Mineral Resources Limited (MRL)
Mineral Resources Limited (MRL)
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Global specialty chemicals company Albemarle is set to take a 50% stake in the Wodgina lithium project in Western Australia’s Pilbara region under an exclusivity agreement with 100% owner Mineral Resources.
The “best endeavours” agreement sets a price of $US1.15B for the half share in a jointly controlled JV.
Arc Infrastructure is hoping to complete repairs on its Esperance- Koolyanobbing rail line in Western Australia this week after 30 empty Mineral Resources iron ore wagons were derailed on Sunday, the 2nd WA iron ore derailment in a week after an unmanned, runaway 3km-long BHP Iron Ore was deliberately derailed further north.
Mineral Resources expects repairs from Western Australia’s latest iron ore derailment to be completed this week, but no date set for re-opening. By Mark Mentiplay
It’s taken less than 3 months for Australian miner MRL to ramp-up to nameplate capacity and send off its first trainload comprising 7,488t of iron ore fines from the Koolyanobbing mine to port at Esperance on the WA south coast.
US-based Cleveland-Cliffs sold Koolyanobbing and its other remaining Australian assets to MRL in Aug, a deal it said reduced its costs of closing the loss-making mine.
MRL’s Chris Ellison says MRL bought Koolyanobbing because it believed It could sustain a viable export operation.
Mineral Resources has lifted resources/reserves for its 750,000tpa Wodgina Lithium Project in Western Australia’s Pilbara region as its moves to completing commissioning the $A610M plant by the middle of next year.
West Australian junior Mineral Resources has further expanded its iron ore portfolio with agreement to purchase the Kumina iron ore project in the West Pilbara region from BCI Minerals for $A35M.
The Kurmina exploration leases, 100km south of Karratha, are among the assets placed on sale by BCI following a switch of focus from iron ore to its 100%-owned Mardie salt and sulphate of potash project on the Pilbara coast.
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 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.