Update: Market Chatter: Mineral Resources Files Legal Proceedings Against Port Authority for Access to Chevron Deal

MT Newswires Live
04-14

(Updates to include Mineral Resources' response to MT Newswires' request for comment in the fifth and sixth paragraphs and stock movement in the last paragraph.)

Mineral Resources (ASX:MIN) filed legal proceedings against Western Australia's Pilbara Ports Authority, seeking to overturn multi-million dollar annual levies it says benefit US oil major Chevron and threaten the economic viability of its Onslow Iron project, according to an April 11 report by the Australian citing the mining firm.

The levies, collected by the port authority and passed on to Chevron, are linked to the use of a public shipping channel at the Port of Ashburton, per the report.

The miner said it had been denied access to the agreement underpinning the charges despite repeated formal requests and is now seeking court intervention to determine whether the levies are valid and to compel disclosure of the documents.

The government has also initiated proceedings to recover what it says are overdue charges owed by Mineral Resources.

In an email to MT Newswires, a Mineral Resources spokesperson said "A WA company should not be slugged a charge for sailing our own ships from our own port facilities in Australian waters through a public channel."

"Chevron should have handed the channel back to the State as a matter of course - not tried to skim off the top of the hard work of others to send even more cash back to the US," the spokesperson added.

Chevron did not immediately respond to an email request for comment from MT Newswires.

Shares of Mineral Resources rose 8% 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.)

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