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Fortescue registers record iron ore shipments – Cadence Minerals
Fortescue Metals Group has achieved a record shipment of iron ore in the December 2019 quarter with 46.4 million tonnes.
This led to record shipments for the first half of the 2020 financial year with 88.6 million tonnes.
Fortescue chief executive Elizabeth Gaines expects shipments at the end of the financial year to be at the upper end of the 170 to 175 million tonne guidance.
“Once again, the Fortescue team has achieved outstanding results, demonstrated by multiple records,” Gaines said.
“Excellent operational performance across all mines, rail and port was maintained to deliver shipments of 46.4 million tonnes, a 9 per cent improvement on the corresponding period last year.”
The news came as Fortescue announced it was set to invest $US450 million ($666 million) into the next stage of its Pilbara energy connect program.
The program, called the Pilbara Generation project, will combine 150 megawatts of gas fired generation with 150 megawatts of solar photovoltaic (PV) generation.
This will be supplemented by large scale battery storage that will be constructed, owned and operated by Fortescue.
The Pilbara Generation project complements Fortescue’s existing $US250 million Pilbara transmission project announced last October, which will provide low cost power to the Iron Bridge magnetite project in the Pilbara region of Western Australia.
Together, the transmission and generation projects will provide Fortescue with a hybrid solar gas energy solution that will deliver low cost power to Iron Bridge.
Fortescue also came into an agreement with Alinta Energy last year to build the Chichester solar gas hybrid project.
It will see up to 100 per cent of daytime stationary energy requirements of the Chichester Hub iron ore operations in the Pilbara powered by renewable energy.
Gaines said this US$700 million commitment to electricity generation and transmission infrastructure would significantly slash carbon dioxide equivalent (CO2e) emissions.
“The modelling indicates by installing 150 megawatts of solar PV we will avoid up to 285,000 tonnes of CO2e per year in emissions, as compared to generating electricity solely from gas,” she said.
“Pilbara energy connect allows for large scale renewable generation such as solar or wind to be connected at any point on the integrated network, positioning Fortescue to readily increase our use of renewable energy in the future.”
Link here to view on the Australian Mining website
These record iron ore numbers are also indirectly driving recommissioning activities among previously mothballed iron ore mines.
In NE Brazil, a jv between AIM listed Cadence Minerals #KDNC and Singapore based commodities group IndoSino Pte Ltd will see the former Anglo American (AAL) and Cliffs Natural Resources owned Amapá iron ore project recommissioned.
With key rail concessions granted to Cadence for shipping in December, this large-scale iron open pit ore mine with associated rail, port and beneficiation facilities is expected to produce 5.3 million tonnes of iron ore by 2024.
FT – Iron ore outlook rests on Vale’s tricky rebound
Iron ore outlook rests on Vale’s tricky rebound
Shareholders are revelling in bumper payouts, but prices could fade down the track.
Shareholders in Rio Tinto are likely to be celebrating another bumper payout when the miner reports annual results next month. The Anglo-Australian group — along with rivals BHP and Brazil’s Vale — is generating bucket loads of cash from the continued strength of iron ore.
Boosted by strong demand from China and a string of supply disruptions the key steelmaking ingredient rose 30 per cent last year and averaged $90 a tonne.
For big producers such as Rio that can mine the material for as little as $15 a tonne, that means windfall profits — and sturdy dividends for investors. Deutsche Bank reckons Rio generated close to $10bn of free cash flow last year.
Whether it can match that performance in 2020 will depend on the direction of iron ore prices.
The good news for its shareholders is that prices have remained elevated over the past month, trading at more than $90 a tonne as Chinese steelmakers have restocked ahead of the Lunar New Year holiday that starts on January 25, and the start of the spring construction season.
The risk of weather disruptions in the Pilbara — Australia’s main iron ore-producing region — has also kept prices firm, according to traders. A sharp fall in exports from Brazil because of lower shipments from Vale, the world’s biggest iron ore company, has helped too.
One final boost: the decision of the US Treasury to drop the designation of China as a currency manipulator. This has lifted the renminbi, making cargoes of iron ore cheaper for Chinese mills to buy in the seaborne market.
Still, most analysts expect prices to drift lower over the course of the year, as supply picks up and production in China remains broadly flat at close to 1bn tonnes.
Demand is likely to fade after China’s new year holiday, according to BMO Capital Markets. It reckons restocking has finished, pointing to a slowdown in activity at the main iron ore port in Hebei, China’s leading steelmaking province.
Ultimately, the direction of prices will hinge on Vale and whether it can hit targets for production.
The company was forced to cut more than 70m tonnes of capacity last year after a dam disaster at one of its mines in the state of Minas Gerais in which more than 250 people died.
Some of the supply has come back online and this year Vale expects to produce between 340m and 355m tonnes of iron ore, up about 40m from last year. However, no one is sure if the Brazilian miner can actually do that. Some of the shuttered output uses dams that have to be decommissioned before production can resume, for example.
If Vale hits guidance JPMorgan estimates the iron ore market could be in surplus, with supply outstripping demand by 28m tonnes. If it does not, then Rio, its shareholders and other big producers could be celebrating another year of elevated prices.
The squeeze is also seeing some recommissioning activities among previously mothballed iron ore mines.
In NE Brazil, a jv between AIM listed Cadence Minerals #KDNC and Singapore based commodities group IndoSino Pte Ltd will see the former Anglo American (AAL) and Cliffs Natural Resources owned Amapá iron ore project recommissioned.
With key rail concessions granted to Cadence for shipping in December, this large-scale iron open pit ore mine with associated rail, port and beneficiation facilities is expected to produce 5.3 million tonnes of iron ore by 2024.
World’s insatiable appetite for batteries sparks multi billion pound lithium mining boom in Australia! Via abcnews
Growing demand for batteries for electric cars and power 
storage is driving increased investment in lithium mining in Western Australia. WA is currently supplying more than 40 per cent of the world’s lithium and a new mine in the Pilbara is the latest in a string of investments in the industry. The West Australian Government is now encouraging industry to build a battery factory in the state to capitalise on the boom.
Stockhead – Potash stock guide: how the Pilbara could help feed the world
The Pilbara region of Western Australia is best known for iron ore — and in more recent times goldand lithium.
But a group of pioneering ASX companies reckon it also has the potential to be a major hub for potash — a mineral salt that’s critical in plant, animal and human life.
There are some 30 ASX-listed companies active in potash, but it is not a well-understood industry.
Over the past year, 16 of 28 potash-related stocks tracked by Stockhead have made gains of 4 per cent to 263 per cent.
Potash comes from salts that contain potassium in water soluble form. It is used as a fertiliser.
There are two commonly used fertilisers – muriate of potash (MOP) and sulphate of potash (SOP).
MOP is the most common (around 90 per cent of the world’s potash) and is used on a variety of crops. However, the more chloride-sensitive crops like avocados, coffee beans and cocoa require SOP – which fetches $US270 per tonne more than MOP.
The global potash market is estimated to be around 75 million tonnes.
Demand is set to increase as the global population grows to around 8 billion by 2023.
Greg Cochran, the boss of Pilbara potash explorer Reward Minerals (ASX:RWD) told Stockhead an extra 100,000 to 150,000 tonnes of potash will be required each year.
Right now Australia imports all its potash from Canada, the Middle East and Europe. Australia’s MOP and SOP consumption is around 250,000 tonnes each year.
China and big plantation-focused countries in southeast Asia – like Malaysia and Indonesia – are expected to be the key contributors to demand growth.
The potash market is perhaps one of the most stable compared to other commodities, with the price difference between MOP and SOP remaining close to $US270 per tonne for the past three years.
Pilbara could rival world’s largest potash exporter
Reward believes the Pilbara could become the next Saskatchewan – a region in Canada that is currently the world’s largest exporter of potash.
Canada produced 12 million tonnes of potash last year and the bulk of that came from Saskatchewan.
Mr Cochran said director Michael Ruane saw the potential of the Pilbara early on.
“Mick saw it first, where he said: ‘this has the potential to be the next Saskatchewan’,” Mr Cochran said.
“That’s the potash potential of this broader region in which we operate up here [the Pilbara], and with the climatic conditions it’s ideal and it’s a lot closer than Saskatchewan is to Vancouver.”
Saskatchewan is nearly 1700km from Vancouver.
By comparison, Reward’s Lake Disappointment project is less than 900km from Port Hedland – which is where the company is planning to ship its SOP product from.
“I’m not talking just about Lake Disappointment, but other projects further inland, and we’ve got some really good insights into the geological potential that we as a company have learnt over the last 12 years,” Mr Cochran said.
“In fact, when we talk to government ministers that’s part of the conversation. There’s a dream there, this vision is big.”
A recent pre-feasibility study indicated Reward’s Lake Disappointment project will produce 9 million tonnes of SOP over a 27-year life.
Reward says it will be one of the world’s largest and longest-life brine SOP projects.
The who’s who of potash
Australia does not currently produce any of its own potash, but the bulk of the production will eventually come from WA.
Kalium Lakes (ASX:KLL) this week announced it has increased the measured and indicated resources for its flagship Beyondie SOP project in WA by 150 per cent.
This is expected to translate into a “substantial increase” in ore reserves, which is also due for an update this month, managing director Brett Hazelden told investors earlier this week.
Kalium’s share price has jumped 31 per cent to 46.5c since this time last year.
The Beyondie project currently has enough in reserves to mine 75,000 tonnes each year for more than 23 years.
Kalium is the closest to production, having already been granted the necessary mining licence and received approval for its mining proposal and mine closure plan.
The company expects to be able to start early construction works this year.
Kalium is also in a joint venture with BCI Minerals (ASX:BCI) on the Carnegie potash project, which is located about 220km east-north-east of Wiluna.
BCI diversified into salt, SOP and gold following the steep drop in iron ore price.
The company, which was once known as BC Iron, has witnessed a 15.6 per cent drop in its share price over the past year and is trading around 13.5c.
BCI is now selling off its Pilbara iron ore projects after it sunk to a $16.9 million loss in FY18.
The company can earn up to a 50 per cent interest in the Carnegie project by sole-funding exploration and development expenditure across several stages.
The Carnegie project lies directly north of Salt Lake Potash’s (ASX:SO4) Lake Wells project and Australian Potash’s (ASX:APC) project, which is also named Lake Wells.
Salt Lake also has another project near Wiluna called Lake Way.
Link here for full Stockhead article
Cadence Minerals #KDNC – Macarthur Minerals TSX-V: #MMS appoints Capstan Capital Partners as Exclusive Advisers to Advance Its Significant Iron Ore Projects in Australia
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (“Macarthur”, TSX-V: MMS) has entered into an exclusive advisory agreement with UK based Capstan Capital Partners LLP (“Capstan”) to seek the necessary funding required to advance Macarthur’s significant iron ore projects located in Western Australia.
Highlights:
- Macarthur owns 100% of the Macarthur Iron Ore Projects, which are located on approved mining tenements covering approximately 62 km2 and are located 175 km northwest of Kalgoorlie in W Australia. The Macarthur Iron Ore Projects consist of two distinct mineral projects:
- The Ularring Hematite Project: encompassing hematite iron ore (“hematite”), to be marketed as potential direct shipping and/or beneficiated iron ore; and
- The Moonshine Magnetite Project: encompassing magnetite iron ore (“magnetite”), to be marketed as a beneficiated magnetite concentrate.
- The Ularring Hematite Project has been fully approved for mining and the Company has been maintaining the core iron ore projects’ assets in good standing with the Western Australian Government, since their discovery. The Moonshine Magnetite Project presents a very large untapped resource of mostly high-grade magnetite with an expected productive life of at least 50 years.
- The Company has been reviewing its iron ore projects in light of the emergence of rail and port capacity through to the Port of Esperance and the cessation of mining at Cleveland-Cliffs Inc’s Asia Pacific Iron Ore projects and Mineral Resources Limited’s Carina project.
Cadence holds approximately 12% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium, iron ore and gold in the Pilbara region of Western Australia. It also has a lithium project in Nevada, USA.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=6183182474537427&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented:“This agreement with Capstan is testament once again to the quality and diversity of the Macarthur asset portfolio. Cadence are also of the view that we are entering in to a new prolonged upward trend cycle for iron ore, and this new agreement, along with the raft of recent developments announced across Macarthur’s other projects provides, what the Company believes, is a positive ongoing investment proposition.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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For further information:
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achievinghigh rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to keymarketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Forward-LookingStatements:
Certain statements in this announcement are or may be deemed to be forward-lookingstatements. Forward-lookingstatements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-lookingstatements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on keypersonnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions.The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals TSX-V: #MMS identifies 18 High Priority Conductors for Gold at Hillside Gold Project in Pilbara, W Australia
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (“Macarthur”, TSX-V: MMS) has identified 18 High Priority Conductors for Gold from its recent heliborne SkyTEM electromagnetic survey at the Hillside Gold Project in Pilbara, Western Australia. The discovery also includes two isolated discrete bedrock conductors. Macarthur has confirmed that all anomalies correlate with historic gold workings, surface copper and gold geochemical anomalies, magnetic anomalies or fault systems.
Highlights:
- The heliborne SkyTEM survey was flown over 846 line-kilometres at 150m-line spacing covering a total area of 127 km2.Data was captured across two disjunct areas; Area 1 in the north covering 76 km2 and Area 2 in the south covering 51 km2.
- Data was processed by geophysicists at Newexco Services Pty Ltd. All observed anomalies were ranked against multiple criteria with a total of 18 anomalies considered to be high priority for follow-up in the field and consideration as a drill target.
- Area 1 of the Aerial Electronic Magnetic (“AEM”) results showed a series of stratigraphic conductors running north-south along the eastern flank of the survey area.
- Area 2 shows a prominent stratigraphic conductor running along the western side of the survey area, and also contains two discrete conductors central to the survey area. These conductors are interpreted as being “isolated” and may be sources by confined bedrock conductors, which in some cases can be associated with massive sulphide accumulations such as gold and copper.
- The two discrete conductors are considered likely to be associated with volcanogenic massive sulphide (“VMS”) style copper-gold mineralization and hence are high priority targets. Previously recorded gold and copper anomalies and gold workings lie directly to the north and south along strike of these discrete anomalies. It is speculated that the two discrete conductors could host similar deposits at depth, VMS style.
The identified multiple outstanding anomalies identified will require follow-up exploration in the field. Geological mapping and geochemical sampling will be undertaken across these target areas, followed by drilling of selected targets.
Cadence holds approximately 12% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium, iron ore and gold in the Pilbara region of Western Australia. It also has a lithium project in Nevada, USA.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8631055666624229&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented:“The dataset recorded from the SkyTEM electromagnetic survey proves that the right geology exists at the Hillside Gold Project, and adds further credence to the project economics for Cameron McCall and the Macarthur Minerals team.”
“From the Cadence Minerals perspective, the update today significantly improves the investment case, and we look forward to the next phase of developments.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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For further information:
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achievinghigh rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to keymarketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Forward-LookingStatements:
Certain statements in this announcement are or may be deemed to be forward-lookingstatements. Forward-lookingstatements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-lookingstatements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on keypersonnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions.The Company cannot assure investors that actual results will be consistent with such forward-lookingstatements.
Cadence Minerals (KDNC) – Macarthur Minerals announces First Deal on Conglomerate Gold with Artemis Resources in Pilbara, W Australia
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce Macarthur Minerals has entered into a binding term sheet with ASX listed Artemis Resources Limited (ASX:ARV) for Artemis to earn-in up to 80% interest in two of its tenements located 265km south-south-east of Karratha in the Pilbara Region of Western Australia. Artemis are specifically interested in the conglomerate gold potential of these 2 large tenements covering a total of 265km2.
Cadence has a 15.7% equity interest in Macarthur, which is an Australian mining exploration company focused on lithium and iron ore, primarily in the Pilbara region of Western Australia. It also has a lithium project in the USA.
The full release, including the term sheet between Macarthur Minerals and Artemis Resources, can be found at: https://web.tmxmoney.com/article.php?newsid=8163170931133927&qm_symbol=MMS
Kiran Morzaria, CEO of Cadence Minerals commented: “With the increasing interest for a potential “Witwatersrand” style gold mineralised system within the Pilbara region of Western Australia, the agreement between Artemis and Macarthur is a very positive move towards the exploration and development of some highly prospective ground.
Artemis along with Novo Resources have been developing Purdy’s Reward Gold Prospect, which to date has yielded some exceptional results. It is thought the conglomerate sequence that the gold mineralisation is hosted in, is analogous to the Witwatersrand Basin in South Africa which has produced about one third of all the gold produced on earth”
Although it is early days in the development of this regional exploration target, it is encouraging that Artemis has decided earn into some of Macarthur’s license applications, we look forward to hearing the progress that is made on these assets.”
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For further information, please contact. |
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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James Bavister |
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Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
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Neil Passmore |
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Giles Fitzpatrick |
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Square1 Consulting |
+44 (0) 207 929 5599 |
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David Bick |
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £30 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.