MINING CORPORATIONS – AUSTRALIA

At long last, Gina Rinehart’s Hancock Prospecting claims win in Atlas Iron takeover saga

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Original article by Stuart McKinnon
The West Australian – Page: Online : 10-Oct-18

Hancock Prospecting has gained acceptances for more than 90 per cent of Atlas Iron’s shares, allowing it to move to the compulsory acquisition stage of its takeover bid. Hancock had initially offered $0.042 per share for Atlas, valuing its bid at $390m, before subsequently increasing it to $427m. Atlas’s assets include the Mt Webber iron ore mine, while Hancock has a controlling stake in the Roy Hill iron ore mine and a 50 per cent stake in the Hope Downs project.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, HANCOCK PROSPECTING PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, MINERAL RESOURCES LIMITED – ASX MIN

China’s coal clamps no surprise, says Yancoal

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Original article by Peter Ker
The Australian Financial Review – Page: 17 : 9-Oct-18

James Rickards, Yancoal Australia’s general manager of investor relations, does not expect coal prices to be significantly affected by China’s move to reduce thermal coal imports. He argues that it had been widely anticipated, as the Chinese government tends to curb coal imports every year in order to support local producers. Meanwhile, Lachlan Shaw of UBS says Chinese demand for thermal coal is likely to remain strong during the upcoming northern winter.

CORPORATES
YANCOAL AUSTRALIA LIMITED – ASX YAL, UBS HOLDINGS PTY LTD, RIO TINTO LIMITED – ASX RIO, INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE

BHP faces new dam burst case

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Original article by Ben Butler, Matt Chambers
The Australian – Page: 17 & 20 : 4-Oct-18

Law firm Johnson Winter & Slattery has filed a class action against BHP Billiton on behalf of the Los Angeles County Employees Retirement Association. The US pension fund alleges that the value of its stake in BHP fell sharply after the miner’s shares were heavily sold down in the wake of the Samarco iron ore tailings dam collapse in November 2015. BHP is already subject to two Australian lawsuits over the disaster. Meanwhile, prosecutors in Brazil’s state of Minas Gerais are believed to be poised to announce the settlement of a civil claim against BHP and Vale.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, LOS ANGELES COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION, JOHNSON WINTER AND SLATTERY, VALE SA, MAURICE BLACKBURN PTY LTD, PHI FINNEY McDONALD PTY LTD, FEDERAL COURT OF AUSTRALIA, SAMARCO MINERACAO SA

Lynas fair go plea as tax review looms

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 16 : 3-Oct-18

Australian-listed rare earths producer Lynas Corporation still does not know if the new Malaysian Government will undertake a review of its refinery. There has been speculation that any such review could include the tax break that Lynas received from the previous government. Lynas CEO Amanda Lacaze says a review of the tax break – which will shortly need to be renewed – is highly possible, and she has urged the government led by Mahathir Mohamad to be "fair and just" if it does undertake a review.

CORPORATES
LYNAS CORPORATION LIMITED – ASX LYC

Pilbara mine investment to create hundreds of jobs

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Original article by Hamish Hastie
The Sydney Morning Herald – Page: Online : 2-Oct-18

The mine life of the Robe River iron ore joint venture will be extended after Rio Tinto and its partners in the project announced plans to develop up to five new deposits. Rio Tinto, Mitsui and Nippon Steel & Sumitomo Metal Corporation will invest a combined $US1.55bn ($2.14bn) to expand the West Angelas and Robe Valley mines. Rio Tinto, which has a 53 per cent stake in the joint venture, will contribute $US820m ($1.13m). The expansion is expected to create up to 1,200 jobs.

CORPORATES
RIO TINTO LIMITED – ASX RIO, MITSUI AND COMPANY LIMITED, NIPPON STEEL AND SUMITOMO METAL CORPORATION, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, BHP BILLITON LIMITED – ASX BHP

Rio pushes closure of Grasberg deal into first half of next year

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 1-Oct-18

PT Indonesia Asahan Aluminium has signed binding agreements with Rio Tinto and Freeport McMoran to assume control of the Grasberg copper mine in Indonesia. However, the agreements are still subject to a number of conditions, and Rio Tinto has advised that the transaction may not be settled until mid-2019. Rio Tinto will receive $US3.5bn ($4.8bn) for its stake in the mine, and much of the proceeds are expected to be returned to shareholders.

CORPORATES
RIO TINTO LIMITED – ASX RIO, FREEPORT-McMORAN COPPER AND GOLD INCORPORATED, PT INDONESIA ASAHAN ALUMINIUM, BHP BILLITON LIMITED – ASX BHP, BP PLC, MERIT ENERGY

Welcome to the futures: Dalian’s iron ore pitch

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Original article by Glenda Korporaal
The Australian – Page: 20 : 1-Oct-18

Glencore and Trafigura are among the international companies that have commenced trading iron ore on the Dalian Commodity Exchange since it was opened to foreign companies in May. The exchange’s CEO Wang Fenghai would like BHP Billiton, Rio Tinto and Fortescue Metals Group to trade on the exchange, adding that an unnamed Australian company already does so. The Dalian exchange launched iron ore trading contracts five years ago, and it now accounts for 96 cent of global iron ore futures trading.

CORPORATES
DALIAN COMMODITY EXCHANGE, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, GLENCORE PLC, TRAFIGURA BEHEER BV, CARGILL INCORPORATED, HEBEI IRON AND STEEL COMPANY LIMITED, VALE SA

Gina Rinehart’s Hancock Prospecting again lifts Atlas Iron offer to $427m

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Original article by Stuart McKinnon
The West Australian – Page: Online : 27-Sep-18

Hancock Prospecting hopes to secure control of Atlas Iron with another revised takeover offer. Atlas shareholders will receive $0.046 per share if Hancock gains acceptances for 87 per cent of the iron ore miner’s stock. Hancock recently increased its offer to $0.0445 per share, which enabled it to lift its stake in Atlas to 77.06 per cent. The latest offer is slated to close on 2 October. Iron ore rival Fortescue Metals Group has an 11.4 per cent stake in Atlas.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, HANCOCK PROSPECTING PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, MINERAL RESOURCES LIMITED – ASX MIN

BHP fire halts work as nickel stages a revival

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Original article by Matt Chambers
The Australian – Page: 23 : 26-Sep-18

BHP Billiton is still assessing the damage to its nickel smelter in Kalgoorlie after a fire in the plant’s furnace room on 23 September. A spokeswoman has indicated that it is uncertain as to when production will resume. The smelter is part of BHP’s Nickel West business, which the resources group had unsuccessfully tried to sell in recent years. Rising demand for nickel has boosted the fortunes of Nickel West, and BHP may elevate it to a core asset. Macquarie Group is upbeat about the outlook for nickel, forecasting that it will average $US13,800 per tonne in 2018 and $US20,000/tonne in 2019.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, NICKEL WEST, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, DIGGERS AND DEALERS FORUM, LONDON METAL EXCHANGE LIMITED, WMC RESOURCES LIMITED, SOUTH32 LIMITED – ASX S32

Coronado tips coal prices above $US170

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 16 : 25-Sep-18

Coronado Global Resources will have a market capitalisation of more than $4bn after its proposed IPO. The company, whose primary listing will be in Australia, proposes to issue 166.5 million CHESS Depositary Interests to local shareholders; its only shareholder Coronado Group will in turn sell more than 123 million CDIs. Coronado Global Resources’ assets include the Curragh coking coal mine in Queensland and several coking coal mines in the US. MD and founder Garold Spindler expects the price of coking coal to remain above $US170 per tonne in the near-term, due to continued strong demand.

CORPORATES
CORONADO GLOBAL RESOURCES INCORPORATED, CORONADO GROUP, ENERGY AND MINERALS GROUP, WESFARMERS LIMITED – ASX WES, RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, BM ALLIANCE COAL OPERATIONS PTY LTD, MITSUBISHI CORPORATION, MMG LIMITED – ASX MMG, VIVA ENERGY GROUP LIMITED – ASX VEA