Tag: WA iron ore

Rio Tinto: The Bottom Line

Rio Tinto: The Bottom Line

All images: Rio Tinto. BY ELIZABETH FABRI IT capped off a strong 2017 calendar year with $US8.8 billion in profit, but Rio Tinto is increasingly focussed on reputation and its social license to operate, both here and abroad. Rio Tinto is riding high on the back of a 90 per cent increase in net profit compared to 2016. It was a successful year on many fronts, with Rio Tinto’s iron ore division celebrating the opening of the $US338 million Silvergrass mine. Iron ore prices were also working in its favour, as China’s increased appetite for higher grade ore continues following the nation’s winter steel curtailment policy. However, like many of its peers, the company’s global ‘social...

Balla Balla ratified in Parliament

Balla Balla ratified in Parliament

BY CAMERON DRUMMOND BBI Group (BBIG) has received the final assent of a WA Government agreement for its multi-billion dollar Balla Balla Infrastructure (BBI) project, linking iron ore deposits from the Central Pilbara with a new export facility at the Balla Balla port via a 162km purpose-built railway. The ratification of the project by Parliament is seen as a big step forward for the project, which would create about 3000 jobs during construction and about 900 operational positions. BBIG estimated that the total royalties payable to the WA Government from customer mines over the life of the project could be in excess of $4 billion. BBIG chairman Jon Young said the company was particularly pleased with the bipartisan...

King of the Hill

King of the Hill

All images: Roy Hill. BY ELIZABETH FABRI AT last – the $10 billion Roy Hill mine has hit its 55 million tonne per annum run rate. After overcoming significant orebody challenges during ramp up, the miner is now posting tidy profits as it nears the end of a 90 day lenders test to demonstrate sustainable levels of production. It has been a rocky road to full production for Roy Hill since sending off its first shipment in December 2015. Teething issues encountered with the orebody caused a series of delays, pushing what was originally scheduled to be complete by the end of 2016, back until late 2017. It was a tough time for the miner, but after much...

Fortescue Metals Group: Star Power

Fortescue Metals Group: Star Power

All images FMG. BY ELIZABETH FABRI NEV Power is preparing to step down after six and a half eventful years at the FMG helm – leaving some mighty boots to fill. The seasoned executive reflects on his time at FMG and the company’s next chapter, as it embarks on the $US1.5 billion Eliwana project and examines diversification beyond iron ore. Rewind the clock four or five years and it’s hard to believe FMG is the same company that stands here today. In 2012/13, the iron ore miner was staring death in the face, drowning in a $US13 billion pool of debt just as the iron ore price was continuing its slow decline to late-2015 lows of $US38/t....