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Rio pays $9.5b in Australian taxes for 2025

NewsProjects & Operations

Rio pays $9.5b in Australian taxes for 2025

Rio Tinto (ASX: RIO) paid $14.3b globally in taxes and royalties during 2025 according to its most recent Taxes and Royalties Paid Report. Of the total taxes and royalties paid, $9.5b was paid in Australia — including corporate tax paid of $5.8b — and significant payments were also made in Chile, the US, in Mongolia and Canada. Higher tariffs on primary aluminium exports from Canada to the US, including the removal of the 10% tariff exemption from March 2025, resulted in about $1.45b in additional tax payments in the US. Higher profits at Escondida resulted in higher corporate tax payments in Chile and increased copper production and prices at Oyu Tolgoi resulted in higher royalty payments in Mongolia. Rio Tinto chief financial officer Peter Cunningham says the taxes and royalties Rio pays to governments are an important contributor to the economic health and development of the regions where it operates. “We seek to operate responsibly everywhere we work,” he said. “Our payments to governments can be significant for national budgets and to support development priorities, while our voluntary social investment also allows communities to invest in their own social and economic development for years to come. “We continue to be a leader in transparent tax reporting, voluntarily publishing detailed information on our taxes and royalty payment to governments for over 15 years." Rio also spent a record $19.7b with more than 6,000 Australian suppliers in 2025 — a $2b increase on the previous year. $12.1b of that was spent with WA suppliers as Rio advances development of its replacement mines in the Pilbara. A record $1.1b was spent with Indigenous businesses, including A$820m with Traditional Owner businesses. Rio Tinto iron ore chief executive Matthew Holcz says Rio’s suppliers are fundamental to its operations. “We are proud to acknowledge the vital role these Australian businesses play in creating jobs, strengthening local economies and supporting our business,” he said. "Stronger local supply chains build stronger communities, and in turn, a stronger nation.”

Fenix Resources (ASX: FEX) is bracing its Mid-West operations in WA for the impacts of Tropical Cyclone Narelle and diesel fuel delivery uncertainty linked to global supply constraints.

NewsProjects & Operations

WA iron ore operations hit by cyclone and fuel shortages

Fenix Resources (ASX: FEX) is bracing its Mid-West operations in WA for the impacts of Tropical Cyclone Narelle and diesel fuel delivery uncertainty linked to global supply constraints.The combined impact of weather disruption and constrained fuel supply could affect mining and haulage activities for Fenix. To manage the situation, the company is scaling back non-essential operations while prioritising processing and haulage.The Bureau of Meteorology has indicated the cyclone could impact the Gascoyne Coast before tracking south through the Mid-West, prompting the Mid-West Port Authority to activate cyclone response procedures which will temporarily close all shipping operations at Geraldton Port.Fenix expects to maintain sufficient fuel supplies in the near-term, supported by existing stockpiles, allowing the miner to continue to process and haul iron ore to the port of Geraldton.Despite these current challenges, Fenix has maintained its FY26 guidance of 4.2-4.8mt of iron ore sales at a C1 cash cost of $70-$80/wmt on the expectation the port operations recommence in early April 2026 and diesel fuel supply conditions stabilise.Fenix said it does not intend to revise its guidance at this stage, as the underlying assumptions for its three-year production plan and Weld Range development strategy remain unchanged.

Australian explorers cash in on billion-dollar exploration boom

Exploration & DiscoveryNews

Australian explorers cash in on billion-dollar exploration boom

A report from BDO has found Australian resource exploration companies are holding a record $12.04b in cash following an exceptionally strong funding quarter.The December quarter has historically been the strongest fundraising period for explorers and this pattern continued in 2025.For Q2 FY26, Australian advisory firm BDO recorded financing inflows of $5.63b, a 61% rise on $3.49b from the previous quarter, to support the highest total cash balance recorded since its analysis began, surpassing the previous $10.15b peak set in Q4 FY22.According to BDO, this is a clear indication of the improving financial health of ASX explorers and positive sector outlook.These numbers show strong liquidity among mid?tier and larger explorers as exploration activity gains momentum, with total expenditure increasing to $915.65m during the quarter — up from year-on-year (YoY) figures of $792.15m for FY24.BDO also reported the share of companies with less than $2m in cash declined to 36%, signalling reduced funding stress and improved prospects for project development heading into CY26.BDO natural resources and energy global lead Sherif Andrawes says investor sentiment improved during the quarter, supported by tightening supply conditions across key commodities and an increased global focus on critical minerals.“While gold continued to attract substantial funding inflows, significant support was also directed to energy?transition and critical minerals including lithium, uranium, rare earths, and copper,” he said.According to Australian Bureau of Statistics (ABS) data, gold exploration saw the largest rise in exploration activities, up 8.8%, while iron ore exploration fell 18.7%.Rox Resources (ASX: RXL) led the podium for ASX-listed gold explorers with $218m in cash available at the quarters end.Energy transition commodities were prominent this quarter, with lithium overtaking gold as the largest source of financing inflows by commodity.Lithium explorer Vulcan Energy (ASX: VUL), backed by Gina Rinehart’s Hancock Prospecting, recorded the highest cash balance at the end of the period, with $957.29m available on the back of Q2 fundraising activities, accounting for 88% of lithium-sector inflows for the quarter.“Growth in lithium financing inflows during the quarter, largely driven by Vulcan Energy, reflects Europe’s lithium supply deficit and the rising demand from electric vehicles (EVs) and energy storage systems, alongside the global expansion of electrification systems and the need to diversify sources of supply,” Mr Andrawes said.Arafura Rare Earths (ASX: ARU), another company backed by Hancock Prospecting, held the second highest cash balance of $500.72m at the quarters end after Ms Rinehart committed $125m to a share placement — raising Hancock’s stake in the company to about 15.7%.BDO reported the quarter saw a 32% increase in fund finders, companies that recorded debt and equity raises of $10m or more, rising to 103 companies from 78 in the previous quarter.These companies raised about $4.74b, about 65% higher than the $2.88b raised by 78 companies in the previous quarter. On average, the fund finder cohort for Q2 raised $46.01m per company and contributed about 84% to total financing inflows.“Looking forward, this quarter signals that ASX explorers enter 2026 with substantial momentum,” Mr Andrawes said.“Record financing inflows, rising exploration expenditure, improved cash reserves and a recovery in IPO activity collectively point to a more resilient and optimistic environment for explorers.”While macroeconomic uncertainty and market volatility remain ongoing challenges, broader participation across gold and energy?transition minerals indicates renewed investor support in Australia’s exploration sector.The sector appears well?positioned to sustain these activity levels into 2026, reinforcing the foundations laid during the standout quarter.

Macmahon Holdings (ASX: MAH) is partnering with Manuka Resources (ASX: MKR) for the restart of mining operations at the Wonawinta silver project in NSW.

NewsProcurement & Suppliers

Wonawinta silver project set for restart under Macmahon deal

Macmahon Holdings (ASX: MAH) is partnering with Manuka Resources (ASX: MKR) for the restart of mining operations at the Wonawinta silver project in NSW.The agreement covers open pit mining services, drill and blast and load and haul activities with mining expected to recommence in May 2026.A formal mining services agreement is anticipated to be finalised in April, with an estimated value of $190m across an initial five-year term.Macmahon has said no additional capital expenditure is required for FY26, with company guidance remaining unchanged.The Wonawinta project, located in the Cobar Basin, last operated in 2015 before being placed in care and maintenance due to low silver prices.Manuka Resources acquired the project in 2016 and has since intermittently used the site’s processing plant for gold from its nearby Mt Boppy operation.The project was returned to care and maintenance in early 2024.Macmahon managing director and chief executive Michael Finnegan welcomes the opportunity to partner with Manuka Resources to de-risk operations at Wonawinta.“Macmahon is proud to be working in partnership with Manuka Resources to get this exciting large-scale silver project into production again” he said.“We look forward to working closely with them to deliver the operational flexibility and scalability that supports Manuka’s development timetables and production targets.”

A fatal accident involving a contractor has occurred at Nickel Industries’ (ASX: NIC) Hengjaya mine in Indonesia.

NewsPeople & Workforce

Contractor dies at Nickel Industries mine

A fatal accident involving a contractor has occurred at Nickel Industries’ (ASX: NIC) Hengjaya mine in Indonesia.All operations have since been suspended at the mine pending an investigation by the Indonesian Ministry of Energy and Mineral Resources which is expected to commence on March 27.The contractor, engaged by PT Fajar Metal Industry, was working on the construction of transmission lines for the slurry plant and dry stacked tailings facility infrastructure when the fatal accident occurred, according to Nickel Industries.The company said it is cooperating with the Ministry of Energy and Mineral Resources and will provide further updates as they become available.Nickel Industries extended its condolences to the contractor’s family, friends and fellow workers and said support is being provided.

Rio Tinto’s (ASX: RIO) Diavik diamond mine in the Northwest Territories of Canada has seen its final day of production after 23 years of operation.

NewsProjects & Operations

Rio Tinto diamond mine delivers final production

Rio Tinto’s (ASX: RIO) Diavik diamond mine in the Northwest Territories of Canada has seen its final day of production after 23 years of operation.The mine which has produced more than 150 million carats of rough diamonds was discovered in 1991 beneath Lac de Gras, 220km south of the Arctic Circle.Mining began in 2003, utilising both open pit and underground mining methods to produce predominantly white gem quality diamonds and a small proportion of rare yellow diamonds.A celebration at the mine was attended by Indigenous Government Organisations, government representatives and other stakeholders to signal the formal completion of production.Diavik chief operating officer Matthew Breen says this milestone reflects the significance of the operation in the region.“Diavik has been an inspired collaboration between a modern mining company and Indigenous partners with an enduring legacy of socioeconomic benefits for the North” he said.“We look forward to continuing to respectfully reclaim the land in line with our commitments to, and in partnership with, the Government of the Northwest Territories and Indigenous partners.”Planning for closure has been underway since before production began, with closure objectives covering safety, land use, landforms, water and biodiversity and community capacity.Closure activities will extend to 2029, followed by a period of post-closure monitoring.Rio Tinto says the rough diamonds from the final production phase will be polished and sold through 2026 and beyond via its global customer network.

Following the successful ballot, workers can take the action if they provide five days’ notice to BHP.

NewsPeople & Workforce

BHP faces first Pilbara strike in decades

Electrical workers at BHP’s (ASX: BHP) Pilbara mining operations have voted for protected industrial action, following more than a year of negotiations.The Electrical Trades Union (ETU) says the vote is the first at a mine operator in the Pilbara in decades and covers 60 workers on BHP’s Pilbara high-voltage network.The workers are seeking a workplace agreement that covers annual pay adjustments, classifications, travel time, higher duties and on-call arrangements and would replace a patchwork of “wildly disparate individual contracts,” according to the ETU.“ETU members working at BHP in the Pilbara are highly skilled. They perform difficult, specialist, high-risk work,” ETU WA secretary Adam Woodage said.“For years they have been working under wildly disparate individual contracts, with basic conditions at the whim of individual managers, who have played favourites and built personal empires through the selective application of company policies.”WA CME chief executive Aaron Morey says the move, which opens the door to the first resources sector strike in the Pilbara in decades, sends a worrying signal to global investors.“This is a dangerous turn for the Pilbara. Industrial conflict and dispute doesn’t just hurt investment – ultimately, it hurts workers and WA families,” Mr Morey said.“The log of claims put forward by the ETU is not grounded in reality. It proposes total remuneration packages comparable to the WA Premier while also seeking to dictate rostering patterns and workforce composition. Simply put, the union’s demands are unworkable.”Following the ballot, covered workers can take work stoppages lasting between 15 minutes and 48 hours. Workers can also refuse permit issuance, switching programs, on-call and overtime work, high-risk work and attending management-led meetings.Mr Woodage said that unions wanted to be a force for peace in the Pilbara, but that could only happen if companies were willing to engage in genuine productive negotiations.“Today’s vote is the result of hubris by BHP. Their disagreement with the people who keep the lights on and the ore moving has reached this point because of a protracted, deliberate and short-sighted refusal on the part of the company to negotiate a reasonable, consistent agreement,” he said.“Workers put a position to BHP more than 12 months ago hoping to commence negotiation of a fair, reasonable, transparent agreement. The company has refused to negotiate on a single point.“This refusal left workers with no other way forward than to pursue protected industrial action.“It’s nobody’s preferred way forwards, but when it is the only way forward it is one that we are more than prepared to take.Mr Morey says similar strikes, frequent in the 1970s and 1980s, damaged WA’s reputation as a trading partner, leading to investment flowing into Brazil, creating an iron ore industry that today remains WA’s biggest competitor.“The conflict in the Middle East provides a stark reminder of the importance of the strategic importance of WA’s export industries,” he said.“Our reputation as a reliable supplier of minerals and energy to Asian markets is one of our greatest strengths as we seek to navigate the unfolding global energy challenge.“We cannot afford to damage that reputation through industrial disputes based on unrealistic union demands.”Mr Woodage says the door remains open should BHP wish to meaningfully commence negotiations.Proposed actions will not be taken in any situation where the safety of workers or the community may be threatened, according to the ETU.

Australia signs landmark free trade agreement with EU

NewsPolitics & Regulation

Australia signs landmark free trade agreement with EU

After eight years of negotiations, Australia has signed a free trade agreement (FTA) with the European Union (EU) to lower trade and investment barriers between the regions.Yesterday, Prime Minister Anthony Albanese and European Commission President Ursula von der Leyen announced the conclusion of negotiations for a FTA alongside a new security and defence partnership.The FTA will boost trade and cooperation on critical minerals, reinforcing the Australia–EU strategic partnership on critical minerals by establishing a clear framework that underpins market access and long-term cooperation across the full minerals value chain.Under the FTA, almost all Australian exports of manufactured goods and mineral resources to the EU will face zero import tariffs.Federal Trade and Tourism Minister Don Farrell says the FTA is a strategically important and economically valuable agreement at a time when Australian exporters are navigating choppy trade waters.“This hard-fought deal delivers real commercial gains for Australian exporters, farmers and producers into a market that has been difficult to enter or effectively closed for decades,” he said.“The removal of EU tariffs on most of Australia’s exports gives Australian exporters the opportunity to diversify trade with 27 European countries and 450 million consumers.”Australian companies, including small and medium-sized enterprises, will have better access to bid for lucrative European government contracts, worth about $845b annually, including for rail and construction.Australian professionals will also be able to travel to the EU more easily and will benefit from streamlined recognition of their Australian qualifications.Minerals Council of Australia chief executive Tania Constable says Australia is positioned to be a reliable, long-term supplier of the minerals essential to energy systems, defence technologies, advanced manufacturing and broader industrial resilience.“Mutual recognition of qualifications, professional services and specialist expertise will strengthen industrial capability by improving workforce mobility so critical engineering, technical and professional skills can be deployed more efficiently across mining, processing, manufacturing and defence?adjacent sectors,” she said.“The agreement improves market access for Australian miners, enhances investment certainty and provides a strong platform for increased EU investment into Australian mining projects, downstream processing and critical minerals supply chains.”The FTA will enter into force when both Australia and the EU have completed their domestic processes.

The Boyne aluminium smelter, Australia’s second-largest aluminium smelter, is majority owned by Rio Tinto.

NewsProjects & Operations

Boyne smelter secured to 2040

Rio Tinto (ASX: RIO) and the Federal and Queensland Governments will invest $2b to secure the future of the Boyne aluminium smelter in Gladstone.The agreement secures future aluminium production at the smelter until at least 2040, beyond the completion of Boyne Smelters Limited's current power contract ending in 2029.Under the deal, the Federal and Queensland Governments will invest a combined $2b across 10 years to 2040 and Rio Tinto will underwrite close to $7.5b in new renewable energy and storage in the state.The Boyne aluminium smelter supports 1000 jobs at the site and a further 2000 indirect jobs in Gladstone, according to the Queensland Government.Australia is unique in that it has the entire aluminium supply chain, from bauxite mining to finished products, onshore.Queensland Natural Resources and Mines Minister Dale Last comments on the agreement.“At a time when supply chain disruptions are being felt across the globe, this investment is needed now more than ever to safeguard Queensland’s sovereign manufacturing capabilities and to build national resilience and international competitiveness,” he said.“Only in Queensland can we mine, refine and smelt to produce one of the world’s most versatile and ubiquitous metals, being aluminium and we must protect that capability.”Rio Tinto aluminium & lithium chief executive Jérôme Pécresse says the partnership will ensure Boyne smelter remains internationally competitive, strengthens the Australian aluminium sector for the future and supports the transformation and decarbonisation of the Queensland energy system.“As fossil fuels become increasingly expensive, this investment, combined with the power purchase agreements we have already signed, positions Boyne to be among the world’s first aluminium smelters underpinned by solar and wind power,” he said.“It also ensures heavy manufacturing like aluminium smelting can continue in Gladstone for the long term and preserves one of the few fully integrated aluminium value chains in the world — from bauxite mining to alumina refining to aluminium smelting all in Queensland — as demand for aluminium continues to grow with the energy transition.”In addition to its previously announced power purchase agreements, Rio Tinto has agreed to offtake 40% of Lightsource bp’s Lower Wonga solar and battery hybrid project near Gympie, equivalent to 112MWac of solar capacity and about three hours duration of associated battery storage. This brings total Queensland renewable power contracted by Rio Tinto to more than 2.8GW.

Liberty Bell Bay smelter enters voluntary administration

NewsProjects & Operations

Liberty Bell Bay smelter enters voluntary administration

Liberty Bell Bay in Tasmania, one of billionaire Sanjeev Gupta’s last remaining Australian assets, has entered voluntary administration.The Tasmanian Government is actively engaging with the appointed administrators, receivers and key stakeholders to follow developments at the smelter and its implications to the state.In early March, the Australian Securities and Investments Commission (ASIC) lodged an application to the Supreme Court of NSW to wind up operations at Liberty Bell Bay following its failures to lodge annual financial reports for five consecutive years.The smelter has been operating at a limited capacity since May despite being granted a $20m loan from the Tasmanian Government in August to purchase 48,000t of ore to facilitate its restart.In late January, the Tasmanian Government confirmed that Liberty Bell Bay had repeatedly defaulted on repayments and breached the loan agreement terms.Tasmanian Business, Industry and Resources Minister Felix Ellis says the news will be difficult for workers, their families and the local community who have already endured prolonged uncertainty.“GFG has failed to deliver on its commitments to restart operations and provide certainty to Tasmanians,” he said.“We understand that administrators have been appointed with the intention of stabilising the business and testing the market for a potential sale or recapitalisation.“We will carefully consider all available options, with a clear focus on securing the best possible outcome for workers, the Bell Bay region and Tasmania’s industrial future.”Liberty Bell Bay is the latest in a trail of resource assets led by Mr Gupta across Australia that have fallen into administration.In February, Mr Gupta placed Tahmoor coal mine into voluntary administration in an effort to prevent creditors, led by Coal Mines Insurance (CMI), from forcing liquidation of the asset over unpaid insurance claims.In 2025, the South Australian Government forced Whyalla Steelworks’ operator OneSteel Manufacturing into administration to avoid it becoming “irredeemable” under Mr Gupta who was the previous owner.

Billion-dollar copper project to deliver local benefits

NewsProjects & Operations

Billion-dollar copper project to deliver local benefits

The Queensland Government has declared the proposed $2.3b Eva copper mine a large resource project under the Strong and Sustainable Resource Communities Act 2017.The declaration means, if approved, the project must employ a percentage of its workforce locally and prioritise local procurement, ensuring long-term social and economic benefits for the surrounding Mt Isa and Cloncurry communities.Located 75km north of Cloncurry and 95km northeast of Mount Isa, the Eva project is expected to produce an average of 60,000tpa of copper and 19,000ozpa of gold over a 15?year mine life.Copper concentrate extracted at the project will be processed locally at Glencore’s Mount Isa copper smelter, supporting existing industrial capability in the region.Queensland Deputy Premier and State Development, Infrastructure and Planning Minister Jarrod Bleijie has also extended Eva’s prescribed project declaration, providing additional certainty and streamlined approval pathways.The extension allows the coordinator general an additional two years, until March 25, 2028, to continue providing coordinated support and fast-tracking approvals to keep the project moving.Deputy Premier Bleijie says the Queensland Government is focused on delivering a better lifestyle through a stronger economy, by supporting projects that deliver jobs, investment and long-term regional benefits.“Eva copper has the potential to be Queensland’s biggest copper mine, and we want to ensure the communities closest to the project share directly in its success,” he said.“Declaring Eva copper a large resource project strengthens local employment opportunities, supports regional businesses and ensures long term benefits for Mount Isa and Cloncurry.”The project, owned by Harmony Gold, is anticipated to generate up to 1000 construction jobs and 450 ongoing operational roles, delivering a major boost to the region’s workforce and economy.Cloncurry Mayor Greg Campbell says Eva’s designation as a large resource project would assist local efforts to ensure benefits for the Cloncurry community.“We want to make sure the project not only generates long-term economic benefits throughout our local supply chains but also creates social and community benefits for our residents,” he said.Forecast to inject more than $17b into Queensland’s economy, first copper concentrate is expected to be delivered to the Mount Isa smelter in 2028.Harmony Gold chief development officer Johannes Van Heerden says the company welcomes the Queensland Government decisions.“As a Tier 1 Mining jurisdiction, Queensland offers coordination support and a stable regulatory framework that has helped Eva copper move forward through planning and into construction with certainty,” he said.