Author: Chloe Coutinho

Peabody and Anglo American enter arbitration Anglo American has launched arbitration proceedings against Peabody Energy over the failed $5.7b sale of its Queensland steelmaking coal mines. Peabody pulled out of the sale by invoking a material adverse change (MAC) in August following a fire at Anglo American’s Moranbah North mine. Anglo American believed the event did not constitute a MAC under the definitive agreements due to the lack of damage to the mine or equipment and the clear progress being made within a rigorous and structured regulatory process towards restarting the mine. The buyer says it remains confident that a MAC occurred,...

Federal Government to bail out Mount Isa The Federal and Queensland Governments will provide a $600m support package to maintain operations at the Mount Isa copper smelter and Townsville copper refinery. The agreement will allow the smelter — which provides half of Australia’s copper smelting capacity — and the refinery to continue operations until the end of 2028. Australia has only two operational copper smelters — Mount Isa and BHP’s at Olympic Dam — but they face huge competition from China. China has invested heavily in copper smelting and now has 44 smelters, with the surge in Chinese production creating an unprecedented decline...

US Department of War has an unlikely target: Australian critical minerals In early September, the Trump Administration rebranded the US Department of Defence (DOD), restoring the moniker last deployed in the 1940s. The executive order for the name change says the update conveys a stronger message of readiness and resolve compared to Department of Defence, which emphasises only defensive capabilities. At the signing of the executive order, US Secretary of Defence Pete Hegseth said the country would “go on offence, not just on defence. Maximum lethality, not tepid legality. Violent effect, not politically correct.” One unlikely manoeuvre is taking shape with...

Gold prices pushed to their peak by US Government shutdown The US Government shut down yesterday amid a funding standoff, temporarily shuttering government agencies and leaving about 750,000 workers facing furlough. Immediately following the shutdown, the spot price for gold reached a record high of $5904.61/oz. The spot price for gold has climbed nearly 50% since this time last year. US Government shutdowns occur when there is a funding gap — when Democrats and Republicans cannot pass a bill funding government services into the new fiscal year...

BHP invests $840m in Olympic Dam BHP (ASX: BHP) is investing in a series of growth-enabling projects at Olympic Dam in a move to strengthen the foundations of underground mining productivity. According to BHP chief operating officer Edgar Basto, the miner expects to grow its copper base from 1.7mtpa to about 2.5mtpa. “Achieving that scale requires significant copper growth and we are fortunate to have a world-class copper province right here in South Australia to do just that,” Mr Basto said. “The South Australian copper province is already performing strongly, consistently...

Rio Tinto may retire Gladstone coal-fired power station early Queensland’s oldest and largest coal-fired power station — the Gladstone Power Station (GPS) — could retire in 2029, six years earlier than expected. Rio Tinto (ASX: RIO) says no final decision has been made to retire GPS, which has operated since 1976, and there is potential to extend the life of the power station should market and other factors allow. The miner says there is no immediate impact on operations and existing power supply contracts, including to Boyne Smelters, will remain in place until their scheduled expiry in March 2029. The GPS JV participants recognise the contribution of the power station to the Gladstone community and are committed to work with...

Liontown revises Tesla deal Liontown (ASX: LTR) has amended its pricing mechanism in its long-term offtake agreement with Tesla. This comes as the miner shifts from lithium hydroxide indices to spodumene concentrate, in line with Liontown’s strategy to be exposed to a ‘basket’ of pricing references across the main lithium products. The revised pricing mechanism will apply to all future deliveries under the agreement. There is no change to the remaining volumes under the agreement for the balance of the term ending in 2029. Liontown is also in advanced discussions with Ford Motor Company in relation to proposed amendments to the offtake and...

China bans all BHP iron ore  China’s state-run iron ore buyer has told major steelmakers and traders to temporarily halt purchases of all new BHP (ASX: BHP) cargoes, Bloomberg reports, citing people familiar with the matter.  China Mineral Resources Group (CMRG) reportedly asked domestic buyers to suspend purchases of any dollar-denominated seaborne cargoes from BHP.  CMRG was established in 2022 in an aim to centralise iron ore demand, tighten control over the global steel market and give Chinese steel producers more control over prices.  This ban signals an escalation from CMRG, as the group similarly halted the purchase...

Newmont’s Tom Palmer retires Newmont (ASX: NEM) chief executive Tom Palmer will step down from his role as chief executive on December 31, 2025. Natascha Viljoen, president and chief operating officer, will succeed Mr Palmer as president and chief executive and will also join the board of directors on January 1, 2026. Mr Palmer will serve as a strategic advisor until his retirement on March 31, 2026, to support a seamless leadership transition. Mr Palmer comments on his resignation....

MinRes upgrades Onslow Iron haul road Mineral Resources (ASX: MIN) has safely completed the upgrades to the Onslow Iron private haul road, allowing unconstrained haulage to resume at normal speeds. Roadworks included seal binder upgrades and cement stabilisation to enhance pavement strength and moisture resistance, as well as asphalting along the entire length of the sealed road. The width of the upgraded private haul road spans 11 sealed metres from edge to edge, two metres wider than typical public roads used for heavy haulage in the Pilbara region. Mineral Resources managing director Chris Ellison comments on the upgrades. “Onslow...

Alcoa permanently closes Kwinana refinery Alcoa (ASX: AAI) has confirmed a $1.36b (US$890m) plan to permanently close its Kwinana alumina refinery in WA, citing the age of the facility, scale and operating costs, market conditions and bauxite grade challenges. This follows the curtailment of production at the refinery in June 2024. The Kwinana refinery currently has about 220 employees. Alcoa says this number will be reduced during 2026 as the closure progresses. Certain employees will remain beyond 2026 to prepare the site for future redevelopment. Permanently closing Kwinana’s 2.2mmt of annual capacity will bring Alcoa’s global consolidated refining capacity to 11.7mmt. Alcoa has undertaken numerous studies and analyses since curtailment to determine the future of the refinery, including restart and closure....