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☆ Aboriginal Group to Inspect Rock Shelters for Potential Rio Tinto Damage
▼ + stars: | 2024-02-07 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

MELBOURNE (Reuters) - An Aboriginal group from Western Australia's iron ore producing region will inspect an important cultural site in the coming days after it received a notice from Rio Tinto of possible damage, the group's chief executive said. "The Robe River Kuruma Aboriginal Corporation was advised by Rio Tinto in late December of the potential impact on a rock shelter at the Mesa C Robe Valley operations," Anthony Galante, Chief Executive Officer of Robe River Kuruma Aboriginal Corporation (RRKAC) told Reuters. Rio Tinto has advised the group that a preliminary investigation found no damage to the shelter but it has not performed an on-ground inspection due to cultural restrictions, RRKAC said. Rio Tinto did not immediately respond to requests for comment. Given that history, the RRKAC has "grave concerns" about Rio Tinto's ability to protect Aboriginal cultural heritage, Galante said.

Persons: Anthony Galante, RRKAC, Rio, Rio Tinto, Muntulgura, Galante, Melanie Burton, Lincoln Organizations: MELBOURNE, Aboriginal Corporation, Rio Tinto, Reuters Locations: Rio Tinto, Rio

☆ Australia's Resources Minister Seeks Investment From S.Korea, Japan
▼ + stars: | 2024-01-28 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

MELBOURNE (Reuters) - Australia's resources minister has begun a week long trip to South Korea and Japan to discuss gas exports and critical minerals opportunities, as its government on Monday released a "prospectus" of 52 investment ready critical minerals projects. "Australia's critical minerals are key to the world's energy transformation," said Minister Madeleine King in a statement. King will be meeting Japan's trade minister Ken Saito, and South Korean trade and energy minister Duk-geun Ahn, she said in a statement. The minister is also expected to engage her counterparts on natural gas as Australia develops its future gas policy, given both nations are large customers of the major exporter. Already this year, a string of Australian nickel projects have been iced, including part of BHP's operations in the state of Western Australia.

Persons: Madeleine King, King, Ken Saito, geun Ahn, Melanie Burton, Christopher Cushing Organizations: MELBOURNE Locations: South Korea, Japan, Korean, Australia, Western Australia, Australian

☆ Fortescue shareholders vote against remuneration report
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

The logo of Fortescue Metals Group adorns their headquarters in Perth, Australia, November 11, 2015. REUTERS/David Gray/File Photo Acquire Licensing RightsMELBOURNE, Nov 21 (Reuters) - Australia's Fortescue (FMG.AX) said shareholders did not approve its annual remuneration report at a vote at its annual shareholder meeting on Tuesday. "Based on the votes received to date on this resolution, Fortescue will receive a first strike for the FY 23 remuneration report," said Penny Bingham-Hall who is chair of the company's remuneration committee. "We acknowledge this feedback, particularly in relation to the special one off payments made in the last financial year." Reporting by Melanie Burton; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Australia's Fortescue, FMG.AX, Fortescue, Penny Bingham, Melanie Burton, Christopher Cushing Organizations: Fortescue Metals, REUTERS, Rights MELBOURNE, Hall, Thomson Locations: Perth, Australia

Fortescue approved investments in the U.S. hydrogen hub in Phoenix, Arizona; the Gladstone 50 megawatt green hydrogen project in Queensland, Australia; and the Christmas Creek green iron trial commercial plant in Western Australia. About $550 million will be used for developing an electrolyser and liquefaction facility in Phoenix, where first production of liquid green hydrogen is targeted for 2026. I think some of the market's concerns will be allayed because the capital investment required is pretty minimal in the scheme of things." Under a plan to ramp up its green energy business, Fortescue said in August it would stop allocating 10% of its net profit to that unit. Fortescue shares were up 1% on Tuesday in a strong market for iron ore miners, with peers BHP (BHP.AX) and Rio Tinto (RIO.AX) up 1.5% and 2% respectively.

Persons: Melanie Burton, Australia's Fortescue, Fortescue, David Coates, BHP, Himanshi, Richard Chang, Clarence Fernandez Organizations: Fortescue Metals Group, REUTERS, Arizona, MELBOURNE, Gladstone, Fortescue Energy, Fortescue, Rio Tinto, Thomson Locations: Pilbara, Port Hedland, Western Australia, U.S, Phoenix , Arizona, Queensland, Australia, Phoenix, Brazil, Kenya, Norway, BellPotter, Sydney, Michigan, New York, Rio, Bengaluru

☆ BHP train drivers to start 'restrained' industrial action on Friday
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

BHP's iron ore operations include four processing hubs and five mines that are linked by more than 1,000 km (621 miles) of rail and port facilities. BHP said that the proposed action would present logistical challenges but that it had put in place arrangements to mitigate the impact. Worries about a strike had lent support to iron ore prices, which are trading at the highest levels since February. "Concerns over disruptions on the supply side due to the looming strike at BHP in Australia contributed to higher iron ore prices today," said Pei Hao, a Shanghai-based analyst at international brokerage FIS. Drivers received an offer from BHP last Wednesday that did not meet their expectations around rostering, arbitration and camp standards, Busson added.

Persons: Dado Ruvic, Greg Busson, Busson, Pei Hao, BHP, Melanie Burton, Amy Lv, Gerry Doyle Organizations: BHP, REUTERS, Rights MELBOURNE, Reuters, Monday, Mining, Energy Union WA, Drivers, Thomson Locations: WA, Australia, Shanghai, rostering, Rio Tinto's, Beijing

☆ As Aussie magnates gatecrash lithium deals, bankers get creative
▼ + stars: | 2023-11-15 | by ( Melanie Burton | ) www.reuters.com time to read: +5 min

In taking the stakes, Hancock has underscored its expertise in building mining projects, while Mineral Resources has said it wants to be part of projects that will sustain its growth for decades. Hancock and Mineral Resources declined to make additional comments. As well as Liontown, Core Lithium (CXO.AX), Leo Lithium (LLL.AX) Latin Resources (LRS.AX) Patriot Metals , Chalice (CHN.AX), Centaurus (CTM.AX) and Rex Minerals (RXM.AX) have all been cited by brokers as buyout prospects. TWO-PRONGED SOLUTIONTheir deep pockets, risk appetite and Australia's competition laws means mining magnates have a home advantage against listed companies, industry sources say. One example that bankers offered in the case of SQM's bid for Azure was a two-pronged solution to erode any interloper advantage.

Persons: Gina Rinehart, Roy Hill's, Hancock, Chris Ellison, Rinehart's Hancock, Marc Upcroft, you've, Leo Lithium, Richard Lustig, Baker McKenzie, Melanie Burton, Christian Schmollinger Organizations: REUTERS, MELBOURNE, Mineral Resources, Australia's, PwC, Rex Minerals, Thomson Locations: Port Hedland, Australia, Australia's Liontown, Albemarle, Hancock, Melbourne

Livent CEO Paul Graves will take the top job at the newly minted Arcadium Lithium, if Allkem shareholders vote for the deal on Dec. 19. Merging the two companies would create the world's third-largest lithium producer by volume with assets spanning Australia, Canada and Argentina. Graves has said that one of his first priorities would be expanding Arcadium's footprint in Western Australia's world-class lithium districts. Under the deal, Allkem shareholders will get one share in the combined entity for each of their shares and the company will ultimately own 56% of the new firm. Livent shareholders will get 2.406 shares in the new firm, which will be called Arcadium Lithium, for each existing share.

Persons: Arcadium, Paul Graves, Kroll, Chile's, Graves, Albemarle, Livent Corp, Livent, Allkem, Scott Murdoch, Melanie Burton, Robert Birsel Organizations: JV, SYDNEY, Albemarle Corp, Liontown Resources, Hancock, Livent, FMC Corp, Galaxy Resources, Thomson Locations: Australia, U.S, Canada, Argentina, Western Australia, Sydney, Melbourne

☆ Tesla supplier Syrah expects more graphite buys ahead of China export ban
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

Oct 26 (Reuters) - Australian producer Syrah Resources (SYR.AX) on Thursday said it expects buyers outside of China to step up their purchases of natural graphite before stricter export controls on the battery material came into effect on December 1. China, the world's largest graphite producer and exporter, will require export permits as of Dec. 1 for some graphite products, including spherical graphite used by electric vehicle makers. The export controls could mean that automakers and suppliers of battery materials will have to accelerate their search for alterative sources of the mineral. Syrah said that, based on feedback from its customers and analysts, buyers are looking to stockpile graphite to reduce the risk of near-term supply disruptions ahead of the ban, and ahead of China's winter when it tends to produce less natural graphite. "Any disruption or reduction in China anode precursor or AAM export supply without replacement supply would impact battery production outside China," it said.

Persons: Roushni Nair, Melanie Burton, Miral Organizations: Syrah Resources, Tesla, AAM, U.S . International Development Finance Corporation, Thomson Locations: Australian, China, Mozambique, Louisiana, Balama, United States, Bengaluru, Melbourne

☆ 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

☆ Corporate Australia takes Indigenous support into its own hands after poll defeat
▼ + stars: | 2023-10-17 | by ( Byron Kaye | ) www.reuters.com time to read: +4 min

[1/2] Voters walk past Vote Yes and Vote No signs at the Old Australian Parliament House during The Voice referendum, in Canberra, Australia, October 14, 2023. At an Oct. 14 referendum, Australians overwhelmingly voted down a proposal to create a constitutionally-protected Indigenous parliamentary advisory body, known as the Voice. Without a political solution, it is now up to the companies themselves to pursue strategies to address entrenched disadvantage in Australia's 3.8% Indigenous population, corporate leaders and political researchers said. Indigenous reconciliation remains largely unresolved in Australia which, unlike New Zealand, Canada and the U.S., never signed a treaty with its first inhabitants after European arrival. The companies could now "take meaningful corporate actions to close the gap, such as by hiring and retaining Indigenous staff and systematically co-designing projects that impact Indigenous Australians," she added.

Persons: Tracey Nearmy, there's, Rob Scott, Scott, Geraldine Slattery, Ross Piper, it's, Intifar Chowdhury, Estelle Parker, Byron Kaye, Melanie Burton, Sonali Paul Organizations: Old Australian, House, The, REUTERS, Rights, Kmart, Target, Airline Qantas, First Nations, BHP, Australia, Australian, Australian National University, Responsible Investment Association Australasia, Thomson Locations: Canberra, Australia, New Zealand, Canada, U.S, Melbourne

☆ Albemarle pushed into corner, dumps $4.2 billion lithium play for Liontown
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsMELBOURNE, Oct 16 (Reuters) - U.S.-based miner Albemarle (ALB.N) said it had dumped a A$6.6 billion ($4.16 billion) buyout bid for Australian lithium developer Liontown Resources (LTR.AX), in part because of "growing complexities" around the transaction. Liontown went into trading halt just after making the announcement to the market, pending a finalisation of funding for its flagship Kathleen Valley lithium project in Western Australia, which is due to start producing lithium next year. Liontown had last week granted the world's biggest lithium chemical maker an extra week to examine its books and allow Albemarle to put forward a binding offer. "Our engagement with the Liontown team has been meaningful and productive. Hancock has not yet approached Liontown which until now has been under an exclusivity deal with Albemarle, the source added.

Persons: Ernest Scheyder, Albemarle, Hancock, Gina Rinehart, Liontown, Kathleen Valley, Kent Masters, Melanie Burton, Scott Murdoch, Rishav Chatterjee, Lisa Shumaker, Sandra Maler, Jamie Freed Organizations: REUTERS, Rights, Liontown Resources, Ford Motor, LG Energy, Thomson Locations: Silver, , Nevada, U.S, Albemarle, Western Australia, Melbourne, Sydney, Bengaluru

☆ Aboriginal elders suspend Rio Tinto site survey over heritage concerns
▼ + stars: | 2023-10-09 | by ( Melanie Burton | ) www.reuters.com time to read: +3 min

A combination image shows the Nammuldi rock shelter before (L) and after a mine blast by Rio Tinto in the Pilbara region of Western Australia, August 6, 2023. "Assessments found no structural damage to the rock shelter itself, and no damage to cultural materials," Cecile Thaxter, a Rio Tinto vice president, said in a webcast on Monday. A Rio Tinto spokesman did not immediately respond to a request for comment. The dispute comes as investors and automakers are increasingly scrutinising human rights and heritage protection in their assessments of Australian mines. However, Western Australia is set to overturn its 2021 Aboriginal cultural heritage protection laws, introduced on July 1, due to opposition from landowners.

Persons: Cecile Thaxter, Muntulgura, Dawn Hughes, Rio, Hughes, Melanie Burton, Sonali Paul Organizations: Rio Tinto, REUTERS, Rights, Aboriginal Corporation, Reuters, Tinto, Thomson Locations: Rio, Pilbara, Western Australia, Rio Tinto

☆ Rio Tinto Says No Damage to Aboriginal Rock Shelter Structure From Aug. 6 Blast
▼ + stars: | 2023-10-09 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

MELBOURNE (Reuters) - Global miner Rio Tinto has found no damage to the structure of a rock shelter at an Aboriginal heritage site in Western Australia that was impacted by blasting at its Nammuldi iron ore operations, it said after a visit over the weekend. Rio Tinto employees and representatives from the Muntulgura Guruma people visited the site last weekend, where a blast on Aug. 6 led to the fall of a Pilbara scrub tree and one square metre of rock from the overhang of a rock shelter estimated to have been inhabited over 40,000-50,000 years. "Assessments found no structural damage to the rock shelter itself, and no damage to cultural materials," Cecile Thaxter, Rio Tinto Iron Ore Vice President said in a webcast on Monday. Rio's destruction of rock shelters at Juukan Gorge in 2020 prompted a global outcry, the departure of top executives and a parliamentary enquiry that recommended an overhaul of Australia's Aboriginal heritage protection laws. Nevertheless, Western Australia is set to overturn its 2021 Aboriginal cultural heritage protection laws, introduced on July 1 after the destruction of the Juukan Gorge shelters.

Persons: Cecile Thaxter, Wintawari, Rio, Melanie Burton, Sonali Paul Organizations: MELBOURNE, Rio Tinto, Tinto, Rio Tinto Iron Ore, Aboriginal Corporation Locations: Western Australia, Rio

☆ 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

☆ Rio’s latest rock shelter damage highlights need for Aboriginal Voice, advocates say
▼ + stars: | 2023-10-03 | by ( Melanie Burton | ) www.reuters.com time to read: +5 min

Rio's destruction of rock shelters at Juukan Gorge in 2020 prompted a global outcry, the departure of top executives and a parliamentary enquiry that recommended an overhaul of Australia's Aboriginal heritage protection laws. Reaction to the incident has been more muted compared to the outrage over the Juukan Gorge rock shelters so far. VOICE FOR HERITAGELooming over the incident is Australia’s upcoming Indigenous Voice referendum set for Oct. 14 that would create a panel to advise parliament on issues affecting the Aboriginal and Torres Straits Islands communities. "It's hard to think of a more compelling practical example of the need for an Indigenous Voice in the mining policy debate," he said. A spokesperson for the state department regulating Aboriginal heritage protection said it was in contact with Rio Tinto but it was not investigating the latest incident.

Persons: Rio, Simon Trott, Warren Entsch, Rio shouldn't, Morgan Stanley, James Fitzgerald, Jamie Lowe, WGAC, Melanie Burton, Lincoln Organizations: Rio Tinto, REUTERS Acquire, Aboriginal Corporation, ABC, Reuters, Aboriginal, Torres Straits, Australasian Centre, Corporate, Indigenous, Title, Guruma Aboriginal Corporation, Thomson Locations: Rio, Pilbara, Western Australia, MELBOURNE, Western Australia’s, Juukan

☆ Rio’s Latest Rock Shelter Damage Highlights Need for Aboriginal Voice, Advocates Say
▼ + stars: | 2023-10-02 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +5 min

By Melanie BurtonMELBOURNE (Reuters) - Damage caused to an Aboriginal rock shelter by mining giant Rio Tinto in August underscores the need for better heritage protection laws and a greater say for Indigenous groups promised in this month's Voice referendum, advocates say. Rio's destruction of rock shelters at Juukan Gorge in 2020 prompted a global outcry, the departure of top executives and a parliamentary enquiry that recommended an overhaul of Australia's Aboriginal heritage protection laws. "Regrettably, it seems as though Rio's blast management plan has failed on this occasion leaving the Muntulgura Guruma People to pick up the pieces," said Wintawari Guruma Aboriginal Corporation (WGAC), which represents the Muntulgura, in a statement. A spokesperson for the state department regulating Aboriginal heritage protection said it was in contact with Rio Tinto but it was not investigating the latest incident. Should the Department receive a complaint from Wintawari Guruma Aboriginal Corporation, it will act immediately to investigate."

Persons: Melanie Burton MELBOURNE, Rio, Simon Trott, Warren Entsch, Rio shouldn't, Morgan Stanley, James Fitzgerald, Jamie Lowe, WGAC, Melanie Burton, Lincoln Organizations: Rio Tinto, Aboriginal Corporation, ABC, Reuters, Aboriginal, Torres Straits, Australasian Centre, Corporate, Indigenous, Title, Guruma Aboriginal Corporation Locations: Rio, Western Australia’s, Juukan, Western Australia

☆ Australia's Hancock Inches Towards Blocking Stake in Liontown Amid Albemarle Bid
▼ + stars: | 2023-10-01 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Australian billionaire Gina Rinehart's Hancock Prospecting increased its stake in lithium miner Liontown Resources, the company said, moving it closer to being able to block a $4.3 billion bid by U.S.-based Albemarle for Liontown. Hancock said on Friday it raised its stake from 10.7% last month to 12.4%, paying no more than A$3.00 per additional share. Hancock would be able to block the Albemarle deal with a 15% position. Last month, Liontown accepted Albemarle's revised $4.3 billion bid, or A$3 a share. The offer is part of a surge of interest in Australian lithium assets amid the clean energy transition.

Persons: Gina Rinehart's Hancock, Hancock, Liontown, Rinehart, Echha Jain, Melanie Burton, Cynthia Osterman Organizations: Reuters, U.S, Patriot, Metals Locations: Resources, Albemarle, Liontown, Bengaluru

She cited unpublished information from Vietnam's Ministry of Natural Resources and Environment, which did not respond to requests for comment. In recent years, Japanese investors Toyota Tsusho and Sojitz abandoned projects at Dong Pao after China ramped up supply, pummelling prices. Reuters GraphicsStill, rare earths at Dong Pao are relatively easy to access and are mostly concentrated in bastnaesite ores, according to the Hanoi University of Mining and Geology. The plant has capacity to process 5,000 tons of REO a year but the company plans to treble that to accommodate input from Dong Pao, Tuan said. The metallization process is controlled by China, which produces 90% of rare-earth metals, according to the U.S. Department of Energy.

Persons: Dong Pao, Blackstone, VTRE, Tessa Kutscher, Anh Tuan, Joe Biden, Kutscher, Sojitz, Dylan Kelly, Vingroup, Rivian, Dong, Tuan, David Merriman, John Rockhold, Dudley Kingsnorth, Francesco Guarascio @fraguarascio, Khanh, Melanie Burton, Trevor Hunnicutt, Mai Nguyen, Phuong, David Crawshaw Organizations: REUTERS, Australia's Blackstone Minerals Ltd, Vietnam's Ministry of Natural Resources, Earth JSC, U.S, . Geological Survey, Reuters, Toyota, Terra Capital, Blackstone, Hanoi University of Mining, REO, White House, Department of Commerce, U.S . Chamber of Commerce, Strategic, ASM, Reuters Graphics Reuters, U.S . Department of Energy, Western Australian School of Mines, Curtin University, Thomson Locations: Nam, Lai Chau, Vietnam, Pao, HANOI, Dong, Beijing, China, Hanoi, U.S, Dong Pao, VTRE, South, Khanh Vu, Melbourne, Seoul, Washington, Phuong Nguyen

☆ Ionic Rare Earths ties with Ford in Belfast magnet recycling venture
▼ + stars: | 2023-09-12 | by ( Melanie Burton | ) www.reuters.com time to read: +2 min

The Ford logo is seen on the grill of an E-transit concept vehicle at the Ford Halewood transmissions plant in Liverpool, Britain, December 1, 2022. REUTERS/Phil Noble/File Photo Acquire Licensing RightsMELBOURNE, Sept 12 (Reuters) - Ionic Rare Earths (IXR.AX) said on Tuesday it has received UK government investment to build a commercial rare earth magnet recycling facility in Belfast that will supply Ford's (F.N) electric vehicle production facilities in the country. The UK government will support the partnership with an investment of £2 million ($2.50 million) as part of its push to support circular economy magnet rare earths, as the West diversifies supply chains away from China which produces almost all the world's magnet supply. Rare earths are the most magnetic of all metals, used in applications from wind farms to EVs to defence. To support production at this facility there will be a requirement for over 600 tonnes of magnet raw material per annum, it said in the release.

Persons: Phil Noble, Simon Palmer, Ford, Melanie Burton, Michael Perry Organizations: Ford, REUTERS, Rights, Metals, Ford’s European Union, Thomson Locations: Liverpool, Britain, Belfast, China

Anwar said the government would support the development of the rare earths industry in Malaysia and that a ban would "guarantee maximum returns for the country". The rare earth industry is expected to contribute as much as 9.5 billion ringgit ($2 billion) to the country's gross domestic product in 2025 and create nearly 7,000 job opportunities, Anwar said in parliament. "Detailed mapping of rare earth element sources and a comprehensive business model that combines upstream, midstream and downstream industries will be developed to maintain the rare earth value chain in the country," he said. The curbs triggered fears that China could also limit exports of other critical minerals including rare earths. Australia's Lynas Rare Earths Ltd (LYC.AX), the biggest producer of rare earths outside China, has a plant in Malaysia to process concentrate that it gets in Australia.

Persons: Anwar Ibrahim, Yasuyoshi, Anwar, David Merriman, Merriman, Mai Nguyen, Rozanna, Melanie Burton, Amy Lv, Edwina Gibbs, David Holmes Organizations: Malaysia's, China, ASEAN Summit, United States Geological Survey, Thomson Locations: ASEAN, Jakarta, Indonesia, KUALA LUMPUR, Malaysia, China, midstream, Malaysian, Australia, Kuala Lumpur, Mai, Hanoi, Melbourne, Beijing

☆ 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

A worker walks near conveyer belts loaded with iron ore at the Fortescue Solomon iron ore mine located in the Valley of the Kings, around 400 km (248 miles) south of Port Hedland in the Pilbara region of Western Australia December 2, 2013. The world's fourth-largest iron ore miner, which has been beset by senior management turnover over the past two years, earlier in the day announced the resignation of its metals division head and co-CEO Fiona Hick. Fortescue shares, up nearly 2.1% so far this year, fell as much as 6% to A$19.7 by 0200 GMT. A review of its assets at the company's Iron Bridge project resulted in a pre-tax impairment charge of $1 billion. The company said rising interest rates and industry-wide inflation had fuelled the asset write-down at its Iron Bridge project, a major plank in the group's growth strategy.

Persons: Fortescue Solomon, David Gray, Australia's Fortescue, Fiona Hick, Fortescue, Echha Jain, Roushni Nair, Rashmi Organizations: REUTERS, Metals, Fortescue Future Industries, Fortescue Energy, Gibson, Phoenix Hydrogen, Thomson Locations: Port Hedland, Pilbara, Western Australia, Australia, Bengaluru

☆ Analysis-Lithium buyers eye cheaper early-stage deals in Australia
▼ + stars: | 2023-08-22 | by ( Melanie Burton | Scott Murdoch | ) www.reuters.com time to read: +6 min

So I think there’s going to be some opportunistic acquisitions.”There is already evidence of frenzied deal activity involving pre-producing companies. Develop Global, a base metals explorer backed by diversified miner Mineral Resources, last month proposed to acquire lithium developer Essential Metals for A$152.6 million ($97.98 million). “Even though battery chemistry is evolving and impacting certain metals, lithium is a mainstay and the demand story remains robust. The battery metals landscape, and lithium in particular, looks poised for further M&A activity,” said Gavi Friedland, head of metals and mining at Goldman Sachs in Australia & New Zealand. Mineral Resources is deciding whether to build an Australian lithium battery chemical plant, while Albemarle is expanding production at its Kemerton hydroxide plant and SQM is also building a lithium hydroxide plant.

Persons: Ivan Alvarado, acquirers, ”, Kaan, “, Gavi Friedland, Goldman Sachs, Guy Alexander, Buyers, Japan’s Idemitsu, Delta, Tony Chong, Squire Patton Boggs, Jakob Stausholm, Stausholm, ” Dale Henderson Organizations: MELBOURNE, REUTERS, Chile, Albemarle Corp, RBC, Develop, Mineral Resources, Metals, Minerals, Liontown Resources, Climate Capital, Consultancy, EV, Goldman, New Zealand, Resources, ”, Rio Tinto, Patriot Metals, Canada, Reuters Locations: Albemarle Chile, Chile, Australia, Sydney, Andover, Albemarle, Perth, China, U.S, Rio, Canada, Quebec

[1/2] A general view shows the brine pools of Albemarle Chile lithium plant placed on the Atacama salt flat, Chile, May 4, 2023. "It seems like the cheapest way to get lithium units is via the drill bit," said analyst Kaan Peker of RBC in Sydney. "Even though battery chemistry is evolving and impacting certain metals, lithium is a mainstay and the demand story remains robust. The battery metals landscape, and lithium in particular, looks poised for further M&A activity,” said Gavi Friedland, head of metals and mining at Goldman Sachs in Australia & New Zealand. Mineral Resources is deciding whether to build an Australian lithium battery chemical plant, while Albemarle is expanding production at its Kemerton hydroxide plant and SQM is also building a lithium hydroxide plant.

Persons: Ivan Alvarado, acquirers, Kaan, ”, Gavi Friedland, Goldman Sachs, Guy Alexander, Buyers, Japan's Idemitsu, Delta, Tony Chong, Squire Patton Boggs, Jakob Stausholm, Stausholm, Dale Henderson, Melanie Burton, Veronica Brown Organizations: REUTERS, Chile, Albemarle Corp, RBC, Develop, Mineral Resources, Metals, Minerals, Liontown Resources, Climate Capital, Consultancy, EV, Goldman, New Zealand, Resources, Tinto, Patriot Metals, Canada, Reuters, Thomson Locations: Albemarle Chile, Chile, MELBOURNE, Australia, Sydney, Andover, Albemarle, Perth, China, U.S, Canada, Quebec

☆ 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

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