MINING CORPORATIONS – AUSTRALIA

BHP looks to SA copper growth

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Original article by Nick Evans
The Australian – Page: 16 : 19-Jun-24

BHP executive Anna Wiley has indicated that the resources giant has largely ‘ bedded down’ its acquisition of OZ Minerals for $9.7bn in 2023. The asset president for BHP’s copper operations in South Australia says it is now pushing ahead with plans to expand these operations, including the potential to increase copper production in SA to around 700,000 tonnes per year. BHP recently abandoned a takeover bid for Anglo American which was prinarily aimed at securing the latter’s copper assets.

CORPORATES
BHP GROUP LIMITED – ASX BHP, OZ MINERALS LIMITED, ANGLO AMERICAN PLC

Union launches BHP same pay challenge

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 10 : 13-Jun-24

The Mining & Energy Union has filed 10 applications in the Fair Work Commission to increase the wages of BHP’s labour hire workers under the federal government’s ‘same job, same pay’ laws. The initial applications cover about 1,700 workers at three of BHP’s coal mines in Queensland’s Bowen Basin who are employed by WorkPac, Chandler McLeod and BHP’s own Operations Services subsidiary. The union is pushing for these workers to receive pay rises of between $10,000 and $40,000 in order to achieve pay parity with BHP’s direct employees. The MEU is expected to make further applications against BHP.

CORPORATES
BHP GROUP LIMITED – ASX BHP, MINING AND ENERGY UNION, WORKPAC PTY LTD, CHANDLER MACLEOD GROUP LIMITED

Microwave the way for Rio Tinto to go low-carbon

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Original article by Peter Ker
The Australian Financial Review – Page: 19 : 5-Jun-24

Rio Tinto will invest $215m in a microwave facility at its BioIron project in Western Australia. The plant is slated to produce one tonne of direct reduced iron per hour, and is part of the resources group’s push to reduce the carbon-intensity of steel-making. The BioIron plant will use microwave technology rather than traditional blast furnaces to produce steel, using a combination of Pilbara iron ore and biomass waste. Rio Tinto executive Simon Trott says the plant has been specifically designed for Pilbara iron ores.

CORPORATES
RIO TINTO LIMITED – ASX RIO

PC: mining subsidy not tax reform

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Original article by Michael Read
The Australian Financial Review – Page: 1 & 4 : 5-Jun-24

Productivity Commission chair Danielle Wood has defended the federal government’s critical minerals production tax credit regime, which was a key measure in the 14 May budget. Wood has told a Senate estimates hearing that the tax credit scheme is tax policy rather than tax reform. However, Treasurer Jim Chalmers has repeatedly described the tax credits scheme as tax reform. Wood also contended that reducing Australia’s company tax rate of 30 per cent would make the nation more internationally competitive.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE TREASURY

Shareholders approve fire sale of Russian mines to tycoon with former links to sanctioned oligarchs

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Original article by Sumeyya Ilanbey
The Age – Page: Online : 29-May-24

Some 99 per cent of Tigers Realm Coal’s shareholders have voted in favour of a deal to sell all of its assets to APM Invest, which is owned by Russian businessman Mark Buzuk. The $US49m ($74m) deal to sell two coking coal mines and an export terminal in Russia follows a court ruling in April that the company was in breach of trade sanctions imposed following the invasion of Ukraine. Tigers Realm chairman Craig Wiggill says Buzuk was carefully screened and was found to have no current links to the Russian state or any entities that are subject to the trade sanctions. However, he is a former business associate of two Russian oligarchs who have been sanctioned.

CORPORATES
TIGERS REALM COAL LIMITED – ASX TIG, APM INVEST

Dutton’s views on tax credits wrong: MinRes

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Original article by Brad Thompson
The Australian Financial Review – Page: 13 : 22-May-24

Treasury modelling suggests that mining companies could receive $17.6bn worth of production tax credits over 14 years for the downstream processing of critical minerals. Opposition leader Peter Dutton has labelled the budget measure as "billions for billionaires" and committed to vetoing the policy. However, Mineral Resources’ MD Chris Ellison believes that Dutton will eventually realise that he is wrong to oppose a policy that will support projects that will contribute revenue for more than five decades. Meanwhile, Mineral Resources has begun loading the first shipment of iron ore from its Onslow Iron Project in the West Pilbara; work on the project started less than a year ago.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, LIBERAL PARTY OF AUSTRALIA

BHP runs down clock on $64b Anglo deadline

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 21-May-24

The UK’s Takeovers Code requires BHP to make a formal and binding takeover offer for Anglo American by 22 May. However, there is now a high probability that BHP will abandon its proposed bid, given that the target has rejected BHP’s improved offer of 0.8132 of its share for every Anglo American share. Meanwhile, media reports in the UK have indicated that two major Anglo American shareholders are willing to accept a simpler offer from BHP that does not involve breaking up the company.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC

Toronto tempts Aussie miners

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Original article by Glenda Korporaal
The Australian – Page: 15 : 20-May-24

About 21 Australian mining companies are currently listed on the Toronto Stock Exchange; however, the TSX’s Dean McPherson says this could quickly increase to around 30, as more companies in the local mining sector recognise the benefits of raising capital in North America. The TSX is the third-largest stock exchange in North America, with a total market capitalisation of $4.65 trillion and about 3,500 listed companies; in contrast, the Australian Stock Exchange boasts a total market capitalisation of $2.7 trillion and about 2,200 listed companies. Both bourses have traditionally had a heavy weighting towards the resources sector.

CORPORATES
TORONTO STOCK EXCHANGE, ASX LIMITED – ASX ASX

Toronto tempts Aussie miners

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Original article by Glenda Korporaal
The Australian – Page: 15 : 20-May-24

About 21 Australian mining companies are currently listed on the Toronto Stock Exchange; however, the TSX’s Dean McPherson says this could quickly increase to around 30, as more companies in the local mining sector recognise the benefits of raising capital in North America. The TSX is the third-largest stock exchange in North America, with a total market capitalisation of $4.65 trillion and about 3,500 listed companies; in contrast, the Australian Stock Exchange boasts a total market capitalisation of $2.7 trillion and about 2,200 listed companies. Both bourses have traditionally had a heavy weighting towards the resources sector.

CORPORATES
TORONTO STOCK EXCHANGE, ASX LIMITED – ASX ASX

Anglo unveils radical restructuring plan

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Original article by Paul Garvey
The Australian – Page: 25 & 26 : 15-May-24

Anglo American has announced a major restructuring of its global operations in the wake of a spurned takeover approach from BHP. Anglo American intends to focus primarily on its copper and iron ore assets, and CEO Duncan Wanblad says any potential suitors will have to pay an "enormous amount of money" to acquire the company after the two-year overhaul is completed. Amongst other things, Anglo American will sell its coking coal mines in Queensland, demerge its platinum assets and put the Woodsmith potash project in the UK on hold indefinitely.

CORPORATES
ANGLO AMERICAN PLC, BHP GROUP LIMITED – ASX BHP