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Asia

Fortescue's Mining Safety Measures Helped by Low Employee Turnover, AI-Based Safety Measures, Says Jarden

Fortescue's (ASX:FMG) safety measures to help reduce mining fatalities is bolstered by low employee turnover compared to peers, regular visits by board members on risky sites, and use of artificial intelligence to enhance safety, according to a Wednesday Jarden note.The research firm shared its discussions with industry experts who noted that Fortescue's introduction of a "Leading Safety Index and Critical Incident Frequency Rate" reflects its broader shift away from relying only on traditional "lagging" indicators such as TRIFR, or total recordable injury frequency rate.Maureen Hassall, a professor and director at the University of Queensland, said that he sees potential in using AI to analyze large volumes of credible critical control verification data at scale, and in frontline "guardian angel" hazard detection tools.Fortescue uses AI for its continuous assurance framework that focuses on automatically assuring credible critical controls for material risks and major hazards, the note added.As of April 24, Jarden's rating for Fortescue was underweight with a price target of AU$16.Fortescue's shares fell past 2% in recent Thursday trade.

ASX:FMG
Asia

ASX Preview: Australian Shares Set to Rise; Big Miners Urge Government to Back Stronger Stance Against China's Iron Ore Buying Power

Australian shares are poised to rise on Friday as oil prices retreated sharply on easing Middle East supply fears after a reported Israel-Lebanon ceasefire raised hopes of wider diplomatic progress in the region despite ongoing uncertainty over flows through the Strait of Hormuz.Overnight, the S&P 500 and the Dow Jones Industrial Average rose 0.4% and 1.7%, respectively, while the Nasdaq Composite fell 0.1%.In the macroeconomy, investors are awaiting a speech by Reserve Bank of Australia Deputy Governor Andrew Hauser.Australia's labor account report is due at 11:30 am Sydney time.In corporate news, Rio Tinto Group (ASX:RIO), BHP Group (ASX:BHP), and Fortescue (ASX:FMG) are urging the Albanese government to consider policy responses to China's increasing consolidation of iron ore purchasing power, warning that the shift is reshaping pricing dynamics in Australia's most valuable export market, the Australian Financial Review reported on Friday.Atlas Arteria (ASX:ALX) continued to recommend that shareholders reject the off-market takeover bid by Diamond Infraco, an IFM Global Infrastructure Fund subsidiary, for 100% of the stapled securities that it does not already own in the company.Australia's benchmark index fell 1.1% or 99.6 points to close at 8,686.10 on Thursday.

ASX 200ASX:ALXASX:BHPASX:FMGASX:RIO
Asia

Market Chatter: Big Miners Urge Government to Back Stronger Stance Against China's Iron Ore Buying Power

Rio Tinto Group (ASX:RIO), BHP Group (ASX:BHP), and Fortescue (ASX:FMG) are urging the Albanese government to consider policy responses to China's increasing consolidation of iron ore purchasing power, warning that the shift is reshaping pricing dynamics in Australia's most valuable export market, the Australian Financial Review reported on Friday.The push targets the China Mineral Resources Group (CMRG), a state-backed buyer set up in 2022 that now handles about 70% of China's iron ore imports, boosting Beijing's bargaining power, pressuring contract prices, and tightening negotiations with major suppliers amid concerns of a structural shift in market power, per the report.CMRG said it wants to close the profit gap between Chinese steelmakers and iron ore producers, but Australian miners attribute weak margins to China's steel overcapacity, reviving debate over whether greater miner coordination should be permitted despite competition law limits.The federal government has avoided intervening in pricing, with Resources Minister Madeleine King saying iron ore prices are set by producers and buyers, and that critical minerals policies are not intended to influence bulk commodity prices.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:BHPASX:FMGASX:RIO
Asia

SRG Global Discloses AU$1.85 Billion of Contracts; Upgrades Fiscal 2026 EBITDA Outlook

SRG Global (ASX:SRG) upgraded its fiscal 2026 guidance after securing AU$1.85 billion of contracts with blue-chip clients in a range of sectors, according to a Tuesday filing with the Australian bourse.The company raised its fiscal 2026 earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast to the top end of its previously issued AU$164 million to AU$168 million range, while initiating fiscal 2027 EBITDA guidance of between AU$190 million and AU$200 million, which it said is above consensus estimates.The contracts include clients in water, defense, energy, industrial, health and education, ports, and data centers. Among them is a an eight-year term contract with Fortescue (ASX:FMG) for multi-disciplinary maintenance services, a five-year contract with Alcoa (ASX:AAI) to provide asset integrity and reliability services, and a seven-year contract with Origin Energy (ASX:ORG).

ASX:AAIASX:FMGASX:ORGASX:SRG
Asia

Market Chatter: Fortescue Unit Faces Lawsuit for Sending Alleged 'Dummy' Electric Batteries to US Partner, Says AFR

Fortescue's (ASX:FMG) battery-making unit Fortescue Zero is facing a lawsuit from its US partner for allegedly sending them defective batteries, according to a Monday report by the Australian Financial Review, citing court filings.The report said that Fortescue is fighting the allegations in the Florida Middle District Court against the Orlando-based marine propulsion company Evoa.Evoa has claimed in its lawsuit that Fortescue did not send a prototype in time in February 2024 and instead sent "dummy packs," which were "battery cases without technology," the report said, citing the court filings.Later in April 2024, five demonstrator packs sent by Fortescue "did not meet the specifications" that Fortescue had represented, Evoa alleges in the lawsuit.According to Evoa's claims, Fortescue continued to promise delivery of the equipment until February 2025, before saying that Evoa should stop using the battery packs, citing a new risk assessment, the report added.The report said that Evoa has alleged that Fortescue Zero Chief Executive Ellie Coates wrote to Evoa in March 2025 to cancel the whole program and wrote again in April 2025, demanding payment of $1.5 million, despite allegedly not delivering the equipment.Evoa has said that it should not have to pay the amount, and Fortescue should repay about $1.3 million that Evoa deposited in May 2024, the report added.AFR said that a Fortescue spokesman said on Monday that Fortescue "strongly rejects all allegations being made."Fortescue did not immediately respond to' request for comment.The company's shares rose 1% in recent Monday trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:FMG
Asia

Shares of Australian Mining Majors Show Mixed Performance After JPMorgan Raises Iron Ore Price Estimate

Major Australian mining stocks returned a mixed performance in recent Tuesday trade after JPMorgan increased its long-term iron ore price estimate.Shares of Rio Tinto Group (ASX:RIO) and Fortescue (ASX:FMG) gained less than 1%, while BHP Group (ASX:BHP) was fractionally lower.JPMorgan analyst Lyndon Fagan said the bank raised its long-term real iron ore price forecast to $90 per tonne from $80, and also increased its near-term price estimate by about 5%, the Australian Financial Review reported.The bank reportedly cited increasing cost inflation, weaker ore quality, and a Chinese steel market that has been more resilient than anticipated.JPMorgan continues to prefer BHP and Rio Tinto, saying their valuations are still reasonable even after gains in their share price this year, while maintaining a cautious stance on Fortescue, according to the report.

ASX:BHPASX:FMGASX:RIO
Asia

Fortescue Starts Construction on 690 Megawatt Solar Farm in Western Australia

Fortescue (ASX:FMG) said construction has started on both its 690-megawatt Turner River solar farm and a 650 megawatt-hour battery energy storage system at the Cloudbreak solar farm, both located in the Pilbara region of Western Australia, according to a Monday statement.The Turner River construction marks the final solar installation needed to deliver the company's "Real Zero" decarbonization plan across its terrestrial iron ore operations, Fortescue said.When combined, projects under the company's Pilbara Green Grid initiative will generate more than 1.4 gigawatts of renewable energy capacity, which Fortescue said is sufficient to power around half a million Australian homes.The construction of Turner River is expected to be completed in 2028, while the Cloudbreak battery energy storage system is scheduled for completion in fiscal year 2027.

ASX:FMG
Asia

Fortescue Shares Rise After Australian Federal Court Ruling on Native Title Claim

Fortescue (ASX:FMG) shares rose nearly 2% in morning trade Wednesday, following the Australian Federal Court's determination that the company is liable to pay compensation to the Yindjibarndi Ngurra Aboriginal Corporation RNTBC in relation to the Native Title Claim initiated in 2022.The total amount for economic loss is expected to be around AU$100,000 plus interest, and the total amount for cultural loss is AU$150 million, according to a late Tuesday Australian bourse filing.

ASX:FMG
Asia

Fortescue Faces Pressure From Iron Bridge Weakness, Green Energy Shift, Jefferies Says

Fortescue (ASX:FMG) reported softer quarterly performance alongside ongoing challenges at Iron Bridge and increased spending on non-core green energy projects, raising concerns over returns and valuation, Jefferies said in an April 24 note.The company reported a softer quarter due to seasonal and weather impacts, with solid performance from its Pilbara hematite operations offset by ongoing underperformance at the Iron Bridge magnetite project, which continues to face throughput and margin challenges and may struggle to justify its value.Jefferies noted that the company's $680 million investment in green energy capacity for third-party customers, such as industrial users and data centers, represents a strategic shift, but views it as non-core capital allocation that may justify a higher discount rate for its mining business until clearer returns emerge.The equity research firm said that the company's Pilbara system is nearing port capacity constraints, a "good problem" that may allow higher-margin hematite production to displace costlier Iron Bridge volumes, as the company reviews its portfolio, trims Iron Bridge output, and keeps overall shipment guidance broadly unchanged.The research firm added that the company remains financially solid with $4.2 billion in cash despite dividends and capital expenditure outflows and is expected to return to a net cash position longer term, but highlighted Iron Bridge uncertainty and higher green energy spending as risks, including a potential write-down, supporting a cautious outlook.Jefferies maintained an underperform rating on Fortescue and reduced the price target to AU$16.50 from AU$17.50.

ASX:FMG
Asia

Australian Shares Flat; Suncorp Group Enters AU$2.4 Billion Reinsurance Deal

Australian shares were flat, with a negative bias, at Friday's close as markets faced uncertainty while the deadlock between the US and Iran continued in the Middle East.The S&P/ASX 200 Index was little changed to close at 8,786.50.Brent crude oil futures gained 1.2% to reach $106.3 per barrel. The Strait of Hormuz continued to be closed, and the US said it had carried out a "maritime interdiction" on an Iran-linked tanker.US President Donald Trump ordered the Navy to "shoot and ​kill" Iranian boats laying mines in the waterway.On the domestic front, Australia's trimmed mean inflation expectedly rose 0.9% quarter-on-quarter in the first quarter of the year, with a 3.6% year-on-year increase, according to a report by ANZ. The bank expects that the consumer price inflation rose 1.4% quarter on quarter and 4.1% year-on-year.The divergence between headline and trimmed mean inflation partly reflects the impact of higher fuel prices in March, the report added.In company news, Suncorp Group (ASX:SUN) has struck a reinsurance cover deal providing it with AU$800 million of protection annually and up to AU$2.4 billion in total protection over the agreement's five-year term. The agreement is effective June 30 and includes protection previously provided by Suncorp's existing dropdown arrangements below AU$350 million. Its shares rose over 4% on market close.Newmont (ASX:NEM) reported first-quarter adjusted earnings of $2.90 per share, up from $1.25 a year earlier. Sales for the three months ended March 31 reached $7.31 billion, compared with $5.01 billion a year earlier. Its shares closed up 1%.Lastly, Fortescue (ASX:FMG) reported total iron ore shipments of 48.4 million wet metric tonnes (wmt) during the third quarter ended March 31. The company recorded iron ore shipments of 46.1 million wmt for the quarter ended March 31, 2025. Its shares were down over 5% on market close.

ASX 200ASX:FMGASX:NEMASX:SUN
Asia

ASX Preview: Australian Shares to Fall as Oil Prices Surge on Escalating Middle East Tensions; Newmont Posts Higher Q1 Adjusted Earnings, Sales

Australian shares are poised to fall on Friday as oil prices surge amid renewed tensions in the Middle East, including reports of military activity near Tehran and growing fears of disruption in the Strait of Hormuz.Broader risk sentiment is also under pressure due to uncertainty over the Israel-Lebanon ceasefire extension and continued clashes in southern Lebanon.Overnight, the S&P 500 and the Dow Jones Industrial Average each fell 0.4%, while the Nasdaq Composite declined 0.9%.In the macroeconomy, investors are eyeing the release of Australia's consumer price index report next week.In corporate news, Newmont (ASX:NEM) reported Friday first-quarter adjusted earnings of $2.90 per share on revenue of $7.31 billion, compared with adjusted earnings of $1.25 on revenue of $5.01 billion a year earlier.Fortescue (ASX:FMG) reported total iron ore shipments of 48.4 million wet metric tonnes for the quarter ended March 31, up from 46.1 million wet metric tonnes in the year-earlier period.Australia's benchmark index fell 0.6% or 50.2 points to close at 8,793.40 on Thursday.

ASX 200ASX:FMGASX:NEM
Asia

Fortescue Posts Higher Fiscal Q3 Total Iron Shipments, Maintains Fiscal 2026 Guidance

Fortescue (ASX:FMG) reported total iron ore shipments of 48.4 million wet metric tonnes (wmt) during the third quarter ended March 31, according to a Friday Australian bourse filing.The company recorded iron ore shipments of 46.1 million wmt for the quarter ended March 31, 2025, per the filing.Total ore mined during the quarter increased to 59.5 million wmt from 55.5 million wmt in the quarter ended March 31, 2025, while ore processed rose slightly to 47.8 million wmt from 47.6 million wmt in the same period, the filing said.The company maintained its fiscal year 2026 guidance of 195 million to 205 million tonnes of iron ore shipments, energy capital expenditure of about $300 million, and net operating capital expenditure of roughly $400 million.

ASX:FMG
Asia

Fortescue to Invest $680 Million to Develop Western Australia Green Energy Project

Fortescue's (ASX:FMG) board approved an investment of $680 million to develop new green energy infrastructure in the Pilbara region in Western Australia as part of a broader $6.2 billion decarbonization program, according to a Friday Australian bourse filing.The company will develop the 200-megawatt (MW) Pilbara Green Energy Project, to be completed by 2028, with a pathway to multi-gigawatt expansion beyond 2030, the filing said.By 2028, Fortescue's previously announced green grid will comprise 1.2 gigawatts of solar energy, 600 MW of wind energy, 4 gigawatt-hours to 5 gigawatt-hours of battery storage, and 620 kilometers of transmission lines, per the filing.

ASX:FMG
Asia Markets

Australian Shares Flat; Magellan Financial Group Shareholders Approve Barrenjoey Merger

Australian shares were flat with a negative bias on Friday's close, as investors await talks between the US and Iran on ending the conflict in Pakistan this weekend.The S&P/ASX 200 Index was little changed to close at 8,960.60.US President Donald Trump said Iran was doing a "very poor job" of allowing oil to pass through the Strait of Hormuz. Iran is seeking to collect a toll on oil tankers passing through the strait. Brent crude futures rose 1% to $96.83 per barrel.On the domestic front, the total number of dwellings approved in Australia rose nearly 30% to 19,022 in February from 14,669 in the previous month, according to seasonally adjusted data from the Australian Bureau of Statistics.A disparity between supply and demand has resulted in divergent home value trends in Australia over the past several years, Cotality said in a report. Between the first quarter of 2020 and the third quarter of 2025, the sharpest growth in home values was concentrated in states where population growth has significantly exceeded the rate of dwelling completions, pointing to Western Australia and Queensland as primary examples.Bendigo Bank Chief Economist David Robertson expects the Reserve Bank of Australia (RBA) to hold the cash rate steady in May, but a third rate hike for the year is likely in August.In company news, Magellan Financial Group (ASX:MFG) said its shareholders approved a resolution to issue consideration shares to the Barrenjoey parties and an affiliate of Barclays as part of a proposed merger at an extraordinary general meeting on Friday.Fortescue (ASX:FMG) ramped up the delivery of an industrial, fully-integrated green energy grid amid plans to power all of its operations in Western Australia's Pilbara region for 24-hour periods without fossil fuels in 2027. Its shares fell 1% on market close.Lastly, Life360 (ASX:360) laid off an undisclosed number of employees, as part of plans to reshape the company into an "AI-native model," according to a social media post by Chief Executive Lauren Antonoff. Its shares closed down 3%.

ASX 200ASX:360ASX:FMGASX:MFG
Asia Markets

ASX Preview: Australian Shares to Fall as Middle East Conflict Escalates; Fortescue Ramps Up Delivery of Industrial, Integrated Green Energy Grid to Eliminate Use of Diesel

Australian shares are poised to fall on Friday as escalating fears of a Middle East conflict, including intensified Israeli strikes in Lebanon, threats around the Strait of Hormuz, and fragile ceasefire diplomacy involving Iran and the US, weigh on global risk sentiment and energy supply outlooks.Overnight, the S&P 500 and the Dow Jones Industrial Average each rose 0.6%, while the Nasdaq Composite gained 0.8%.In the macroeconomy, Australia's home values are diverging sharply across states, with the strongest growth in Western Australia and Queensland as population gains outpace new housing supply and construction pipelines remain tight, Cotality said in a Friday report.In corporate news, Fortescue (ASX:FMG) is targeting the elimination of diesel as a fuel as part of an industrial, fully-integrated green energy grid dedicated to eliminating fossil fuels, planning to power all of its operations in Western Australia's Pilbara region for 24-hour periods without fossil fuels in 2027, according to a Friday Australian bourse filing.Monadelphous Group (ASX:MND) has secured new construction and maintenance contracts and extensions worth around AU$145 million across key resource sector operations in Australia and Papua New Guinea, according to a Friday filing with the Australian bourse.Australia's benchmark index rose 0.2% or 21.4 points to close at 8,973.20 on Thursday.

ASX 200ASX:FMGASX:MND