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Paladin’s $1.5b uranium deal slowed by national security probe

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Original article by Peter Ker
The Australian Financial Review – Page: Online : 3-Oct-24

Paladin Energy had expected to complete a deal to acquire Toronto-listed Fission Uranium by the end of September. However, the timetable for closing the $1.5bn deal is uncertain following the Canadian government’s decision to initiate a national security review of the transaction. A Chinese state-owned entity has a 25 per cent stake in Paladin’s flagship Langer Heinrich uranium mine in Namibia; another such company holds an 11 per cent stake in Fission and tried to block the Paladin deal.

CORPORATES
PALADIN ENERGY LIMITED – ASX PDN, FISSION URANIUM CORPORATION

Racism at ABC systemic, new report declares

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Original article by Sophie Elsworth
The Australian – Page: 7 : 2-Oct-24

The ABC’s MD David Anderson says the public broadcaster’s staff will be given anti-racism training following the belated release of a racism review. The independent review was commissioned in mid-2023 and found that ABC employees from Indigenous and culturally diverse backgrounds have been subject to systemic racism. The review has made 15 recommendations aimed at addressing the issue, while Anderson has apologised to current and former ABC employees who had been subjected to racist behaviour.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

Liontown’s first shipment sets sale for China

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Original article by Chris Herde, Valerina Changarathil
The Australian – Page: 16 : 1-Oct-24

Liontown Resources has advised that the inaugural shipment of spodumene concentrate from its Kathleen Valley lithium project left the Port of Geraldton on Friday. The shipment comprised 11,855 wet metric tonnes of concentrate and is en route to China. Liontown has produced 28,000 WMT of concentrate since production at Kathleen Valley commenced several months ago. Liontown posted a loss of $64.9m for the 2023-24 financial year on Friday, following a loss of $22.2m in 2022-23.

CORPORATES
LIONTOWN RESOURCES LIMITED – ASX LTR

ABC fields on protest coverage

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Original article by James Dowling
The Australian – Page: 2 : 1-Oct-24

The Executive Council of Australian Jewry has lodged a complaint against the ABC over its coverage of Lebanon and Gaza solidarity protests in Sydney and Melbourne on Sunday. Its complaint related to multiple live crosses from the Sydney protest and an evening package covering the Melbourne rally, with the package of the Melbourne rally criticised for not telling viewers that Hezbollah is a registered terrorist organisation, or for mentioning the display of Hezbollah flags at the rally. In its response to criticism of the package covering the Melbourne rally, the ABC noted it was the third of three stories on the events in Lebanon commissioned for 7pm news bulletins, and that the earlier stories had provided full context on the conflict.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, EXECUTIVE COUNCIL OF AUSTRALIAN JEWRY

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.

CORPORATES

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