Mining

Five large mining companies have separately launched initiatives this week to accelerate a move toward electrification of their mine sites.

Perth-based 92 Energy is planning to become the first pure-play uranium company to list on the ASX in more than a decade, having launched a $5 million initial public offering.

Local drilling business DDH1 is scheduled to list on the stock exchange next week after raising $150 million through its initial public offering.

Australian Potash has secured $140 million in federal government funding to cover more than two thirds of the development costs associated with its Lake Wells project in WA.

Rio Tinto will chip in $20 million for a new hospital in Tom Price in a deal signed before the caretaker period, but announced today.

Lynas Rare Earths has benefited from a favourable commodity market, having grown its net profit from $3 million to $40.6 million in the year to December 2020.

Mining services business Orica has replaced its managing director after revealing a larger than expected impact from COVID-19 on its global operations.

Shares in Sandfire Resources jumped 11 per cent today after the company reported strong growth in earnings and talked up the copper market outlook.

Goldminer Regis Resources has reported a 9 per cent drop in first-half net profit despite recording higher revenue, while halving its interim dividend.

Uncertainty over land claims and protected areas have contributed to Western Australia losing its title as the world’s most attractive jurisdiction for mining investment, a recent survey showed.

Fortescue Metals Group has apologised to an Aboriginal community after clearing a Western Australian site considered sacred, without representatives present.

Bill Beament has thrown his support behind Perth-based copper play Venturex Resources, in a move that involves the Northern Star chairman stepping down from the board in July.

ASX-listed Macmahon Holdings has reported higher annual earnings, attributing the growth to contracted work in its underground mining division.

Perenti’s underlying profitability took a $16 million hit in the six months to December, as COVID-19 and the strong Australian dollar weighed on the mining services business.

BHP and traditional owners are investigating a rockfall at a heritage site near Mining Area C, although the cause is unclear.

Monadelphous has reported a rise in both its first-half revenue and profit but has expressed concern about skilled labour shortages.

Australian exports dropped 9 per cent in January, led by a fall in iron ore shipments after a strong result the previous month.

Hastings Technology Metals is seeking another $44 million to advance its Yangibana project, just days after receiving $57 million for the same purpose.

Four former executives at Rio Tinto were paid a total of $57 million last year, with Sam Walsh and JS Jacques getting the biggest payouts.

Mining contractor MACA has reported revenue of $467.2 million in the first half of the financial year, most of which can be attributed to work in the gold sector.

Perth-based Deep Yellow has secured $40.8 million from investors to progress the development of a uranium project in Namibia.

South32’s interim dividend has lifted by 27 per cent despite revenue and profit declining markedly in the six months to December.

Rare earth company Hastings Technology Metals has secured funds from a share placement to progress the construction of its Yangibana joint venture in Western Australia.

Shares in NRW Holdings fell sharply today after the contractor’s earnings were hit by higher operating costs and lower productivity in the Pilbara.

Fortescue Metals Group has confirmed a $US400 million cost blowout for its Iron Bridge magnetite project while announcing a 44 per cent growth in revenue and higher dividend payout.

WA’s fledgling potash industry is making solid steps towards first production.

The latest job vacancy figures released by the National Skills Commission have highlighted the tight labour market in Western Australia, with demand for labourers now at an eight-year high.

Mining giant Rio Tinto has posted a 20 per cent jump in annual underlying earnings and declared a bumper dividend as it reaped the benefits of sustained high iron ore prices.

Rio Tinto has hired indigenous community leader Wayne Bergmann to help improve relations with traditional owners as it continues to grapple with fallout from the Juukan Gorge controversy.

Construction of the Mt Holland lithium mine and a Kwinana refinery will begin next year, Wesfarmers announced today, with the green light given to the mine development.

Former footballer and coach John Worsfold has secured a new managerial role with local mining services company Emeco Holdings.

Bryah Resources will hold on to its 70 per cent stake in a Mid West manganese project, after joint buyers Primero Group and investment firm AMCI withdrew their $5 million offer.