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Iron ore shipments of 48.9mt in Q4 FY23 contributed to Fortescue Metals (ASX:FMG) achieving record shipments of 192mt for FY23. This is 2% higher than FY22 and achieved the top end of market guidance. FY23 represents the fourth consecutive year of record shipments, reflecting strong performance across the entire supply chain.   Average revenue totalled US$96/dmt (A$141.80/dmt) in Q4 FY23, realising 87% of the Platts 62% CFR Index, and average revenue in FY23 totalled US$95/dmt (A$140.32) in FY23. This strong cashflow generation contributed to a cash balance of US$4.3b (A$6.35b) and net debt of US$1b (A$1.48b) as of June 30, 2023, comparted to net debt of US$2.1b (A$3.1b) as of March 31, 2023. Fortescue chief executive Fiona Hick commented on…

Substantial rare earth element (REE) anomalies have been defined at Bubalus Resources’ (ASX:BUS) Nolans east project in the Northern Territory. Recent sampling has defined seven large-scale rare earth element anomalies at surface across the target area, extending previously identified ones as well as identifying new ones. The anomalies are based on assay results from 1687 samples, with 267 returning more than 500 parts per million total rare earth oxides (TREO). Sampling was carried out at spacing of 400m by 100m and 200m by 100m, with 50m by 50m spacing completed over anomalies within the original sampling area. The anomaly initially sampled by Bubalus now measures 2.4km by 1.3km, with the aggregate strike length of all anomalies measuring over 5km in…

Additional process test work with leading equipment vendors is ongoing at Agrimin’s (ASX:AMN) Mackay potash project in WA. Process test work Agrimin’s integrated owner’s team, supported by Turner & Townsend JukesTodd as project management consultant, is progressing several front end engineering design (FEED) work streams. The outcomes of the FEED study will provide a greater degree of accuracy for operating and capital costs, as well as minimise the risk of material changes during the execution phase of the project. An extensive technical review during the current FEED phase, together with the reported experienced of other potash projects in WA, led to the requirement for further process test work to be completed. This additional test work will aim to de-risk Mackay’s…

Engineering company Monadelphous (ASX:MND) has secured a $200m construction contract with Albemarle to expand the Kemerton lithium hydroxide plant in the south west region of WA. The contract includes front-end pyromet structural, mechanical, piping, electrical and instrumentation works associated with two new lithium processing trains (trains three and four). This contract follows the successful delivery of construction packages on trains one and two, plus the recently awarded long-term maintenance and sustaining capital projects contracts at Albemarle’s Kemerton operations. Monadelphous managing director Zoran Bebic said the award of this contract represents the first in a new wave of major construction projects to come to market. “We are extremely pleased to have secured these key construction opportunities, and look forward to continuing…

Fenix Resources (ASX:FEX) has acquired Mount Gibson Iron’s (ASX:MGX) Mid-West iron ore, port and rail assets.   The assets Fenix has acquired include the Shine iron ore mine, two on-wharf bulk material storage sheds at Geraldton Port, two rail sidings at Ruvidini and Perenjori and mining assets and obligations at the Extension Hill iron ore mine. The purchase consisted of $10m in cash, 60m fully paid ordinary Fenix shares and 25m options. Following the completion of the transaction, Mount Gibson holds around 8.6% of Fenix’s issued ordinary shares. The acquisition of Mount Gibson’s assets provides Fenix the opportunity to reduce the cost of its existing Iron Ridge production, expand production from Iron Ridge, re-commission Shine as a second production asset…

Fortescue Metals (ASX:FMG) has shipped its first delivery of high-grade magnetite to Vietnam from its newly built Iron Bridge operations in WA. Fortescue chief executive Fiona Hick was joined by Nyamal Traditional Custodians and representatives from Fortescue’s Iron Bridge joint venture partner Formosa in Port Hedland as the first shipment was loaded. Ms Hick said today was a special day for Fortescue. “Today is a truly special day for Fortescue. Last week we celebrated 20 years since Fortescue was founded, and today, we celebrate our first shipment of high-grade magnetite product from our most complex and innovative project yet,” she said. “Iron Bridge is a game changer for Fortescue and builds on our track record of safely and successfully developing…

Rio Tinto (ASX:RIO) has entered a joint venture with Giampaolo Group to manufacture and market recycled aluminium products. One of North America’s largest fully integrated metal management businesses, Giampaolo Group focuses on harvesting waste within the metal ecosystem by operating within the manufacturing, recycling and IT asset disposition space. Giampaolo chief executive Chris Galifi said the company is excited to partner with Rio Tinto. “I am delighted to partner with Rio Tinto, a leader in the global aluminium industry,” he said. “We have steadily invested within the recycling supply chain and have grown the Matalco business over the past 18 years, based on our strategy focussing on a circular economy, and are extremely proud of the high-quality, low-carbon products we…

Antipa Minerals (ASX:AZY) has outlined the planned FY24 exploration programs for the Paterson and Wilki farm-in projects. Managing director Roger Mason is excited for work to be underway. “We are excited to have multiple drill rigs turning across all four of Antipa’s Paterson Province projects during the second half of this calendar year, with our partners Rio Tinto, IGO and Newcrest aiming to complete a total of approximately 13,000m of drilling as part of the three combined $8.6m FY24 exploration programs,” he said. “All drilling programs, are heavily focused on growth, testing a range of compelling targets offering the potential for multiple major gold-copper discoveries.” Paterson Operated by IGO, up to 9000m of drilling is planned for Paterson to test…

South32 (ASX:S32) has reported strong growth in aluminium, copper and manganese production, setting three annual production records in FY23. Aluminium production increased 14% to 1133kt in FY23 as the Hillside aluminium smelter achieved record production and South32 benefitted from its investments in low-carbon aluminium capacity at Mazal aluminium and Brazil aluminium. Group copper equivalent production increased 9% in the June 2023 quarter, bolstered by a return to stable operations following adverse weather and other temporary impacts in the prior quarter. South32’s Australian and South African manganese operations achieved annual production records, delivering a 4% increase in manganese production in FY23 to 5653kwmt. Further, base metals production increased 17% as South32 added the Sierra Gorda copper operation to its portfolio. Its…

The Australian Government has opened the Resources Methane Abatement Fund to fund research into reducing methane emissions across the resources sector. Federal Minister for Resources and Northern Australia Madeleine King said the fund would provide around $8.5m in grants to universities and research institutions to develop projects that will cut methane emissions from the country’s coal and gas industries.    “The Australian government is committed to lowering emissions and playing a lead role in helping the world to decarbonise and fight climate change,” she said. “Fugitive emissions from coal and gas projects are responsible for around 29% of Australia’s methane emissions. “The Albanese Government is determined to lower emissions from the resources sector, and we will work with industry to…

Rio Tinto (ASX:RIO) has seen a 3% increase in production from its Pilbara operations for the second quarter of 2023 compared to the same time last year. Pilbara operations produced 81.3Mt in the quarter as the Gudai-Darri mine achieved sustained nameplate capacity during the period. Shipments totalled 79.1mt, 1% lower than Q2 2022, reflecting the impact of planned major maintenance at the Dampier port and a train derailment. With operational improvements across the system and implementation of the safe production system, full-year shipments are expected to be in the upper half of the 320-335mt range. With a focus on continuously improving safety, strengthening employee engagement and sustainability lifting operational performance, the safe production system is now at 20 of Rio’s…