MINING CORPORATIONS – AUSTRALIA

Mining giant charges dropped over harassment documents

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Original article by Aaron Bunch
WAtoday – Page: Online : 19-Dec-23

Fortescue Metals Group has released a statement in which it emphasises that the health and safety of its staff are the highest priority. This follows a decision by WorkSafe Western Australia to drop legal action against the iron ore miner over its failure to supply documents relating to alleged sexual harassment incidents at its Christmas Creek, Solomon and Cloudbreak mines. Fortescue has agreed to provide funding for programs arising from the recommendations of the Enough is Enough report on sexual misconduct in WA’s mining industry.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, WESTERN AUSTRALIA. DEPT OF CONSUMER AND EMPLOYMENT PROTECTION. WORKSAFE

Ranger blowout to force raising

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Original article by Nick Evans
The Australian – Page: 13 & 16 : 13-Dec-23

Energy Resources of Australia has advised that rehabilitation costs at the Ranger uranium mine in the Kakadu National Park are now expected to be $2.3bn. This compares with ERA’s previous estimate of between $1.6bn and $2.2bn. The company had $273.6m in cash at the end of September, but it is spending about $55m each quarter on rehabilitation work and corporate costs. It will most likely need to undertake a large capital raising by the end of 2024 in order to finance rehabilitation costs at Ranger over the next four years.

CORPORATES
ENERGY RESOURCES OF AUSTRALIA LIMITED – ASX ERA

Iron ore giants place bets on Gabon, Pilbara

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Original article by Peter Ker
The Australian Financial Review – Page: 20 : 6-Dec-23

Fortescue Metals Group has shipped the first iron ore from its Belinga project in Gabon, just 10 months after it signed a mining convention with the African nation’s former government. Meanwhile, Rio Tinto has advised that it will spent $110m on a pre-feasibility study for the Rhodes Ridge iron ore mine in the Pilbara region, and an additional $400m on exploration drilling between 2024 and 2028. Rhodes Ridge is estimated to contain 6.8 billion tonnes of ore at an average grade of 61.6 per cent iron content, including 600 million tonnes at 63.9 per cent iron content. Rio Tinto expects production to start in 2030.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, RIO TINTO LIMITED – ASX RIO

Lynas: rare earth needs critical mass

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Original article by Nick Evans
The Australian – Page: 16 : 30-Nov-23

Lynas Rare Earths’ CEO Amanda Lacaze has declined to comment on when the company’s cracking and leaching plant in Western Australia will be fully commissioned. She has told shareholders that most of the plant has now been commissioned, and Lynas is awaiting regulatory clearance for the facility’s gas treatment plant. Lacaze added that Lynas is open to processing rare earths ore from rival companies, although it has yet to secure any such agreements. Lynas also intends to build a rare earths plant in the US.

CORPORATES
LYNAS RARE EARTHS LIMITED – ASX LYC

WA lithium mine pauses production

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Original article by Peter Ker, Brad Thompson
The Australian Financial Review – Page: 19 : 29-Nov-23

Mineral Resources has advised that mining operations at the Wodgina hard rock lithium mine in the Pilbara has resumed following a fire at its processing plant on 24 November. However, Mineral Resources says that processing of spodumene rock is still on hold and it is uncertain as to when this will resume. However, the company does not expect the temporary suspension to have any impact on shipments. It also says the cause of the fire is still being investigated. Wodgina is the world’s third-largest hard rock lithium mine.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN

First strike at Fortescue over exec pay

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Original article by Nick Evans
The Australian – Page: 13 & 16 : 22-Nov-23

More than 52 per cent of votes cast at Fortescue Metals Group’s annual meeting on Tuesday rejected the iron ore miner’s remuneration report. Fortescue could potentially face a board spill if more than 25 per cent of shareholders vote against the report again in 2024. Major proxy advisory firms had recommended voting against the report, citing concerns such as discretionary payments to several former executives. Meanwhile, Fortescue has announced plans to build a $US550m ‘green’ hydrogen plant in Arizona and a $US150m hydrogen plant at Gladstone in Queensland. It will also build a $US50m commercial ‘green’ iron plant at its Christmas Creek iron ore mine in the Pilbara.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Pilbara train drivers to strike

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Original article by Ewin Hannan
The Australian – Page: 4 : 21-Nov-23

BHP’s iron ore operations in Western Australia’s Pilbara region face disruption due to industrial action by train drivers from Friday. Almost 400 train drivers who are members of the Mining & Energy Union are set to impose bans on the use of BHP’s mobile rostering app, as part of the long-running negotiations for a new enterprise agreement. A BHP spokesman has stated that the company has put forward "a good and comprehensive offer" which recognises the important contribution that the rail team makes to its iron ore business. It will be the first protected industrial action in the Pilbara since 2008. Meanwhile, the MEU’s demerger from the CFMEU will formally take effect from 1 December.

CORPORATES
BHP GROUP LIMITED – ASX BHP, MINING AND ENERGY UNION, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Rio Tinto pays $43m in Mozambique settlement

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 21-Nov-23

Rio Tinto has reached a settlement with the US Securities & Exchange Commission regarding impairment charges arising from the acquisition of Riversdale Mining in 2011. The $US28 million ($42.7 million) settlement means that Rio Tinto and former executives Tom Albanese and Guy Elliott will not face any fraud charges. Rio Tinto paid $US3.7bn for Riversdale, and subsequently found that the quality of the company’s coking coal in Mozambique was lower than anticipated. Rio Tinto announced writedowns associated with Riversdale in early 2013, but it had been alleged that it should have done so much earlier.

CORPORATES
RIO TINTO LIMITED – ASX RIO, RIVERSDALE MINING LIMITED, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION

BHP warns against Same Job, Same Pay

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Original article by Cameron England
The Australian – Page: 13 & 16 : 2-Nov-23

BHP CEO Mike Henry has reiterated that the ‘same job, same pay’ provisions of the Closing Loopholes Bill could potentially force the resources group to discontinue its FutureFit training academies. Henry says 1,500 people have been inducted into the academies, which provide them with the skills that are needed to work in the mining industry. Henry also contends that the labour hire reforms would increase costs more broadly and make Australia less attractive as an investment destination. Henry says the proposed reforms are the most significant and far-reaching changes to Australia’s industrial relations laws since the WorkChoices regime.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Rinehart’s Hancock Prospecting’s $5b profit

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Original article by Brad Thompson
The Australian Financial Review – Page: 13 : 1-Nov-23

Hancock Prospecting has reported an annual profit of $5.04bn for the year to 30 June, compared with $5.81bn in the previous financial year. The result was marred by lower iron ore prices, with Hancock holding controlling stakes in both Roy Hill and Atlas Iron. Hancock also receives royalties from the Hope Down iron ore mines that are operated by Rio Tinto, and which are the subject of a long-running legal dispute with Wright Prospecting. Meanwhile, Hancock has warned that Australia’s international competitiveness in the resources sector is being undermined by red tape and the amount of time it takes to get projects approved.

CORPORATES
HANCOCK PROSPECTING PTY LTD, ROY HILL HOLDINGS PTY LTD, ATLAS IRON LIMITED, RIO TINTO LIMITED – ASX RIO