Whitehaven coal swoop a matter of longevity

TIM BOND

queensland, coal, whitehaven

As the ink dries on Whitehaven Coal’s $US4.1 billion ($6.5 billion) acquisition of two of BHP’s Queensland coal assets, movement on the ASX shows that stakeholders are mulling over the broader significance of the deal.

Following the announcement of the deal on Wednesday, Whitehaven opened on the ASX with a bang at $7.79 per share (up from $6.69 on Tuesday), its highest share price since the coal boom at the beginning of the year.

The purchase of BHP’s Daunia and Blackwater coal mines comes with a price tag of $US2.1 billion in cash up front, $US1.1 billion in cash over three years after completion and the potential for up to $US0.9 billion in a price-linked earnout payable over three years. This comprises a total sale price of around $6.48 billion, with completion of the deal expected in the June 2024 quarter.

Whitehaven chief executive officer and managing director Paul Flynn called the acquisition of the two metallurgical coal assets ‘transformative’ for the company.

Metallurgical and thermal coal differ in quality and carbon content. Thermal coal is traditionally burned to generate electricity, but as Australia and the world transition to cleaner energy, thermal coal is heavily regulated and arguably falling from relevance. Metallurgical coal, on the other hand, is a higher quality coal used in steelmaking with strong global demand.

The deal will mean 70 per cent of Whitehaven’s coal production will be metallurgical, giving the miner some much needed longevity in the heavily regulated realm of coal mining.

“Daunia and Blackwater produce metallurgical coal that is in high demand across Asia… where population growth and economic development is expected to drive strong demand for steel production and metallurgical coal through to at least 2050,” Flynn said.

The two mines also expand Whitehaven’s coal assets outside of NSW, where the company currently operates four mines in the Gunnedah Basin.

But BHP seems to feel differently when it comes to the longevity of Daunia and Blackwater – at least under its own capital investment model. The mining giant first flagged the two Queensland mines for sale so it could focus on producing higher quality metallurgical coal, a move it views as more sustainable.

“A key route for steelmakers to be able to reduce their carbon intensity will be through more efficient blast furnace operations. That requires the highest of quality coking (metallurgical) coal. And that’s what we have in assets like Peak Downs, Goonyella, Saraji and Broadmedow,” BHP said.

“And so those assets we see as having both sides through the energy transition. What we’re doing here is further concentrating our portfolio on the best of the best assets.”

Glencore to close Mount Isa

KELSIE HARFORD

Glencore Mount Isa

Glencore has announced plans to close its Mount Isa copper operations in Queensland by the end of 2025, but said it will keep its other metal assets open.

Operating for over 60 years, the company’s copper mine life has already been extended six years past its original life expectancy.

All three copper mines at the Mount Isa operation – Enterprise, X41 and Black Rock – are set to close, as well as the company’s copper concentrator.

Other Mount Isa mines and operations will remain open, including the copper smelter, the George Fisher mine, the zinc-lead concentrator, the lead smelter in Mount Isa, as well as the copper refinery in Townsville.

Glencore said it has conducted a range of studies and reviews seeking to further extend the life of the underground copper mines, but the end of mine life has been confirmed.

Glencore’s Lady Loretta zinc mine, located 140km north-west of Mount Isa, which was a finite orebody with a seven-year mine life, will also close in 2025.

“We know this decision will be disappointing for our people, our suppliers, and the Mount Isa community,” Glencore Australia zinc asset chief operating officer Sam Strohmayr said.

“The reality of mining is that mines have a beginning, middle and end. And unfortunately, after 60 years of operation, Mount Isa’s underground copper operations have now reached that end.

“We want to give our people as much time as possible to consider the best options for them and their families, which is why we are notifying our workers and the community almost two years before these mines close.

“Our focus over the coming months will be to work closely with our people and contractors, our suppliers, and the Mount Isa community to provide support as we move towards closure of these assets.”

Glencore’s Mount Isa underground copper mines, copper concentrator and supporting services currently employ around 1200 people.

BHP scales new copper heights

TOM PARKER

Copper South Australia

BHP’s acquisition of OZ Minerals is paying dividends, with operational records falling across its new copper district in South Australia.

The Carrapateena mine, located 100km south-east of BHP’s Olympic Dam operation, achieved record development metres in September, producing 14,100 tonnes of copper in the September quarter. This is a 21 per cent increase on the previous three months (11,700 tonnes).

Olympic Dam, which BHP owned before the OZ Minerals acquisition, mined 2.64 million tonnes (Mt) of material during the September quarter – its highest mark since the 2014–15 financial year (FY15).

This equated to record gold production of 53,028 ounces, the second time Olympic Dam has achieved this in three quarters.

Combined with a 48 per cent increase in copper production at Prominent Hill, BHP produced 71,700 tonnes from its South Australia copper operations – a 44 per cent uplift from the same quarter last year (bearing in mind it only owned Olympic Dam at this point).

BHP achieved a 11 per cent group copper production uplift from the third quarter of 2022, with the Escondida and Pampa Norte operations in Chile also delivering strong performances.

Iron ore production fell three per cent from the same quarter last year, which the major miner attributed to “tie-in activity for the Rail Technology Programme (RTP), the ongoing ramp up and maintenance at the Central Pilbara hub (South Flank and Mining Area C), and the timing of track renewal maintenance”.

BHP said South Flank remains on track to ramp up to full production capacity of 80 million tonnes per annum by the end of FY24.

The miner’s quarterly was released on the same day as the divestment of BMA’s Daunia and Blackwater coal mines was revealed, with Whitehaven buying the mines for $US3.2 ($5.02) billion.

BMA is a joint venture between BHP and Mitsubishi Development.

Resource Capital Funds to sell Ausenco

OLIVIA THOMSON

partnership, board, change, mining

Private equity firm Resource Capital Funds (RCF) has announced the selling of Ausenco, a multinational engineering company, to three key US investment firms.

The three firms – EldridgeBrightstar Capital Partners, and Claure Group – will acquire Ausenco for approximately $US578 million ($900 million).

Resource Capital Fund VI (RCF VI), RCF’s fund that owns Ausenco, first acquired the company in 2016 for $153.7 million.

According to RCF, Ausenco has focused on delivering copper for the energy transition and constructing four major copper concentrators while under RCF VI’s ownership.

“These include Carrapateena, representing one of the largest copper reserves in Australia, Constancia and Mina Justa in Peru and Mantoverde in Chile, still under construction, for a combined annual copper capacity of more than 400,000 tonnes,” the firm said.

“In addition to copper, Ausenco has grown capabilities in sustainability, lithium and operational performance. Ausenco now has more than 3000 employees, up almost 1600 employees since RCF privatised the business in 2016.”

The transaction is expected to close in late 2023, subject to satisfaction of customary closing conditions.

“We extend our heartfelt gratitude to the Ausenco team, whose dedication and unwavering commitment have been the driving force behind its success during our ownership… This is a fantastic outcome for all parties involved, and we wish Ausenco continued success,” Resource Capital Funds managing partner James McClements said.

RCF head of private equity Martin Valdes said this transaction is a “natural step” that will mark “the next chapter in Ausenco’s journey”.

“The decision to sell Ausenco was made after careful consideration, with the belief that this transition will allow the company to further expand its reach and make an even greater impact in the growing engineering sector,” he said.

“Our relationship will continue as like-minded collaborators to deliver the necessary commodities to support the energy transition.”

Metso expands into Finland

OLIVIA THOMSON

Metso has announced an expansion of its process piloting capabilities in Finland to keep up with the needs of the battery industry.

This expansion has involved Metso modernising its pilot facility at the Metso Research Centre in Pori, Finland, with expanded capabilities for lithium hydroxide and other battery chemicals process testing.

Metso has also opened a battery materials precursor pilot plant as part of the expansion, which is now available for customer trials.

“Pilot run requests for battery minerals like lithium, nickel and cobalt have increased significantly during the last three years,” Metso director for hydrometallurgical research and development Janne Karonen said.

“Currently, we are working on several battery black mass recycling and precursor projects and have several lithium and other battery chemicals project pilots on our laboratory schedule.”

Metso said the pilot facility expansion complements its front-running piloting capabilities for minerals processing and metals refining, as well as enables minerals and battery industry customers to have end-to-end testing and having its piloting services and technology and equipment deliveries come from one supplier.

The Finland expansion ties into Metso’s 20 year experience in developing sustainable hard rock lithium soda leaching technologies.

The engineering company announced earlier in the week the opening of new manufacturing facilities in Alwar, India.

Yancoal chairman steps down

OLIVIA THOMSON

Yancoal Australia has announced that its chairman of the board Baocai Zhang has resigned.

The company cited Zhang’s hopes to devote more time to his other business engagements and positions he holds as the reason for stepping down from the role.

Zhang has worked at Yancoal since 2004. He first joined its board before the company joined the Australian Securities Exchange (ASX) in 2012. He previously served as co-vice chairman and chair of the executive committee from 2013 to 2018, and then began his position as chairman in 2018.

Yancoal said that during his tenure, Zhang’s vision, ability and determination helped transform the company, such as through its acquisition of Australian mining company Coal & Allied in 2017.

“The board thanks Baocai Zhang on the contributions he made serving as a director and chairman of the company. His passion, dedication, commitment, and capabilities were invaluable in driving Yancoal’s significant growth,” Yancoal said.

Zhang will also step down as a member of Yancoal’s nomination and remuneration committee and as chairman of the strategy and development committee.

Yancoal non-executive director Gang Ru has assumed the role as chairman, beginning on September 15.

He has nearly 30 years of experience in financial and capital management, corporate organisational management and investment. Though his roles with coal mining company Shandong Energy, Ru has worked closely with Yancoal since 2015.

“The appointment of Mr Ru as the chairman is one that will benefit Yancoal and its shareholders. He will undoubtedly provide the leadership and strategic initiatives required to drive the next stage of the company’s development,” Zhang said.

Yancoal is expected to announce details of the updated composition of its board committees at a later date following board approval.

The coal miner has also celebrated 13 production operators of its Premier Coal mine who are retiring.

Yancoal chairman steps down

OLIVIA THOMSON5 days ago

Yancoal Australia has announced that its chairman of the board Baocai Zhang has resigned.

The company cited Zhang’s hopes to devote more time to his other business engagements and positions he holds as the reason for stepping down from the role.

Zhang has worked at Yancoal since 2004. He first joined its board before the company joined the Australian Securities Exchange (ASX) in 2012. He previously served as co-vice chairman and chair of the executive committee from 2013 to 2018, and then began his position as chairman in 2018.

Yancoal said that during his tenure, Zhang’s vision, ability and determination helped transform the company, such as through its acquisition of Australian mining company Coal & Allied in 2017.

“The board thanks Baocai Zhang on the contributions he made serving as a director and chairman of the company. His passion, dedication, commitment, and capabilities were invaluable in driving Yancoal’s significant growth,” Yancoal said.

Zhang will also step down as a member of Yancoal’s nomination and remuneration committee and as chairman of the strategy and development committee.

Yancoal non-executive director Gang Ru has assumed the role as chairman, beginning on September 15.

He has nearly 30 years of experience in financial and capital management, corporate organisational management and investment. Though his roles with coal mining company Shandong Energy, Ru has worked closely with Yancoal since 2015.

“The appointment of Mr Ru as the chairman is one that will benefit Yancoal and its shareholders. He will undoubtedly provide the leadership and strategic initiatives required to drive the next stage of the company’s development,” Zhang said.

Yancoal is expected to announce details of the updated composition of its board committees at a later date following board approval.

The coal miner has also celebrated 13 production operators of its Premier Coal mine who are retiring.

Allkem Technical Collaboration on Lithium Potential in Ravensthorpe

NickelSearch与Allkem开启技术合作 股价跃升61%

2023-09-12 10:03:10 (AET) by Edward Zhang   733

矿产勘探公司 NickelSearch(ASX:NIS)提供了其在西澳大利亚Ravensthorpe附近的Carlingup镍硫化物项目锂潜力评估进展的最新进展。

澳股资讯平台 – 61 Financial 9月11日讯矿产勘探公司 NickelSearch(ASX:NIS)周二发布公告,提供了其在西澳大利亚Ravensthorpe附近的Carlingup镍硫化物项目锂潜力评估进展的最新进展。

公司指出,NickelSearch和Allkem Limited(ASX:AKE)已同意就Carlingup的锂远景开展技术合作。

通过合作,Allkem将为Carlingup审查锂相关数据,并就目标生成和优先级提供建议。

但NickelSearch警告称,这一安排还没有达到正式的锂合资企业的水平,也不能保证技术合作将在未来达成正式协议。如果技术合作的性质在未来发生变化,NickelSearch将根据持续报告义务向市场提供最新信息。

NickelSearch董事总经理Nicole Duncan评论道:“NickelSearch很高兴开始与Allkem进行技术合作,Allkem是位于Ravensthorpe的Mt catlin锂矿的所有者和运营商,距离Carlingup仅10公里。鉴于Mt Cattlin和Carlingup之间的地质情况相似,两家公司已同意共同评估我们项目的锂潜力。”

“Mt Cattlin的勘探团队正在分享其在绿地锂勘探方面的丰富技术专长,NickelSearch正在分享迄今为止完成的工作数据。这些讨论是基于合作精神的,成功将使两家公司为双方关系的进一步发展做好准备。”

Nickel Search Limited是一家矿产勘探公司,目前专注于在现有矿区勘探硫化镍矿床。此外,公司在西澳拥有在Ravensthorpe绿岩带覆盖107.4平方公里的矿权,该矿权位于南部的Yilgarn Craton边境和Forrestania – Ravensthorpe镍矿带,该矿带是极具前景的硫化镍矿床。

公司股价一年走势回顾:

text【更多NIS公告和股价走势请点击NIS个股页面


消息来源:

公司公告Allkem Technical Collaboration on Lithium Potential

KOCH Solutions take FLSmidth

润邦股份旗下KOCH Solutions成功收购FLSmidth散料装卸及输送装备业务

润邦股份2023-09-04 20:37
润邦股份旗下KOCH Solutions成功收购FLSmidth散料装卸及输送装备业务近日,润邦股份旗下德国公司KOCH Solutions成功收购了FLSmidth的散料装卸及输送业务,该业务包括FLSmidth曾收购Sandvik Mining Systems和ThyssenKrupp Fördertechnik的散料装卸及输送业务。
KOCH(柯赫)通过该业务的收购拥有了来自FLSmidth和Mining Technologies(前TK)在码头和堆场以及各类露天矿连续开采设备的知识产权、专有技术、项目业绩和售后服务网络。同时,KOCH承继了FLSmidth在德国和澳洲的核心团队以及办公大楼、售后车间和仓库等硬件设施。

一直以来,FLSmidth的散料装卸及输送装备业务占据了全球大部分市场份额,产品遍布全球。作为业内头部企业,FLSmidth一直引领着行业技术发展,其大型斗轮式挖掘机(原ThyssenKrupp产品)更是吉尼斯纪录的保持者。
KOCH Solutions作为一家历史悠久的工业企业距今已有近80年的发展历史,在散料装卸及输送装备领域享有很高的声誉,一直以高质量的产品和优质的服务吸引着全球客户。毫无疑问,这次收购是KOCH Solutions对全球最先进的散料装卸及输送技术和市场的完美整合。FLSmidth原业务产品、技术和市场份额将帮助KOCH Solutions带来更多的资源和优势。对KOCH而言,这次收购是80年发展历史上的又一次跨越式发展,极大提升了KOCH在市场上的竞争力。该收购作为润邦股份全球化战略计划的一部分,是润邦近年来在全球化布局方面的一颗关键落子。它将极大地提升润邦股份和KOCH在全球散料装卸及输送装备业务领域的规模和行业影响力,尤其对于全球范围的矿山、堆场和码头的业务,使得KOCH的竞争力和行业地位迅速迈入全球第一梯队,从而进一步提升润邦股份的国际化水平及全球行业地位。 KOCH将继续保持良好发展势头,做好资源和技术整合,为企业创造更多商业成果和社会效益,为客户提供更好的产品和服务,为行业带来更多的创新和变革。

Lithium drives historic financial results for IGO

TIM BOND

Greenbushes lithium

Greenbushes lithium mine.

IGO saw a record $1 billion in revenue for the financial year, generating net profit after tax of $549 million, which acting chief executive officer Matt Dusci called “the strongest set of financial results in IGO’s 21-year history.  

This was underpinned by an enormous $1.987 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA).

The company’s shareholders reaped some of the rewards.

“This has enabled the declaration of a final dividend of $0.44 plus a $0.16 special dividend for FY23 (financial year 2023), bringing total dividends for FY23 to a record $0.74 per share, equivalent to $560 million in dividend payments,” Dusci said.

Lithium production at the company’s Greenbushes mine, which it co-owns with joint venture partner Tianqui Lithium, significantly contributed to the earnings. Greenbushes has the highest ore reserve grade of any hard rock lithium mine globally.

The mine produced roughly 1.49 million tonnes of spodumene at a cost of $244 per tonne in FY23.

“Within our lithium business, excellent production and cost performance at the Greenbushes lithium mine, combined with exceptional realised pricing, drove record earnings and cash dividends of over $1 billion to IGO, via our lithium joint venture,” Dusci said.

“Meanwhile, performance at the Kwinana lithium hydroxide refinery is expected to improve over FY24 as progressive rectifications are made to improve operational performance.”

Lithium hydroxide production at Kwinana was lower than expected in FY23 owing to operational changes.

Nickel also contributed to the company’s success.

“Our nickel business also delivered with our operating assets, Nova and Forrestania, generating aggregate free cash flow of $587 million for the year at an EBITDA margin of 56 per cent.”

镍锂矿商IGO全年税后净利润跃升66%至5.49亿澳元

2023-09-01 11:24:26 (AET) by Edward Zhang   730

镍锂矿商 IGO(ASX:IGO)主营收入录得10.2亿澳元,较22财年增长13%;税后净利润为5.49亿澳元,同比增长66%;基本税后净利润较22财年增长278%至15.3亿澳元。

澳股资讯平台 – 61 Financial 9月1日讯镍锂矿商 IGO(ASX:IGO)公布了23财年的业绩报告。

在截至2023年6月30日的十二个月中,IGO主营收入录得10.2亿澳元,较22财年增长13%;税后净利润为5.49亿澳元,同比增长66%;基本税后净利润较22财年增长278%至15.3亿澳元。

IGO全年息税折旧摊销前利润(EBITDA)达到19.9亿澳元,同比增长177%;公司宣布了每股44澳分的全额免税末期股息,加上每股16澳分的特别股息,全年股息为每股74澳分,比22财年增长640%。

公司指出,其创纪录的23财年盈利主要归功于其对锂合资企业天齐锂业澳大利亚有限公司投资的杰出贡献。

在其他强劲的业绩中,经营活动的净现金流入达到14.2亿澳元,比22财年的3.57亿澳元增长299%。基本自由现金流同比增长252%,达到11亿澳元。

公司以强劲的资产负债表结束了本财年,截至6月30日,其现金为7.75亿澳元,同比增长111%。净债务为4.15亿澳元。

IGO代理首席执行官Matt Dusci表示:“在23财年,创纪录的财务业绩清楚地表明了IGO的转型,以及我们在追求与清洁能源金属保持一致的战略方面的成功。在23财年,我们创造了IGO在过去21年历史上最强劲的财务业绩,EBITDA和净利润均创历史新高。”

“在我们的锂业务中,Greenbushes锂矿的出色生产和成本效益,加上卓越的实现定价,通过我们的锂合资企业,为IGO带来了创纪录的收益和超过10亿美元的现金股息。”

公司股价一年走势回顾:

text【更多IGO公告和股价走势请点击IGO个股页面

LITHIUM JOINT VENTURE

LITHIUM JOINT VENTURE WITH TIANQI LITHIUM CORPORATION

Ownership
IGO 49%

In 2021, Tianqi Lithium Corporation (51%) and IGO Limited (49%) incorporated a new Joint Venture (JV), with a focus on developing and operating world class lithium assets. The JV is currently focused on its lithium assets in Western Australia which comprise of a 51% stake in the Greenbushes Lithium Mine (49% owned by Albermarle Corporation) and 100% ownership of the Kwinana Lithium Hydroxide Refinery.

The JV is global lithium partnership between IGO and Tianqi, a lithium industry leader, and will be the exclusive vehicle for any future lithium related investments outside of China.

GREENBUSHES LITHIUM MINE

IGO/TIANQI JV 51% | ALBERMARLE CORPORATION 49%

New Kalgoorlie gold projects secured

ALEXANDRA EASTWOOD

Horizon Minerals and Dundas Minerals have entered into a binding agreement to acquire the Windanya and Baden-Powell/Scotia gold projects in the Kalgoorlie region of WA.

Dundas Minerals has also made an application to acquire three prospecting licenses in its own right, contiguous to Horizon’s Banden Powell/Scotia tenements.

“The option to acquire these advanced stage gold exploration projects in the Kalgoorlie region of Western Australia is an exciting opportunity for Dundas Minerals,” Dundas Minerals managing director Shane Volk said.

“Given the competition for these projects, Dundas is pleased that Horizon viewed us as a worthy partner. We are keen to commence the first phase of exploration in coming weeks.”

The Windanya project is located approximately 50km north of Kalgoorlie, while the Powell/Scotia project is adjacent to the Goldfields Highway, about 60km north of Kalgoorlie.

The projects became available due to Horizon’s focus on advancing its Cannon, Penny’s Find and Rose Hill gold projects towards production.

“Being so near to Kalgoorlie, the Goldfields Highway, and several gold plants, the economics of advancing a gold deposit from within these project areas into production, and generating income for the company are favourable,” Volk said.

Dundas is currently finalising plans for its first phase of exploration at both projects, which will comprise soil and/or auger sampling programs covering multiple targets ranked by prospectivity.

Exploration is expected to commence in early September, and will take up to three weeks to complete.