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☆ BHP could aim for Rio Tinto after Anglo American rejects takeover offer, analyst says
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBHP could aim for Rio Tinto after Anglo American rejects takeover offer, analyst saysIn the wake of Anglo American's rejection of BHP Group's takeover bid, John Meyer, partner at SP Angel, said that other interested buyers, like Chinese state-owned companies, could step in with a better offer. He added that BHP could instead aim for Rio Tinto, as there is "much more at stake here" than at Anglo American.

Persons: John Meyer Organizations: Rio Tinto, BHP, SP Angel Locations: American, Rio

☆ Anglo American rejects BHP's $39 billion takeover bid to form mining juggernaut
▼ + stars: | 2024-04-26 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Australia-based BHP on Thursday said it had made an all-share takeover offer which valued the smaller company at £31.1 billion ($38.9 billion). "The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," he said. Anglo American Chairman Stuart Chambers said the proposed restructure was "highly unattractive, creating substantial uncertainty and execution risk borne almost entirely by Anglo American, its shareholders and its other stakeholders." Shares of Anglo American Platinum rose more than 2% on the announcement, while Kumba Iron Ore moved 0.9% lower. Chambers said that, in its current state, Anglo American was "well positioned" to benefit from that energy transition.

Persons: BHP's, Stuart Chambers, Chambers, — CNBC's Jenni Reid Organizations: BHP Group, BHP, CNBC, Limited, Iron Ore Limited Locations: Australia, London, American, South Africa

☆ Mining Giant BHP Makes $39 Billion Bid for Rival Anglo American
▼ + stars: | 2024-04-25 | by ( Melissa Eddy | More About Melissa Eddy | ) www.nytimes.com time to read: +1 min

BHP Group, the world’s largest mining company, has proposed a takeover of its rival Anglo American, in a deal that has the potential to shake up the industry at a time when demand for copper is soaring. BHP said on Thursday that it had approached Anglo with a bid valued at 31.1 billion pounds, or $39 billion, in what would be one of the most significant deals in the industry in years. If successful, the acquisition would create the world’s largest miner of copper at a time of growing global hunger for the metal, which is essential to the green-energy transition. Anglo confirmed that it had received an “unsolicited, nonbinding and highly conditional combination proposal from BHP” and that its board was reviewing the offer with its advisers. In the United States, President Biden’s signature climate and energy law, the Inflation Reduction Act, contains hundreds of billions of dollars in tax credits to help companies switch to low-carbon energy sources.

Organizations: BHP Group, BHP, BHP ” Locations: United States

☆ Copper is 'crown jewel' for BHP's bid for Anglo American, says investor
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCopper is 'crown jewel' for BHP Group's bid for Anglo American, says portfolio managerTodd Warren, portfolio manager at Tribeca Investment Partners, says copper is the "crown jewel" and the main priority that BHP Group is fighting for with its takeover offer for rival Anglo American.

Persons: Todd Warren Organizations: BHP Group's, Tribeca Investment Partners, BHP Group

☆ Anglo American shares pop 12% after BHP Group's $39 billion takeover bid to form mining juggernaut
▼ + stars: | 2024-04-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Mining giant BHP Group on Thursday said it had made an all-share takeover offer for rival Anglo American , valuing the smaller company at £31.1 billion ($38.9 billion). Anglo American shares leapt at the market open and were 12% higher at 9 a.m. in London. Australia-based BHP, the biggest listed miner according to Companies Market Cap, said that the deal would deliver 0.7097 BHP shares per Anglo American share to Anglo American's ordinary shareholders. Anglo American has a huge copper operation based in South America and a production target for the metal of 730,000 to 790,000 tons in 2024. This compares with a copper output aim between 1.7 million and 1.9 million for BHP over the same period.

Organizations: Mining, BHP Group, BHP Locations: London, Australia, American, South America

☆ Final Trades: Allstate, BHP Group, 2-Year T-Note, and Applied Materials
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Allstate, BHP Group, 2-Year T-Note, and Applied MaterialsThe Investment Committee gives you their top picks for the second half.

Organizations: Allstate, BHP Group

☆ A bullish long-term turnaround is developing in this country ETF, according to the charts
▼ + stars: | 2024-03-04 | by ( Katie Stockton | ) www.cnbc.com time to read: +6 min

A bullish long-term turnaround has developed in the iShares MSCI Australia ETF (EWA) , which broke out from a long-term triangle pattern late last year in a positive technical catalyst. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only. Securities, investment products, other financial products or strategies discussed herein may not be suitable for all investors. The recipient of this information must make its own independent decisions regarding any securities, investment products or other financial products mentioned herein.

Persons: EWA, Katie Stockton Organizations: BHP Group Ltd, BHP, Fairlead, CNBC Pro, Securities Locations: Australia, EWA

☆ Market strategist Adam Parker gives his investment predictions for the next decade, including selling crypto
▼ + stars: | 2024-02-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

That's one of 10 investing predictions for the next 10 years by the Trivariate Research market strategist. "We have always said 'we prefer a basket of high-quality US growth equities'" when asked about crypto, Parker said in a note over the weekend. "Missing the appreciation of the asset class is not good, but participating in US growth equities has been more than adequate." "Because it is just a proxy for risk taking, investors can mirror the exposure of a basket of crypto through low quality hyper growth stocks," he added. "This sector checks all the boxes … We think there will be continued consolidation, so owning oil-sensitive energy stocks that are mid-cap likely will prove prudent," he said.

Persons: Adam Parker, That's, Bitcoin, Parker Organizations: Trivariate Research, Metrics, Own U.S, Mining, BHP Group, Microsoft, BHP, Vale, Southern Copper, Marathon Petroleum, Treasury, U.S . Treasury Locations: CRE, New York, San Francisco, Chicago, decarbonization, Freeport, McMoRan, Australia, Rio Tinto, Greece, France, Italy, Spain, Portugal

☆ BHP half-year profit beats expectations, inflation impact recedes
▼ + stars: | 2024-02-20 | by ( ) www.cnbc.com time to read: +2 min

In this photo illustration, BHP logo of a multinational mining, metals and petroleum company is seen displayed on a smartphone in front of BHP Billiton logo. BHP Group on Tuesday logged first-half underlying profit that slightly beat analyst expectations, buoyed by strong iron ore prices, and said inflationary impacts were receding. BHP said underlying profit attributable to shareholders was $6.60 billion for the six months ended Dec. 31, unchanged from the previous year, but topping an LSEG estimate of $6.42 billion. It declared an interim dividend of $0.72 per share, compared with $0.90 per share a year earlier. Shares in BHP edged down 0.3% to A$45.91 amid a sour tone in resources stocks.

Persons: BHP Organizations: BHP Billiton, BHP Group, BHP, Citi Locations: China, India

☆ In Australia's outback, Rio Tinto prepares for a low carbon future
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +3 min

Rio Tinto hosted media to Gudai-darri's mine, plant and 34 megawatt solar farm last week, as well as its Dampier port and rail operations. At Gudai-darri, Rio will not mine below the water table in order to conserve an aquifer important to the Banjima people. Iron ore exports were worth A$124 billion ($78.79 billion) last year. Earlier this month, Aboriginal elders walked off a heritage survey on a Rio Tinto iron ore project over concerns it had played down the harm it caused them after blasting impacted an Indigenous rock shelter in August. Rio, which began shipping iron ore in 1966, shares the region with other iron ore majors including BHP Group (BHP.AX) and Fortescue (FMG.AX).

Persons: Melanie Burton, Fortescue, Rio, Miral Organizations: REUTERS, Rio Tinto, BHP Group, Thomson Locations: Rio, Dampier, Port Dampier, Perth, Australia, DAMPIER, Western Australia, Rio Tinto's, darri, Rio Tinto

Used copper wires are seen in a recycling company in Thoerishaus near Bern July 3, 2011. Copper producers increasingly want to share the risk and costs of projects, and the sector has already seen a jump in M&A activity, which more than doubled year-on-year to $14.24 billion in 2022. Miner and trader Glencore (GLEN.L) has been approached by potential investors in its Argentine copper projects Minera Agua Rica Alumbrera (Mara) and El Pachon, two sources said. According to Argentine government data, the projects could produce a combined 435,000 tonnes of copper a year. Both sources declined to be named because the information is not public.

Persons: Ruben Sprich, Glencore, Mara, El, Canada's Lundin, Jack Lundin, Lundin, Hudbay, EY, Paul Mitchell, Farid Dadashev, Clara Denina, Divya Rajagopal, Julian Luk, Veronica Brown, Jan Harvey Organizations: REUTERS, Sumitomo Metal Mining, Sumitomo, Reuters, BHP Group, BHP, Santo Domingo, Hudbay, Capstone, Taca Taca, Global Mining, Metals, RBC Capital Markets, Thomson Locations: Thoerishaus, Bern, Miner, Agua Rica, Argentine, Josemaria, Chile, Santo, Arizona, Rio Tinto's, Peru, Argentina

☆ Global miner BHP to focus on cost cuts, patient on M&A
▼ + stars: | 2023-10-05 | by ( Melanie Burton | ) www.reuters.com time to read: +3 min

MELBOURNE (Reuters) -Global miner BHP Group is focused on cutting costs to drive growth while being patient on buying assets, its chief development officer Johan van Jaarsveld said on Thursday in Melbourne. A view of a new nickel sulphate plant that global miner BHP Group is building to service the battery industry at its Nickel West operations, south of Perth, Australia August 2, 2019. REUTERS/Melanie Burton/File photo“This is a cyclical industry, and you sometimes are going to have to wait for 10 years or may be more to get the right opportunity at the right price,” van Jaarsveld said. “BHP’s Oz Minerals Brazil is not on the market,” van Jaarsveld said. We are looking at what we have got,” adding “you don’t want to sell assets, potentially and then somebody else make a big discovery.”

Persons: Johan van Jaarsveld, Melanie Burton, ” van Jaarsveld, Van Jaarsveld, ”, you’ve, you’re, “ Organizations: MELBOURNE, Global, BHP, REUTERS, Teck Resources, Oz Minerals Locations: Melbourne, Perth, Australia, Tanzanian, Indonesia, Teck, Queensland, Brazil, Oz, Oz Minerals Brazil

☆ Investors glimpse opportunity in Europe's unloved mining shares
▼ + stars: | 2023-09-15 | by ( Samuel Indyk | ) www.reuters.com time to read: +6 min

The metals and mining sector is typically used as a proxy for equity investors in Europe to gain exposure to China, given it is the world's largest commodities consumer, and it has sunk along with China's growth expectations. But Beijing in recent weeks has taken targeted steps towards supporting key pockets of its economy, lifting the mining sector off its 31-month lows. In the last month, the mining index has risen nearly 10% compared with a gain of just 2.5% for the wider STOXX 600. Sweeney says this wide range of measures could be a catalyst for an upturn in the metals and mining sector. "Obviously, the 800-pound gorilla from a primary metal demand perspective is China," Peter Mallin-Jones, mining analyst at UK investment bank Peel Hunt, said.

Persons: Ints, Nathan Sweeney, multiasset, Sweeney, LSEG, Peter Mallin, Peel Hunt, Jones, Daniel Major, Marlborough Investment Management's Sweeney, Samuel Indyk, Amanda Cooper, Elaine Hardcastle Organizations: REUTERS, Equity, Marlborough Investment Management, Miners, London Metal, Morningstar, UBS, Rio Tinto, BHP Group, Major, Marlborough Investment, Thomson Locations: Garpenberg, Sweden, China, LONDON, Europe, Beijing, Singapore, India, Indonesia, Malaysia, Nigeria, United States, Rio, Antofagasta, Rio Tinto, Marlborough

☆ BHP says Brazilian court approves Samarco debt reorganisation plan
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Melanie Burton/File Photo Acquire Licensing RightsSept 4 (Reuters) - Australian mining giant BHP (BHP.AX) said on Monday a Brazilian court had approved the reorganisation plan for its Samarco joint venture, clearing the path for the cash-strapped Brazilian miner to move ahead with a $3.7 billion debt restructuring. On Sept. 1, the Second Business Court of Belo Horizonte, State of Minas Gerais, formalised Samarco's restructuring plan as part of the ongoing proceedings, BHP said. The reorganisation plan for Samarco, an iron ore miner that is 50% owned by BHP and 50% by Vale (VALE3.SA), allows for the Brazilian miner's existing financial debt to be exchanged for up to $3.7 billion of long-term unsecured debt, BHP said. "The new long-term debt will remain non-recourse to Samarco's shareholders, BHP Brasil and Vale," BHP said in a statement. Samarco, Vale, BHP Brazil, and the federal government of Brazil alongside other public authorities established the Renova Foundation to bring to force socio-economic programs to provide compensation for damage caused by the Samarco dam failure.

Persons: Melanie Burton, BHP, Roushni Nair, Paul Simao, Rosalba O'Brien, Jamie Freed Organizations: BHP Group, REUTERS, Business, Belo, BHP, Vale, BHP Brasil, Samarco, Renova Foundation, Thomson Locations: Perth, Australia, Belo Horizonte, State, Minas Gerais, VALE3, Vale, BHP Brazil, Brazil, Bengaluru

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. "It's pretty weak," said Sat Duhra, a portfolio manager at Janus Henderson who devises a macro score for countries by tracking seven factors including PMI surveys, real exchange rates, current accounts, growth estimates and liquidity. Even in Japan, the stock market success story of the year so far, portfolio manager Zuhair Khan at UBP Investments says he's shorting or avoiding companies reliant on China sales. However, I think more importantly, it has fallen short of initial expectations," said Jagdeep Ghuman, a portfolio manager for U.S. asset manager Nuveen. Reporting by Tom Westbrook and Rae Wee in Singapore, Dhara Ranasinghe in London and Summer Zhen and Xie Yu in Hong Kong.

Persons: Aly, Janus Henderson, Seema Shah, Zuhair Khan, Prashant Bhayani, it's, Jagdeep Ghuman, Nuveen, Tom Westbrook, Rae Wee, Dhara, Zhen, Xie Yu, Sam Holmes Organizations: REUTERS, Rights, BHP, PMI, Global Investors, UBP Investments, Vegas Sands, Wealth Management, U.S, Thomson Locations: Shanghai, Shenzhen, China, Rights SINGAPORE, London, Bangkok, Zealand, Europe, Thailand, Asia, Japan, Singapore, Hong Kong

☆ Asia stocks snap losing streak, yields hit fresh peaks
▼ + stars: | 2023-08-22 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Benchmark 10-year yields climbed 2.5 basis points (bps) in early Tokyo trade to touch 4.366%, their highest level since 2007 and are up almost 40 bps for the month so far. European futures were last up 0.6% and FTSE futures rose 0.3%. At the same time, however, inflation expectations have hardly budged - meaning that "real" yields, which discount inflation expectations, have surged - a development likely to prompt investors to re-evaluate taking risks. The 10-year real rate breached 2% on Monday. Sovereign yields in Australia, Korea, New Zealand and Japan all rose on Tuesday, with 10-year Japanese yields hitting their highest since 2014 at 0.66%.

Persons: Issei Kato, BOJ's Ueda, Vishnu Varathan, Jerome Powell, Kazuo Ueda, Edwina Gibbs Organizations: REUTERS, SINGAPORE, Japan's Nikkei, Wall, Treasury, Mizuho Bank, Federal, Sovereign, BHP, Bank of Japan, New Zealand, Brent, Benchmark, Dalian, Nvidia, Thomson Locations: Tokyo, Japan, Asia, Pacific, Singapore, Australia, Korea, New Zealand, Hong Kong

☆ Soaring yields leave stocks struggling for headway
▼ + stars: | 2023-08-22 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Benchmark 10-year U.S. Treasury yields rose about 2.5 basis points (bps) in early Tokyo trade to 4.366%, extending an overnight rise to hit their highest since 2007. The 10-year real rate breached 2% in overnight trade. Sovereign yields in Australia, Korea, New Zealand and Japan all rose on Tuesday, with 10-year Japanese yields hitting their highest since 2014 at 0.66%. China disappointed markets with smaller-than-expected interest rate cuts on Monday, though it has been resolute in defending its sliding currency. The euro , which rose slightly overnight, was firm at $1.0906, while the Antipodean currencies , were pinned near nine-month lows and looking vulnerable.

Persons: Issei Kato, Vishnu Varathan, Jerome Powell, reiteration, Varathan, Himani Sarkar Organizations: REUTERS, Rights, Treasury, Japan's Nikkei, Wall, Mizuho Bank, Federal, UST, BHP, Reuters, Brent, Benchmark, Nvidia, Thomson Locations: Tokyo, Japan, Asia, Pacific, China, Singapore, Australia, Korea, New Zealand, CHINA, Hong Kong

"In the near term, while the outlook for the developed world is uncertain, we expect China and India to remain relative sources of stability for commodity demand," BHP said. "We anticipate that these competing forces may have a variable impact on commodity prices in the period." But perhaps more concerning is that China and India, the two major sources of commodity demand in Asia, are at best stable in their demand outlooks, and even then BHP qualified this with the word "relative." When it comes to China, BHP acknowledged the current struggles Beijing is having in re-igniting growth in the world's second-biggest economy and top commodity importer. BHP is more confident about India, stating that an investment upswing is happening in the world's most populated country, and commodity demand has been "robust."

Persons: BHP, Clyde Russell, Stephen Coates Organizations: BHP Group, BHP, Reuters, Thomson Locations: LAUNCESTON, Australia, China, India, Asia, Beijing, CHINA

☆ Morning Bid: Skyrocketing yields in the spotlight
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Tom WestbrookBond selling extended on Tuesday to drive 10-year Treasury yields to fresh 16-year highs in Asia trade and leave already-nervous stock markets cautious. But it isn't inflation, as inflation expectations have hardly budged -- investors are plainly demanding a higher return to keep on buying the stuff. Some analysts have drawn attention to the coincidence of timing between the selloff and the Bank of Japan's signal that it would allow 10-year Japanese yields as high as 1%. Small beer on the data calendar on Tuesday will keep the focus on yields and on Fed Chair Jerome Powell's Jackson Hole speech on Friday. The yen took a small boost on the risk of intervention after Bank of Japan Governor Kazuo Ueda met with Prime Minister Fumio Kishida.

Persons: Dado Ruvic, Tom Westbrook Bond, Jackson, Jerome Powell's Jackson, HSI, Thaksin Shinawatra, Kazuo Ueda, Fumio Kishida, Ueda, Shri Navaratnam Organizations: REUTERS, Bank of, BHP Group, Bank of Japan, Reuters, Better, Thomson Locations: Asia, Shanghai, Hong Kong, China, Bangkok

☆ BHP sees China demand bright spots, logs 37% profit drop
▼ + stars: | 2023-08-21 | by ( Melanie Burton | Sameer Manekar | ) www.reuters.com time to read: +4 min

A small toy figure and mineral imitation are seen in front of the BHP logo in this illustration taken November 19, 2021. Western demand for commodities on the other hand has been seen hurt by the lagging impact of interest rate hikes. “You can’t deny that commodity prices have come off a fair bit from where they were, (but) they are still pretty healthy, the iron ore price in particular,” Forster said. Inflation is also expected to raise the floor for commodities prices, including copper and iron ore, BHP said, seeing prices for the latter trade around $80-$100 a ton. BHP produces iron ore in Western Australia for $17.79 a ton.

Persons: Dado Ruvic, Mike Henry, BHP, Andy Forster, ” Forster, “ Capex, That’s, Jansen, Henry Organizations: MELBOURNE, BHP Group, BHP, REUTERS, Macquarie, Argo Investments, Oz Minerals Locations: China, India, Australia, Canada, Western Australia

☆ South32 takes $1.3 billion hit against Hermosa; Q4 output steady
▼ + stars: | 2023-07-24 | by ( Navya Mittal | Rishav Chatterjee | ) www.reuters.com time to read: +2 min

(Reuters) -Australian diversified miner South32 on Monday said it will take an about $1.3 billion one-off charge in fiscal 2023 against its Hermosa project in Arizona, even as the company restored output at most of its operations in the fourth quarter. FILE PHOTO: The logo of Australian miner South32 can be seen at the venue of a media conference in Perth, Western Australia, November 18, 2015. Shares fell as much as 2.6% to A$3.72 as of 0344 GMT to hit their lowest in about two weeks. For the full year, manganese ore output jumped 4% to 5,653 kwmt. Output of metallurgical coal, the miner’s biggest revenue-generating commodity, jumped 9% to 1,504 thousand tonnes (kt) for the June quarter, while annual output slipped 4% to 5,497 kt.

Persons: South32, David Gray, Taylor, ”, Graham Kerr, ” Kerr, Josh Gilbert, Josh Organizations: Reuters, REUTERS, BHP Group, eToro AUS, “ Locations: Australian, Hermosa, Arizona, Perth, Western Australia

☆ BHP posts record full-year iron ore output, flags rising costs
▼ + stars: | 2023-07-20 | by ( ) www.cnbc.com time to read: +1 min

BHP Group's logo adorning the side of its global headquarters in Melbourne on February 21, 2023. BHP Group on Thursday reported its highest ever annual iron ore production, helped by the continued ramp up at its South Flank operations in Western Australia but flagged it faces rising costs. BHP's iron ore production in Western Australia was aided by improved rail performance at the mines, but production was partially hit by unfavorable impacts from tropical Cyclone Ilsa in the quarter. It said iron ore production from Western Australia, on a 100% basis, was 72.7 million tonnes (Mt) in the three months to June 30, a touch lower than Visible Alpha estimates of 73 Mt, according to UBS. The company expects fiscal 2024 output for Western Australia iron ore between 282 million and 294 million metric tons, the mid-point of which is 0.9% higher than annual production of 285.3 million metric tons for fiscal 2023.

Organizations: BHP, BHP Group, UBS, Western Locations: Melbourne, Western Australia

What BHP is touting is a process it calls credible and cost-effective, and it's these aims that are worth examining. BHP is the world's biggest miner of coking coal, used to make steel, and ranks third in iron ore, the main steel raw material. Diesel accounts for 76% of the emissions at the iron ore operations in Western Australia state, and 45% at the BHP Mitsubishi Alliance coking coal mines in the northeastern state of Queensland. BHP plans to switch its diesel trucks to battery-powered vehicles, but this will take some time and also involves more than just buying new equipment. The overall message from BHP is that it is advancing plans to reduce its Scope 1 and 2 emissions.

Persons: Clarence Fernandez Organizations: BHP Group, BHP, BHP Mitsubishi, Reuters, Thomson Locations: LAUNCESTON, Australia, Western Australia, Queensland

☆ Australia's critical minerals industry needs quicker permits, not subsidies, BHP says
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: +1 min

BHP Group's logo adorning the side of its global headquarters in Melbourne on February 21, 2023. Australia's critical minerals strategy does not need the sugar hit of more subsidies as good projects will find investment, but the country needs to hasten mine development timeframes and rework new workplace legislation, BHP's CEO said on Tuesday. BHP CEO Mike Henry's comments came a week after Australia, one of the world's biggest suppliers of raw minerals, outlined a strategy on how it will work with investors and international partners to build a critical minerals processing industry. Australia needs to do that." The government needs to address the overlap between state and national regulation as well as speed up permitting, he said.

Persons: Mike Henry's, Henry Organizations: BHP Locations: Melbourne, Australia, Brisbane, U.S

☆ Rio Tinto reopens iron ore rail line in Western Australia after derailment
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

MELBOURNE, June 21 (Reuters) - The world's biggest iron ore miner Rio Tinto (RIO.AX) said on Wednesday that it had reopened a rail line at its Western Australian operations after a train carrying iron ore near the port of Dampier derailed at the weekend. The line will remain subject to speed restrictions while a clean up of the site is underway and an investigation into the cause of the derailment is ongoing, a Rio Tinto spokesman said via email. The incident on Saturday was the second such event in recent years after peer BHP Group (BHP.AX) derailed a runaway iron ore train in the same region in late 2018. The loaded train with some 30 wagons would have been carrying around 3,900 to 4,500 metric tons of iron ore, according to one estimate. Rio Tinto has not said what the impact on its customers would be, if any, and declined any further comment.

Persons: Rio, Melanie Burton, Shri Navaratnam, Jamie Freed Organizations: MELBOURNE, Rio Tinto, BHP Group, Tinto, Thomson Locations: Rio, Dampier

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