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Mineral Resources shuts Australian iron ore haul road

  • : Metals
  • 25/03/19

Australian metal producer Mineral Resources (MinRes) has closed the Onslow haulage road, a private highway linking its 35mn t/yr Onslow iron mine to the Port of Ashburton in Western Australia, over safety challenges.

Two road train trailers tipped over while moving along the road on 17 March, triggering an internal investigation by MinRes. State occupational safety regulator Worksafe WA then issued MinRes a notice about risks to its road train operations on 18 March, prompting the closure. The company declined to comment on the specifics of the notice.

MinRes is continuing to move iron ore to Ashburton using contractors and has indicated that the closure will not affect its full-year Onslow shipment guidance of 8.8mn–9.3mn wet metric tonne (wmt) of ore.

The recent accident was the latest in a series of Onslow truck rollovers. Four road trains, carrying loads of iron ore, toppled over between August-November 2024. MinRes responded to the incidents by improving signage along the road, re-examining its design, and providing additional training to drivers, the company told investors in January.

This is also not the first Onslow road closure. Cyclone Sean damaged parts of the haul road in late January, as it passed along WA's coast. MinRes' CEO Chris Ellison last month told investors that "[the company] lost about eight days of loading in January and another seven days in February".


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25/03/20

Australia's Arafura secures new NdPr oxide offtake deal

Australia's Arafura secures new NdPr oxide offtake deal

Sydney, 20 March (Argus) — Australian producer Arafura Rare Earth will supply between 100-300 t/yr of neodymium-praseodymium (NdPr) oxide to Dutch trader Traxys Europe, bringing the company closer to its offtake target of 3,552 t/yr. Arafura has agreed to supply at least 100 t/yr of NdPr oxide to Traxys for five years, but can choose to sell up to 300 t/yr of the material. The deal is priced in terms of NdPr ex-works China prices, the company said on 20 March. Arafura indicated that it planned to link offtake deals to equity agreements , it said in an investor call in January. But the offtake deal with Traxys does not appear to include an equity component. Arafura is currently developing the 4,400 t/yr Nolans project, a combined mine and NdPr refinery in Western Australia (WA). The company is aiming to secure offtake deals accounting for 80pc of the project's capacity. German manufacturer Siemens has already agreed to buy 520 t/yr of NdPr from Arafura, with South Korean firms Hyundai and Kia taking an additional 1,500 t/yr of the material. Arafura has committed to sell 2,320 t/yr of oxide from the Nolans project since 2023. Arafura is continuing to negotiate offtake agreements with Asian, European, and US consumers. Firms have expressed interest in buying up to 4,740 t/yr of NdPr oxide from the company, beyond the 2,320 t/yr already committed to customers and above Nolans' production capacity. The rare earth developer has received extensive government support on its Nolans project. Australia's federal Labor government agreed to invest A$200mn ($126mn) into the project in mid-January. It previously committed A$840mn to the project in March 2024. But Arafura is not alone. Australian officials have backed other rare earths projects over recent years, including Iluka Resources' Eneabba refinery in WA. Argus ' praseodymium-neodymium oxide min 99pc fob China price has been rising over the last three months. The price reached $61,850/t on 19 March, when it was last assessed, up from $54,500/t three months earlier. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Canberra backs Li battery projects in Western Australia


25/03/20
25/03/20

Canberra backs Li battery projects in Western Australia

Sydney, 20 March (Argus) — Australia's federal government will partly underwrite four lithium-ion battery projects in Western Australia (WA), boosting the state's energy storage capacity by 2.6GWh from late 2027. Canberra is supporting the projects through its Capacity Investment Scheme (CIS), which sets a revenue floor on big battery projects for up to 15 years. The government has not revealed the specific revenue floors linked to the newly underwritten projects. Australian renewable energy developer PGS Energy will build the largest of the four newly-underwritten batteries, a 1.2GWh energy storage system in Marradong. The company's Marradong battery will be co-located with a solar farm and connected to WA's South West Interconnected System (Swis), a grid stretching across its most populous regions, once it becomes operational. French energy producer Neoen is also developing a 615MWh project just outside Perth, under the scheme. The company has been building large batteries across Australia, with public support, for multiple years. Its Collie Battery Energy Storage System is connected to Swis, and has been storing and discharging 877MWh of energy since October 2024. The two other batteries underwritten on 20 March are smaller, with a combined capacity of 780MWh, and located in rural parts of the state. The Australian government's latest funding announcement comes just months after it on 11 December 2024 underwrote eight other Australian battery projects capable of storing 3.6GWh of power under the CIS. Those projects were scattered across the country, covering three states but excluding WA. Canberra will also underwrite another set of batteries, with a combined capacity of 16GWh, in September. Over 100 projects, with a combined capacity of 135GWh, have applied to be part of CIS' September funding round. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US tariffs to slash Brazil's steel exports, output


25/03/19
25/03/19

US tariffs to slash Brazil's steel exports, output

Sao Paulo, 19 March (Argus) — Brazil's steel exports and production could fall by 11pc and 2pc, respectively, in 2025 because of recently imposed 25pc US tariffs on all imported steel, according to national economic research institute Ipea. The decline in steel output resulting from the US import tariff is estimated at 700,000 metric tonnes (t)/yr, leading to an export loss of 1.6mn t, according to Ipea. Brazil was the US' top semi-finished steel supplier in 2024, shipping 3.4mn t of slabs there, which accounted for nearly 80pc of its total slab exports last year , according to customs data. The US tariffs will have a negligible impact on Brazil's overall exports and GDP, according to Ipea's study. The Chinese threat But Brazilian steelmakers are more concerned about Chinese imports than US tariffs. Chinese steel dumping causes greater harm to the industry and the economy than US tariffs, according to Brazilian steelmaker CSN's executive director Luis Fernando Barbosa Martinez. Brazil levied a 25pc import tariff on 11 steel products in June 2024 following the domestic steelmakers' push for safeguard measures. The move proved ineffective as imports hit record highs in 2024, nearly 70pc of which shipped from China . The government's import methodology, criticized for setting quotas by adding 30pc to the average steel imports from 2020-2022 for 11 products, is set to expire in two months. Importers and steelmakers are on opposite sides of the issue, with the former advocating against and the latter asking for more safeguards. Political implications Political dynamics are expected to influence steel prices just as much as the balance between supply and demand. President Luiz Inacio Lula da Silva — whose popularity has hit its lowest point across his three terms, just one year ahead of the 2026 elections — and vice-president Geraldo Alckmin — who also serves as trade minister — have been meeting with key stakeholders, including automakers, steelmakers and household appliance manufacturers, for the past two weeks. Automaker Stellantis recently announced R30bn ($530mn) in investments, while steelmakers pledged R100bn ($17bn) last year, aligned with the imposition of tariff quotas. Both sectors highlight their potential to create jobs. Steel industry chamber Instituto Aço Brasil warned of job losses and idled furnaces unless further measures are taken to weaken Chinese imports' flow. The steel industry supports 72,700 direct and 49,000 indirect jobs, according to the latest data from Instituto Aço Brasil. And the automotive sector currently accounts for 108,000 jobs, national association of motor vehicle manufacturers Anfavea said. Importers argued that additional tariffs may drive inflation and higher interest rates, as well as slash demand and harm the economy as a whole. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US Fed keeps rate flat, eyes 2 cuts in '25: Update


25/03/19
25/03/19

US Fed keeps rate flat, eyes 2 cuts in '25: Update

Adds Powell comments, economic projections. Houston, 19 March (Argus) — Federal Reserve policymakers held their target interest rate unchanged today in their second meeting of 2025, and signaled two quarter-point cuts are still likely this year. The Fed's Federal Open Market Committee (FOMC) held the federal funds rate unchanged at 4.25-4.50pc. This mirrored the decision made at the last FOMC meeting at the end of January, which followed rate cuts of 100 basis points over the last three meetings of 2024, which were the first cuts since 2020. "Our current policy stance is well positioned to deal with the risks and uncertainties we are looking at," Fed chair Jerome Powell told journalists after the meeting. "The economy seems to be healthy." Powell acknowledged some of the negative market sentiment in recent weeks, which he said "... probably has to do with turmoil at the beginning of an administration." "We kind of know there are going to be tariffs and they tend to bring growth down and they tend to bring inflation up," he said, but long-term inflation expectations are "well anchored." In December the Fed said it expected 50 basis points worth of cuts for 2025, down from 100 basis points projected in the September median economic projections of Fed board members and Fed bank presidents. Policymakers and Fed officials Wednesday lowered their estimate for GDP growth this year to 1.7pc from a prior estimate of 2.1pc in the December economic projections. They see inflation rising to 2.7pc for 2025 from the prior estimate of 2.5pc. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US Fed keeps rate unchanged, signals 2 cuts this year


25/03/19
25/03/19

US Fed keeps rate unchanged, signals 2 cuts this year

Houston, 19 March (Argus) — Federal Reserve policymakers held their target interest rate unchanged today in their second meeting of 2025, and signaled two quarter-point cuts are still likely this year. The Fed's Federal Open Market Committee (FOMC) held the federal funds rate unchanged at 4.25-4.50pc. This mirrored the decision made at the last FOMC meeting at the end of January, which followed cutting the rate by 100 basis points in the last three meetings of 2024, which were the first cuts since 2020. In December last year, the Fed penciled-in 50 basis points worth of cuts for 2025, down from 100 basis points projected in the September median economic projections of Fed board members and Fed bank presidents. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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