Rio Tinto released its quarterly operational report for the third quarter ending September 30, 2024 which included Iron Ore Company of Canada ("IOC") production and sales information. Specifically, Rio Tinto announced that in the third quarter of 2024, IOC had total saleable iron ore production of 3.60 million tonnes, comprised of 2.17 million tonnes of pellets and 1.43 million tonnes of concentrate for sale ("CFS"). Rio Tinto also announced that IOC had total iron ore sales in the third quarter of 2024 of 4.06 million tonnes, comprised of 1.97 million tonnes of pellets and 2.09 million tonnes of CFS. Please note that the IOC sales tonnages are calculated slightly differently for Labrador Iron Ore Royalty Corporation's ("LIORC") royalty.
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Cyclone Metals To Divest Non-Core Gold Assets
Focus shifts to development of flagship Block 103 Magnetite Iron Ore Project in the Labrador Trough region of Canada
Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) is pleased to announce it has entered into a binding term sheet for the sale of its non-core gold assets that include: 100% interest in the Nickol River Gold Project tenements in Western Australia (Nickol River Project) and the Longwood Range Gold Copper PGE Project, Mareburn Gold Project, Macraes South Gold Project, Drybread – Waikerikeri Gold Project, and Muirs Gold Project located on the North and South Islands of New Zealand (NZ Projects), to BVI registered company Moosh Moosh Limited (Moosh).
Highlights
- Sale of 100% interest in tenements that comprise the Nickol River Project in the West Pilbara of Western Australia
- Sale of 100% interest in tenements that comprise the Longwood Range Gold Copper PGE Project, Mareburn Gold Project, Macraes South Gold Project, Drybread – Waikerikeri Gold Project, and Muirs Gold Project located on the North and South Islands of New Zealand
- In aggregate, the sale will provide CLE with $4M of liquid assets (cash and/or shares in a listed company)
- The sale of these non-core gold assets ensures that the Company is fully focused on the development of the Block 103 Magnetite Iron Ore Project
In addition, the Company has agreed to sell 100% interest in tenements PP60700, PP60707, PP60708, PP60709, EP60663, EP60671, EP60692, PP60693, EP60694 and EP61013 (pending grant) located on the North and South Islands of New Zealand (NZ Projects Sale).
The Nickol River Projects and NZ Projects are considered non-core assets and their sale is a key step in the Company’s strategy to focus on developing its flagship 100% owned Block 103 Magnetite Iron Ore Project (Block 103), located in the Labrador Trough region of Canada.
Paul Berend, CEO of Cyclone Metals, commented: "This sale of non-core assets illustrates our commitment to the development of our world class iron ore project Block 103; whilst ensuring that our investors retain exposure to the upside of these gold assets via a royalty stream and/or equity stake. Both Block 103 and these gold assets will benefit from a dedicated management team and Board.”
KEY TERMS OF THE SALE
1. Consideration in total of AU$ 4,000,000 in cash or equivalent in shares in an ASX-listed company or New Zealand-listed company to be paid by Moosh on Settlement.
2. The Company shall be entitled to a 1% net smelter royalty on minerals extracted from the Tenements.
3. The Nickol River Project Sale and NZ Projects Sale is expected to complete by no later than 29 September 2023, or at the satisfaction or waiver by Moosh of the Conditions Precedent.
4. Conditions Precedent include:
a. Completion of due diligence (DD) by both parties no later than 29 September 2023
b. Payment of AU$200,000 from Moosh to Cyclone for maintaining tenements in good order during the DD period. This amount will be refundable if the transaction does not complete.
Click here for the full ASX Release
This article includes content from Cyclone Metals Ltd., licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Samarco Nears US$31.7 Billion Settlement for 2015 Dam Collapse in Brazil
Samarco Mineração, along with parent companies Vale (NYSE:VALE) and BHP (ASX:BHP,NYSE:BHP,LSE:BHP), has confirmed ongoing settlement negotiations with Brazilian authorities over the Fundão dam collapse.
The incident is recognized as Brazil's worst environmental disaster, and parties to the negotiations include public prosecutors, the federal government and the states of Minas Gerais and Espírito Santo.
They are focused on a proposed settlement that could reach up to US$31.7 billion. The agreement aims to address both civil and environmental liabilities, while compensating affected individuals, Indigenous communities and businesses.
The Fundão dam disaster occurred on November 5, 2015, when the tailings dam operated by Samarco in Mariana, Minas Gerais, collapsed, subsequently unleashing around 60 million cubic meters of iron ore tailings.
The toxic sludge inundated nearby villages, including Bento Rodrigues, and contaminated over 600 kilometers of waterways. It reached the Atlantic Ocean, decimating ecosystems along the way.
The disaster claimed a total of 19 lives, while also displacing thousands in the process.
The tailings, which contained heavy metals, polluted the nearby Doce River. This impacted local communities' access to water and crippled the region’s economy, which primarily relied on agriculture and fishing.
Indigenous groups, such as the Krenak, consider the Doce River sacred. Efforts to restore the river and the surrounding ecosystems have been slow, and a full recovery still remains elusive.
Under the proposed terms, Samarco will take primary responsibility for settlement obligations, with Vale and BHP acting as secondary obligors. The settlement includes an estimated 8 billion Brazilian reais specifically allocated to compensate Indigenous peoples and traditional communities affected by the disaster.
The collective funds will be used to assist impacted residents, primarily through residential resettlement.
In addition to the compensation, individuals opting into the settlement could receive 30,000 Brazilian reais each, with an additional 13,000 Brazilian reais for water contamination claims.
While the companies have already invested around 38 billion Brazilian reais since 2016 in remediation and compensation efforts, they are expected to continue paying into recovery programs over the next two decades.
Despite the progress in negotiations, not all lawsuits related to the Fundão dam collapse have been resolved.
Internationally, BHP is currently facing a class-action lawsuit in the UK scheduled for later this month, where claimants are seeking additional damages for the environmental and economic harm caused by the disaster
“BHP will continue to defend the action which it believes is unnecessary because it duplicates matters already covered by the ongoing reparation work and legal proceedings in Brazil,” BHP said about those proceedings.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
LABRADOR IRON ORE ROYALTY CORPORATION - RIO TINTO RELEASES IOC PRODUCTION AND SALES INFORMATION
News Provided by Canada Newswire via QuoteMedia
Cyclone Reports "World Class" Pellets from Pilot Pellet Run
The Iron Bear project in Canada has completed its pilot pellet production run, owner and operator Cyclone Metals( ASX:CLE) said on Thursday (October 10).
“We have successfully produced Direct Reduction (DR) Pellets. This is a major milestone for the Iron Bear project. Our DR pellets demonstrated excellent physical and metallisation properties,” CEO Paul Berend said in a press release.
The project returned direct reduction pellets grading 67.5 percent iron, 1.6 percent silica, 0.12 percent magnesium oxide, 0.65 percent calcium oxide and ultra-low deleterious elements.
Cyclone added that the pellets have world-class reduction and metallisation properties and that they hold excellent physical properties, with cold crushing strengths of 438 to 486 kilograms per pellet.
The company is now starting small-scale industrial production, with shipping of bulk concentrate samples to potential take-off clients scheduled for the second quarter of 2025.
It has already collected run of mine sediment, which is set to be processed in the Iron Bear pilot plant at the COREM research institute in Québec City. The metallurgical testwork was performed by COREM and completed in August.
The company also intends to produce Iron Bear DR concentrate grading 71 percent iron and 1.1 percent silica, along with more DR pellets and blast furnace (BF) acid pellets.
Formerly known as the Block 103 project, the Iron Bear project has a mineral resource of 16.6 billion tonnes grading 29.3 percent iron.
It is located in the mining-friendly jurisdiction of Newfoundland and Labrador, Canada, and is near infrastructure, less than 25 kilometers from an open-access heavy haul railway connected to the Sept Isles and Pointe Noire iron ore export ports.
The project is also 75 kilometres away from the Menihek hydroplant, potentially giving it access to cheap renewable energy.
Major iron ore export operations currently operate in the Labrador Trough and share the same rail and port infrastructure with Iron Bear.
Cyclone said it will now focus on enhancing the chemical composition of its DR pellets. The company will also launch engineering studies that will address potential risks associated with power and rail infrastructure and explore the viability of its direct shipping ore and magnetite outcrops.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Exploration License Granted over Cane Bore Iron Project
Burley Minerals Limited (ASX: BUR, “Burley” or “the Company”) is pleased to announce that Exploration License E08/3424 (the Cane Bore Iron Project) was granted by The Department of Energy, Mines, Industry Regulation and Safety (DEMIRS). Cane Bore is located within the world class Pilbara Province of the Western Australia and located less than 100 km by sealed road from the export Port of Onslow.
Highlights
Cane Bore Iron Project, WA – 100% Interest
- Exploration License (E08/3424) granted over the Cane Bore Iron Ore Project within the Hamersly Province of the Pilbara, Western Australia ~ 100 km by sealed road from Port of Onslow.
- More than 30km of remnant Channel Iron Deposits (CID) identified with historic rock sampling indicates grades of 51.3% to 55.0% Fe.
- The CID averages 400m widths and sits up to 20m above the surrounding surface.
- Burley is readying for a mapping and rock-chip sampling programme and is preparing a Programme of Work for its maiden drilling programme.
- Burley is currently engaging with Traditional Owners to complete heritage surveys for the maiden drill programme.
The grant of E08/3424 is subject to the conditions outlined in the Conservation Management Plan (CMP) approved by Department of Biodiversity, Conservation and Attractions (DBCA) earlier this year. The CMP provides details of the proposed exploration programmes at Cane Bore and the measures that will be implemented to mitigate environmental impacts of exploration activities.
Burley has Heritage Protection Agreements in place with the PKKP Aborginal Coporation and Buurabalayji Thalanjyi Aborginal Coporation, and is pursuing heritage surveys now. Furthermore, the Programme of Work (PoW) application for the maiden drilling programme is being prepared. This maiden drilling program is well defined in the CMP, faciliatiing the PoW application process. In addition, Burely is preparing a preliminary mapping and rock chip sampling exercise over the Channel Iron Deposit (CID) target areas at Cane Bore.
The Cane Bore Iron Project is adjacent to the sealed Northwest Coastal Highway, interesecting the Osnslow Road, and approximately 200 km southwest of Burley’s Broad Flat Well Iron Project (see Figure 1). The Cane River area was historically explored for iron resources in the late 1960s, but only wide-spaced sampling of surface materials was reported. More recent reconnisaince work, using recent satellite imagery, multi-spectral imagery, topographic data and extrapolation of known regional resources, indicates the potential to delineate more than 30 linear km of CID mineralisation at Cane Bore.
Figure 1: Cane Bore and Broad Flat Well Iron Projects Location Plan, Pilbara, Western Australia.
Burley Minerals Managing Director and CEO, Stewart McCallion commented:
“We are very pleased to have the Cane Bore exploration license granted. This is a major milestone for Burley as Cane Bore has the potential for significant CID-style iron resources, rivalling its neighbours in the local region. Our geologists are getting ready to mobilise to site and complete mapping and surface sampling over 30km of remnant Channel Iron Deposits (CID) that sits up to 20m above the surrounding terraine.
We are liasing with the Traditional Owners of the land to arrange heritage surveys over the primary drilling targets. The approved Conservation Management Plan detailed the proposed exploration programme at Cane Bore and this forms the basis to lodge a PoW application to DEMIRS now; there is more than 200 hectares of CID target areas to explore in this first pass. We are very excited about commencing a maiden drill programme over this substantial project and thank Burley shareholders for their patience while we reached this significant milestone.”
Click here for the full ASX Release
This article includes content from Burley Minerals Ltd., licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Fortescue Seals US$2.8 Billion Deal with Liebherr to Develop Zero-emission Mining Fleet
Fortescue (ASX:FMG,OTCQX:FSUMF) said on Wednesday (September 25) that it has entered into a US$2.8 billion agreement with German-Swiss manufacturer Liebherr to develop zero-emission mining equipment.
The partnership will result in the deployment of 475 Liebherr machines, including 360 battery-electric trucks, 55 electric excavators and 60 battery-powered dozers, to Fortescue’s mining operations in Western Australia.
Liebherr and Fortescue will also develop a fully autonomous battery-electric haulage system for large-scale mining, integrating the latter company's Zero's battery technology into the equipment.
The companies recently unveiled the jointly developed battery-electric T 264 truck during MINExpo in Las Vegas, Nevada; the event is the world’s largest gathering of mining equipment manufacturers.
The T 264 trucks are designed with a scalable battery-electric system that can be retrofitted into existing Liebherr trucks. This includes an energy management system that coordinates truck charging needs to ensure efficiency.
Fortescue Chairman Dr. Andrew Forrest and Liebherr’s Dr. Willi Liebherr attended the MINExpo event to discuss their companies' ambitions to achieve zero-emission mining by 2030.
Forrest emphasised the need for the mining industry to adopt greener solutions quickly, stating that "the world needs Real Zero now" and urging other mining operators to follow suit. “The solutions are there, and the missing ingredient is leadership. We can together be the trailblazers who forge the world's move away from fossil fuels,” he added.
Fortescue has developed a fast-charging system to support the battery-electric trucks, allowing the vehicles to recharge in 30 minutes. It will work with Liebherr to develop the 60 battery-powered dozers and 55 electric excavators.
The T 264 trucks will undergo validation tests beginning in late 2025, with full deployment expected by early 2026. Four trucks are currently being tested at Fortescue’s site, with the first operational trucks set to be introduced in 2025.
The equipment deal, the largest in Liebherr’s 75 year history, is expected to create one of the world's largest zero-emission mining fleets. Both companies expect their joint zero-emission mining ecosystem to be available to other operators within the next few years, positioning the partnership as a driving force for decarbonisation in heavy industry.
Don't forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Mineral Resources Completes AU$1.3 Billion Sale of Stake in Onslow Iron Haul Road
Mineral Resources (ASX:MIN,OTC Pink:MALRF) has completed the sale of a 49 percent interest in the Onslow Iron haul road to investment funds managed by Morgan Stanley Infrastructure Partners (MSIP).
MSIP, a private infrastructure investment platform within Morgan Stanley Investment Management, paid Mineral Resources upfront cash consideration of AU$1.1 billion on Tuesday (September 24).
While that payment marked the completion of the transaction, MSIP is required to issue an additional AU$200 million in cash if the haul road achieves a run rate of 35 million tonnes per year for any quarter before June 30, 2026.
The deal was announced on June 5, and as outlined at the time, Mineral Resources’ undrawn bridge facility of US$750 million with JP Morgan (NYSE:JPM) will now be cancelled.
“I’m pleased to officially welcome MSIP as a partner in the Onslow Iron project,” said Chris Ellison, managing director of Mineral Resources. “This partnership is yet another strong endorsement of Onslow Iron’s world-class credentials and showcases MinRes’ ability to unlock significant capital from our portfolio of assets.”
Mineral Resources will have majority ownership and exclusive rights to use, operate and maintain the haul road under the partnership. It will also have majority exposure to stable earnings from the haul road over Onslow Iron's life.
“We are proud to be the co-steward of the Onslow Iron Haul Road, a critical transportation infrastructure asset in the West Pilbara,” Tim Cooper, managing director of MSIP, said in Wednesday's (September 25) release. “We value MinRes’ exceptional operatorship and are excited to explore further opportunities to deepen our partnership.”
Regarded as one of the largest iron ore projects under development and Australia's first dust-free project, Onslow Iron is set to unlock billions of tonnes of stranded deposits in the West Pilbara region. It delivered its first ore on ship last May.
The 150 kilometre haul road is a key component of the asset's pit-to-port infrastructure, which is designed to see products transported by autonomous road trains via a link from the Ken’s Bore mine site to the Port of Ashburton.
The road remains scheduled for completion in October. Once finished, it will allow fully enclosed transhippers to transport ore to Capesize vessels anchored 40 kilometres off the coast.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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