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Billionaire Gordon closer to unlocking larger Nine stake

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 18 : 18-Sep-24

Several sources have indicated that regional broadcaster WIN Corporation is close to finalising a deal to sell Northern Rivers Television to the Ten Network. NRN broadcasts in northern NSW, and the TV station is tipped to fetch significantly less than the $55m that WIN paid for it in 2017. However, divesting NRN would allow WIN owner Bruce Gordon to increase his stake in Nine Entertainment to about 25 per cent by converting cash-settled equity swaps that are held on his behalf by Macquarie Group into shares.

CORPORATES
WIN CORPORATION PTY LTD, TEN NETWORK HOLDINGS LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MACQUARIE GROUP LIMITED – ASX MQG

Bunnings boss rejects gouging claim

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Original article by James Thomson, Tom McIlroy
The Australian Financial Review – Page: 16 : 17-Sep-24

National Party senator Ross Cadell has reiterated his view that the pricing policies of so-called ‘big-box’ retailers such as Bunnings should be scrutinised by a parliamentary inquiry. However, Bunnings MD Mike Schneider has responded to suggestions that the hardware giant may have engaged in price gouging and abused its market power. He notes the company’s long-running ‘lowest prices are just the beginning’ advertising slogan, arguing that Bunnings puts a lot of work and capital into ensuring that it lives up to this claim.

CORPORATES
BUNNINGS GROUP LIMITED, NATIONAL PARTY OF AUSTRALIA

The future of the Murdoch empire comes down to a court in Nevada

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Original article by Jim Rutenberg
The Sydney Morning Herald – Page: Online : 17-Sep-24

Edmund Gorman Jr is about to decide the future of the Murdoch family’s media empire in a courthouse in Reno in Nevada, with Gorman being a county probate commissioner. Gorman is expected to hear testimony from Rupert Murdoch and his four eldest children, with Murdoch seeking to change the terms of a ‘irrevocable’ family trust he agreed to some two decades ago. The trust gives Lachlan Murdoch and his three other siblings listed in the trust equal say over the controlling shares of the family’s companies after Rupert Murdoch’s death, but Rupert Murdoch wants Lachlan Murdoch to get full control of them.

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Northern Minerals looks beyond China saga with $48m raising

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Original article by Adrian Rauso
The West Australian – Page: Online : 17-Sep-24

Northern Minerals has raised $43m from new and existing investors via a share placement, and it will seek to raise an additional $5m via a share purchase plan. Northern Minerals has indicated that it has sufficient cash to complete the definitive feasibility study for its Browns Range heavy rare earths project in Western Australia. The company aims to make a final investment decision on the project in the first half of 2025. China dominates the heavy rare earths sector, and Northern Minerals recently attracted scrutiny after the federal government ordered several investors with links to China to reduce their stakes in the company.

CORPORATES
NORTHERN MINERALS LIMITED – ASX NTU

Lithium rollercoaster decade: IGO

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 13-Sep-24

Data from S&P Global Platts shows that spodume was fetching $US730 per tonne on Wednesday, compared with a peak of more than $US8,000 in early 2023. IGO CEO Ivan Vella says investors should expect further volatility in the price of lithium over the long-term. Vella adds that battery minerals will continue to be the focus for IGO, which produces both lithium and nickel. However, IGO aims to diversify its operations by expanding into copper production; this will help offset the "extreme" volatility of the lithium sector and the structural changes in the nickel market caused by Indonesia’s move to ramp up production with Chinese backing.

CORPORATES
IGO LIMITED – ASX IGO, S&P GLOBAL PLATTS

Sneesby had to go: top Nine investor

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Original article by Cameron England
The Australian – Page: 13 & 16 : 13-Sep-24

Nine Entertainment Company has advised that CEO Mike Sneesby will step down at the end of September, after more than three years in the role. Nine’s chief finance and strategy officer Matt Stanton will become acting CEO until the media company appoints a permanent replacement. Reece Birtles from institutional investor Martin Currie says Sneesby’s departure was not unexpected, given the challenges that Nine is facing; they include revenue growth, cultural issues and concerns about its Domain property listings business. Nine’s market capitalisation has fallen below $2bn, compared with more than $5bn when Sneesby became CEO in April 2021.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED

Headaches for Murdochs in battle for trust

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 17 & 20 : 11-Sep-24

A probate court in Nevada will shortly commence hearing Rupert Murdoch’s bid to change the terms of a family trust to ensure that eldest son Lachlan has control of the magnate’s media empire when he dies. Three of Murdoch’s other children are insisting that all four siblings retain equal voting rights. Documents that were recently filed with the court show that the Murdochs want rival media outlets such as CNN and The New York Times to be barred from the courtroom; amongst other things, the Murdochs contend that their personal safety would be at risk if the court proceedings were open to the media.

CORPORATES
NEWS CORPORATION – ASX NWS, FOX CORPORATION

Probe into investors in minerals firm

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Original article by Brad Thompson
The Australian Financial Review – Page: 15 : 4-Sep-24

A spokesman for Treasurer Jim Chalmers says the federal government will undertake a full assessment of whether the Yuxiao Fund has complied with an order to divest its stake in Northern Minerals. The Singapore-registered fund and its associates were directed to sell their equity interest in the critical minerals group due to their Chinese links. Yuxiao has sold its stake to two separate Hong Kong-registered companies, Qogir Trading & Service and Hong Kong Ying Tak, which will also be subject to government scrutiny on national interest grounds.

CORPORATES
NORTHERN MINERALS LIMITED – ASX NTU, YUXIAO FUND, AUSTRALIA. DEPT OF THE TREASURY

Australia’s only profitable lithium mine

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Original article by Elouise Fowler
The Australian Financial Review – Page: 15 & 20 : 4-Sep-24

Australia currently has seven lithium mines in the production stage, but Citigroup’s brokers estimate that the Greenbushes mine is the only one that is profitable at present. This is based on the running costs of each mine at the current spot price. Data from S&P Global Platts shows that the spot price of spodumene concentrate with six per cent lithium content has fallen by 23 per cent over the last 45 day, and was trading at $US720 per tonne on 2 September; this compares with more than $US8,000 per tonne in 2022.

CORPORATES
CITIGROUP PTY LTD, S&P GLOBAL PLATTS

Lithium prices have crashed this year, squeezing margins at Australian miners

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Original article by Clint Jasper
abc.net.au – Page: Online : 3-Sep-24

The lithium price peaked in 2022, but the battery mineral has fallen by about 50 per cent in the last 12 months. Demand for lithium remains strong, amid a growing consumer shift to electric vehicles and the push to decarbonise economies by transitioning to renewables such as wind and solar; however, this is being offset by rising global supply, which is expected to increase in coming years as more lithium mines commence production. Core Lithium put its Finnis mine into ‘care and maintenance’ mode earlier in 2024, while Mineral Resources is reducing its lithium output. In contrast, Pilbara Minerals aims to increase lithium production by 50 per cent over the next year: MD Dale Henderson says the long-term outlook for lithium is "fantastic".

CORPORATES
CORE LITHIUM LIMITED – ASX CXO, MINERAL RESOURCES LIMITED – ASX MIN, PILBARA MINERALS LIMITED – ASX PLS