MINING CORPORATIONS – AUSTRALIA

BHP processing breakthrough extends iron ore mine life

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 19-Oct-21

Asian steel mills ‘covet’ iron ore from BHP’s Yindi mine in Western Australia’s Pilbara region because of the low level of impurities it contains. BHP had advised investors and customers in 2020 that Yandi’s working life would end in mid-2021, but its application of hyperspectral imaging – traditionally used to determine the value of exploration samples – in a new manner has enabled BHP to indicate that Yandi’s mine life could be extended by at least another five years.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Fortescue sets ambitious new hydrogen goals

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Original article by Nick Evans
The Australian – Page: 16 : 6-Oct-21

Iron ore miner Fortescue Metals Group has set a net-zero target date of 2040 for its scope 3 emissions. Fortescue’s plans to become a major player in the global hydrogen industry will be central to achieving the ambitious target. Buyers of Fortescue’s iron ore account for about 98 per cent of the group’s scope 3 emissions; this equates to around 246.1 million tonnes of carbon dioxide equivalent in 2020-21. Fortescue has also set a target of 2030 for its mining operations to become carbon-neutral, while it has outlined plans to decarbonise its fleet of ore carriers.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Fortescue, ANZ link to bribes tycoon

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Original article by Liam Walsh, Neil Chenoweth
The Australian Financial Review – Page: 1 & 2 : 6-Oct-21

The Pandora Papers have revealed that several prominent Australian companies have links to Chinese businessman Du Shuanghua, who had testified in 2010 that he had paid bribes to secure Australian iron ore. The documents released by the International Confederation of Investigative Journalists show that Fortescue Metals Group had sold iron ore to Bright Ruby Resources, a commodities trading hub that is controlled by Du. Fortescue has stated that it has a "zero tolerance" approach to bribery and corruption. The Pandora Papers also show that the ANZ Bank has been providing banking services to Bright Ruby Resources since 2013, via its office in Singapore. Du was not prosecuted for his role in the alleged bribery scandal that involved former Rio Tinto executive Wang Yong.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS, BRIGHT RUBY RESOURCES PTE LTD, RIO TINTO LIMITED – ASX RIO

Rio finds trust low after Juukan

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Original article by Lachlan Moffet Gray
The Australian – Page: 16 : 1-Oct-21

Rio Tinto’s survey of traditional owners in the Pilbara shows that the resources group still has much work to do in repairing strain relations in the wake of the destruction of ancient indigenous rock shelters at Juukan Gorge in 2020. One of the traditional owner entitles expressed the view that Rio Tinto is doing the "the bare minimum" to rebuild its reputation with indigenous Australians. Rio Tinto CEO Jakob Stausholm says that listening to indigenous groups will be a priority as it seeks to rebuild trust.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Major miners push for net-zero

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Original article by Greg Brown
The Australian – Page: 1 & 6 : 1-Oct-21

Minerals Council of Australia CEO Tania Constable says the mining sector has embraced a net-zero carbon emissions target of 2050. She adds that carbon capture and storage technology will play a key role in the sector’s push to become carbon-neutral by the target date, including coal producers. Meanwhile, the federal government is set to expand the Emissions Reduction Fund and make large-scale CCS projects eligible for the carbon credit scheme.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA

Australian miners brace for fallout after Guinea coup

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Original article by Peter Ker
The Australian Financial Review – Page: 14 & 19 : 7-Sep-21

Alcoa of Australia has advised that it is monitoring the situation in Guinea, amid reports of a coup in the West African nation. Alumina, Alcoa and Rio Tinto have bauxite mining interests in Guinea, while Rio has two iron ore mining leases. Merriden Varrall from KPMG has warned of growing geopolitical stability in many nations, and that West African nations are becoming increasingly vulnerable to terrorism. However, Perseus Mining MD Jeff Quartermain says not all nations in the region are beset with problems, with Perseus operating gold mines in Ghana and Cote d’Ivoire. He notes that it has enjoyed a record year on the back of its operations in the two countries.

CORPORATES
ALCOA OF AUSTRALIA LIMITED, ALCOA INCORPORATED, RIO TINTO LIMITED – ASX RIO, PERSEUS MINING LIMITED – ASX PRU, KPMG AUSTRALIA PTY LTD

BHP flags improved offer for Noront

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Original article by Nick Evans
The Australian – Page: 16 : 2-Sep-21

The board of Canadian nickel miner Noront Resources has noted that Andrew Forrest’s Wyloo Metals has not yet made a binding offer for the company, and it may never make such an offer. Noront is continuing to back the $C325m ($351.5m) takeover bid from BHP, arguing that is the only binding offer that has been made. BHP’s bid values Noront at $C0.55 per share, and the resources group has not ruled out matching or topping Wyloo’s non-binding offer of $C0.70 a share.

CORPORATES
NORONT RESOURCES LIMITED, BHP GROUP LIMITED – ASX BHP, WYLOO METALS PTY LTD

Forrest speech on handouts earns rebuke

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Original article by Brad Thompson, Peter Ker
The Australian Financial Review – Page: 19 : 2-Sep-21

Iron ore magnate Andrew Forrest says welfare and mining royalties have contributed to the "wanton destruction" of the culture and livelihoods of indigenous Australians. He has told a conference that Fortescue Metals Group is focused on giving indigenous people a hand up rather than a hand out, by providing them with training and employment opportunities. However, his comments have been criticised by Yindjibarndi Aboriginal Corporation CEO Michael Woodley, who says Fortescue’s priority should be fair compensation for indigenous communities.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, YINDJIBARNDI ABORIGINAL CORPORATION

Cashed-up Forrest trumps BHP in nickel bidding war

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Original article by Brad Thompson, Peter Ker
The Australian Financial Review – Page: 12 & 16 : 1-Sep-21

Andrew Forrest’s Wyloo Metals has increased its takeover bid for Canadian nickel explorer Noront Resources to $C0.70 per share. Wyloo had initially offered just $C0.315 per share, before BHP upped the ante with an offer of $C0.55 per share. Wyloo holds a stake of about 25 per cent in Noront, although this could be increased to 37 per cent via a convertible loan. Forrest has indicated that Noront could potentially remain a listed company if Wyloo’s takeover bid succeeds.

CORPORATES
WYLOO METALS PTY LTD, NORONT RESOURCES LIMITED, BHP GROUP LIMITED – ASX BHP

Fortescue best positioned to weather industry disruption – report

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Original article by
Mining.com – Page: Online : 25-Aug-21

GlobalData analysts have concluded that Fortescue Metals is best-placed to take advantage of future disruption in the mining industry. Fortescue was ranked first in a list of global mining companies, with a scorecard rating of 4.5. The rankings are based on leadership in 10 areas that matter the most to the mining sector. Australian companies in the list achieved an average score of 3.7. Newcrest Mining was ranked fifth.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, NEWCREST MINING LIMITED – ASX NCM, GLOBALDATA