Australia/New Caledonia/Papua New Guinea Mining – Page 15

The history and the future of mining in Australia – by Jon Taylor (Mining.com – February 7, 2023)

February 9, 2023

https://www.mining.com/

Mining in Australia is a vast industry famous worldwide due to its fascinating history, power in the export market, and as a trendsetter in ‘future-proofing’ the sector. Furthermore, the high number of Australian mines means that it provides a huge jobs market to citizens and the number of foreign workers who flock to work in the industry due to its global reputation.

In this article, we will explore the rise of mining in Australia, its current status as a pillar of the country’s economy, and how it intends to tackle the rising pressures of climate change. Let’s start by looking at the current state of play for the industry.

‘We need to restore the land’: as coal mines close, here’s a community blueprint to sustain the Hunter Valley – by Kimberley Crofts and Liam Phelan (The Conversation – February 7, 2023)

February 9, 2023

https://theconversation.com/

The decline of the coal industry means 17 mines in the New South Wales Hunter Valley will close over the next two decades. More than 130,000 hectares of mining land — nearly two-thirds of the valley floor between Broke and Muswellbrook — will become available for new uses.

Restoring and reusing this land could contribute billions of dollars to the Hunter economy, create thousands of full-time jobs and make the region a world leader in industries such as renewable energy and regenerative agriculture that improves soil and water quality and increases biodiversity and resilience. But to unlock these future opportunities, we must first clean up the legacy of the past.

Australia blocks coal mine to protect Great Barrier Reef – by Tiffanie Turnbull (BBC.com – February 8, 2023)

February 9, 2023

https://www.bbc.com/

For the first time in history, Australia has blocked the creation of a coal mine under environmental laws. The government on Thursday rejected a proposal for a new mine about 10km (6.2 miles) from the Great Barrier Reef.

Environment Minister Tanya Plibersek said the project posed an unacceptable risk to the World Heritage area, which is already highly vulnerable. The mine’s owner, the controversial Australian billionaire Clive Palmer, has not yet responded to the rejection.

Is Newmont’s blockbuster gold deal ushering in a return to growth for growth’s sake? – by Gabriel Friedman (Financial Post – February 7, 2023)

February 9, 2023

https://financialpost.com/

Analysts wonder if Newmont’s $17-billion bid for Newcrest will create a company too large for its own good

Newmont Mining Corp.’s US$17-billion bid for Australia’s Newcrest Mining Ltd. would be the largest merger in the history of the gold mining sector, so Newmont chief executive Tom Palmer’s splash over the weekend naturally has prompted lots of questions.

But one simple query kept coming up as analysts studied the proposal. Why? Specifically, is Newmount, already the world’s largest gold miner, seeking to get bigger merely for the sake of increasing scale?

Mammoth gold miner in the making after Newmont’s $17bn bid for Newcrest – by Cecilia Jamasmie (Mining.com – February 6, 2023)

February 7, 2023

https://www.mining.com/

Newmont Mining (NYSE: NEM)(TSX: NGT), the world’s largest gold producer, is seeking to build a global gold superpower by approaching Australia’s no.1 miner of the yellow metal, Newcrest Mining (ASX, TSX: NCM), with a $17 billion takeover offer.

If successful, the deal would be one of the biggest in Australian history, though initial feedback from analysts and shareholders suggests that Newmont will have to improve its bid.

NAL offtakes in the pipeline – Piedmont – by Esmarie Iannucci (MiningWeekly – February 1, 2023)

February 1, 2023

https://www.miningweekly.com/

PERTH (miningweekly.com) – The joint venture (JV) partners of the North American Lithium (NAL) operation, in Quebec, are hoping to finalise offtake agreements over the project by the end of March this year.

Global lithium developer Piedmont Lithium president and CEO Keith Phillips told Mining Weekly Online that at 130 000 t/y, Piedmont would be the biggest buyer of NAL product, of which nearly half would be sold to third-party buyers.

Why bad news is good news for lithium stocks – by James Thomson (Australian Financial Review/Chanticleer – January 30, 2023)

January 30, 2023

https://www.afr.com/chanticleer/

Bullish new forecasts for lithium demand have coincided with setbacks to new supply projects. That’s ultimately good for prices, but not for the electric vehicle sector’s big ambitions.

It’s unlikely that many Australian investors are following the travels of German Chancellor Olaf Scholz. But his current trip to South America underscores a new front in the global race for arguably the world’s hottest commodity: lithium.

Scholz signed an agreement with Argentina that is designed to help German industry secure lithium supplies from the South American giant. On Sunday, he was in Chile – the world’s second-largest supplier of lithium after Australia – seeking a similar deal.

Rio Tinto apologises for losing radioactive capsule in Australia – by Monica Miller, Lucy Hooker & Phil Mercer (BBC News – January 30, 2023)

January 30, 2023

https://www.bbc.com/

Mining giant Rio Tinto has apologised for losing a tiny radioactive capsule that went missing as it was being transported across Western Australia. An emergency hunt for the device, which is about the size of a pea, is under way along the 1,400km (870 mile) route.

The capsule contains a small quantity of radioactive Caesium-137, which could cause serious illness to anyone who comes into contact with it. That could include skin damage, burns or radiation sickness.

Lithium giant lifts forecasts by nearly 15pc on EV surge – by Petr Ker (Australian Financial Review – January 25, 2023)

January 25, 2023

https://www.afr.com/

Lithium giant Albemarle has raised its forecast for future lithium demand by more than 15 per cent and signalled it would expand its Australian mines to supply the lithium needed for the world to rapidly adopt electric vehicles.

But Mineral Resources swiftly provided a reminder on Wednesday that expanding mines in Western Australia is easier said than done, revealing that expansion of its Mt Marion lithium mine had been delayed by labour shortages and equipment delays, forcing a 17 per cent cut to this year’s export target.

Miners in talks with Australian state over new coal export limit – by Lewis Jackson and Sonali Paul (Reuters – January 20, 2023)

January 23, 2023

https://www.reuters.com/

SYDNEY, Jan 20 (Reuters) – Major coal producers are in talks with the government of New South Wales, Australia’s most populous state, over its surprise plan to have miners reserve up to 10% of production for domestic supply, as part of efforts to curb soaring energy costs.

The talks will review what the shortfalls are and how miners can fill them without disrupting supply chains. Early signs point to a limited impact on coal producers though, as there are limited spot supplies to be requisitioned under the rule.

France giving emergency payment to SLN to try to save the mining firm (RNZ.co.nz – Janauary 16, 2023)

January 16, 2023

https://www.rnz.co.nz/

An urgent funding boost of $US63 million will be provided to New Caledonia’s SLN to try to save the company. The so-called Urgent Progressional Plan is a short-term measure which could give enough time to formulate a long-term plan to save the company from bankruptcy with the resulting loss of thousands of jobs.

A financial inspection from the Ministry of Finance will be sent to check if the urgent funds are being used to save the company. The Noumea-based mining company has been experiencing serious financial difficulties due to fluctuating global prices of nickel and a lack of investment in company infrastructure.

This $136m lithium deal may be just the start of something big – by Peter Ker (Australian Financial Review – January 9, 2023)

January 9, 2023

https://www.afr.com/

They are the majority owners of Australia’s best lithium address, but now IGO Group and Chinese company Tianqi want to spend $136 million muscling into a second lithium province in Western Australia.

The companies, which have acted in partnership on lithium matters since late 2020, agreed to pay $136 million to acquire lithium explorer Essential Metals under a plan to get a foothold in the lithium production zone between Kalgoorlie and Norseman.

Electric vehicles: investors bank on China demand in plan to revive Australian nickel and cobalt refinery – by Eric Ng (South China Morning Post – January 9, 2023)

January 9, 2023

https://www.scmp.com/

A consortium of Hong Kong and European private investors are spending more than US$1 billion to revive a mothballed nickel and cobalt refinery in Australia by turning mining waste into lucrative materials for electric-car batteries.

They aim to turn the Yabulu refinery in Queensland into one of the world’s top 10 producers of refined nickel within 18 months to benefit from sustained demand and high prices for the metals, said Richard Petty, a Hong Kong-based businessman and one of the nine investors in the group.

Rio Tinto talks up lithium M&A; investors hunt for targets – by Anthony Macdonald, Sarah Thompson and Kanika Sood (Australian Financial Review – December 14, 2022)

December 15, 2022

https://www.afr.com/

It’s Rio Tinto’s turn to pull out the chequebook and summon a beauty parade, after BHP’s move on OZ Minerals. The big miner broke tradition this week when it took analysts through its technical backroom in Melbourne’s Bundoora and, in particular, talked up its lithium ambitions.

Knowing Rio’s on the prowl with its $15 billion cash wad (and more coming thanks to its huge free cash flow, with analysts tipping close to $US20 billion this year), resources investors and executives spent Wednesday trying different companies for a fit.

$18b cash pile lets Rinehart play both sides of energy transition – by James Thomson (Australian Financial Review – December 5, 2022)

December 6, 2022

https://www.afr.com/

The iron ore queen’s kingdom is getting broader by the day, spanning fossil fuels as well as future-facing commodities.

Buried within the bidder’s statement lodged by Gina Rinehart’s Hancock Prospecting as part of its tilt at Perth Basin gas group Warrego Energy is a remarkable indication of her financial firepower.

The deal, Hancock Prospecting says, will be funded by existing cash reserves. At June 30, cash and cash equivalents sat at a remarkable $17.755 billion – even after paying $4.6 billion of dividends from 2021-22’s $5.8 billion profit.