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Miners call for critical minerals aid

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Original article by Peter Ker, Brad Thompson
The Australian Financial Review – Page: 1 & 15 : 23-Jan-24

Shares in Liontown Resources fell almost 22 per cent on Monday after its lending syndicate announced it would withdraw a $760 million it had offered as recently as October. It was prompted by a forecast by commodities’ agency Wood Mackenzie that the price of lithium would remain at around $US950 a tonne until 2028, with Liontown seeking to develop the Kathleen Valley lithium project in Western Australia. Liontown MD Tony Ottaviano says $US950 a tonne is "a very, very low price", while federal Resources Minister Catherine King and WA Mines Minister David Michael are to hold crisis talks with nickel and lithium producers.

CORPORATES
LIONTOWN RESOURCES LIMITED – ASX LTR, WOOD MACKENZIE, AUSTRALIA. DEPT OF INDUSTRY, SCIENCE AND RESOURCES, WESTERN AUSTRALIA. DEPT OF MINES, INDUSTRY REGULATION AND SAFETY

The Iconic promises to issue refunds to hacked customers

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Original article by David Swan, Jessica Yun
The Sydney Morning Herald – Page: Online : 10-Jan-24

The Iconic is the latest Australian company to be hit by a growing wave of cybercrime. The online retailer has advised customers to regularly change their passwords following a rise in fraudulent account login attempts. Some customers claim to have had more than $1,000 stolen from their bank accounts after The Iconic was targeted by hackers who used personal information gleaned from separate data breaches to access customers’ accounts. The Iconic says it will provide full refunds to all affected customers, and emphasised that its own website has not been compromised.

CORPORATES
THEICONIC.COM.AU

Rinehart, SQM unite for $1.7b Azure bid

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Original article by Brad Thompson
The Australian Financial Review – Page: 12 : 20-Dec-23

Gina Rinehart’s Hancock Prospecting has teamed up with Chile-based lithium miner SQM to make a joint bid for Azure Minerals. The target’s board had backed a takeover offer from SQM pitched at $3.52 per share in late October, but Hancock subsequently acquired an 18.4 per cent blocking stake in Azure. Hancock and SQM currently have a combined stake of 37.8 per cent in Azure, and have made a cash offer of $3.70 per share. They will pursue an on-market bid priced at $3.65 per share if the scheme of arrangement bid does not succeed.

CORPORATES
AZURE MINERALS LIMITED – ASX AZS, HANCOCK PROSPECTING PTY LTD, SOCIEDAD QUIMICA Y MINERA SA

Allkem shareholders green-light $9.7b Livent merger

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Original article by Elouise Fowler
The Australian Financial Review – Page: 13 : 20-Dec-23

Some 89 per cent of proxy votes cast at Allkem’s shareholders meeting on Tuesday were in favour of the proposed merger with US-based Livent. The latter’s shareholders will shortly vote on the deal; the combined entity will be called Arcadium Lithium and is set to be one of the world’s biggest producers of the battery mineral. It will have assets in Western Australia, Canada and Argentina. Allkem’s chairman will take up the same role at Arcadium, while Livent’s Paul Graves will be CEO.

CORPORATES
ALLKEM LIMITED – ASX AKE, LIVENT INCORPORATED, ARCADIUM LITHIUM

Government clamp on AI likely to be part of new media deals

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Original article by Jared Lynch
The Australian – Page: Online : 19-Dec-23

The federal government has endorsed the five recommendations that arose from a review of the news media bargaining code. The government has advised that another review of the code is slated be completed in early 2025, with the aim of ensuring that it remains ‘fit for purpose’ in a rapidly evolving technology environment for news publishers and digital platforms. Artificial intelligence technology was not specifically mentioned, but it may well be included in the next review. News Corp CEO Robert Thomson argued earlier in 2023 that media companies should be compensated when their content is use to train generative AI platforms.

CORPORATES
NEWS CORPORATION – ASX NWS

Ranger blowout to force raising

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Original article by Nick Evans
The Australian – Page: 13 & 16 : 13-Dec-23

Energy Resources of Australia has advised that rehabilitation costs at the Ranger uranium mine in the Kakadu National Park are now expected to be $2.3bn. This compares with ERA’s previous estimate of between $1.6bn and $2.2bn. The company had $273.6m in cash at the end of September, but it is spending about $55m each quarter on rehabilitation work and corporate costs. It will most likely need to undertake a large capital raising by the end of 2024 in order to finance rehabilitation costs at Ranger over the next four years.

CORPORATES
ENERGY RESOURCES OF AUSTRALIA LIMITED – ASX ERA

Pharmacy giant’s 100-year plan

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Original article by Carrie LaFrenz
The Australian Financial Review – Page: 1 & 16 : 12-Dec-23

Sigma Health has forecast that its merger with Chemist Warehouse will generate annual cost savings of $60m. The combined group will boost EBIT in excess of $495m and a market capitalisation of about $8.8bn. Chemist Warehouse operates a network of more than 600 franchised stores, while Sigma owns the Amcal and Discount Drug Store brands and a pharmaceuticals wholesaling arm. The merged group will be headed by Sigma CEO Vikesh Ramsunder and chairman Michael Sammells. Chemist Warehouse CEO and co-founder Mario Verrocchi says that listing the company on the sharemarket is a "life dream". Further expanding the Chemist Warehouse brand overseas will be part of the merged group’s 100-year growth strategy.

CORPORATES
SIGMA HEALTHCARE LIMITED – ASX SIG, CHEMIST WAREHOUSE

Emails to stay secret after Stokes covers Nine’s costs

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Original article by Max Mason
The Australian Financial Review – Page: 3 : 12-Dec-23

Seven and Kerry Stokes’ private company Australian Capital Equity funded Ben Roberts-Smith’s failed defamation action against Nine Entertainment via loan agreements with Roberts-Smith, with Roberts-Smith currently appealing the decision. Nine has been pursuing Seven and ACE for costs in relation to the failed action, and Stokes has now agreed to cover Nine’s costs. As a result, he has avoided the release of thousands of emails between him, his "corporate fixer" Bruce McWilliam, and Roberts-Smith’s legal team

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN CAPITAL EQUITY PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC

Coverage by ABC favoured Yes vote

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Original article by Sophie Elsworth
The Australian – Page: 2 : 5-Dec-23

The ABC has released its 2023 Voice to Parliament Referendum report, with editorial policies manager Mark Maley concluding that the public broadcaster’s coverage of the referendum favoured the Yes vote. The report revealed that ABC Ombudsman Fiona Cameron had received 382 complaints relating to the referendum coverage, with 82 per cent relating to claims of bias or lack of balance. 121 of the complaints were investigated, but only four were found to have breached editorial standards.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

Lynas: rare earth needs critical mass

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Original article by Nick Evans
The Australian – Page: 16 : 30-Nov-23

Lynas Rare Earths’ CEO Amanda Lacaze has declined to comment on when the company’s cracking and leaching plant in Western Australia will be fully commissioned. She has told shareholders that most of the plant has now been commissioned, and Lynas is awaiting regulatory clearance for the facility’s gas treatment plant. Lacaze added that Lynas is open to processing rare earths ore from rival companies, although it has yet to secure any such agreements. Lynas also intends to build a rare earths plant in the US.

CORPORATES
LYNAS RARE EARTHS LIMITED – ASX LYC