Latest news with #HopeDowns2
Business Recorder
4 days ago
- Business
- Business Recorder
Iron ore extends decline on rise in supplies, off-season demand woes
SINGAPORE: Iron ore futures prices fell for a second straight session on Wednesday, as increased shipments from Australia and Brazil, and slowing seasonal demand from top consumer China weighed on sentiment. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended morning trade 0.85% lower at 699.5 yuan ($97.58) a metric ton. The benchmark July iron ore on the Singapore Exchange was 0.46% lower at $92.55 a ton, as of 0349 GMT. The total volume of iron ore shipments from top suppliers Australia and Brazil increased to 30.1 million tons from June 16-22, reaching a year high, said Chinese consultancy Mysteel. Australia's Rio Tinto , the world's largest iron ore producer, has received all necessary government approvals for its Hope Downs 2 project. The Hope Downs 2 project, a joint venture between Rio Tinto and Hancock Prospecting, will have an annual production capacity of 31 million tons. 'Rio Tinto expects to invest more than $13 billion on new mines, plant and equipment,' the company said in a statement on Tuesday. 'Iron ore prices extended recent losses on signs of steady supply,' according to ANZ analysts. Still, as construction activity slows over the summer, Chinese imports of iron ore are likely to fall further, added ANZ. On the demand front, global steel output fell 3.8% in May compared to a year earlier, according to data from the World Steel Association. Dalian iron ore hits one-week According to the Chinese central bank, China will 'guide financial institutions from both the supply and demand side of consumption,' as part of broader efforts to boost domestic consumption. Other steelmaking ingredients on the DCE dipped, with coking coal and coke down 0.69% and 0.48%, respectively. Most steel benchmarks on the Shanghai Futures Exchange fell. Rebar and wire rod inched lower around 0.5%, hot-rolled coil eased 0.35%, while stainless steel rose 0.77%.
Daily Mail
4 days ago
- Business
- Daily Mail
Gina Rinehart's blunt message for the Albanese government as she issues an urgent warning for Australians
Gina Rinehart has lashed out at the Albanese government's net zero emissions target, blaming it for declining investment in Australia. The billionaire mining magnate made the comments in a statement about Rio Tinto's decision to build a new iron ore mine, known as Hope Downs 2, in partnership with her company Hancock Prospecting. The new iron ore mine extends the current Hope Downs joint venture between Rio and Hancock in Western Australia. It was expected to create about 950 jobs during construction and 1000 jobs once operational in 2027. 'It's time not to be distracted by name-calling like far right and other names, and stick to the fact that investment is beneficial, and unfortunately declining in Australia,' Ms Rinehart said. 'We need to stand up, ignore the truth twisters, truth hiders and truth avoiders, and to point out what's needed if we want to see such investment bring jobs and benefits to many Aussies. '...If we want to see projects like Hope Downs 2 continue to be built, Australia needs to honestly confront and urgently address the reasons for its recent years of declining investment.' She said trillions of dollars' worth of taxpayer and shareholder money was being 'wasted' on the net zero emissions by 2050 target, 'adding expense not only to businesses, and resulting in even more record business failures, but expense for every Australian adult, and future Aussie adults, ensuring our taxes remain high'. 'Not forgetting, even if Australia reduces its approximately 1 per cent share of (global) emissions, what benefit is there really in the overwhelming expense and consequences that such reduction brings?' she asked. 'The truth hiders are not telling us manufacturing often requires 24-hour reliable electricity, such as dairy and aluminium, steel and AI. 'They ignore the consequences.' Ms Rinehart said the Labor government, whom she referred to as 'truth hiders' were misleading Aussies about the true cost of emissions targets. 'The truth avoiders are not telling us, that given the increasing introduction of renewables, businesses, even small ones, are being called up by bureaucrats demanding they stop using mains at times, so that thousands of homes in the cities don't lose power at peak times,' she said. 'The truth twisters are not telling us of the trillion plus of taxpayers' dollars net zero will cost, or the further trillion businesses will have to pay for net zero. 'We all lose when soaring energy prices damage our lives and competitiveness.' Business investment has declined in Australia over the past year amid rising costs, high levels of uncertainty and decelerating demand. Private capital expenditure was 0.5 per cent lower in the March 2025 quarter compared to the same period a year earlier, according to data from the Australian Bureau of Statistics. The Albanese government's Climate Change Bills passed the Senate in 2022, bringing into law a net zero emissions target by 2050.
Time of India
5 days ago
- Business
- Time of India
Iron ore eases on firm Australia supply outlook, China demand cushions fall
Singapore: Iron ore futures snapped a three-day rally on Tuesday amid strengthening supply outlook from top producer Australia, but resilient steel demand in China cushioned the fall. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trade 0.42 per cent lower at 703 yuan ($97.97) a metric ton. The benchmark July iron ore on the Singapore Exchange lost 0.71 per cent to $93.2 a ton as of 0725 GMT. Rio Tinto, the world's largest iron ore producer, is entering a joint venture with Hancock Prospecting to develop the Hope Downs 2 project in Western Australia. The two iron ore pits will have a combined total annual production capacity of 31 million metric tons, Rio said in a statement. Meanwhile, iron ore shipments from Australia and Brazil jumped 8.8 per cent week-on-week during June 16-22, the highest since June 2024, Chinese consultancy Mysteel said. Hot metal production, a gauge of iron ore demand, rose 0.24 per cent to 2.422 million tons week-on-week as of June 20, data from Mysteel showed. "Volumes have stayed around 2.4 million tons since April, suggesting resilience in the world's largest steel market," ANZ analysts said. Still, the steel market is pricing in expectations of weaker seasonal demand, Hexun Futures said. Other steelmaking ingredients on the DCE fell, with coking coal and coke down 1.94 per cent and 2.03 per cent , respectively. Steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar and hot-rolled coil dipped about 0.5 per cent , wire rod fell 0.9 per cent and stainless steel eased 0.28 per cent .
Yahoo
5 days ago
- Business
- Yahoo
Rio Tinto and Hancock commit $1.6bn for Australia's Hope Downs 2 project
Rio Tinto and Hancock Prospecting have announced plans to invest $1.6bn in the Hope Downs 2 iron ore project in Western Australia's Pilbara region, with Rio Tinto's share being $800m. Having received all necessary government approvals, the project is set to sustain production from the Hope Downs joint venture (JV), in which Rio Tinto and Hancock Prospecting are equal partners. The Hope Downs 2 project will mine the Hope Downs 2 and Bedded Hilltop deposits, with two new above-water-table iron ore pits. These pits are expected to have a combined annual production capacity of 31 million tonnes (mt), which will contribute to the long-term output of the joint venture. Rio Tinto iron ore chief executive Simon Trott said: '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. '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. The development will include new non-process infrastructure precincts, railway crossings, haul roads, and the realignment of a 6km section of the Great Northern Highway. The ore from the new sites will be processed at Hope Downs 1, with the first ore and associated infrastructure expected to be operational by 2027. The construction phase is expected to create more than 950 jobs, and once operational, the Hope Downs 2 project is anticipated to sustain approximately 1,000 full-time equivalent positions. Hope Downs 2 is part of a series of replacement projects that underline Rio Tinto's ongoing commitment to the Pilbara region. With a combined capacity of 130mtpa, these projects are integral to the company's strategy in the region. Over the next three years, Rio Tinto plans to invest more than $13bn in new mines, plant, and equipment. The company aims to achieve and maintain a mid-term system capacity of between 345mtpa and 360mtpa from its Pilbara iron ore operations. Additionally, a pre-feasibility study is in progress for the Rhodes Ridge project, considered Pilbara's most significant undeveloped iron ore deposit. In a separate development, Rio Tinto has agreed to pay £103.39m ($138.75m) to settle a US lawsuit alleging investor fraud related to its Oyu Tolgoi mine expansion in Mongolia. This preliminary settlement, which awaits judicial approval, was filed with the US District Court in Manhattan and represents Turquoise Hill Resources shareholders affected between July 2018 and July 2019 when Rio Tinto held a majority stake. "Rio Tinto and Hancock commit $1.6bn for Australia's Hope Downs 2 project" was originally created and published by Mining Technology, 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.
Business Insider
5 days ago
- Business
- Business Insider
Rio Tinto, Hancock Prospecting to invest $1.6B to develop Hope Downs 2 project
The company states: ' Rio Tinto (RIO) and Hancock Prospecting will invest $1.61B to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region. The Hope Downs 2 project, to mine Rio Tinto and Hancock Prospecting's Hope Downs 2 and Bedded Hilltop deposits, has now received all necessary State and Federal Government approvals. The two new above-water-table iron ore pits will have a combined total annual production capacity of 31 million tonnes and will sustain production from the Hope Downs Joint Venture into the future. Rio Tinto has engaged with the Nyiyaparli, Banjima and the Ngarlawangga Peoples, along with relevant government stakeholders, to ensure the responsible management of heritage and the environment in development of the project. The project includes new non-process infrastructure precincts, railway crossings and haul roads, as well as realigning a 6-kilometre section of the Great Northern Highway. Ore mined at the two sites will be transported to Hope Downs 1 for processing, with first ore from the deposits and associated infrastructure scheduled for 2027.' Confident Investing Starts Here:
