Fortescue bets $152m on Peruvian copper takeover

Evolution Mining (ASX: EVN) has tabled record net statutory profit, underlying profit and earnings before interest, tax, depreciation and amortisation (EBITDA) in FY24. Statutory profit was up 158% from FY23 to $422m, underlying profit increased 135% to $482m and EBITDA was 67% higher to $1.51b. Evolution managing director and chief executive Lawrie Conway commented on the results. “The record financial performance and excellent progress we have made on deleveraging the balance sheet and the more than doubling of the final dividend, while continuing to invest in our various project opportunities, are testament to our strategy and capital allocation discipline,” he said. “We are ideally positioned for FY25, which will see us continue our high cash generation through planned higher production,…

Pilbara Ports has achieved record throughput for the sixth consecutive year with 775.7mt of exports and imports moving through its ports in FY25. This throughput equates to around $153b worth of commodities across the ports of Ashburton, Dampier, Port Hedland and Varanus Island, highlighting the essential role Pilbara Ports plays in the global supply chain and the Australian economy. The Port of Port Hedland contributed 577.7mt to the total, a 1% increase to last financial years performance, securing its position as one of the most important ports in the country. Iron ore exports remained strong, despite global economic uncertainty, with an increase of 3% to 730.8mt for FY25. Pilbara Ports handled 81% of Australia’s iron ore trade and 43% of…

IN a boost to the territory’s economy and jobs, Nathan River Resources has been granted further approval to develop the next stage of its Nathan River Project in the Roper Gulf region. Nathan River Resources, owned by British Marine Group (Britmar), took over the former Western Desert Resources Roper Bar iron ore mine in 2017 after the previous owner went into liquidation. The mine, an established open-cut iron ore mine located 55km southeast of Ngukurr, had been in care and maintenance since April 2015. In February 2018, Nathan River Resources was approved to reopen the mine and ship existing stockpiled minerals and process low-grade ore at the site. With this latest approval now granted, Nathan River Resources estimates about 1mt…

URANIUM producer Energy Resources of Australia has come close to exceeding its upper production guidance for 2019 and has realised slightly higher prices for its uranium oxide product. ERA stated it expects the uranium market to remain challenging in the near term, with the market’s surplus expected to continue into the medium term. “China-led demand growth is expected to support a rebalancing of the market over the longer term as China and other Asian countries continue to progress their nuclear power programs in accordance with long-term energy policy objectives,” ERA stated in its 2019 results announcement on Wednesday. ERA achieved an average price of US$41.89/pound last year on all sales of its uranium oxide product including contracted sales and spot…