Australia vies for global critical minerals investment

A contractor working at Agnico Eagle’s Fosterville gold mine in Victoria has died following an underground incident on December 5. An investigation is being conducted in cooperation with local authorities to determine the cause of the incident. Agnico Eagle is working with the contractor to ensure support and assistance is provided to the individual’s family during this difficult time. 

Hancock Prospecting (HPPL) will have to pay royalties from Hope Downs to one of its biggest rivals after the WA Supreme Court upheld Wright Prospecting’s claim involving legacy deeds signed by Gina Rinehart's father. The decades-long legal battle has culminated in a ruling from Justice Jennifer Smith, who found HPPL is the beneficial owner of the Hope Downs share but upheld Wright Prospecting’s claim to royalties.The proceedings were concerned with formal agreements made decades ago between Lang Hancock, Peter Wright and Don Rhodes. A major consideration was who held the beneficial ownership of the Hope Downs and East Angelas exploration licenses when they were acquired in 1988 and 1989, and who now holds the beneficial interest in the 50% share of the Hope Downs mining lease. Following the ruling, Hancock Prospecting framed the central issue as ownership of the Hope Downs and East Angelas tenements, rather than “the far less significant issue of royalties”. “HPPL welcomes the WA Supreme Court decision which decisively confirms HPPL’s rightful ownership of these tenements firmly rejecting the baseless ownership claims of John, Bianca and Wright Prospecting Pty Ltd (WPPL) in their entirety,” executive director Jay Newby said in a statement. Hope Downs today generates hundreds of millions of dollars in taxes and royalties for the WA Government. “The remaining Rhodes royalty claim historically attributable to HPPL amounts to approximately $4m per annum for Rhodes and for WPPL approximately $14m per annum,” Mr Newby said. Hancock does not expect to shoulder that burden alone. Mr Newby said any amounts payable in royalties and interest are a shared responsibilities with Rio Tinto (ASX: RIO), its partner in Hope Downs.  “ a further royalty contribution in this regard, which will lessen contribution,” he said.  “We will consult with our partner and consider our position on these matters.” Counsel on both sides will have 21 days to lodge their appeals.

Yesterday, Australia’s Liberal Party abandoned its policy to achieve net zero — claiming emissions goals are driving up energy prices.

The Queensland Government has opened expressions of interest (EOI) for its Mount Isa transformation study to assess future pathways for Queensland’s north-west region.The study will examine long-term industrial capability, market conditions and broader opportunities for workers, communities and regional economies across the full copper value chain throughout the north-west minerals province (NWMP) and the associated smelter and refinery.Completion of the study is a key milestone under the joint government support package for the Mount Isa copper smelter and Townsville copper refinery which provides capital investment into Glencore’s copper processing facilities.Importantly, local working families, businesses, councils and community members will have opportunities to provide input during the process.Federal Industry, Innovation and Science Minister Tim Ayres says the study is about securing a strong, long-term future for the Mount Isa region by taking a clear, end-to-end look at the region’s copper value chain and industrial capability.“My simple message to Mount Isa is — we’ve got your back,” he said.“By assessing the full copper value chain across the region, from the smelter and refinery through to supply chains and emerging opportunities, this work will help inform sound government and industry decisions beyond the current support period.“The Government will always stand up for Australian workers and manufacturing, and will ensure Mount Isa workers, businesses, councils and community members have a genuine say.”The region’s copper industry outlook has been uncertain after Glencore closed the doors at its Mount Isa mines last year.However, the region is ushering in a new generation of developments — including the $2.4b Eva copper project located 95km northeast of Mount Isa — and the Queensland and Federal Governments, alongside Glencore, continue to and the state’s north-west.Queensland Natural Resources and Mines Minister Dale Last says this study is about standing with North and North-West Queensland for the long haul, delivering certainty to the hard-working Queenslanders who keep the copper industry moving.“We’re securing a future for thousands of jobs that rely on the smelter, refinery and Phosphate Hill,” he said.“We’re charting a long-term path that protects jobs and keeps Queensland at the forefront of copper and critical minerals processing."At the heart of this work are the boiler makers, diesel fitters, technicians and small businesses who rely on a strong copper processing sector.“This is an injection of confidence in the region, part of delivering a better lifestyle through a stronger economy, from the copper smelter in Mount Isa, the fertiliser plant at Phosphate Hill, to the emerging projects across the NWMP and the port workers in Townsville."