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Rio Tinto decreases revenue, increases Pilbara production The world’s second-largest metals and mining corporation Rio Tinto (ASX:RIO) has reported a 10.4% decrease in sales revenue of US$26.6b (A$39.12b) for the six months ending June 30, 2023. Rio recorded US$11.7b (A$17.21b) in earnings before interest, tax, depreciation and amortisation for the first half of the year, a 25% decrease on the prior corresponding period. The company says the decline is reflective of the easing iron ore prices. Rio chief executive Jakob Stausholm said the company is poised for long-term success. “We have a clear pathway to building an even stronger Rio Tinto and continue to gain momentum in our strategy to set the...

Consultations open for Critical Minerals List update The Federal Government is calling for industry input as it looks to update the Critical Minerals List by the end of this year. The current list, as of March 2022, includes 26 minerals, with this year’s update aiming to prioritise support for critical minerals projects that drive priority technologies and contribute to the Critical Minerals Strategy that was released last month. Federal Resources and Northern Australia Minister Madeleine King says updating the Critical Minerals List will ensure the Federal Government can support the industry’s development and help Australia to...

Fortescue Metals achieves record iron ore shipments for FY23 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,...

Substantial REE anomalies discovered at Nolans east 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...

Agrimin continues with process test work at Mackay 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...

Monadelphous secures $200m construction contract with Albemarle 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...

Fenix Resources acquires Mount Gibson Iron’s Mid-West assets 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...

Fortescue Metals ships first delivery of high-grade magnetite from Iron Bridge 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...

Rio Tinto enters $1b joint venture to manufacture and market recycled aluminium products 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...

Antipa Minerals outlines Paterson and Wilki FY24 exploration programs 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...

South32 sets three annual production records in FY23 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...