Resources Technology Showcase live updates: All the latest news from today’s all-star industry forum at PCEC

After two highly engaging panels on all things decarbonisation and AI, we’re done!

Another hugely successful Resources Technology Showcase has given WA leaders and industry experts plenty to talk (and think) about as, together, they help to chart a path toward continued global dominance.

Thanks for joining us.

Iron ore extended declines as mining giant BHP reported falling profits on softer Chinese demand and plentiful global supply.

The steelmaking ingredient lost as much as 0.6 per cent in Singapore, declining for a fifth-straight session.

BHP blamed weaker iron ore and coal prices for its sliding profits, but chief executive Mike Henry also expressed confidence in an earnings statement in the “long-term fundamentals of steelmaking materials, copper and fertilisers”.

China’s export growth may slow, but it will likely remain elevated due to the country’s competitiveness, BHP said in the company’s economic and commodity outlook published Tuesday. Recent infrastructure announcements, including a major dam project in Tibet, also underscore Beijing’s policy flexibility, it said.

This outlook from BHP is a positive sign for the steel market, which has stuttered as the Chinese economy matures and a years-long property slump there shows no sign of ending. The miner said rising earnings from its copper assets offset the pressure on iron ore and coal.

Infrastructure spending and manufacturing expansion in India are expected to drive a sharp rise in metals demand, Graham Slack, BHP’s head of market analysis and economics, said in the outlook report. India, which exported an average of 30 million tonnes of iron ore annually over the past nine years, is likely to become an “opportunistic importer,” particularly during periods of domestic supply disruption, he said.

Iron ore fell 0.5 per cent to $US100.95/t in Singapore at lunchtime, while yuan-priced futures on the Dalian exchange and steel contracts in Shanghai declined.

Bloomberg

Australia should not shy away from taking a leading role in processing rare earth minerals, Federal Resources Minister Madeleine King says.

In her speech to a business lunch on the final day of the Resources Technology Showcase event, Ms King said Australia should embrace a bigger role in processing rare earth minerals.

“Some might say that taking up a challenge to compete in the mining processing and refining of critical minerals and rare earths is just too much and that we should stick to what we do best, mining concentration and export, leave the processing to someone else,” she said.

Read the full story here.

The President doesn’t cheat at golf, according to Mr Hockey ... but former President Bill Clinton does!

“It took seven hours to play 16 holes because he took so many shots, somehow he went around on par. So that surprised me.”

The former Federal politician and US ambassador has spoken of the importance of Australia’s rare earths bounty, telling the crowd ...

A Virgina Class sub, an F35 fighter jet - which is our front line, and that of 19 countries - has 500kg of critical minerals, most of it out of China.

“So one of the lessons out of resources, you are part of a hugely important supply chain.

“Modern militaries, modern national security, is defined by the reliability and innovation in its supply chains. So there is a deal to be done with President Trump. I know this on critical metals and minerals.

“He wants Australia. He wants Australia to be party to that.

“We have a number of legislative advantages in Washington DC that put us to the top of the list. So how will the deal look?

“Well, it is about providing guarantees to the national security and industrial military complex in the United States.”

The Federal Government has copped plenty of flack from the industry about its planned mineral reserves stockpile, with many suggesting the amount set aside will do little to help prop up the sector.

Ms King defended the proposal, saying it “will play a role in providing price certainty to emerging critical minerals projects, and that, in turn, will help de-risk those projects and encourage private sector investment”.

She added pricing certainty will also mean companies and investors are less exposed to markets that are opaque and subject to manipulation.

“Mechanisms for an appropriate price floor are under active consideration, along with creating voluntary national offsite agreements,” she said.

“And I’ll be engaging with the resources industry in the design of the strategic reserve because of its unrivalled expertise. And that expertise and experience will be vital as the Government works to build this nationally significant initiative.

She also spoke more broadly about the resources sector, saying “the iron ore of the Pilbara has helped build the cities of Asia”.

“The gas in WA offshore waters has provided energy security for tens of millions of people here at home, but also in the fastest growing region in the world.”

The Federal Resources Minister says RTS is a chance for workers to show their families a glimpse of what they get up to when they are thousands of kilometres away on site.

On a more important economic note, she said Australia’s future success would depend on expanding the resources sector creating the jobs of the future.

“Mining touches us all, no matter where we live or what we do .. even if many do not appreciate the fact.

“If Australians don’t work directly for resources company, they know someone who does, but they also enjoy the roads, hospitals and schools that are funded by this.”

Ms King said rare earths vital to the development of energy transition technologies will play a crucial role.

The Chamber of Minerals and Energy’s soon-to-be departing boss Rebecca Tomkinson is now up on stage.

Ms Tomkinson, who will soon be off to London as WA’s agent general, has spoken of the importance of STEM education to the development of the next generation of mining technology.

“They’re opening exciting new careers in fields like metatronics, coding, environmental science and digital engineering, what used to seem like futuristic jobs in science fiction novels are now real careers in real industries, and there’s much more to come,” she said.

“In fact, this industry is playing a vital role in developing new technologies to reduce emissions and advance decarbonisation initiatives from autonomous haul trucks and remote operation centers to AI driven exploration robotics and training, our members are pioneering solutions to improve safety, productivity and sustainability, just like we’ve done for more than 100 years in Western Australia.

“We know that sustaining a world class industry requires a skilled pipeline of talented scientists, engineers and technicians, and that’s where STEM education and outreach come in, and why the Resources Technology Showcase is so important to our industry.”

The lobby group representing Kwinana’s industrial hub has also backed the State Government’s plan for a Productivity Commission, saying it had been calling for a “full-court press” to support industry and remove barriers to a pipeline of $40 billionbillion of coming investment.

“The Kwinana Industries Council has been calling for a major re-think of the way we plan, manage and co-ordinate our premier Strategic Industrial Area,” the group said.

“Today’s announcement to create a new Western Australian Productivity Commission is a step in the right direction.”

The KIC said the focus “must be on cutting red tape, streamlining approvals, and fast-tracking new common-user infrastructure upgrades”.

“While it is one of the most exciting periods of opportunity and investment in the history of the Western Trade Coast, we cannot afford a business-as-usual approach,” ir said.

“We need fresh thinking, nimble decision making and a whole-of-government approach if we are to realise the full potential.”

It said Kwinana is the perfect location for investment, but hoping and waiting is not a winning strategy, especially when we are in direct competition with other jurisdictions around the world and Australia to attract new major projects.”

After a star-studded breakfast at a packed-out PCEC ballroom, we’re heading into the afternoon session.

The atmosphere is electric as hundreds of guest wait to hear from some of the nation’s best and brightest on the future of resource technology and how WA (and Australia) can capitalise on the opportunities before us.

It’s going to be epic, so stay tuned ...