MINING CORPORATIONS – AUSTRALIA

Gina Rinehart’s wealth soars as Hancock Prospecting reports $4b profit

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Original article by Nick Toscano
The Sydney Morning Herald – Page: Online : 5-Nov-20

Hancock Prospecting has reported a 2019-20 after-tax profit of $4bn, compared with $2.6bn previously. The company benefited from the strong price of iron ore during the financial year. Hancock’s iron ore assets include the Roy Hill mine and a 50 per cent stake in the Hope Downs joint venture. Hancock also controls Atlas Iron, which operates the Mt Webber iron ore mine in the Pilbara. Meanwhile, Hancock has paid a maiden dividend of $475m and repaid a $US7.2bn ($10.1bn) debt some four months ahead of schedule.

CORPORATES
HANCOCK PROSPECTING PTY LTD, ATLAS IRON LIMITED

Argyle closes but legend lives on

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Original article by Paul Garvey
The Australian – Page: 18 : 4-Nov-20

Production at Rio Tinto’s iconic Argyle diamond mine in Western Australia has formally ended after 37 years. More than 865 million carats of rough diamonds were produced at Argyle during its mine life, while it has accounted for about 95 per cent of global supply of pink diamonds. The mine also ended the De Beers diamond monopoly. It is expected to take about five years to close down the Argyle mine and rehabilitate the site.

CORPORATES
RIO TINTO LIMITED – ASX RIO, DE BEERS CENTRAL SELLING ORGANISATION

South32 aims for next mine to be carbon-neutral

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 28-Oct-20

Diversified miner South32 may aim for its new Hermosa mine in Arizona to be carbon neutral from the outset. Initial production at the zinc, lead and silver project is some years away, and South32 MD Graham Kerr notes that it is much easier to build a new mine that is carbon neutral than to retrofit an existing one to solely use renewable energy. South32 has commenced discussions with energy utilities about supplying electricity to the mine, and Kerr says it could potentially be powered completely or almost only via renewables.

CORPORATES
SOUTH32 LIMITED – ASX S32

Critical mineral groups bank on Biden

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Original article by Jacob Greber
The Australian Financial Review – Page: 11 : 27-Oct-20

Ioneer’s chairman James Calaway has welcomed indications by presidential candidate Joe Biden that he is supportive of US production of solar panels, electric vehicles and energy storage. Australian-listed Ioneer is seeking to develop a lithium mine in Nevada, and Calaway says the US looks set for a "electrified clean future" if Biden wins the election, with huge implications for the supply of battery materials such as lithium. Biden has stated that he will spend $US2 trillion ($2.8 trillion) on electric vehicle infrastructure and other projects to curb carbon emissions if he is elected, and analysts believe that his plan will spark ongoing demand for copper.

CORPORATES
IONEER LIMITED – ASX INR, DEMOCRATIC PARTY (UNITED STATES)

Whitehaven won’t alter dividend policy despite setbacks

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Original article by Peter Ker
The Australian Financial Review – Page: 16 : 26-Oct-20

Whitehaven Coal’s lenders recently agreed to relax its debt covenants after the company sought relief due to a severe downturn in coal prices. However, a condition of that relaxation will constrain the company’s ability to pay dividends until its debt levels fall below certain thresholds. Whitehaven had paid out a record final dividend of $298 million in August 2019, and chairman Mark Vaile says he has no regrets about the payment. He says the company may need to be a bit more conservative about capital management in the future, while he notes that the 2019 payout followed two successive years of record profits.

CORPORATES
WHITEHAVEN COAL LIMITED – ASX WHC

OZ Minerals adds glowing copper to golden outlook

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Original article by Nick Evans
The Australian – Page: 19 : 23-Oct-20

OZ Minerals produced 23,873 tonnes of copper in the September quarter, compared with 24,577 tonnes in the three months to June. Gold output also fell slightly, to 66,746 ounces. OZ has upgraded its full-year guidance for gold production to between 242,000 and 259,000 ounces, with production at its Prominent Hill mine in South Australia expected to be 10,000 to 15,000 ounces higher than previously forecast. Full-year copper production is expected to be in line with earlier guidance. OZ shares closed 5.3 per cent higher at 15.97 on 22 October.

CORPORATES
OZ MINERALS LIMITED – ASX OZL

We’ll give you more of Pilbara spoils: Rio

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Original article by Paul Garvey
The Australian – Page: 7 : 15-Oct-20

Rio Tinto has committed to ensuring that indigenous peoples get a better deal under its revised land use agreements in the Pilbara. Rio Tinto has responded to the global condemnation over its destruction of ancient rock shelters at Juukan Gorge by vowing to ensure that traditional owners receive a greater share of the economic benefits arising from its iron ore projects in the region. Rio Tinto has also advised that it will reassess all of its activities that could potentially have an impact on indigenous heritage sites.

CORPORATES
RIO TINTO LIMITED – ASX RIO

New Hope cuts jobs, dividend after loss

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Original article by Perry Williams
The Australian – Page: 16 : 23-Sep-20

Coal producer New Hope Corporation has posted a net loss of $156.7m for the year to 31 July, following a $210.4m profit for the previous financial year. The latest result was marred by writedowns totalling $346m, including a $110.7m impairment charge against its New Acland thermal coal mine. New Hope has also retrenched 175 workers at the New Acland mine, whose proposed expansion is subject to a legal challenge from environmentalists. A total of 23 jobs have also been cut at its head office and Brisbane coal terminal, while shareholders will not receive a final dividend.

CORPORATES
NEW HOPE CORPORATION LIMITED – ASX NHC

BHP moves to protect heritage sites in Pilbara

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Original article by Paul Garvey
The Australian – Page: 15 & 20 : 18-Sep-20

BHP’s Australian head of minerals Edgar Basto has appeared before a parliamentary inquiry into Rio Tinto’s destruction of ancient rock shelters at Juukan Gorge. He said the resources giant is engaging with traditional owners with regard to its $US3.4bn ($4.7bn) South Flank iron ore project in the wake of the incident. BHP was given approval under Western Australia’s Aboriginal Heritage Act to destroy 40 Aboriginal heritage sites just days after Rio Tinto’s blasting at Juukan Gorge in May. However, BHP has already agreed to change its plans for South Flank to protect at least 10 of the sites.

CORPORATES
BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Rio Tinto condemned by shareholders for seeking legal advice before blowing up Juukan Gorge

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Original article by Lorena Allan
The Guardian – Page: Online : 8-Sep-20

James Fitzgerald from the Australian Centre for Corporate Responsibility says the behaviour of Rio Tinto "beggars belief". He was commenting on the revelation that the mining company hired lawyers to prepare for a possible injunction against the destruction of ancient rock shelters in Juukan Gorge in Western Australia, just three days before they were destroyed in May. Fitzgerald says the attitude of Rio since the shelters were destroyed appears to be that their destruction was just a tragic mistake, but the revelations regarding its hiring of lawyers suggests otherwise.

CORPORATES
THE AUSTRALIAN CENTRE FOR CORPORATE SOCIAL RESPONSIBILITY, RIO TINTO LIMITED – ASX RIO