If the dividend policy is retained, Fortescue will likely announce a record dividend in August.
The two parties have agreed to a moratorium on mining in the Juukan Gorge area until at least January 2021. Under its agreement with FMG, there is no penalty to FMG for non-compliance. There’s no power or disciplinary action,” Bevan said.
Ms Gaines said Fortescue would seek to work with customers in places like Japan and Korea if they wanted to defer delivery of iron ore, amid concerns that lockdowns could dramatically affect demand in those nations in coming months. “It escalates to the CEO and stops. The Wintawari Guruma Aboriginal Corporation (WGAC) says the stand-off reflects the significant power imbalance between miners and traditional owners. Five of those mines we knew nothing about and there are a number of very significant sites and areas in those mining leases.”. Eastern Guruma say royalties are being held up because they have been asking about FMG’s plan in areas with numerous sacred sites, Last modified on Tue 13 Oct 2020 14.14 BST. 6 Oct 2020. “We welcome these decisions but it is sad that it has to take the destruction of the PKKP’s site and international media to make the companies and state government pause for thought,” she said. We did not know that our sacred springs would dry up. “FMG are currently doing what they like on Eastern Guruma country and paying nothing for it.”. The regulator has criticised Crown Resorts for failing to act on "suspicious" transactions its Melbourne casino was aware were linked to shady gaming junket operators. We did not know that we would be locked out of our own country. “That discussion has never occurred and FMG as a result decided to withhold royalties until such time as we have signed the leases,” he said.
“The answer is that we do not have the power or resources of FMG or Rio Tinto. While the Democratic hopeful rests up ahead of this week's crucial debate, President Trump's return to the fray has given his supporters hope the 2020 race is still alive. Premier Daniel Andrews signalled restrictions on retail and hospital will be eased early as Victoria's numbers dwindle to nothing.
It says the mining giants that operate in the Pilbara have only been motivated to revisit land use agreements because of the media scrutiny stemming from Rio Tinto’s destruction of the ancient Juukan Gorge site earlier this year. It is the first time Fortescue has been net cash since it became an exporter in 2008, and marks a victory in its decade-long battle against a dangerously high debt load, which gave the company a near-death experience in September 2012 when iron ore prices suddenly slumped. “Under the access agreement they are meant to have given us notice of those mining leases and come and discussed them with us. Fortescue will likely return to a slight net debt position at its next reporting date, having paid out $US1.57 billion worth of dividends in early April, but the net cash status is symbolically significant. ''Fortescue's port operations are world-leading and we have continually demonstrated our capacity to optimise the efficiency and productivity of our port infrastructure to deliver iron ore to our customers,'' she said. But the company said it was continuing to sell into those markets for now, and was confident it could redirect shipments into China and other markets if needed. 11 Sep 2020. Fortescue expects its new Eliwana iron ore mine to deliver first exports in December, while its Iron Bridge magnetite project should be in production before June 2022. Fortescue CEO Elizabeth Gaines says it was a year of record achievements for the miner. Bevan told the inquiry the corporation said “we are not going to sign these until we know more about your plans”. The reduced spend does not involve any cancelled projects; Fortescue said it would reflect the timing of payments on projects that are under way. The Guruma say the royalties – which relate to a separate agreement – are being withheld because they have been asking about FMG’s plan for nine leases in areas that contain numerous sacred sites. FMG did not address the specific allegation by the Wintawari Guruma, but said it takes its relationship with traditional custodians seriously and “has been working closely with Wintawari to assist them in meeting the obligations” under the Native Title Agreement. But it was a “deal-breaker” for Rio Tinto, the YMAC chief executive, Simon Hawkins, said. PKKP only learned the rock shelters would be destroyed nine days prior to the blast. Traditional Owners of Juukan Gorge and the Puutu Kunti Kurrama and Pinikura Aboriginal Corporation visit the site before and after it was destroyed by Rio Tinto. "In line with our strategy to deliver growth through investment in significant projects, including the $US2.6 billion investment in the Iron Bridge high-grade magnetite project, we have applied to the WA Department of Water and Environmental Regulation to increase the licensed capacity of Fortescue’s Herb Elliott Port.
“People say why did the corporation sign these one-sided agreements with FMG and Rio,” Hicks, a Guruma traditional owner and WGAC board member, said. BHP's ambitions for Olympic Dam continue to shrink, Vale delivers Brazil's best iron ore output since Brumadinho disaster, Dalrymple Bay and the $1b chase for coal hard cash, Sale of 50pc of Thiess for up to $1.9b boosts CIMIC, Westpac hitches a ride on Afterpay's juggernaut, The future of consulting: shorter, sharper, cheaper, Perth Mint holding $100m of gold for tax haven clients, The 10 most powerful people in Australia in 2020, Premiers, doctors and bankers back in charge but PM still on top, The list to be on: 20 years of the AFR Magazine Power issue, Nobody from Netflix has been to jail, and that's kind of surprising, 'Capital is getting a conscience': Worley CEO's new approach, This surf-mad director has no fear of sharks (or cold water), Whoop it up like Harry Styles in Brisbane's $25,000-a-night penthouse, Rich Lister's plant-based meat gets backing from Asian-based investors, Forrest chases more Aussie icons after $190m RM Williams deal, Wealthy Melbourne family enters property loan game, Sarah Thompson, Anthony Macdonald and Tim Boyd. Those new projects will raise Fortescue's total production volumes and have prompted the company to join BHP in seeking increased export capacity at Port Hedland. CEOs say the lockdown pain is too great, and Donald Trump is in a campaign frenzy. “There’s a pattern of non-payment of royalties and, to be honest, country is more important than money, protecting heritage is more important.”.
‘I’d steal food’: Binge-eater’s weight loss, © West Australian Newspapers Limited 2020. Traditional owners say $1.9m in royalties is being withheld until they sign off on several new mining leases.
Fortescue is a global leader in the iron ore industry, recognised for our innovation and development of world class infrastructure and mining assets. Bevan listed four examples of dispute notices WGAC issued between October 2018 and January 2019, which included other cases of non-payment of royalties by FMG. Hockey carnivals are a hit with Pilbara students. The miner had promised to export no more than 175 million tonnes in the year to June 30, but a strong performance over the past nine months prompted it to upgrade that target to as much as 177 million tonnes on Thursday. FMG chief Elizabeth Gaines is overseeing a near perfect year for the miner. While Fortescue has defied the trend for export downgrades, it joined another trend sweeping the Australian resources sector by downgrading expectations for investment in new projects. A Melburnian publican is challenging Victoria's lockdown on constitutional grounds in the High Court. That would make fiscal 2020 a year of records for the company, which is on track to deliver record exports, record profits and has in recent months seen its shares rise to their highest ever price on the ASX. Don’t miss a single edition of your daily newspaper. Fortescue shares closed 1.8 per cent higher. Fortescue Metals Group has signalled it is committed to its dividend policy despite the coronavirus clouding the outlook for commodities, after the pandemic and cyclones failed to derail a near perfect year for the iron ore miner. 6 Oct 2020.
Ms Hicks said both FMG and Rio had made decisions not to proceed with disrupting Eastern Gurruma sites following the destruction of the 46,000-year-old Juukan Gorge rock shelters on Puutu Kunti Kurrama and Pinikura (PKKP) country. “They go nowhere. WGAC has issued six over the past year. … These executives were outside of the agreement negotiation team and “were reluctant to change company policy”, Hawkins said. The Eastern Guruma have six Rio Tinto mines, a Fortescue mine and three railway lines on their lands.
The buoyant conditions and Fortescue's strong performance saw net debt fall from $US2.9 billion one year ago to a net cash position of $US100 million ($153 million) at March 31. Earlier, the inquiry heard that Rio Tinto could not be persuaded to back down from inserting a “gag” clause in the agreement it was making with the traditional owners of the Juukan Gorge in the Pilbara, despite appeals to senior executives before the agreement was signed in 2006. They estimate that 434 of their heritage sites have been destroyed while a further 285 are very close to current mining areas, with further expansion being planned. Subscribe now to read it online. Phil Gostelow. Fortescue was expected to spend up to $US2.4 billion on new iron ore projects this year, but said on Thursday it would now spend no more than $US2.2 billion. “We tried tirelessly throughout the process to raise those objections - including meeting with executives within Rio who we thought would be more open to change it – but we were unsuccessful.”. FMG is withholding $1.9m in royalties it owes to the Wintawari Guruma Aboriginal Corporation (WGAC), which was due to be paid on 31 January. “We did not know that over 400 of our sites would be destroyed. Another high yield ASX dividend share I would buy is Fortescue. Brett Sutton faces 'please explain' over emails; PM rules out early election. Fortescue Metals Group is allegedly withholding $1.9m in royalty payments from Aboriginal people in the Pilbara because the owners “asked for … FMG routinely does not honour its agreements with them, WGAC’s Tony Bevan alleged. Devastated PKKP representatives gave evidence on Monday, saying Rio Tinto “didn’t want to know” about the importance of the Juukan Gorge site which it blew up in May to extract $188 million worth of high-grade iron ore. Rio had approval under WA’s outdated Aboriginal Heritage Act to destroy the site but failed to act on expert reports noting it was among the most significant in Australia. The present resource may contain content 18+ When using the information posted on the site FMG.NEWS, active link to the obligatory fmg.news
While the Fortescue board will consider the economic outlook when it decides on the company's next dividend in August, chief executive Elizabeth Gaines said she had no plans to deviate from the policy of paying out between 50 per cent and 80 per cent of net profits as dividends. Latest News . Fortescue Metals Group has signalled it is committed to its dividend policy despite the coronavirus clouding the outlook for commodities, after the pandemic and cyclones failed to derail a … We didn’t know that the conduct of the mining companies towards us as traditional owners would be so disrespectful.”. But, he said, WGAC had now stopped issuing dispute notices “because there’s no point”.
Ms Gaines said Fortescue had asked for its licensed export capacity to increase from 175 million tonnes to 210 million tonnes. Fortescue’s Eliwana mine delivers jobs for Aboriginal people. FMG, New Zealand’s leading rural insurer says nesting birds continue to account for around $700k worth of tractor fir... 25 September 2020 / Client Stories Marion and Graham Hirst - Hawkes Bay Orchardists “We are committed to open and transparent engagement to facilitate the outstanding royalty payment, in accordance with the contractual agreement and the obligations of both parties,” Gaines said.
Fortescue’s Eliwana mine delivers jobs for Aboriginal people.
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