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July 25, 2024
Burley Minerals Limited (ASX: BUR, “Burley” or “the Company”) is pleased to confirm that the maiden drilling programme has commenced at the Broad Flat Well Iron Project (E47/4580) in the Pilbara, WA (1).
Highlights
- Heritage surveys completed by the Yindjibarndi Nation in June.
- Earthworks for access tracks and drill pads was recently completed by Yurra Pty Ltd, a civil services contractor majority-owned by the Yindjibarndi Nation.
- Drilling programme has commenced comprising 50 drillholes across >6 km of outcropping Channel Iron Deposits (CID)
- More than 66 hectares of mesa-form, channel iron deposits (CID) identified and sampled with rock chip samples returning assay grades averaging more than 56% Fe.
- Further rock chip sampling and mapping in progress on additional CID areas.
Photo 1: Heritage Survey Team from the Yindjibarndi Nation, with archaeologist, and Burley’s MD/CEO Stewart McCallion
Burley Minerals’ Managing Director and CEO, Stewart McCallion commented:
“Burley’s management are very excited to commence the maiden drilling programme at the Broad Flat Well Iron Project. Thanks to the Yindjibarndi Nation for completing the heritage survey in late June, and to Yurra for expeditious completion of the earthworks thereafter. Burley’s geologist and the drilling contractor have mobilised to site and are now drilling. I look forward to providing an update on the Brad Flat Well Project soon.”
Photo 2: Drill rig established on one of numerous CID targets at Broad Flat Well Iron Project
Broad Flat Well CID drilling programme commences
Figure 1: Broad Flat Well Iron Project Location; the tenement is approximately 115km from Dampier on the sealed, Manuwarra Red Dog Highway.
The drilling programme, as approved by DEMIRS, comprises approximately 50 drillholes over more than 6 km of outcropping CID. The targeted CID mineralisation area is illustrated in Figure 2.
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.
24 June
Rio Tinto and Hancock Pledge US$1.6 Billion to Advance Hope Downs 2 Iron Ore Project
Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and privately owned Hancock Prospecting said on Tuesday (June 24) that they will invest US$1.6 billion to develop the Hope Downs 2 iron ore project in Pilbara, Western Australia.
According to Rio Tinto, Hope Downs 2 has received all necessary approvals and is set to sustain production from the Hope Downs joint venture, in which Rio Tinto and Hancock are equal partners.
Each company will shell out US$0.8 billion for the project.
Hope Downs 2 holds the Hope Downs 2 and Bedded Hilltop deposits, which will have a combined total annual production capacity of 31 million tonnes.
“Approval of Hope Downs 2 is a key milestone for Rio Tinto, as we invest in the next generation of iron ore mines in the Pilbara,” said Rio Iron Ore Chief Executive Simon Trott in the company's press release.
“These projects are part of our strategy to continue investing in Australian iron ore and to sustain Pilbara production for decades to come, supporting jobs, local businesses and the state and national economies.”
Pilbara is one of Australia's key mining regions and has been critical to global steel supply for more than six decades.
The joint venture between Rio Tinto and Hancock was established in 2006. Production at Hope Downs 1 began in 2007.
In 2018, the joint venture opened Baby Hope, a new deposit at Hope Downs that was developed to help sustain existing capacity at the Hope 1 operation and support ongoing jobs at Hope Downs.
According to Rio Tinto, an average of 950 jobs will be created during construction of Hope Downs 2, and approximately 1,000 jobs will be sustained at Greater Hope Downs once operational.
The company expects to invest more than US$13 billion on new mines, plant and equipment from 2025 to 2027.
Rio Tinto and Hancock said ore from the new deposits will be processed at Hope Downs 1, with first ore expected and associated infrastructure planned to be operational by 2027.
Other Rio Tinto developments
Earlier this month, Rio Tinto opened the US$3.1 billion Western Range iron ore mine in Western Australia.
Western Range is a joint venture between Rio Tinto and China Baowu Group, a state-owned iron and steel Chinese company. The operation is projected to produce up to 25 million tonnes of iron ore annually.
Rio also recently announced a leadership shakeup after Chief Executive Jakob Stausholm stepped down.
Hancock to unite Roy Hill and Atlas Iron
In a separate development, Hancock said it is uniting its Roy Hill and Atlas Iron operations under a new banner called Hancock Iron Ore. The major operational realignment is set to take effect on July 1.
Executive Chair Gina Rinehart said that the world of iron ore is evolving, so Hancock follows.
“We are not just rebranding. We are building on the exceptional legacy and remarkable achievements of Roy Hill, Atlas Iron and Hancock," Australian Mining quotes her as saying.
Roy Hill is among Australia’s leading iron ore miners, delivering approximately 64 million tonnes annually to steelmaking markets in nearby Asia. Atlas Iron exports 10 million tonnes a year.
The latter was acquired by Hancock in 2018 and has since undergone "a successful operational turnaround."
Hancock and Rinehart have a long history of investing in Australian iron ore and other commodities.
Don’t forget to follow us @INN_Resource 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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02 June
Leadership Shakeup: Rio Tinto's Stausholm to Step Down Amid Broader Industry Turnover
Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) announced on May 22 that Chief Executive Jakob Stausholm will step down later this year following a formal succession plan arranged by the company.
While the mining giant has not provided a reason for the leadership transition, a Reuters report suggests the move may stem from internal “conflicting priorities,” citing six unnamed sources familiar with the matter.
These sources told the news outlet that the decision is not linked to any scandal.
Instead, they indicated that rising costs have became a growing concern internally, with Stausholm reportedly advised to prioritize cost-cutting measures and operational efficiency.
However, he is said to have been “resistant” to shifting focus.
Despite the leadership change, one source told Reuters that the board remains confident in Rio Tinto’s growth pipeline and affirmed that the company’s overall strategy remains unchanged.
Stausholm’s journey at Rio Tinto
Stausholm joined Rio Tinto as executive director and chief financial officer in 2018.
He took over the position of chief executive in 2021.
“Under Jakob’s leadership, Rio Tinto has restored trust with key stakeholders, aligned our portfolio with the commodities where demand growth is strongest, built a diverse and talented management team, and set a compelling growth trajectory,” said Rio Chair Dominic Barton in the company's release.
In the past year, Rio has made three major lithium moves: the acquisition of Arcadium Lithium, the expansion of the Rincon project in Argentina and the recent acquisition of a 51 percent stake in the Altoandinos project in Chile.
Still, reports imply that Stausholm’s leadership was not perfect.
Reuters quotes one source as saying that he “became more likely to push back on board suggestions and too quickly dismissed opportunities the board felt could have been better explored.”
Merger talks with Glencore (LSE:GLEN,OTC Pink:GLCNF) were cited as an example. Stausholm reportedly rejected an approach from the commodities giant when it was initiated last year.
Since taking the helm at Rio Tinto, Stausholm has faced scrutiny, with some investors questioning whether a leader with deeper mining experience might be better suited to guide the company through its next phase of growth.
Stausholm holds a degree in economics from the University of Copenhagen. Before joining Rio, he served as chief strategy, finance and transformation officer at Maersk (CPH:MAERSK-B) and spent 19 years with Shell (NYSE:SHEL,LSE:SHEL), bringing a background in finance and energy to the mining major.
Stausholm’s potential successors
Considering what Rio Tinto wants to take and not take from Stausholm’s leadership, the question remains: Who is the company looking at as the next chief executive? Reuters’ sources pointed to Simon Trott, head of iron ore, Chief Commercial Officer Bold Bataar and aluminum boss Jerome Pécresse.
All three have been able to work on addressing critical headaches at the company: Trott has helped repair relationships in Australia, Bataar successfully oversaw the underground expansion of the Oyu Tolgoi copper mine in Mongolia during his term as chief copper executive and Pécresse turned the firm's aluminum unit around.
”Pécresse may have an advantage given his management style focused on cost-cutting,” one of Reuters’ sources said. “Rio doesn’t need another visionary right now.”
Stausholm will remain chief executive until a replacement is found.
“A rigorous selection process is already underway, led by the Nominations Committee,” the company said.
At the time of this writing, Rio Tinto was focusing on three strategic pillars: expanding its critical minerals footprint, boosting decarbonization efforts and enhancing operational efficiency.
Oyu Tolgoi is ramping up production, targeting annual output of 500,000 metric tons by 2028. A solar farm in Pilbara is also in the works, and is projected to reduce the company’s CO2 footprint to 120,000 metric tons per year.
“It has been an absolute privilege to lead Rio Tinto, one of the great mining and materials companies in the world. I would like to thank the deeply dedicated and talented people across the organisation that together have raised both operational performance and project execution,” Stausholm said.
“We have built on Rio Tinto’s historic strengths to deliver profitable, stable growth and significant shareholder value. I know the company will continue to thrive long into the future.”
More major miner management shakeups
An hour after Stausholm announced his resignation, Mark Hutchinson, CEO of Fortescue Energy, a division of Fortescue (ASX:FMG,OTCQX:FSUMF), also said that he is stepping down.
Effective July 1, Fortescue Metals' Latin America leader, Agustin Pichot, will act as CEO of growth and energy. Fortescue Metals CEO Dino Otranto will assume broader responsibilities, including hydrogen and electrification oversight.
Media reports from the likes of the Australian Financial Review say Hutchinson will remain as a senior advisor.
In addition to these major miner shakeups, media reports circulating since April suggest BHP (ASX:BHP,NYSE:BHP,LSE:BHP)is on the hunt for a replacement for Chief Executive Mike Henry.
Developments are being monitored, as analysts believe that the chosen leaders will play critical roles in addressing the industry’s current challenges and advancing toward sustainable growth.
Don’t forget to follow us @INN_Resource 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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11 April
Rio Tinto Spends Record AU$10.3 Billion with Western Australian Suppliers in 2024
Major miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO)reported total spending of AU$10.3 billion with Western Australian suppliers in 2024, marking a new record for the company.
The commodities giant boosted its spending with suppliers in the state by AU$1.5 billion for the year in a bid to support local businesses continuously and grow its Pilbara mining portfolio.
Since 2018, the company has worked with around 2,400 suppliers in Western Australia annually. Its annual spend with suppliers has more than doubled over the past six years.
“Rio Tinto has been in Western Australia for almost 60 years, and we remain committed to sharing our success with the communities where we operate,” said Rio Tinto Iron Ore Chief Executive Simon Trott.
He added that partnering with local businesses allows the company to help create jobs and strengthen regional communities, all while providing benefits and sponsorship to small to large business owners.
Rio Tinto is also prioritising Indigenous-owned businesses in the state. Its spending with Indigenous-owned businesses in 2024 reached AU$769 million, 30 percent more than the recorded amount in 2023. Pilbara businesses received AU$969 million from Rio Tinto, with 60 percent of this going to Indigenous-owned businesses in the region.
Rio Tinto has attributed the spending increase to its project developments in the state, including heavy mining machinery and earthworks for its US$2 billion Western Range mine.
Located in Pilbara 10 kilometres southeast of Paraburdoo, the Western Range mine is expected to produce 25 million tonnes of iron ore annually. It is scheduled to open and complete its first production this year.
The company received approval for its US$1.8 billion Brockman Syncline 1 project this month, allowing it to sustain production and support for Western Australian businesses moving forward.
Rio Tinto owns a portfolio of large iron ore assets in the Pilbara. The company had produced 327.9 million tonnes of iron ore at these operations as of 2023, employing around 16,000 people across its projects.
A total of 17 mines, four independent port terminals, a rail network spanning nearly 2,000 kilometres and related infrastructure are held by Rio Tinto in the region. These assets help it maintain its reputation in the global iron ore industry.
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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02 April
Fortescue's Forrest Hones in on Renewable Energy, Aims to Go Green by 2030
Andrew Forrest, founder and executive chair of major mining companyFortescue (ASX:FMG,OTCQX:FSUMF), has been making headlines following his bold statements on renewable energy.
Toward the end of February, the mining tycoon was quoted as saying that Fortescue is quitting fossil fuels.
According to news outlets like TIME and CNBC, he said the company will stop burning fossil fuels across its Australian iron ore operations by the decade’s end, calling on other companies to do the same.
“It’s time for businesses to stop talking about long-term targets and completely ditch fossil fuels in the coming years rather than in the coming decades,” he states in a February 25 TIME article.
“If you think you can’t go green, then you’re right,” he says of his industry colleagues … It’s time for you to get off the stage and learn from someone with more talent, more conviction, or initiative than you who can lead your company.”
Fortescue’s vow to eliminate fossil fuels by 2030 and lower costs traces back to its US$6.2 billion investment in 2022, when it announced its plan for industry-leading decarbonisation. It said at the time that the investment was designed to eliminate its fossil fuel risk profile and enable it to supply customers with carbon-free products.
Notable big oil companies like BP (LSE:BP,NYSE:BP) and Shell (LSE:SHEL,NYSE:SHEL) have recently announced they will cut back on clean energy pledges, saying that they will focus more on oil and gas production.
BP said the decision is a strategic reset to reduce and reallocate capital expenditure to drive growth, pursue performance improvements and work on cost efficiency. Meanwhile, Shell CEO Wael Sawan explained that the company is providing the secure energy customers need at the present while working on its transformation to win in a low-carbon future.
Forrest believes big oil companies are getting it wrong, especially now that customers are in search of green energy.
“I’ve always found that the customer is always right, which is why we’re going renewable and moving away from oil and gas," he said on CNBC 's Squawk Box Europe on March 24.
"Our customers are saying, ‘We want energy, but not at any cost, and if you can give us green energy at the same price as dirty (energy) then we are going to buy green every day.’ That’s my job, and that’s Fortescue’s job."
He added, “Well, if (the) oil and gas (industry) doesn’t want to supply green energy, guess what, Fortescue will."
As the fourth largest iron ore producer in the world, Fortescue’s push to reduce fossil fuel dependency and emissions is a significant step toward sustainable mining practices.
Its US$6.2 billion investment to eliminate fossil fuels is expected to displace around 700 million litres of diesel and 15 million gigajoules of gas per year — reducing emissions by 3 million tonnes of carbon dioxide annually.
The company is also working toward its green fleet, developing battery-electric haul trucks and exploring hydrogen- and ammonia-powered mining equipment to eliminate diesel consumption.
Green initiatives and developments
Fortescue has made a variety of advances into clean energy in recent years.
In March, Fortescue Green Pioneer, the world's first dual-fueled ammonia-powered vessel, docked in London. It is on a global tour of ports aimed at fast-tracking international shipping’s transition to green fuels.
In 2020, the company announced the US$450 million Pilbara generation project, which aims to enhance Fortescue's power-generation capacity using 150 megawatts (MW) of gas-fired power with 150 MW of solar photovoltaic generation and 50 MW of battery storage. The project is part of the Pilbara Energy Connect (PEC) initiative.
Fortescue completed the first phase of PEC in 2024. Included was a 100 MW solar farm at North Star Junction and 140 kilometres of transmission lines and substations.
In an update via X on Wednesday (April 2), the company said that the 100 MW solar farm at North Star is currently supplying over 25 percent of Iron Bridge’s energy demands.
Fortescue’s Renewable Progress Powers Ahead in the Pilbara! 💪
— Fortescue (@FortescueNews) April 2, 2025
As we work towards our Real Zero goal by 2030, we’re thrilled to share updates on our transformative renewable energy projects:
☀️ Operational Now: Our 100MW solar farm at North Star Junction is currently supplying… pic.twitter.com/wxv5JaKZux
Another project, a 190 MW solar farm at Cloudbreak, is expected to be completed in 2027. Fortescue said this will significantly reduce its diesel and gas consumption.
A 640 MW Turner River solar project has also been proposed by the company, which has said it could become Western Australia’s largest green energy initiative. The proposal was submitted by Fortescue's subsidiary, Pilbara Energy, to the Western Australian Environmental Protection Authority.
Sinead Booth, Fortescue's group manager of decarbonisation delivery, said that these initiatives are crucial as the company continues to reduce emissions and advance its commitment to a sustainable future.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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10 March
Rio Tinto Plans US$1.8 Billion Investment in BS1 Extension, Completes Arcadium Acquisition
Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) made headlines after two announcements on March 6.
The mining giant said it will invest US$1.8 billion to develop the Brockman Syncline 1 mine project (BS1), a move that will extend the life of the Brockman region in West Pilbara, Western Australia.
BS1 now holds all necessary government approvals. It has been developed in consultation with the Puutu Kunti Kurrama and Pinikura Traditional Owners and the Muntulgura Guruma Traditional Owners.
The development of the project will help Rio Tinto sustain production from its iron ore operations. It is projected to have a processing capacity of up to 34 million tonnes per year of iron ore.
“Securing this project extends the life of the Brockman hub. This is good for our business, good for Western Australia and good for the Australian economy,” said Rio Tinto Iron Ore Chief Executive Simon Trott in a press release.
“Rio Tinto has been mining iron ore in the Pilbara for almost six decades and our tranche of new mines will ensure we can continue to supply the globe’s ongoing need for iron ore, for decades to come," he added.
Construction of BS1 will begin this year and will provide 1,000 jobs. Once operational, the project is set to sustain an average of 600 workers. First ore, originally planned for 2028, is now scheduled in 2027.
In a separate announcement, Rio Tinto confirmed the completion of its acquisition of Arcadium Lithium. First announced in October 2024, the all-cash transaction was for US$6.7 billion.
Analysts from Canaccord Genuity previously estimated that a combined Rio Tinto-Arcadium entity could supply around 10 percent of the global lithium chemicals market by 2030. Rio Tinto also said in its initial announcement that a combination of the companies’ assets would “represent the world's largest lithium resource base.”
“This establishes us as a global leader in energy transition commodities and one of the leading lithium producers globally with one of the world’s largest lithium resource bases,” the company said in its March 6 release.
“Arcadium’s operations and growth projects are located in geographies where we already have a significant presence, allowing us to leverage our existing infrastructure, networks and expertise to achieve substantial benefits over time.”
Shared jurisdictions by Rio Tinto and Arcadium include Argentina, where Rio Tinto is developing its Rincon project.
The company released an initial mineral resources and ore reserves report for Rincon this past December, saying the project holds 1.54 million tonnes of lithium carbonate equivalent in the measured category, 7.75 million tonnes in the indicated category and 2.29 million tonnes in the inferred category.
Following the acquisition of Arcadium, Rio is now the third largest lithium producer in the world. It follows major companies Albemarle (NYSE:ALB) and SQM (NYSE:SQM).
Australia remains the world’s largest lithium-producing country at 88,000 tonnes in 2024.
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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28 February
Rio Tinto Mine Workers Seek Improved Conditions, Annual Raise
The Western Mine Workers Alliance (WMWA) is launching a Majority Support Petition to initiate bargaining at the Paraburdoo operations of resources giant Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO).
Paraburdoo is located in Pilbara, Western Australia, and is one of 12 iron ore mines operated by Rio Tinto in the region.
The WMWA is a joint venture of the Mining and Energy Union and the Australian Workers Union. It seeks to rebuild “worker power in the Pilbara after two decades of aggressive deunionisation, which has resulted in inconsistent standards and conditions, without many of the protections of the east coast coal industry.”
In a Thursday (February 27) announcement by the Mining and Energy Union, WMWA Coordinator Shane Roulstone said that the petition "has been a long time in the making." The Alliance has made significant progress in building positive sentiment for unionisation since it was established in 2013.
“When we set up the Alliance just over a decade ago, so much of our efforts were dedicated to debunking misinformation from the companies about unions and showing them that we don’t bite," Roulstone explained. "Many of the workers we encountered had never worked on a site with a union presence or spoken to an organiser.”
He added that the alliance now seems to have a strong majority of Rio Tinto employees behind it. According to the release, workers at the Paraburdoo operations are split between residential workers and fly-in-fly-out workers, and both groups have separate concerns the union is working to address with Rio Tinto.
In addition to those concerns, under the petition, workers are seeking guaranteed annual pay increases as living costs continue to rise, especially those in the remote communities of the Pilbara. In order to normalise conditions between workers, they are also demanding pay equity and fair and detailed classification, as well as career progression.
The WMWA said that a day after the petition’s launch, Rio Tinto came out with a new compensation policy for flight delays, a key claim of Rio Tinto’s Paraburdoo workers. Although it was lower than what was asked for in the petition, the WMWA said it shows that the company recognises "recognition that Pilbara workers are finally standing up and demanding a fairer go."
WMWA is also bargaining with international mining major BHP (ASX:BHP,NYSE:BHP,LSE:BHP) for an agreement covering its South Flank and Area C operations in the Pilbara.
In late 2024, Rio Tinto and BHP made headlines when class action lawsuits regarding sexual harassment and discrimination were launched, with the firm who filed them saying they had spoken to hundreds of women who worked for the companies and expected thousands to join the lawsuits. Both companies subsequently issued statements denouncing workplace sexual harassment and underscoring their commitment to employee safety.
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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