MINING CORPORATIONS – AUSTRALIA

Nickel miners brace for job losses after Panoramic ends production

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Original article by Brad Thompson
The Australian Financial Review – Page: 15 : 10-Jan-24

About 300 workers at Panoramic Resources’ Savannah nickel mine in Western Australia are expected to lose their jobs after the company’s administrators moved to suspend production at the site. FTI Consulting was appointed to the role in mid-December, with the aim of keeping Savannah open, but the price of nickel has continued to fall. Panoramic reopened the Savannah mine in the Kimberley region in 2021, but factors such as a sharp fall in the nickel price in 2023 weighed on the company. There are fears of further job losses in Australia’s nickel sector, amid expectations of a global oversupply in 2024; Indonesia in particular intends to ramp up nickel production via Chinese investment in the sector.

CORPORATES
PANORAMIC RESOURCES LIMITED – ASX PAN, FTI CONSULTING PTY LTD

Rinehart, SQM unite for $1.7b Azure bid

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Original article by Brad Thompson
The Australian Financial Review – Page: 12 : 20-Dec-23

Gina Rinehart’s Hancock Prospecting has teamed up with Chile-based lithium miner SQM to make a joint bid for Azure Minerals. The target’s board had backed a takeover offer from SQM pitched at $3.52 per share in late October, but Hancock subsequently acquired an 18.4 per cent blocking stake in Azure. Hancock and SQM currently have a combined stake of 37.8 per cent in Azure, and have made a cash offer of $3.70 per share. They will pursue an on-market bid priced at $3.65 per share if the scheme of arrangement bid does not succeed.

CORPORATES
AZURE MINERALS LIMITED – ASX AZS, HANCOCK PROSPECTING PTY LTD, SOCIEDAD QUIMICA Y MINERA SA

Allkem shareholders green-light $9.7b Livent merger

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Original article by Elouise Fowler
The Australian Financial Review – Page: 13 : 20-Dec-23

Some 89 per cent of proxy votes cast at Allkem’s shareholders meeting on Tuesday were in favour of the proposed merger with US-based Livent. The latter’s shareholders will shortly vote on the deal; the combined entity will be called Arcadium Lithium and is set to be one of the world’s biggest producers of the battery mineral. It will have assets in Western Australia, Canada and Argentina. Allkem’s chairman will take up the same role at Arcadium, while Livent’s Paul Graves will be CEO.

CORPORATES
ALLKEM LIMITED – ASX AKE, LIVENT INCORPORATED, ARCADIUM LITHIUM

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