Latest news with #British-Australian
Business Times
6 days ago
- Business
- Business Times
Iron ore markets head for shake-up as Singapore-linked Simandou nears production
[SINGAPORE] Global iron ore trade is facing a pivotal shift as Simandou, a massive iron ore mine in Guinea being developed by a Singapore conglomerate, is about to ramp up supply of the ferrous mineral. Estimated at 2.4 billion tonnes of high-grade iron ore as one of the world's richest untapped deposits, and projected to start production by end-2025, Simandou is a strategic project for China as it aims to diversify its suppliers from Australia and Brazil – the two countries together accounting for about 80 per cent of seaborne iron ore exports. As a long-anticipated supply disruptor, the project is closely monitored by the iron ore industry, which is also betting on India to absorb demand lost in China, based on panel discussions during Singapore International Ferrous Week. Two blocks of the mining concession are being developed by Winning Consortium Simandou (WCS), a joint venture led by Singapore-based mine-to-shipping conglomerate Winning International Group. This is in partnership with China Shandong Weiqiao Group and state-owned China Baowu Steel Group. The remaining two blocks are under a Simfer joint venture, led by British-Australian mining giant Rio Tinto, in partnership with China's Chalco Iron Ore, and the Guinea government. At full capacity, the mine is projected to produce up to 120 million tonnes of high-grade iron ore (about 65 per cent iron content) annually. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Trade implications Cheong Jin Yu, head of Baltic Exchange Asia, told The Business Times that Baltic Exchange is keeping an eye on the development of Simandou as a key force to change trade routes of iron ore. 'What I would imagine would happen is that, if and when Simandou becomes a consistent supplier into the iron ore market, the (Baltic Exchange's) advisory council will tell us it's time to start pricing a route out of. So it will be a West Africa-to-China route,' he said. He added that once an index is established, the exchange would then develop different tools such as futures for the new index for market players to manage freight volatilities. The impact of Simandou's supply on key iron ore routes such as China-Australia hinges on actual cargo flows, Cheong said, with markets awaiting clarity. Vamsi Goutam, chief commercial officer of Tata Steel Minerals Canada, said during a panel that Simandou's supply could push up volumes and potentially freight rates in the Atlantic trades. He expects 'freight balancing' as shipping capacity might not pick up at the same rate as the steep increase in dry bulk volume. De-risking for iron ore producers The expected influx of high-grade iron ore from Simandou might worsen an oversupply situation as China's demand growth softens, which would put more pressure on iron ore producers. 'A lot of producers who are high on the cost curves will come under pressure,' said Claire Chong, senior analyst of Thurlestone Shipping, noting that their operational resilience will come into play. Francois Lavoie, senior vice-president of sales of technical market and product development at Champion Iron, said that as Simandou is 'mixing things up', small producers such as Champion Iron are trying to diversify offerings as part of their de-risk strategy. This includes converting production into iron ore of even higher grades and lower impurities, he noted. India's rising appetite Baltic Exchange's Cheong noted that the industry is also monitoring how iron ore imports to India would evolve, as the second-largest steel producer in the world ramps up its production. Paul Bartholomew, lead analyst of S&P Global Commodity Insights, noted that India is expected to emerge as a major iron ore importer, with the import forecast in 2026 to more than double from 2024's imports. However, Thurlestone Shipping's Chong noted that despite a rising projection, India's iron ore imports are still 'too small to compare with China's'. While India's iron ore import is expected to hit more than 130 million tonnes, China's iron ore imports are projected to stay above 1.1 billion tonnes to 2035, S&P Global indicated.
Business Times
6 days ago
- Business
- Business Times
Iron ore markets brace for shake-up as Singapore-linked Simandou nears production
[SINGAPORE] Global iron ore trade is facing a pivotal shift as Simandou, a massive iron ore mine in Guinea being developed by a Singapore conglomerate, is about to ramp up supply of the ferrous mineral. Estimated at 2.4 billion tonnes of high-grade iron ore as one of the world's richest untapped deposits, and projected to start production by end-2025, Simandou is a strategic project for China as it aims to diversify its suppliers from Australia and Brazil – the two countries together accounting for about 80 per cent of seaborne iron ore exports. As a long-anticipated supply disruptor, the project is closely monitored by the iron ore industry, which is also betting on India to absorb demand lost in China, based on panel discussions during Singapore International Ferrous Week. Two blocks of the mining concession are being developed by Winning Consortium Simandou (WCS), a joint venture led by Singapore-based mine-to-shipping conglomerate Winning International Group. This is in partnership with China Shandong Weiqiao Group and state-owned China Baowu Steel Group. The remaining two blocks are under a Simfer joint venture, led by British-Australian mining giant Rio Tinto, in partnership with China's Chalco Iron Ore, and the Guinea government. At full capacity, the mine is projected to produce up to 120 million tonnes of high-grade iron ore (about 65 per cent iron content) annually. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Trade implications Cheong Jin Yu, head of Baltic Exchange Asia, told The Business Times that Baltic Exchange is keeping an eye on the development of Simandou as a key force to change trade routes of iron ore. 'What I would imagine would happen is that, if and when Simandou becomes a consistent supplier into the iron ore market, the (Baltic Exchange's) advisory council will tell us it's time to start pricing a route out of. So it will be a West Africa-to-China route,' he said. He added that once an index is established, the exchange would then develop different tools such as futures for the new index for market players to manage freight volatilities. The impact of Simandou's supply on key iron ore routes such as China-Australia hinges on actual cargo flows, Cheong said, with markets awaiting clarity. Vamsi Goutam, chief commercial officer of Tata Steel Minerals Canada, said during a panel that Simandou's supply could push up volumes and potentially freight rates in the Atlantic trades. He expects 'freight balancing' as shipping capacity might not pick up at the same rate as the steep increase in dry bulk volume. De-risking for iron ore producers The expected influx of high-grade iron ore from Simandou might worsen an oversupply situation as China's demand growth softens, which would put more pressure on iron ore producers. 'A lot of producers who are high on the cost curves will come under pressure,' said Claire Chong, senior analyst of Thurlestone Shipping, noting that their operational resilience will come into play. Francois Lavoie, senior vice-president of sales of technical market and product development at Champion Iron, said that as Simandou is 'mixing things up', small producers such as Champion Iron are trying to diversify offerings as part of their de-risk strategy. This includes converting production into iron ore of even higher grades and lower impurities, he noted. India's rising appetite Baltic Exchange's Cheong noted that the industry is also monitoring how iron ore imports to India would evolve, as the second-largest steel producer in the world ramps up its production. Paul Bartholomew, lead analyst of S&P Global Commodity Insights, noted that India is expected to emerge as a major iron ore importer, with the import forecast in 2026 to more than double from 2024's imports. However, Thurlestone Shipping's Chong noted that despite a rising projection, India's iron ore imports are still 'too small to compare with China's'. While India's iron ore import is expected to hit more than 130 million tonnes, China's iron ore imports are projected to stay above 1.1 billion tonnes to 2035, S&P Global indicated.
Yahoo
27-05-2025
- Business
- Yahoo
Supreme Court refuses to hear Oak Flat case, clearing a roadblock for huge copper mine
The U.S. Supreme Court has turned down a request by grassroots group Apache Stronghold to hear a longstanding lawsuit over the fate of a huge copper mine at Oak Flat, east of Phoenix. The decision, handed down May 27, removes a major roadblock for Resolution Copper to move forward with the project, which would leave a gaping crater on land held sacred by Indigenous peoples. The high court has held hearings since December to debate if it would take the case, brought by opponents of the mine after losing a series of lower-court rulings. Justice Neil Gorsuch disagreed with the decision, with Justice Clarence Thomas in agreement. "Before allowing the government to destroy the Apaches' sacred site, this Court should at least have troubled itself to hear their case," Gorsuch said. "The Court's decision to shuffle this case off our docket without a full airing is a grievous mistake — one with consequences that will reverberate for generations." Wendsler Nosie, head of Apache Stronghold, said the group would "never stop fighting" to save Oak Flat from obliteration. "While this decision is a heavy blow, this struggle is far from over." Nosie called on Congress to reverse the 2014 vote to approve the land exchange. Victoria Peacey, Resolution's general manager, said she was pleased with the decision. 'The Resolution Copper mine is vital to securing America's energy future, infrastructure needs, and national defense with a domestic supply of copper and other critical minerals," Peacey said. Oak Flat, or Chi'chil Biłdagoteel, "the place where the Emory oak grows," is at the heart of a struggle now entering its third decade. In December 2014, Congress authorized the U.S. Forest Service to trade the 2,200-acre site, currently a campground about 60 miles east of Phoenix, for parcels of environmentally sensitive private land owned by Resolution Copper, a subsidiary of British-Australian mining companies Rio Tinto and BHP. To obtain the copper ore, Resolution will use a method known as block cave mining, in which tunnels are drilled beneath the ore body, and then collapsed, leaving the ore to be moved to a crushing facility. Eventually, the ground will subside, leaving behind a crater about 1,000 feet deep and nearly 2 miles across where Oak Flat and its religious and environmental significance stands. The U.S. Forest Service published the final environmental impact statement and draft decision for the copper mine and land swap five days before the end of the Trump administration in January 2021. That set off a 60-day clock during which the land deal could have been finalized. Apache Stronghold filed its lawsuit in January 2021 in federal court to stop the land swap, citing religious rights guarantees under the First Amendment and the Religious Freedom Restoration Act. Becket Law, a religious freedom nonprofit law firm, accepted the case and, along with a group of private attorneys and law professors, has represented Apache Stronghold, which includes Apache and other Native peoples and their allies. The Biden administration rescinded the environmental impact statement in March 2021 for further consultation with tribes. That consultation is ongoing. Resolution was granted permission to join the lawsuit in 2023. In 2024, the 9th U.S. Circuit Court of Appeals ruled against Apache Stronghold in a narrow 6-5 decision. That fall, the group appealed to the Supreme Court. In April, the Forest Service issued a 60-day notice that it would publish a new environmental impact statement June 16, which would reopen the 60-day process. Apache Stronghold asked the U.S. Federal Court in Phoenix to put a stop to the proceedings while the Supreme Court decided if it would take the case. That halt was issued May 9. Judge Steven P. Logan said that the stoppage would be in effect until one day after the high court turned Apache Stronghold down, whether to take the case or decide against the group. Peacey, the Resolution executive, said the project has "significant" community support and that it could become one of the largest copper mines in America, adding $1 billion a year to Arizona's economy, and creating thousands of local jobs in Arizona's Copper Triangle. "More than a decade of extensive consultation and collaboration with Native American Tribes and local communities has directly led to major changes to the mining plan to preserve and reduce potential impacts on Tribal, social, and cultural interests, and this ongoing dialogue will continue to shape the project." The San Carlos Apache Tribe, which filed its own lawsuit in 2021 to halt the land exchange on environmental concerns, also recently asked the federal court to stop the Forest Service's move to issue a new document until its litigation is complete. This is a developing story and will be updated throughout the day. Debra Krol reports on Indigenous communities at the confluence of climate, culture and commerce in Arizona and the Intermountain West. Reach Krol at Follow her on X @debkrol. This article originally appeared on Arizona Republic: Supreme Court refuses Apache Stronghold Oak Flat copper mine case
Yahoo
23-05-2025
- Business
- Yahoo
Rio Tinto chosen as preferred partner for lithium project in Chile
Rio Tinto, the British-Australian multinational mining corporatoin, has been confirmed as the preferred partner for the Salares Altoandinos lithium project in Chile's Atacama region, as announced by Empresa Nacional de Minería (ENAMI), the state-owned Chilean mining company. Under the proposed terms, Rio Tinto will acquire a 51% stake in the project, with ENAMI retaining the remaining 49%. The completion of this transaction is contingent upon the execution of binding agreements, regulatory approvals and other standard closing conditions. Rio Tinto is set to advance the preliminary and detailed feasibility studies, paving the way for a conclusive final investment decision (FID). The company will contribute $425m (£315.19m) in cash and non-cash resources, encompassing its proprietary direct lithium extraction (DLE) technology. This financial commitment will cover phased expenditures dedicated to fully financing the initial feasibility study and subsequent research phases. Rio Tinto chief executive Jakob Stausholm said: 'We are honoured to have been selected by ENAMI as the preferred partner for the Salares Altoandinos project, which has the potential to be a world-class lithium development. 'We welcome the opportunity to develop our partnership with ENAMI, building on our interests in Nuevo Cobre and Salar de Maricunga, and to support Chile's position as one of the world's leading producers of minerals critical to the energy transition.' The Atacama region in Chile is known for its vast potential, which could allow for the creation of a significant copper and lithium district, subject to further studies, while benefitting from synergies through partnerships to maximise the region's potential. Rio Tinto's strategy includes leveraging investments in shared infrastructure such as power and logistics across multiple projects. This approach will facilitate an integrated and coordinated effort to enhance engagement with local communities. The deal with ENAMI follows Rio Tinto's recent agreement with Codelco to invest $900m in the Salar de Maricunga lithium project, which is also located in the Atacama region. According to the terms of the agreement, Rio Tinto will acquire a 49.99% stake in Salar de Maricunga SpA, the entity through which Codelco manages its licences and mining concessions for the Salar de Maricunga project, by financing studies and development costs. "Rio Tinto chosen as preferred partner for lithium project in Chile" was originally created and published by Investment Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
22-05-2025
- Business
- Yahoo
Rio Tinto CEO to Step Down Later This Year
Rio Tinto announced Thursday that CEO Jakob Stausholm would be stepping down later this year once a successor is appointed. The mining and mineral company said a "rigorous selection process" is under way. Stausholm has led Rio Tinto since January 2021, and has pushed to expand Tinto (RIO) announced Thursday that CEO Jakob Stausholm would be stepping down later this year after leading the mining and minerals provider since January 2021. The British-Australian company explained that Stausholm will stay on the job until a successor is named. Rio Tinto added that a "rigorous selection process is already underway, led by the Nominations Committee." Chair Dominic Barton praised Stausholm's leadership in boosting the company's relationship with key investors, portfolio, management team, and growth trajectory. However, Barton noted this is "a natural moment to appoint Jakob's successor, as we look ahead to our next phase in which we will double down to deliver greater operational performance to realise the full potential of our assets." Stausholm said he and his team have "built on Rio Tinto's historic strengths to deliver profitable, stable growth and significant shareholder value." Stausholm has driven efforts to expand the company's operations, including acquiring lithium miner Arcadium last October for $6.7 billion. U.S.-listed shares of Rio Tinto were down about 1% Thursday morning but are nearly 5% higher higher year-to-date. Read the original article on Investopedia
