(Bloomberg) -- Trafigura Group has struck a $400 million prepayment deal for iron ore with Mineral Resources Ltd., as the Australian miner focuses on...
-- Trafigura Group has struck a $400 million prepayment deal for iron ore with Mineral Resources Ltd., as the Australian miner focuses on preserving cash amid a downturn in its two main commodities.A Guide to Urban Swimming in Europe, Beyond the Seine
For Trafigura, the deal represents the latest step in a push into iron ore trading. Between 2012 and 2022, the company boosted its iron ore volumes more than fivefold to 31 million tons, according to its annual reports. The trading house has advanced further in 2024, thanks to higher volumes at its Brazilian port and “increased trade of iron ore from Australia and India,” it said in its half-year report.
The deal comes as Mineral Resources’ net debt has rapidly risen, as it builds its Onslow mine along with a haulage road. The company’s iron ore projects are producing at a higher cost to most other miners in the region. Earlier in the year, it closed its Yilgarn iron ore project due to falling margins.Prices of both iron ore and lithium, the company’s two key commodity products, have slumped this year.
The deal and its terms were “not dissimilar” to other prepayments, said Mineral Resources Investor Relations Manager Chris Chong, while declining to comment further. The company said it’s still fully exposed to market prices under the prepayment deal.In Muslim-majority Indonesia, Pope Francis warns against religious extremism
MEXICO CITY — After protesters blocked the entrance to Mexico’s Congress on Tuesday in an attempt to stop a controversial judicial overhaul, lawmakers took the first steps to jam through the proposal at a nearby gymnasium. The Alberta government is pulling its share of the funding for Calgary's Green Line LRT, according to a letter sent to Mayor Jyoti Gondek on Tuesday. In the Sept. 3 letter, a copy of which was obtained by CBC News, Transportation and Economic Corridors Minister Devin Dreeshen called the city's revised Green Line LRT plan "unacceptable," saying the province would not support it. Calgary city council approved a budget of $6.
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