory approval in a number of countries, including Australia. Resources Minister Madeleine King does not believe that a merger would be negative for Australia, noting that both companies have a significant presence in the nation’s resourcs industry; she adds that Rio Tinto will always be an important part of the domestic economy. Meanwhile, Barrenjoey analysts suggest that Glencore’s coal assets could be spun-off to existing shareholders if the proposed merger proceeds, given that Rio Tinto has exited coal mining.

CORPORATES
RIO TINTO LIMITED – ASX RIO, GLENCORE PLC, AUSTRALIA. DEPT OF INDUSTRY, SCIENCE AND RESOURCES, BARRENJOEY CAPITAL PARTNERS PTY LTD

Fortescue aims for 2030 debut in African iron ore

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Original article by Peter Ker
The Australian Financial Review – Page: Online : 24-Dec-25

Gabon’s President Brice Oligui Nguema has committed to undertaking a "comprehensive audit" of every mining agreement that the developing nation secured between 2010 and 2024. This is likely to include the deal that Fortescue struck with Nguema’s predecessor Ali Bongo in 2021 regarding the Belinga iron ore project. Fortescue’s executive chairman Andrew Forrest recently travelled to Gabon to discuss the project with Nguema. Fortescue aims to complete a feasibility study by the end of 2026, and Forrest has indicated that he wants shipments to begin by 2030.

CORPORATES
FORTESCUE LIMITED – ASX FMG

Rio Tinto starts work on last crown jewel in Pilbara

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Original article by Tom Rabe
The Australian Financial Review – Page: 15 : 17-Dec-25

Rio Tinto and its partners in the Rhodes Ridge iron project in the Pilbara will spend $US191m ($294m) on a feasibility study, with a view to commencing production in 2030. They will spend a further $US146m on exploration at Rhodes Ridge between 2026 and 2028. Japan-base Mitsui paid $8.4bn for a 40 per cent stake in Rhodes Ridge earlier in 2025; AMB Holdings, the private company of Perth billionaire Angela Bennett, has a 10 per cent stake. Rhodes Ridge has an estimated 6.8 billion tonnes of high-grade ore, and it has the potential for annual production about 100 million tonnes of high-quality iron ore

CORPORATES
RIO TINTO LIMITED – ASX RIO, MITSUI AND COMPANY LIMITED, AMB HOLDINGS PTY LTD

BHP sells stake in power network

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Original article by Brad Thompson
The Australian – Page: 15 & 23 : 10-Dec-25

The Global Infrastructure Partners subsidiary of BlackRock will acquire a minority stake in BHP’s inland power network in the Pilbara. The $US2bn ($3.02bn) deal includes Western Australia Iron Ore’s assets such as the Yarnima gas-fired power station and 400km of transmission and distribution lines that service BHP’s iron ore mines and the company-built mining town of Newman. BHP has a 85 per cent stake in WAIO, whose inland power assets will be transferred to a new entity that will be 51 per cent owned by BHP. The resources group will pay the entity a monthly tariff for using the power network over the next 25 years.

CORPORATES
BHP GROUP LIMITED – ASX BHP, BLACKROCK INCORPORATED, GLOBAL INFRASTRUCTURE PARTNERS

After 25 years, Trott gets his shot at Rio Tinto

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 3-Dec-25

Rio Tinto CEO Simon Trott will present his strategy for the mining company on Thursday after just under 100 days in the role, although he has been with the company for 25 years. Those 100 days have seen him make some quick changes that appointments from within a company can often make, while Morgan Stanley analysts state they expect Trott to use the strategy day to outline a move towards a streamlined structure with lower costs and a prioritisation of cash generation. They suggest that cash flow could be improved by as much as $US1 billion ($1.5 billion) per year by cost cutting.

CORPORATES
RIO TINTO LIMITED – ASX RIO