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☆ Australian securities regulator reviewing short-seller report on India's Adani
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Feb 1 (Reuters) - Australia's corporate regulator is reviewing a short-seller report that accused India's Adani Group of improper use of offshore tax havens to determine whether regulatory action is required, according to a spokesperson. "ASIC will review the allegations against Adani and determine whether further inquiries are warranted," a spokesperson for the regulator told Reuters on Wednesday. The Adani Group said in a statement that the Hindenburg report "presents transactions related to Adani’s Australian businesses in a misleading way to purposefully undermine the reputation of the Adani Group, in order to pursue their own profit by short-selling shares in Adani Group companies." "All our businesses are Australian companies that comply with Australian corporations and securities legislation," the statement said. On Tuesday, a crucial $2.5 billion share sale for the Adani Group was fully subscribed with foreign institutional investors and corporate funds taking part, although participation by retail investors was low.

☆ Australia aims for bigger fines a week into Outback hunt for radioactive capsule
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

[1/3] Members of the Incident Management Team coordinate the search for a radioactive capsule that was lost in transit by a contractor hired by Rio Tinto, at the Emergency Services Complex in Cockburn, Australia, in this undated handout photo. Department of Fire and Emergency Services/Handout via REUTERSSYDNEY, Feb 1 (Reuters) - Authorities in Australia will review laws that penalise the mishandling of radioactive material with a A$1,000 ($707) fine as a search for a hazardous capsule lost in the Outback enters a seventh day. The penalty for failing to safely handle radioactive substances is A$1,000 and A$50 per day the offence continues, according to state legislation from 1975. The silver capsule, 6 mm in diameter and 8 mm long, contains Caesium-137 which emits radiation equal to 10 X-rays per hour. Authorities suspect vibrations on the bumpy road loosened screws and a bolt on the gauge letting the capsule fall out.

The Department of Fire and Emergency Services said on Monday that it would take five days to retrace the road train's route. Authorities suspect vibrations from the road train caused the screws and a bolt from the gauge to come loose, and then the capsule fell out. A member of the Incident Management Team coordinates the search for a radioactive capsule that was lost in transit by a contractor hired by Rio Tinto, at the Emergency Services Complex in Cockburn, Australia, in this undated handout photo. Department of Fire and Emergency Services/Handout via REUTERSCenturion said in a statement that the capsule was dislodged from equipment contained in a crate. "The equipment can detect radiation emitted by the missing capsule and is currently being used around the Perth metropolitan area and outskirts."

☆ Australia’s nuclear safety agency joins hunt for radioactive capsule
▼ + stars: | 2023-01-31 | by ( Melanie Burton | ) www.reuters.com time to read: +1 min

MELBOURNE, Jan 31 (Reuters) - Australia’s nuclear safety agency said on Tuesday it had joined the hunt for a radioactive capsule missing in the west of the country. Australian Radiation Protection and Nuclear Safety Agency (ARPANSA) is working with the Western Australian government to locate the capsule, it said in a statement. The capsule, believed to have fallen from a truck, was part of a gauge used to measure the density of iron ore feed which had been entrusted to a specialist contractor to transport. The loss may have occurred up to two weeks ago. Reporting by Melanie Burton in Melbourne Editing by Alasdair PalOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: How did a radioactive capsule go missing in Australia and how dangerous is it?
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Jan 31 (Reuters) - Australian authorities are mounting an extensive search for a tiny radioactive capsule believed to have fallen out of a road train - a truck with multiple trailers - that travelled 1,400 km (870 miles) in Western Australia. When it was unpacked on Jan. 25, it was found broken apart, with one of its four mounting bolts as well as screws and the capsule missing. Authorities suspect vibrations from the road train caused the gauge to break apart and the capsule fell out. The road train travelled from the mine in the state's remote Kimberley region and arrived at a storage facility in the suburbs of Perth on Jan. 16. The search involves at least five other government agencies including the Department of Defence, the police, the Australian Nuclear and Science Technology Organisation and the Australian Radiation Protection and Nuclear Safety Agency.

☆ Rio Tinto apologises after radioactive capsule lost in Australia
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 30 (Reuters) - Rio Tinto Ltd's (RIO.AX) iron ore division chief Simon Trott apologised on Monday after a contractor hired by the mining giant lost a radioactive capsule in transit in Western Australia which sparked a radiation alert across parts of the state. We recognise this is clearly very concerning and are sorry for the alarm it has caused in the Western Australian community," Trott said in a statement. Early reports suggested the loss was not discovered for almost two weeks after the capsule left Rio's Gudai-Darri mine site. Rio said it was informed by the contractor the capsule was missing on Jan. 25. "We have completed radiological surveys of all areas on site where the device had been, and surveyed roads within the mine site as well as the access road leading away from the Gudai-Darri mine site," Trott said.

☆ South32 sees shipping delays tying up cash in inventory
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 23 (Reuters) - Australian diversified miner South32 Ltd (S32.AX) on Monday reported production of key commodities that largely met expectations but noted that shipping snarls had led to an inventory buildup, impacting working capital. In its quarterly report, South32 met coal, aluminium and copper forecasts and slightly exceeded analyst estimates for manganese ore production, for which it is the world's biggest producer. "While production was inline, sales were impacted, leading to weaker-than-expected cash generation," said analyst Glyn Lawcock of Barrenjoey in Sydney. "This impact is most acute in our aluminium value chain in Southern Africa due to ongoing shipping delays." In manganese ore, South32 reported 1,477 kilotonnes (kt) of production, ahead of an RBC estimate by 7%.

☆ Indonesia says BASF, Eramet near $2.6 bln deal to process nickel for EV batteries
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +3 min

[1/2] A logo is seen on the facade of the BASF plant and former Ciba production site in Schweizerhalle near Basel July 7, 2009. Indonesia's investment ministry cited BASF chief executive Martin Brudermüller as saying the project investment would be worth around 2.4 billion euros ($2.59 billion). Eramet spokeswoman Fanny Mounier said the project was subject to a final investment decision and further details would be disclosed if a decision was made. The planned plant would produce mixed hydroxide precipitate (MHP) from nickel through a high-pressure acid leach (HPAL) plant. Investment into MHP production in Indonesia has so far been dominated by Chinese companies such as Zhejiang Huayou Cobalt and Tsingshan Holding Group.

☆ BASF, Eramet near $2.6 bln Indonesia deal to process nickel for EV batteries
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

JAKARTA, Jan 18 (Reuters) - Germany's BASF (BASFn.DE) and French miner Eramet (ERMT.PA) are finalising a $2.6 billion partnership deal to invest in a facility in Indonesia to process nickel for use in batteries for electric vehicles, Indonesian officials said. The project investment would be worth around 2.4 billion euros ($2.59 billion), the investment ministry said, citing BASF chief executive Martin Brudermüller. BASF and Eramet's investment plan was in line with the government's "aspirations to set up Indonesia as world-class EV player," said Investment Minister Bahlil Lahadalia. Indonesia is also finalising agreements with Chinese automaker BYD Group and Tesla (TSLA.O) to invest in EV production facilities, a senior cabinet minister said on Tuesday. Investment into MHP production in Indonesia has so far been dominated by Chinese companies such as Zhejiang Huayou Cobalt and Tsingshan Holding Group.

☆ Rio Tinto sees increased volatility as China reopens
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +3 min

MELBOURNE, Jan 17 (Reuters) - Rio Tinto (RIO.AX) on Tuesday said that China's reopening from COVID-19 restrictions is set to raise near-term risks of labour and supply-chain shortages, while it also flagged a strong start to iron ore shipments for 2023. Rio looks set to retain its crown as the world's biggest iron ore producer as quarterly iron ore shipments came in slightly ahead of expectations, near the bottom of the year's guidance. "It's good to see they made their iron ore guidance. Iron ore shipments for the final quarter of 2022 rose 3.8% to 87.3 million tonnes (Mt), bringing full-year shipments to 321.6 Mt, which beat a Visible Alpha consensus estimate of 320.2 Mt. Rio Tinto maintained its full-year iron ore shipments forecast of 320 Mt to 335 Mt.

☆ Newcrest CEO Biswas steps down, hunt for new chief underway
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: 1 min

MELBOURNE, Dec 19 (Reuters) - Newcrest Mining Ltd (NCM.AX) Chief Executive Sandeep Biswas will retire from his role at the helm of Australia's largest gold producer, the company said on Monday. Chief Financial Officer Sherry Duhe, who joined the company in February, will step in as interim chief executive while a global internal and external search for a replacement is underway, Newcrest said in a filing to the exchange. Duhe comes from an energy background, having previously worked as CFO of Woodside Energy, and spent 13 years at Shell. Biswas, who will relinquish his role as a managing director as of Monday, will stay on in an advisory capacity until March 18. Our Standards: The Thomson Reuters Trust Principles.

☆ Australian battery metal players key to South Korea's EV ambition
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Nov 30 (Reuters) - Australia will play a big role in South Korea's ambition to lead the electric vehicle batteries market and diversify from China for its battery metals needs, a top South Korean executive said on Wednesday. In recent years, U.S. allies have moved to reduce their dependence on China amid heightened concern about Beijing's control over the critical minerals sector. South Korea needs critical mineral supplies, having pledged to become a battery manufacturing powerhouse by 2030 as part of a plan to be carbon-neutral by 2050. POSCO last year entered into a joint venture deal with Pilbara Minerals Ltd (PLS.AX) to build a 43,000 tonne lithium hydroxide chemical facility in Gwangyang, South Korea. The Australian government should offer similar incentives so the country can be a leader in global hydrogen exports, he said.

☆ Australia's Fortescue taps Woodside veteran as CEO amid green energy push
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Australia's Fortescue Metals Group (FMG) can be seen on a bulk carrier as it is loaded with iron ore at the coastal town of Port Hedland in Western Australia, November 29, 2018. REUTERS/Melanie Burton/File PhotoNov 29 (Reuters) - Australia's Fortescue Metals Group (FMG.AX) on Tuesday appointed former Woodside Energy (WDS.AX) executive Fiona Hick as its chief executive officer, effective February 2023, as Elizabeth Gaines made way for a new boss in August. Hick joins Fortescue at a time when the iron ore giant is delving into mining of critical minerals and rare-earths and is also striving to transition into a green energy firm through its unit Fortescue Future Industries (FFI). She will lead Fortescue Metals' mining arm, culminating a year-long search by the company's billionaire-founder and chairman Andrew Forrest. Gaines, who oversaw a tripling in the share price of one of the world's biggest iron ore miners in the past four years, remains on Fortescue's board as a non-executive director.

☆ Rio Tinto reaches historic agreement with Juukan Gorge group
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +3 min

Courtesy Gabrielle Timmins/Kimberley Land Council/Handout via REUTERS/File PhotoMELBOURNE, Nov 28 (Reuters) - Global miner Rio Tinto Ltd (RIO.AX) has reached a restitution agreement with an Aboriginal group whose rock shelters in Western Australia it destroyed two years ago for an iron ore mine, the groups said on Monday. "Nothing can compensate for or replace the loss suffered at Juukan Gorge, so this is an outcome orientated legacy to ensure something positive will come from it for years to come," PKKP Aboriginal Corp Chairperson Burchell Hayes said. The two groups are in advanced talks about a co-management of mining agreement, the PKKP added. "We fell far short of our values as a company and breached the trust placed in us by the PKKP people by allowing the destruction of the Juukan Gorge rock shelters," Rio Tinto Chief Executive Jakob Stausholm said. As well as the legacy foundation, remedy discussions have centred on ongoing rehabilitation of the rock shelters and their surrounds at Juukan Gorge, Rio said.

☆ Australia to become 'more assertive' on foreign investment in critical minerals
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

Australia, a major supplier of minerals key to the energy transition like rare earths, has more to gain by encouraging investment from allies to build up its minerals processing industry, Chalmers said at a conference in Sydney. "Foreign investment is a good thing when it’s in our national interest," Chalmers said. "But as investment interest grows, and as the sources of that investment interest grow, we’ll need to be more assertive about encouraging investment that clearly aligns with our national interest in the longer term." The Labor government which took power in May is buttressing Australia's policy to build out a critical minerals processing supply chain. Australia is revising its critical minerals strategy and has been positioning itself as a green superpower, backed by its mineral endowments.

☆ Australia approves national plan to safeguard Aboriginal heritage
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +2 min

The government had accepted all but one recommendation out of the eight from last year's parliamentary inquiry into the destruction of the historically and culturally significant site at Juukan Gorge in Western Australia, Plibersek told parliament. The recommendation of whether the final responsibility for heritage protection should sit with the Indigenous affairs minister or the environment minister is still being assessed, Plibersek said. What's clear from this report is that our system is not working," Plibersek said, adding the destruction of the sacred sites were legal under current laws. The traditional owners said they were angry and disappointed that they had not been consulted about the government's response. "We have tasted the devastation and we know what needs to be done," it said, without elaborating.

[1/5] Women from a fishing community attend a protest against the construction of the proposed Vizhinjam Port in the southern state of Kerala, India, November 9, 2022. A $900 million project to build India’s first container transhipment port has been stalled due to protests by the region’s fishing community who believe it will destroy their livelihood. The fishing community erected the shelter after years of failed efforts to get the Kerala government to intervene while watching the coast steadily erode. "This is a matter of providing jobs to the many localities here," said Mukkola G Prabhakaran, a Kerala state council member in Modi's Bharatiya Janata Party. Accusing the Kerala state police of being "mute spectators", the Adani conglomerate has also called for federal police to be brought in.

☆ Shares of Australia's OZ Minerals halted on 'potential change of control' deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

Nov 16 (Reuters) - Shares of Australia's OZ Minerals Ltd (OZL.AX) were placed on a trading halt early on Wednesday, pending an announcement regarding a potential change of control transaction, the gold and copper miner said. OZ has rebuffed the world's largest listed miner BHP Group (BHP.AX) on its A$8.34 billion ($5.64 billion) buyout offer calling it "opportunistic". OZ Minerals' successful study outcome for its West Musgrave copper-nickel project in Western Australia increased the chances that BHP would hike it's offer, analysts at Jefferies said in September. BHP did not immediately respond to a Reuters request for comment. ($1 = 1.4786 Australian dollars)Reporting by Melanie Burton in Melbourne and Sameer Manekar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

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