MINING CORPORATIONS – AUSTRALIA

Sandfire builds war chest for next big find

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Original article by Vesna Poljak
The Australian Financial Review – Page: 27 : 4-May-18

Sandfire Resources CEO Karl Simich is hopeful of more discoveries in the DeGrussa and Monty region, and he plans to boost exploration activity on the back of improved cash flow. Sandfire owns the DuGrassa copper and gold mine, which is currently slated to operate until 2022. Sandfire recently spent $A2 million to acquire a 7.7 per cent in Adriatic Metals, and Simich said he is looking forward to more exploration results from Adriatic’s zinc project, which is in Bosnia and Herzegovina.

CORPORATES
SANDFIRE RESOURCES NL – ASX SFR, ADRIATIC METALS PLC – ASX ADT, SIRIUS MINERALS PLC, INDEPENDENCE GROUP NL – ASX IGO

Pilbara red has Rinehart in the pink

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Original article by Jennifer Hewett
The Australian Financial Review – Page: 1 & 2 : 3-May-18

The Roy Hill iron ore mine has achieved its annual production target of 55 million tonnes. Mining magnate Gina Rinehart marked the milestone with events that were attended by Roy Hill employees and representatives of Hancock Prospecting’s offshore partners in the project. Rinehart also used the occasion to launch an additional two pink haulage trucks, which bear the names of breast cancer victims. Rinehart aims to increase annual production to 60 million tonnes.

CORPORATES
ROY HILL HOLDINGS PTY LTD, HANCOCK PROSPECTING PTY LTD, MARUBENI CORPORATION, POSCO, CHINA STEEL CORPORATION, BHP BILLITON LIMITED – ASX BHP

Rio links coal exit to policy on climate

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Original article by Matt Chambers
The Australian – Page: 17 & 20 : 3-May-18

Rio Tinto chairman Simon Thompson has conceded that the potential impact of climate change policy on the future value of coal assets contributed to its decision to divest its thermal coal assets in New South Wales. Rio Tinto sold the Hunter Valley coal assets for $US2.69bn ($A3.58bn) in 2017. Thompson also noted at the AGM that Rio Tinto is in the process of exiting fossil fuels completely, and he highlighted the company’s progress in reducing its greenhouse gas emissions.

CORPORATES
RIO TINTO LIMITED – ASX RIO, YANCOAL AUSTRALIA LIMITED – ASX YAL, GLENCORE PLC, AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY, LGSS PTY LTD, CHURCH OF ENGLAND, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, GREAT BRITAIN. SERIOUS FRAUD OFFICE

Rio faces new ASIC claims over Riversdale

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Original article by Matt Chambers
The Australian – Page: 22 : 2-May-18

A Rio Tinto spokesman says the mining giant will "vigorously" contest the latest allegations regarding a writedown of its coking coal assets in Mozambique. The Australian Securities & Investments Commission has alleged that a delay in writing down the value of the assets constituted misleading and deceptive conduct. Rio Tinto, former CEO Tom Albanese and ex-CFO Guy Elliott were already facing allegations that they had not informed shareholders of a significant downgrade in the resource estimate for the Mozambique assets.

CORPORATES
RIO TINTO LIMITED – ASX RIO, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, RIVERSDALE MINING LIMITED, FEDERAL COURT OF AUSTRALIA, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, MINERALS COUNCIL OF AUSTRALIA, AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY, BHP BILLITON LIMITED – ASX BHP, THE AUSTRALIA INSTITUTE LIMITED

Rio Tinto climate policy resolution expected to fall short

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Original article by Peter Ker
The Australian Financial Review – Page: 17 : 1-May-18

A motion calling for Rio Tinto to review its relationship with industry groups will be put it shareholders at its AGM on 2 May. The motion has been filed by the Australasian Centre for Corporate Responsibility and has the support of investors such as HESTA and the California Public Employees’ Retirement System. However, other Rio Tinto investors are expected to vote against it, and the motion is not expected to secure a majority. Nonetheless, ACCR executive director Brynn O’Brien will deem the motion to have been a success if 10 per cent of Rio Tinto’s shareholders vote for it.

CORPORATES
RIO TINTO LIMITED – ASX RIO, AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY, HEALTH EMPLOYEES’ SUPERANNUATION TRUST AUSTRALIA LIMITED, CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, LGIM, AEGON ASSET MANAGEMENT LIMITED, BHP BILLITON LIMITED – ASX BHP, MINERALS COUNCIL OF AUSTRALIA, AUSTRALIANSUPER PTY LTD

Newcrest cuts gold forecast by 10pc

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Original article by Paul Garvey
The Australian – Page: 20 : 27-Apr-18

Newcrest Mining produced 576,000 ounces of gold and 19,000 ­tonnes of copper during the March quarter, with output falling by six per cent and 15.5 per cent respectively. Newcrest has downgraded its production guidance for 2017-18, with gold output expected to be within the range of 2.25 million to 2.35 million ounces. The downgrade follows the collapse of a tailings wall dam at its Cadia mine and a sharp fall in production at the Telfer mine during the quarter. Full-year copper output is now expected to be 70,000 to 75,000 tonnes.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, MACQUARIE GROUP LIMITED – ASX MQG

Newcrest gives up gold to replace tailings dam

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Original article by Paul Garvey
The Australian – Page: 20 : 24-Apr-18

Newcrest Mining was forced to halt operations at its Cadia mine in New South Wales after a wall in its northern tailings dam was partly breached in March. It has since resumed production, but at reduced levels, due to the limitations of its southern tailings dam. Newcrest has now been given conditional permission to dump tailings in part of its old Cadia Hill open pit mine while it looks at how best to fix the northern tailings dam. However, its decision means forgoing potential resources of up to 270,000 tonnes of unmined copper and up to three million ounces of unmined gold.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, RBC CAPITAL MARKETS

ACSI backs Rio lobby group review

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Original article by James Thomson
The Australian Financial Review – Page: 21 : 20-Apr-18

The Australasian Centre for Corporate Responsibility and Local Government Super will ask Rio Tinto shareholders to back a motion calling for the mining giant to review its relationship with industry groups. BHP Billiton undertook such a review after the ACCR instigated a similar push prior to its AGM in November. The Australian Council of Superannuation Investors is understood to be supportive of the ACCR’s motion at Rio Tinto’s AGM, which will be held in May. BHP’s review prompted it to leave the World Coal Association.

CORPORATES
RIO TINTO LIMITED – ASX RIO, AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY, LGSS PTY LTD, BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, WORLD COAL ASSOCIATION, UNITED STATES CHAMBER OF COMMERCE, MINERALS COUNCIL OF AUSTRALIA, GLASS LEWIS AND COMPANY LLC

BHP trims iron ore guidance due to maintenance issues

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Original article by James Thomson
The Australian Financial Review – Page: 17 : 20-Apr-18

BHP Billiton’s iron ore production in the Pilbara totalled 57.6 million tonnes in the March quarter, which is eight per cent higher than the previous corresponding period. However, the resources group has advised that full-year output for 2017-18 will be within the range of 272 million to 274 million tonnes, due to the need for maintenance work on equipment that is used to unload rail cars. BHP had previously forecast full-year output of 275 million to 280 million tonnes. BHP has also indicated that it hopes to secure deals to sell its US shale assets in the second half of 2018.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, SHAW AND PARTNERS LIMITED

Lean, mean Jupiter Mines returns to ASX

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Original article by William McInnes
The Australian Financial Review – Page: 13 & 16 : 19-Apr-18

Manganese producer Jupiter Mines relisted on the Australian sharemarket on 18 April, more than four years after the stock was delisted in the wake of a downturn in commodity prices. CEO Priyank Thapliyal says Jupiter had intended to return to the bourse after the completion of the Tshipi manganese mine in South Africa. He has ruled out acquisitions or taking on debt to drive the company’s growth. Jupiter shares closed at the issue price of $A0.40.

CORPORATES
JUPITER MINES LIMITED – ASX JMS