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Australasia News

Woodside to sell $1.4bn stake in key gas project to Jera

By: Bloomberg     Updated 1 hour 21 minutes ago Woodside Energy Group to a $1.4-billion deal to sell a 15.1% stake in its flagship Scarborough liquefied natural gas project to Jera Co., Japan’s biggest power producer, as consumers aim to secure long-term supply. The accord includes a $740-million purchase price and reimbursement for... 

Newmont puts six mines, two projects on the block

By: Mariaan Webb     22nd February 2024 Gold mining major Newmont will put up for sale six mines and two projects, optimising its portfolio to focus on ten tier-one assets that will produce 6.7-million gold ounces by 2028. The six mines that will be divested include Éléonore, Musselwhite and Porcupine, in Canada, CC&V, in the US,... 

Newmont will sell the Telfer mine, in Australia
Newmont will sell the Telfer mine, in Australia

Gold Fields posts higher full-year earnings, maintains dividend at R7.45

By: Marleny Arnoldi     22nd February 2024 JSE- and NYSE-listed Gold Fields has declared a total dividend of R7.45 a share for the year ended December 31, with $703-million in attributable profit having been generated. The attributable profit amounts to $0.79 apiece, compared with profit of $711-million, or $0.80 apiece, in the prior year.  

Gold Fields' Damang mine, in Ghana
Gold Fields' Damang mine, in Ghana

Harmony's shares rise on higher earnings outlook

By: Creamer Media Reporter      22nd February 2024 JSE-listed Harmony Gold's share price rose by more than 5% on February 22 after the company reported that its earnings per share (EPS) for the six months ended December 31, 2023, were likely to increase by more than 100% year-on-year to between R9.37 and R9.76 in rand terms and between $0.50 and... 

Harmony's Moab Khotsong mine
Harmony's Moab Khotsong mine

Pilbara Minerals pauses dividend, cuts capex as it targets $200m in savings

By: Mariaan Webb     22nd February 2024 Australia’s biggest pure-play lithium producer, Pilbara Minerals, has opted to withhold its interim dividend as the company moves to preserve its balance sheet strength in an environment of lower spodumene prices. In addition to the pausing the dividend payment, Pilbara has also lowered its 2023... 

Pilbara Minerals pauses dividend, cuts capex as it targets $200m in savings

Record dividend for Northern Star as growth strategy delivers cash earnings boost

By: Mariaan Webb     22nd February 2024 Australian gold miner Northern Star on Thursday declared a record interim dividend of 15c a share, complementing its A$300-million share buyback programme that remains open. Driven by higher gold prices, the ASX-listed company delivered a 41% increase in underlying earnings before interest, tax,... 

Record dividend for Northern Star as growth strategy delivers cash earnings boost

Rio Tinto board approves Simandou investment

By: Mariaan Webb     22nd February 2024 The board of Rio Tinto has given the nod to the Simandou iron-ore project, in Guinea, CEO Jakob Stausholm has revealed. The approval is contingent on meeting outstanding conditions, including securing approvals from joint venture partners and obtaining regulatory nods from China and Guinea.  

Simandou’s high-grade, low impurity formation is a rare opportunity for Rio Tinto to diversify its portfolio, particularly as demand increased for grade suitable for greener steel.

Fortescue beats on first-half profit, posts strong dividend

By: Reuters     22nd February 2024 Australia's Fortescue on Thursday posted a 41% jump in its half-year profit and declared a better-than-expected dividend, supported by strong iron-ore shipments and higher prices for its lower grades of the steel-making raw material. Imports to China, the world's largest iron-ore consumer, hit a... 

Fortescue beats on first-half profit, posts strong dividend

Lithium producer IGO beats on profit, shares up

By: Reuters     22nd February 2024 Australia's IGO reported interim underlying profit ahead of analysts' expectation on Thursday, even as the battery metal producer reeled from falling prices of key commodities, and said it did not have plans to further trim production. Shares of IGO gained nearly 3% to A$7.27 by 23:38 GMT, while... 

Ivan Vella started as IGO CEO in December
Ivan Vella started as IGO CEO in December

Australian iron-ore port starts clearing ships ahead of cyclone

By: Bloomberg     22nd February 2024 A major port on Australia’s west coast used by Rio Tinto Group to export iron-ore has started clearing ships from the harbor ahead of a cyclone that’s expected to form early Friday. All port anchorages are expected to be cleared at Dampier at 6 p.m. local time, according to a statement late... 

Australian iron-ore port starts clearing ships ahead of cyclone

Mayur’s Orokolo Bay partner faces ‘sudden financial difficulties’

By: Creamer Media Reporter      21st February 2024 Australia-based Mayur Resources said on Wednesday that its partner in the Orokolo Bay vanadium, titanium and iron sands project, in Papua New Guinea, had pulled out, citing “sudden financial difficulties” related to the depressed state of the global nickel market. Mayur and Indonesia-based PT... 

Hot Chili executes option to acquire Chile project

By: Creamer Media Reporter      21st February 2024 ASX- and TSX-V-listed Hot Chili has executed an option agreement with ASX-listed Bastion Minerals for the right to acquire the Cometa project in Chile. The project is near Hot Chili’s Costa Fuego copper/gold project in the coastal range of the Atacama region. 

Piedmont sells remaining Sayona stake

By: Mariaan Webb     21st February 2024 US-based lithium miner Piedmont Lithium on Wednesday announced that it would sell the rest of the shares it held in Australian miner Sayona Mining for A$59.9-million, or $39.4-million. The Nasdaq- and ASX-listed company agreed to sell 1.15-billion shares of Sayona for A$0.052 a share through a... 

Piedmont sells remaining Sayona stake

Perseus enters into co-investment cooperation agreement with Saudi company

By: Tasneem Bulbulia     21st February 2024 ASX- and TSX-listed Perseus Mining has entered into a cooperation agreement with Ajlan & Bros Mining & Metals Company (ABM), the mining division of Saudi Arabia-based investment conglomerate company, Ajlan Brothers. The binding agreement contemplates that Perseus and ABM will jointly investigate... 

An image of Perseus CEO and chairperson Jeff Quartermaine
Photo by Bloomberg
Perseus CEO and chairperson Jeff Quartermaine

South Africa’s IDC begins due diligence work for Qala Shallows project funding

By: Tasneem Bulbulia     21st February 2024 South African development finance institution the Industrial Development Corporation (IDC) has begun work to complete its due diligence investigation as part of its proposed R300-million (about $15.8-million) debt facility to fund development capital for ASX-listed West Wits Mining’s Qala... 

An image of West Wits chairperson Michael Quinert
West Wits chairperson Michael Quinert

Glencore pleased with its performance against the backdrop of lower commodity, energy prices 

By: Marleny Arnoldi     21st February 2024 Global mining company Glencore has recommended a $0.13 a share, or $1.6-billion, base cash distribution to shareholders for the 2023 financial year, comprising $1-billion from marketing cash flows and the balance from industrial attributable cash flows. This is despite a 50% year-on-year decrease... 

Glencore's head office
Glencore executives unpack the company's 2023 performance and production guidance

Rio Tinto posts lower FY profit

By: Mariaan Webb     21st February 2024 Diversified mining major Rio Tinto CEO Jakob Stausholm on Wednesday reported “resilient” financial results for 2023, with free cash flow of $7.7-billion and underlying earnings of $11.8-billion. Balance sheet strength enabled Rio Tinto to invest with disciple, while also playing an ordinary... 

Rio Tinto CEO Jakob Stausholm
Rio Tinto CEO Jakob Stausholm

Iluka confirms cost blowout at Australian rare earths refinery

By: Mariaan Webb     21st February 2024 Critical minerals company Iluka Resources on Wednesday confirmed a major cost overrun at its Eneabba rare earths refinery, stating that the project would cost between A$1.7-billion and A$1.8-billion. This is at the top-end of the A$1.5-billion to A$1.8-billion guidance range provided in... 

Iluka MD Tom O'Leary says the Eneabba refinery project has not been immune to inflation
Iluka MD Tom O'Leary says the Eneabba refinery project has not been immune to inflation

First Quantum signs $500m copper deal with shareholder, says asset and stake sales progressing

By: Mariaan Webb     21st February 2024 Canada-headquartered First Quantum Minerals, which is facing a major challenge with the closure of its flagship Panama mine, is making progress with its balance sheet initiatives. These include, among others, selling some of the copper miner's smaller assets and minority stakes in its larger... 

First Quantum signs $500m copper deal with shareholder, says asset and stake sales progressing

New deal makes Rio Tinto Australia’s biggest renewable energy buyer

By: Creamer Media Reporter      21st February 2024 Mining group Rio Tinto has signed Australia’s biggest renewable energy power purchase agreement (PPA) to supply its Gladstone operations in Queensland, agreeing to buy the majority of electricity from the planned 1.4 GW Bungaban wind project developed by Andrew Forrest’s Windlab. The agreement,... 

The deal is a major step in the work to repower the Gladstone production assets, including the Boyne aluminium smelter (pictured), Yarwun alumina refinery and Queensland Alumina refinery.
The deal is a major step in the work to repower the Gladstone production assets, including the Boyne aluminium smelter (pictured), Yarwun alumina refinery and Queensland Alumina refinery.

Kalium Lake’s sale to complete by mid-March

By: Mariaan Webb     20th February 2024 Defunct potash company Kalium Lakes said on Tuesday that its receivers expect the sale transaction with Reward Minerals to conclude by the middle of next month. In a statement to the ASX, Kalium stated that receivers Rob Brauer, Jason Preston and Rob Kirman were working with Reward to amend the... 

JSW Steel in talks with Australia's Whitehaven for coal mine stake

By: Reuters     20th February 2024 India's JSW Steel is in talks with Australian miner Whitehaven Coal for a stake in its Blackwater metallurgical coal mine, a source aware of the discussions said on Tuesday. JSW Steel, India's largest steel producer by capacity, is conducting due diligence and expects to get a coking coal sample... 

JSW Steel in talks with Australia's Whitehaven for coal mine stake

No immediate plan to list Aveng in Australia, but future listing likely amid change in reporting currency to Aussie dollar 

By: Terence Creamer     20th February 2024 JSE-listed Aveng, which recently relocated is management epicentre to Australia and changed its reporting currency from South African rands to Australian dollars, has no immediate intention of listing in Australia but acknowledges that such a move is possible in future. Incoming CEO Scott... 

Incoming Aveng CEO Scott Cummins
Incoming Aveng CEO Scott Cummins

Sayona unveils feasibility results for ‘centrepiece’ Moblan lithium project

By: Creamer Media Reporter      20th February 2024 North American lithium producer Sayona Mining has announced feasibility study results that demonstrate the value of its Moblan lithium project, forming the centrepiece of the company’s Eeyou Istchee James Bay hub in northern Québec, Canada. Moblan, owned 60% by Sayona and 40% by Investissement... 

Sayona unveils feasibility results for ‘centrepiece’ Moblan lithium project

BHP eyes 500 000 t/y of copper from South Australia

By: Mariaan Webb     20th February 2024 Diversified mining company BHP is advancing several avenues for copper growth, CEO Mike Henry said on Tuesday, highlighting the key role that its South Australian assets will play in the group’s copper growth trajectory. The Melbourne-headquartered mining firm acquired more exposure to... 

BHP eyes 500 000 t/y of copper from South Australia

Goldman, hedge funds step up activity in physical uranium as prices spike

By: Reuters     20th February 2024 Investment banks Goldman Sachs and Macquarie, as well as some hedge funds are positioning themselves to reap the benefits of a newly buoyant uranium sector as prices of the nuclear fuel ingredient spike. While many other investment banks are still avoiding uranium, Goldman and Macquarie are... 

Goldman, hedge funds step up activity in physical uranium as prices spike

Metals Acquisition dual lists on ASX following A$325m IPO

By: Creamer Media Reporter      20th February 2024 Copper miner Metals Acquisition Limited (MAC) on Tuesday started trading on the ASX, following completion of its oversubscribed initial public offering (IPO) in Australia. MAC raised A$325-million through the issue of 19.12-million chess depository interests (CDIs) at the top of its indicative... 

Metals Acquisition dual lists on ASX following A$325m IPO

Rich new Copper 360 discovery points to big Chile-type copper mine potential  

By: Martin Creamer     20th February 2024 Okiep Copper Company, which mining company Newmont established in 1937, is today one of the 100%-owned subsidiaries of South Africa’s Copper 360, the only pure copper play listed on the Johannesburg Stock Exchange. Under Newmont, the Okiep Copper Company paid out about R30-million in dividends... 

Copper 360 CEO Jan Nelson.
Copper 360 CEO Jan Nelson interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Worst of inflationary wave over, says BHP CEO

By: Mariaan Webb     20th February 2024 Diversified mining group BHP CEO Mike Henry has expressed confidence in a more favourable economic outlook for 2024, declaring that the worst of the global inflationary wave is over. BHP, which on Tuesday reported flat first-half underlying profit of $6.6-billion, is witnessing a shift towards a... 

BHP CEO Mike Henry
BHP CEO Mike Henry

Tormin Mineral Sands faces production delays

By: Sabrina Jardim     19th February 2024 Mining and development company Mineral Commodities’ (MRC’s) operations at the Tormin mine, in South Africa – held by the company’s 50%-owned subsidiary Mineral Sands Resources – has, so far, performed below expectations in the March quarter of this year. While production in the December 2023... 

Administrators appointed for troubled Elmore

By: Mariaan Webb     19th February 2024 Restructuring pundit KordaMentha said on Monday that it had been appointed as receivers and managers of each of the companies that fall under the Elmore umbrella. Elmore is an ASX-listed contract mineral processing company, which also owns the Peko magnetite mine in the Northern Territory. 

Reward’s capital raise to buy Beyondie falls through

By: Mariaan Webb     19th February 2024 ASX-listed Reward Minerals has withdrawn a A$22.8-million rights issue, announced last month, to fund the acquisition of the Beyondie potash of sulphate (SOP) project, in Western Australia. The company said late on Friday that its board had resolved to withdraw the entitlement offer. 

The Beyondie mine in Western Australia
The Beyondie mine in Western Australia

Australian lithium stocks rally on speculation of China mine closure

By: Reuters     19th February 2024 Australian lithium stocks rallied on Monday on speculation that Chinese battery maker CATL had closed its Jianxiawo mine in China that produces the material used in electric vehicle batteries. Shares of Australia's biggest pure play lithium miner Pilbara Minerals rallied as much as 4.9% and... 

Australian lithium stocks rally on speculation of China mine closure

Cosmo exercises option to acquire Kanowna project

By: Creamer Media Reporter      19th February 2024 Gold and base metals exploration company Cosmo Metals on Monday announced it would acquire the Kanowa Gold Project (KGP), located adjacent to the seven-million ounce Kanowa Belle gold mine, north-east of Kalgoorlie. The 20 km2 KGP, which comprises 12 prospecting licences, is “compelling with... 

NewPeak sells Finland, NZ gold assets as it switches to battery metals

By: Mariaan Webb     19th February 2024 Australia-based NewPeak Metals has announced the sale of its Finland and New Zealand gold permits as part of the company’s strategic rejuvenation plan to focus on battery and critical metals. The ASX-listed company on Monday announced a binding term sheet to sell 100% of its interest in its... 

Cash from Kanmantoo copper sales hits the bank

By: Creamer Media Reporter      19th February 2024 Following the recent launch of copper production at the Kanmantoo underground mine in South Australia, Hillgrove Resources has now sold its first copper concentrate, securing the initial proceeds. “Seeing the cash from the first copper sales hit the bank account was very gratifying. The revenues... 

Cash from Kanmantoo copper sales hits the bank

Industry welcomes WA nickel royalty rebate as step in right direction

By: Mariaan Webb     19th February 2024 The announcement from the Western Australian government, to provide 50% royalty relief over 18 months, to nickel producers is welcome news to an industry under pressure, says the Association of Mining and Exploration Companies (AMEC). “There is no doubt this timely assistance from the WA state... 

BHP is planning to shut down its Nickel West operations (pictured), attributing the decision to a significant decline in nickel prices.
BHP is planning to shut down its Nickel West operations (pictured), attributing the decision to a significant decline in nickel prices.

SSR Mining says eight employees detained after Turkey mine landslide

By: Reuters     19th February 2024 Gold miner SSR Mining said on Friday that eight of its employees have been detained amid an investigation into a landslide at its mine in Turkey and that operations there remain suspended. SSR Mining on Wednesday suspended production at its Copler mine in eastern Turkey after the landslide,... 

SSR Mining says eight employees detained after Turkey mine landslide
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