MINING CORPORATIONS – AUSTRALIA

Rio: D-day looms for Tassie smelter

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 29-Apr-25

The future of Rio Tinto’s aluminium smelter in Tasmania is under renewed scrutiny, with the plant’s electricity supply deal set to expire at the end of 2025. Rio Tinto has warned that the Bell Bay smelter could potentially be closed if the company fails to negotiate a new supply deal with the state-owned Hydro Tasmania; the smelter directly employs about 500 people. The future of Rio Tinto’s Tomago aluminium smelter in NSW is also uncertain, with its power supply deal scheduled to expire in 2028.

CORPORATES
RIO TINTO LIMITED – ASX RIO, HYDRO TASMANIA

MinRes losses last person on board ethics committee

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Original article by Mark Wembridge
The Australian Financial Review – Page: 27 : 24-Apr-25

Iron ore and lithium producer Mineral Resources is under futher scrutiny after the resignation of a third independent director in the last week. Denise McComish has stepped down from the board with immediate effect, following the recent departure of Jacqueline McGill and Susie Corlett. The three women had solely comprised Mineral Resources’ ethics and governance committee, which had been established in late 2024 in response to a series of scandals involving MD Chris Ellison. The debt-laden company will also shortly have to appoint a successor to outgoing chairman James McClements.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN

PM’s $1.65b refinery in offshore JV

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Original article by Brad Thompson
The Australian – Page: 17 : 23-Apr-25

RareX and Iluka Resources have teamed up to make a joint bid for the right to develop the Mrima Hill rare earths project in Kenya. The two companies propose to ship ore from Mrima Hill to Western Australia, and process it at Iluka’s Eneabba rare earths refinery which is under construction. RareX’s MD James Durrant says the company has spent several years building trust and relationships in Kenya amid growing interest in the Mrima Hill deposit among countries such as the US and China. Iluka has received more than $1.6bn in taxpayer support for the Eneabba refinery.

CORPORATES
RAREX LIMITED – ASX REE, ILUKA RESOURCES LIMITED – ASX ILU

Rio Tinto flags $150m storm hit to iron ore exports

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Original article by Peter Ker
The Australian Financial Review – Page: 27 : 17-Apr-25

Rio Tinto shipped just 70.7 million tonnes of iron ore from the Pilbara during the March quarter, which is 17 per cent lower than the last three months of 2024. Production was affected by four cyclones during the period, putting Rio Tinto about 13 million tonnes behind schedule on achieving its full-year target of shipping between 323 million and 338 million tonnes. Rio Tinto expects to incur mitigation costs of about $150m as it seeks to reach the lower end of its guidance. Meanwhile, the Pilbara Ports Authority has advised that 133.62 million tonnes of iron ore was shipped through Port Hedland during the March quarter, an increase of 1.3 per cent year-on-year; Port Hedland is used by BHP, Fortescue and Hancock Prospecting.

CORPORATES
RIO TINTO LIMITED – ASX RIO, PILBARA PORT AUTHORITY, BHP GROUP LIMITED – ASX BHP, FORTESCUE LIMITED – ASX FMG, HANCOCK PROSPECTING PTY LTD

Hunter jobs rest on hydro dream

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Original article by Perry Williams
The Australian – Page: 15 & 21 : 17-Apr-25

BHP has commissioned Acciona to undertake an initial feasibility study into developing a pumped hydro energy storage project at part of the Mt Arthur thermal coal mine when it closes in 2030. BHP had announced in 2022 that it would close the mine by the end of the decade, given that it is nearing the end of its economic life; the company has confirmed that the NSW government has granted planning approval for the mine to keep operating until the scheduled closing date. The mine employs about 2,000 workers.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Fortescue racks up $350m drill bill in net zero emissions push

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Original article by Brad Thompson
The Australian – Page: 13 & 19 : 16-Apr-25

Pure-play iron ore miner Fortescue expects the deployment of electric drill rigs at its Pilbara mines to reduce diesel fuel usage by about 35 million litres per year and carbon dioxide emissions by more than 90,000 tonnes. Fortescue will pay about $350m for 50 electric drill rigs that are manufactured by Sweden-based Epiroc. Fortescue has also commenced construction of a 190-megawatt solar farm at its Cloudbreak mine, as part of its strategy to achieve a net-zero emissions target of 2030. The Cloudbank solar farm will boast almost double the capacity of Fortescue’s only existing solar farm.

CORPORATES
FORTESCUE LIMITED – ASX FMG

De Grey takeover looms as gold soars

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Original article by Brad Thompson
The Australian – Page: 16 : 15-Apr-25

Northern Star Resources’ shares reached a record high of $21.49 on Monday after a key shareholder of takeover target De Grey Mining backed the deal. Gold Road Resources advised that it will vote in favour of Northern Star’s bid at a meeting of De Grey shareholders on Wednesday; Gold Road has a 17.3 per cent stake in De Grey. Northern Star’s all-scrip bid was worth $5bn when it was launched in late 2024, but a surge in the price of gold and gold stocks has seen the value of the offer rise to $6.1bn. Gold Road Resource recently rejected a takeover approach from South Africa-based Gold Fields, which is its partner in the Gruyere gold mine.

CORPORATES
NORTHERN STAR RESOURCES LIMITED – ASX NST, DE GREY MINING LIMITED – ASX DEG, GOLD ROAD RESOURCES LIMITED – ASX GOR, GOLD FIELDS LIMITED

Barnett: secret Chevron deal never meant to cover iron ore

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Original article by Brad Thompson
The Australian – Page: 13 & 16 : 15-Apr-25

US energy giant Chevron could potentially gain up to $1bn from an infrastructure levy via a confidential deal with the Western Australian government. Mineral Resources is challenging a decision to impose the levy for exporting iron ore via the Chevron-built Port of Ashburton and a shipping channel that was dredged as part of its Wheatstone LNG project. Chevron subsequently transferred ownership of the port and shipping channel to the government, but retained the right to receive a levy for their use. Former WA premier Colin Barnett says Chevron is entitled to such revenue, but he contends that the figures being mooted are excessive because nobody had expected iron ore to be shipped from Ashburton.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, CHEVRON CORPORATION

Unions to target MinRes after milestone BHP win

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 11 : 8-Apr-25

The push to reunionise the Pilbara has received a boost after BHP agreed to commence enterprise bargaining negotiations for electrical workers at its mines in Western Australia. The Electrical Trades Union’s state branch says BHP’s decision to formally concede that a majority of its power workers want an enterprise agreement is a "massive win". The ETU has submitted a separate application to the Fair Work Commission for an order requiring BHP to bargain on behalf of its rail signal technicians in WA. Unions are also targeting rival iron ore producers Rio Tinto and Mineral Resources.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ELECTRICAL TRADES UNION, AUSTRALIA. FAIR WORK COMMISSION, RIO TINTO LIMITED – ASX RIO, MINERAL RESOURCES LIMITED – ASX MIN

Rio dividend warning ahead of vote

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Original article by Brad Thompson
The Australian – Page: 15 : 2-Apr-25

A motion for Rio Tinto to undertake a review of its dual-listed structure will be presented to shareholders of its UK stock on Thursday, followed by a vote by investors in its Australian-listed shares on 1 May. The motion has been put forward by hedge fund Palliser Capital, and will require the support of at least 75 per cent of all shareholders. Goldman Sachs has estimated that the total cost to Rio Tinto of shifting to a primary listing in Australia could be within a range of $US7bn to $US15bn ($11bn to $24bn). The investment bank also warns that any such move would affect Rio Tinto’s ability to pay fully franked dividends to its Australian shareholders.

CORPORATES
RIO TINTO LIMITED – ASX RIO, PALLISER CAPITAL UK LIMITED, THE GOLDMAN SACHS GROUP INCORPORATED