Yilgarn Iron completes first shipment

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.

Rio and Glencore at it again with mega merger talks  Mining majors Rio Tinto (ASX: RIO) and Glencore have confirmed they have entered preliminary takeover discussions for a merger that could create the world’s largest resources company.This is not the first time Rio and Glencore have been in merger negotiations. In 2024, discussions between the companies were unsuccessful due to valuation, leadership and cultural differences after Glencore sought a merger ratio of about 40%, implying a premium of more than 25% based on valuation at the time, and pushed for chief executive Gary Nagle to lead the combined company.  If successful, the merger would be the latest major transaction seen by the sector following last year’s Anglo American $85b merger and acquisition with Canadian copper miner Teck Resources.  The current preliminary discussions are exploring possible combinations of some or all of the businesses, which could include an all-share merger between the companies. Copper appears to be the focal point of the merger as Rio moves towards becoming a global copper leader and acquiring Glencore’s substantial copper assets, including its Mount Isa operations in Queensland, aligns strategically with this shift. This news is the latest in a wave of copper acquisitions as companies around the world look to take advantage of growing global demand and soaring prices. Rio has been advancing its copper portfolio, including ramping up operations at Oyu Tolgoi in Mongolia and pushing progress at Resolution Copper in the US. Rio expects to produce about 870,000t of copper in FY26, underpinned by production at its Oyu Tolgoi — which is anticipated to reach peak production of 500,000tpa in its lifetime — as well as its copper assets across the Americas.  Glencore’s copper outlook for FY26 is almost identical, with production expected to reach between 810,000 - 870,000t, and has a bullish growth outlook of 1.6mtpa by 2035.  Despite the shift in focus to copper, there is little synergy between the two miners' current operations — with iron ore forming the backbone of Rio’s business and Glencore remaining one of the world’s largest coal producers. Considering Rio unloaded the last of its coal assets in 2018 following investor pressure, how Glencore’s significant coal assets will align with Rio’s future is yet to be determined.  Though there is no certainty that an agreement will be reached, Rio has until February 5 to make a formal offer to Glencore. 

Albemarle idles WA lithium plant despite price lift Albemarle will idle its Kemerton lithium hydroxide plant in WA despite a recent recovery in prices for the battery metal.Effective immediately, Train 1 will be idled and placed into care and maintenance. Albemarle previously placed Train 2 into care and maintenance in 2024.Albemarle chairman and chief executive Kent Masters said idling operations at Kemerton was a difficult decision.“It follows significant actions we have taken over the past two and a half years to reduce operating costs during an extended period of price volatility in the market,” he said.“Unfortunately, recent lithium price improvements alone are not enough to offset the challenges facing Western hard-rock lithium conversion operations.“This decision improves our financial flexibility and preserves optionality.”Albemarle posted a Q4 net loss of $581m (US$414m), compared to a $105.6m (US$75.3m) net profit in Q4 CY24.The miner did benefit from higher pricing and volumes, with Q4 energy storage net sales increasing 23% to $1.065b (US$759m).

Greatland Resources’ (ASX: GGP) proposed Havieron underground mine has won backing from the WA EPA, under conditions that include a ban on night-time haulage to protect the critically endangered night parrot.The miner's proposal includes waste rock landforms, evaporation ponds, expanded groundwater abstraction and a 55km haul road for trucking ore from Havieron to Telfer for processing for a combined total of 32mt of ore production.WA EPA Chair Darren Walsh says the protection of conservation-significant fauna was front and centre of the environmental impact assessment.“The EPA’s recommended conditions would ensure that implementation of the proposal would result in no disturbance to critical habitat for the night parrot, and protections for the greater bilby population within and adjacent to the project area,” he said.“The EPA considers that impacts can be significantly reduced through speed limits during day-time haulage, prohibition of night?time haulage operations on the Telfer Havieron haul road, use of fauna spotters, buffers around active burrows and roosts and fauna crossings to maintain ecological connectivity.“Pre-clearance surveys and fauna exclusion areas have also been recommended to minimise any direct impact to terrestrial fauna such as the night parrot, greater bilby and great desert skink.”According to Greatland, Havieron represents Australia’s third largest underground gold ore reserve with an updated ore reserve of 38.5mt at 2.63g/t gold and .33% copper for 3.3moz gold and 128kt copper.The miner’s base-case ‘Havieron Standalone’ operating cost model assumes no extension of the current Telfer mine life, with the Telfer mill processing only Havieron ore.Greatland is targeting first gold about 2.5 years after final investment decision. Havieron has an initial mine life of 17 years, including an initial nine-year steady state period.The EPA’s report to the Minister for Environment is now open for a three-week public appeal period, closing on April 29.Greatland reported production of 82,723oz gold and 4128t copper in the March quarter. The miner currently expects FY26 full year production to be around, or slightly above, the upper end of its guidance range of 260,000–310,000oz gold.The miner says the Telfer operation is not currently impacted by diesel supply disruptions as fuel is supplied directly by a global oil major on a long-term contract via Port Hedland.