China BaoWu Steel Group Corporation (Baosteel)
China BaoWu Steel Group Corporation (Baosteel)
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Global miner Rio Tinto is a step closer to development planning for the world’s largest and richest known high-grade iron ore deposit at Simandou in Guinea with the signing of a non-binding term sheet with Chinese state-owned steelmaker Baowu Group for the project’s infrastructure.
Baowu confirmed the signing of the agreement and intends to fast-track negotiations on the shareholder agreement, Reuters reported.
START THE WEEK: WHAT YOU NEED TO KNOW
The partnership agreement between leading Australian iron ore producer Rio Tinto and state-owned steelmaker China Baowu Steel Group to develop the new $US2B Western Range project represents another key step in China's efforts to secure its long-term supply.
Baowu will hold a 46% stake in Western Range, which is expected to deliver 25Mtpa over about 13 years, which matches the interest it has held in the producing Eastern Range mine for over 20 years.
Rio Tinto has begun the next significant phase of investment in its Pilbara iron ore business in Western Australia with the launch of the $US2B Western Range mine development in a JV with long-time partner China Baowu.
Global major Rio Tinto has teamed again with state-owned conglomerate China Baowu Steel Group for the $US2B development of the 25Mtpa Western Range iron ore project in Western Australia’s Pilbara region.
Rio Tinto’s 54% JV interest will see it invest $1.3B in the project, with construction due to begin in early 2023 for first production in 2025.
Iron ore miner/services provider Mineral Resources has sold its 5.4% shareholding in Pilbara Minerals for $A328M via a fully underwritten accelerated block trade offered to institutional investors.
The cash will be applied to the capital expenditure program outlined on Aug 11 this year. MRL became a substantial shareholder in Pilbara Mins in Oct 2016 as part of an agreement to relinquish offtake rights and a royalty the company held over Pilbara Mins’ Pilgangoora project in Western Australia.
Nearly two decades of work to find a development route for a significant stranded iron ore asset in the West Australian Pilbara region has moved a step forward with the $A400M acquisition by Mineral Resources of a 40% stake in the Red Hill Iron Ore JV.
The JV in the West Pilbara holds previously disclosed JORC resources of 820Mt in tenements covering 1,900sqkm.
West Australian company Mineral Resources has again expanded its iron ore assets with agreement to acquire a 40% stake in the Red Hill Iron Ore JV, a mineral resource of 820Mt @ 56.44% Fe in the West Pilbara region.
MRL will pay explorer Red Hill Iron $400M in staged cash payments and 0.75% royalty on future iron ore sales for its 40% interest in the project. The remaining 60% of the JV is held by Baosteel’s Aquila Resources, AMCI Group and POSCO.
With its South African manganese and export coal operations in COVID-19 lockdown, South32 has announced cutbacks of $US150M in sustaining capital expenditure and $10M in exploration activity over the next 15 months.
South32 has also suspended the remaining $121M of its current on-market share buy-back scheme, subject to review by early Sept.
CEO Graham Kerr says it's seeking more “meaningful” operating cost reductions to retain its strong balance sheet through a possibly extended price downturn.
World No 4 iron ore producer Fortescue Metals Group gives the go-ahead for development of its $US2.6B Iron Bridge magnetite mine. John Feary reports
Australia’s No 3 iron ore producer Fortescue has given the go-ahead for the $US2.6B ore processing facility construction for the nation’s largest JORC-compliant magnetite resource, the Iron Bridge project 145km south of Port Hedland in the WA Pilbara region.
After successful large-scale pilot and demonstration stages, the full-scale development is expected to deliver 22Mtpa high-grade 67% Fe magnetite concentrate from mid-2022.