Mineral Resources managing director Chris Ellison's base salary will be reduced by $300,000, as the miner's full-year net profit after tax slumped 39 per cent to $165 million.
Business News has updated its listing of WA's biggest mining projects to reflect the downturn in lithium, the dearth of new gold mines and the increasing dominance of iron ore.
Cazaly Resources has received a $20 million offer from Mineral Resources for its Parker Range iron ore project in the Yilgarn region of Western Australia.
Engineering and construction contractor Monadelphous has announced a major contract with lithium producer Albemarle, on the same day the group expressed caution about its outlook following a decline in earnings last financial year.
Galaxy Resources said it expects to record a non-cash impairment charge of between $US150 million ($222 million) and $US185 million ($274 million) for the first half of 2019, reinforcing the current bleak conditions in the lithium sector.
A $1 billlion-plus lithium refinery planned for the Pilbara has been put on hold and a second refinery under construction in the South West has been reduced in size as local company Mineral Resources and its US partner restructure their joint venture after a sharp fall in lithium prices.
Mineral Resources has secured Chinese regulatory approval for its $US1.15 billion Wodgina stake sale, and was the best performer among the ASX 200 today, despite the miner also releasing weak quarterly results.
Mineral Resources and Brockman Mining have deferred the agreement for key infrastructure works at their $300 million Marillana iron ore project by up to a year, as MinRes seeks more time to satisfy preconditions.
Construction costs for many lithium refining projects have been revised up in the past year as proponents rethink the scale and scope of their developments, with Tianqi Lithium's Kwinana project the latest to run higher than forecast.
Tim Roberts, whose estimated net worth varied wildly in three recent rich lists, has stepped away from the public limelight by resigning from the board of ASX-listed Mineral Resources.
The state is developing from a gas exporter to produce a range of energy commodities and technological innovations, with energy exports to potentially hit $50 billion in a decade.
Mineral Resources has announced the pricing of its US$700 million ($975 million) worth of senior unsecured notes due in 2027 will pay a return at a rate of 8.125 per cent per annum.
Pilbara Minerals has announced it is considering selling between 20 per cent and 49 per cent of its Pilgangoora lithium project, as it declared commercial production from the processing plant.
The West Coast Eagles' new $50 million training facility in Lathlain is now known as Mineral Resources Park, with the diversified mining group signing a sponsorship deal with the reigning AFL Premiers.
Shares in Mineral Resources fell sharply early today befor recovering some lost ground, after the company reported an interim net profit of $13 million, due in part to an unrealised loss on its stake in Pilbara Minerals.
The final months of 2018 hit investors in Western Australian stocks hard, with the Business News index of 30 local ASX-listed companies falling 13.3 per cent.
SPECIAL REPORT: Three businessmen will have more impact than most on the state's economic future, with Peter Coleman leading an oil and gas revival, Chris Ellison building a lithium empire, and Rob Scott reshaping Wesfarmers.
SPECIAL REPORT: There can be wide differences between the statutory pay reported by listed companies and the ‘take home' pay of their senior executives.
Mineral Resources has struck a deal to sell a 50 per cent stake in its Wodgina lithium project for $US1.15 billion ($1.6 billion), with the company set to form a joint venture with US outfit Albemarle Corporation.
ANNIVERSARY SPECIAL: WA's mining industry has undergone a dramatic transformation over the past quarter of a century, with iron ore replacing gold as the state's most valuable commodity.
ANNIVERSARY SPECIAL: The annual Business News Biggest Employers survey has tracked changing employment patterns in WA over 13 years. This article is part of a special series to mark Business News' 25-year anniversary.
ANNIVERSARY SPECIAL: From those who risked their own capital to the corporate cowboys of WA Inc and the ‘hired help' of today, WA's corporate story features many powerful personalities. This article is part of a special series to mark Business News' 25-year anniversary.
Mineral Resources has confirmed that about 30 empty iron ore wagons were derailed on a return train trip to the company's Koolyanobbing mine near Southern Cross on Sunday.
Lithium producer Pilbara Minerals has resolved to approve the stage two expansion at its Pilgangoora mine once all necessary approvals and funding have been secured.
Albemarle Corporation has revised the construction schedule for its $1 billion lithium plant at Kemerton, with site works due to start next month and the US company accelerating expansion of the project.
Mineral Resources has suffered a minor delay in the construction of its $610 million lithium concentrate processing plant at the Wodgina project in the Pilbara.
