Mineral Resources Limited (MRL)
Mineral Resources Limited (MRL)
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West Australian mining services company Mineral Resources has taken a 10.8% stake in Barra Resources as it prepares to advance its Mt Thirsty cobalt nickel oxide project, a 50-50 JV with Conico, near Norseman.
MinRes will become Barra’s second-largest shareholder following the $A2M placement of 57.1M shares at 3.5cps.
The funds will fully fund Barra to complete the PFS on Mt Thirsty and continue systematic gold exploration at its 100%-owned Coolgardie gold project.
Operations have resumed at Western Australia’s Koolyanobbing iron ore mine following completion of its acquisition by Mineral Resources from exiting US miner Cleveland-Cliffs.
The deal – for an undisclosed value – includes bulk ore storage and handling facilities at Esperance port on the WA south coast as well as the Yilgarn region tenements and mine infrastructure 50km north of Southern Cross.
US Coal miner Cleveland-Cliffs expects to add net income of about $US230M to its 2018 bottom line following the sale of its mostly Australian Asia Pacific iron ore assets to Aussie miner Mineral Resources.
No direct numbers have been put on the deal by either company, but Cleveland-Cliffs says costs of closing the Australian operations were reduced by about $85M, including asset retirement obligations assumed by MRL.
West Australian-based mining services and processing company Mineral Resources posted NPAT of $A272M for the year to end-June, up from $201M in FY17. Normalised EBITDA rose to $507M ($464M).
MD Chris Ellison says MRL’s growth in FY18 will support its creation of long-term earnings capacity in coming years.
West Australian mining services and processing company Mineral Resources secures higher profits and eyes full-cycle development opportunities.
Big Western Australia iron ore producer Fortescue Metals Group is hanging on to a compulsory acquisition thwarting 11.4% in take-over target WA iron junior Atlas Iron as $A390M off-market bidder billionaire Gina Rinehart’s Hancock Prospecting lifts its stake to 56.7%.
Diversifying West Australian iron ore junior BCI is expecting lower but smoother revenue flow from its partnership with Mineral Resources at the Iron Valley mine in the central Pilbara.
MinRes shipped a steady 1.5Mwmt of iron ore from Iron Valley in the June quarter (Q4) for FY18 production of 6.1Mt, down from 8Mt a year earlier.
BCI's EBITDA revenue for FY18 was $A5.7M, down from $18.3M a year earlier. It says its agreements with MinRes should at least match the FY18 result for the next two years.
Talks with the West Australian government over the formula for calculating state royalties hold hopes for BCI Minerals of smoothing the volatility of earnings from the Mineral Resources-operated Iron Valley mine. John Feary reports
West Australian miner/mining services company MinRes has come up with the logistics solution to enable the $300M development of Brockman Mining's Marillana iron ore project.
Work could start in the Dec qtr on construction of the processing plant for the initial 20Mtpa development of Marillana's 1Bt iron ore reserve.
Innovative Mineral Resources agreement provides the logistics solution Chinese-backed Brockman Mining has been seeking for the Marillana iron ore project.