MINING CORPORATIONS – AUSTRALIA

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

Miners hail $17.6b in tax credits – but BHP nickel still on death row

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Original article by Brad Thompson
The Australian Financial Review – Page: Online : 15-May-24

Australia’s critical minerals industry has welcomed the federal government’s decision to provide the sector with a 10 per cent production tax credit. However, the budget measure may not ensure the future of BHP’s nickel operations in Western Australia, given that the tax credit will not be availabe until 2027. The potential closure of BHP’s nickel mines, refinery and smelter would result in the loss of about 3,000 jobs; BHP has previously warned that tax credits may not be enough to save the Nickel West business, which is contending with a glut of low-cost nickel produced in Indonesia with Chinese backing.

CORPORATES
BHP GROUP LIMITED – ASX BHP, NICKEL WEST

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

Rio investigates third derailment of one of its driverless iron ore trains

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Original article by Brad Thompson
The Australian Financial Review – Page: 20 : 14-May-24

Rio Tinto has notified rail safety authorities of an incident in which an autonomous iron ore train was derailed about 80km from Karratha early on Monday morning. It is believed to have occurred when the driverless train collided with a set of stationary wagons while it was enroute to port with a shipment of iron ore. Rio Tinto will also commence an internal investigation into the incident. Rio Tinto’s driverless trains have now been derailed three times in the last year. The company began operating autonomous trains in the Pilbara in 2019.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Anglo American rejects second, higher BHP takeover offer

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Original article by Peter Ker
The Australian Financial Review – Page: Online : 14-May-24

BHP CEO Mike Henry says it is disappointing that Anglo American’s board has rejected a revised takeover offer and has not been willing to enter into further discussions. The initial offer had comprised 0.7097 of its shares for every Anglo American share; however, BHP increased this to 0.8132 of its shares last week, valuing the target at $64.4bn. Henry adds that the two companies are a "strategic fit", and the combined group would have a leading portfolio of high-quality assets across a range of commodities.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC

Iluka boss calls out China over rare earths prices

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Original article by Brad Thompson
The Australian Financial Review – Page: 18 : 8-May-24

Iluka Resources MD Tom O’Leary contends that the entire rare earths industry is unprofitable due to China’s efforts to manipulate prices in order to retain its dominance in the sector. O’Leary has told shareholders at Iluka’s AGM that no rare earths producer is making money at the current prices for minerals that are critical to the energy transition. He also alleges that Chinese state-owned entities are seeking to control rare earths production via binding offtake agreements or the acquisition of rival producers. Meanwhile, Iluka is seeking additional federal government funding for its rare earths refinery at Eneabba in Western Australia.

CORPORATES
ILUKA RESOURCES LIMITED – ASX ILU